Let’s get one thing straight: intraday trading is not the same as WAGERING. It’s a picture-perfect illustration of the law that governs supply and demand in action. Those who attempt Intraday trading often conduct it with the misguided perception that they will become a billionaire overnight, which is why I warn against it. As much as we’d want that to be valid, the answer seems to be no.
Now, right, on to your concerns. The fact that you’ve been successful for four days in a row suggests that your plan is spot on; however, the fifth day’s loss indicates something is wrong and needs to be adjusted as per the strategy. Every trader who has ever considered Intraday trading has had a similar experience (I was there, too), and facing losses at some point is crucial. It hurts, but confronting losses is part of the game for your subsequent confident exemplary action. Trading daily requires self-discipline and an awareness of potential risks in order to be fruitful. That is a fact!
Our culture has instilled in us a strong stigma against committing blunders. Similarly, this kind of weird thought process causes problems in the marketplace. When we experience setbacks, our brains force us to begin making amendments instantly without thought. We lose money as a result of making a lot of pointless deals. Limiting yourself to a certain number of transactions is one straightforward solution.
I remember when intraday trading used to be a significant endeavour for me in 2019. I had a respectable wage working in IT then and I always drove everyone crazy by constantly bugging them about day trading. I don’t know how it all started. After several months of practice, I became an avid intraday trader, and each day, I would make at least two to three transactions at the very least. However, I had financial difficulties as I was not earning any money. To add insult to injury, I wasn’t even financially losing. In market parlance, we refer to this as the Breakeven point, which means there has been neither a gain nor a loss. Approximately six to eight months passed and I was stagnent at this state. I can assure you that this is one of the most discouraging times I have ever experienced in the markets. To give you an idea of my predicament, consider that I used to make two or three transactions every day yet still ended each week/month in the red. I could finally get beyond this obstacle by adjusting my trading strategy. Profits began rolling in as soon as I made this adjustment. This shift is something I’ve been using in my trading ever since. You may expect one of the five possible results when you make a trade: They range from breaking even, to making a tiny profit to making an immense loss and then to making a significant profit to cover the large loss.
As a day trader, you must never commit the cardinal sin of taking a significant loss on any trade if you want to keep your trading account balance in the black. Heavy Exposure with Each Trade will eventually lead to pain! Your trades should always be backed with a sensible risk-to-reward ratio, which is a significant financial metric. The size of the lot is determined by the number of stop-loss points within your financial means to adopt that risk. Trading success will come your way when you are persistent, disciplined, and knowledgeable enough to build a thriving strategy. If you lose your shirt, it won’t be the end of the world, but if you lose your trousers, you’ll be without your money and have nothing.
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