A lot of new traders are fascinated with the idea of intraday trading. While it works for some, others just don’t find it as rewarding. Intraday is something that professional traders themselves do. A lot of the best crypto signals providers send intraday signals.
You know when you hear the term “high-risk, high reward” it usually means one thing: extremely risky and lucrative. But what if I told ya there was actually a way to take this whole gamble without sacrificing your money or life? Well, guess what – intraday trading can be done safely! And with our guide today…we’ll show exactly how!
Master the Higher Timeframe
Consistency is a key to success in trading. If you don’t have the discipline and commitment, it will be difficult or impossible for your intraday trades! It may seem like stories but that’s not what we’re doing so pay attention because these are real-life lessons of active traders who have been successful over time by building good habits early on which ultimately led them towards bigger things like investing $10k into crypto assets when they first started. Create your trading strategy for a higher timeframe and execute at least 50 successful trades and emerge profitably.
Pour 20-30% in Intraday
It’s not a universal number. For example, if you have $10K, you don’t have to put $3K for intraday if you’re not comfortable. Do it with $1000 or $500 in the beginning.
Remember, since the frequency of trades in intraday is higher than swing, chances are you’re more likely to get involved with your emotions which may not be such a good idea. So in terms of losses, the higher your intraday portfolio, the bigger your blow on losses. So it’s good to put only 20-30% if you have like $3-4K only. It’s a good decision from both a psychological and business point of view.
Find Discipline
Intraday trading is much more happening than swing trading or long-term trading that is why it is imperative you create a discipline for yourself. If you think that it’s time to trade when your feelings tell, such as being bored and busy at work or taking a dump in the bathroom – then stop trading randomly.
The importance of a good routine can’t be overstated. It’s the difference between being productive and wasting time, distracted by everything around you while not getting any work done at all! Your trading session should allow for laser-like focus on what needs to happen next in order to reach your goals – so make sure that doesn’t include anyone else but yourself with this important part of making progress every day. Keep a schedule like when do you want to scan the market, when to study the charts and when to place the trade if you find a confluence. This also includes not letting your emotions get in the way of your trades.
Manage Your Risks
The first step to becoming a successful trader is learning how to protect your capital. You can’t be an offense-focused money generator if you’re just starting out, so make sure that defense shines through in everything!
Make a note of how much you want to risk per trade for example 1% or 2%, how much you can afford to lose throughout the day if you’re on a losing streak before you call the day. And keep going on and on. Once you know how to minimize the risk in lieu of losses, you will come one step closer to becoming a better and profitable trader.
If you find all these things tough to do yourself, you can hire someone to do that for you. For example, crypto signals providers share signals that include everything like entry and exit, coin analysis, risk management, and more. Make sure you research if you’re going to subscribe to signal services.