List of Things to Avoid While Doing Day Trading
You must never think that you cannot try out Intraday trading on your own. Learn from your mistakes and only a few things you need to keep in mind is never risked more than 2% of your trading capital on every trade. The study proves that no one will go bust in trading if they trade with proper risk management. This post embraces some of the best as well as simple strategies to succeed in intraday trading.
Letting Losses Mount
If a trade is not working out then move on to the next trade idea. But, unsuccessful traders, get paralyzed if a trade goes against them. Instead of taking quick action to cap a loss, they may hold on to a losing position in the hope that the trade will eventually work out.
Failure to Implement Stop-Loss Orders
For trading success, Stop-loss orders are crucial. If you fail to implement them then it is one of the worst mistakes that can be made by a novice trader. Fix to stop losses generally ensure that losses are capped before they become sizeable.