Day Trader’s Aftermarket Lounge 4 June 2020, page-63

Jake, day trading is a whole different game to mid-long term investments so please do plenty of research and consider your goals, rules and strategies before committing. If you are interested in day trading, you'll need to learn Charting and consider to start with a small capital outlay regardless of your wealth.

What makes a trader sucesfull and more importantly sustainable...is not how much they know, how much they made in a bull market, or how long they have been in the game.. but ultimately more so their ability and discipline to adhere to their rules and strategy that governs their sustainability . For example, google Jesse Livermore. One of the most famous pioneers of day/swing trading who made a fortune and lost the fortune a few times due to not following his rules strategies. I still make mistakes daily.. But analyse your mistakes and learn from them and learn when to walk away or pull the plug.

For example one of my rules are ; when entering a trade, I will not buy straight into the offer but will queue in the bid. My rationale is if you are not disciplined enough to wait for the seller to come to you, chances are you might find yourself trapped chasing. Yes you will miss some opportunities, but pluck it on a spreadsheet and if you are picking the right entries to place your bid, you'll end up on the brighter side buying on/around support instead of on/around resistance and will in a better position to quickly cut your loss if things go pear shape.

Many people enter the game and each trade expecting big gains.. or even multibags for the day but many will get stuck and burnt sooner or later. They may win a few times, for a few weeks and months to later lose it all in a day. Many day traders would agree that scalping pips, income trades for a few pips ranging upto 1-10% gains per trade (depending on your strategy and outlay per trade) are really considered the sucess you should aim for daily per trade. Anything ontop is a bonus. Or you may like to ride Again, for the average person, chasing those 50-100% gains will get you unstuck eventually long term.

In summary, find the rules and stratigies that work for you. Stick to them through pain or gain, rain or sun. Set realistic expectations and Quantitative measure. Don't chase greed. Follow your chart, not your heart. Learn from your mistakes and know when to stop and step take a step back. Goodluck buddy.