Six Fundamentals of Day Trading 1. Increase stoploss a bit whenever stoploss hits then immediately trend resumes. 2. Refine/scrap the strategy whenever stoploss hits and price doesn't return back. 3. Finding a strategy that works equally well on both intraday chart and extraday chart. Deriving levels by connecting both the charts. 4. Swing trading is vulnerable due to gap-ups and gap-downs between two trading days which makes it less safe than intraday. It is not advisable for traders to trade the safety of their investment with the convenience of swing trading. 5. Volatility is more in the middle of a well established trend making it vulnerable to frequently hit stoploss. Entering trade on early trend (market opening, trend reversal, sideways market breakout) avoids such volatility. 6. Entry and Exit strategies must be based on support/resistance. Entry/exit after second support/resistance avoids excessive volatility and helps in better decision making. Pro Trading means Disciplined Trading which is sticking to the fundamentals. This is the only way to Six Figures.
To become a Pro trader ask these three questions 1. What is stock trading ? It is a business skill. 2. What is a business skill? It is the emotional intelligence of healthy relationship with money. 3. How business skill is reflected in stock trading? It is reflected as taking the stoploss hits more seriously. You people are taking stoploss hits too casually. That is opposite of a business mindset. You are knowledgeable, analytical and sound in technicalities. If you think that is good enough to succeed in a business, well, good luck for you! Those things makes you a good employee, not an employer. Business skill is a blend of art and science. 99.99% of MBAs are employees, not employers. Only very few Universities on Earth teach real business. Fortunately 99.99% of successful business people learnt business outside University education. Stock trading is one of the "Outside University Education" that has the potential to transform an employee mindset to business mindset. Stock trading is 80% business mindset and 20% trading techniques. You people are like 100% trading techniques and 0% business mindset. Stock trading platform is like real business teaching University with real time experience and affordable investment.
Risk management is business mindset. Probably you are a good businessman who is yet to recognise yourself as a businessman. "Taking stoploss hits more seriously" means what? 80% Risk management and 20% trading techniques. Your post is an example that some people are yet to recognise themselves as businessmen. Why I am avoiding familiar words like "risk management"? Because by reading those words your subconscious will automatically tell you "I already know this" which you actually may not know fully yet. For example you have no clue that I am actually talking about risk management. "Risk management" is academic language with academic definition. I won't buy them! The academic people won't even have a clue that taking stoploss hits seriously is true risk management in stock trading. Academic definitions are like theoretical science. Practical applications or techniques are like technology. Both are good in their own ways. MBA employees are good in administering the business, whereas employers are good in creating/developing the business. Both skills are needed, right? This is the EFFICIENCY of academics in business...99.99% of MBAs are employees, not employers! So you please cut the crap!
In my subjective opinion you are stop loss and you need to control the market direction. Support and Ressistance works especially if you will melt it with structures.
Thank you for sharing your perspective on stock trading and the importance of a business mindset. It's true that stock trading requires a combination of technical skills, analytical abilities, and a strong understanding of the market. However, it's important to note that successful trading encompasses various factors beyond just a business mindset. While having a business mindset can certainly contribute to effective decision-making and risk management in trading, it's also crucial to have a solid understanding of financial analysis, market trends, risk assessment, and trading strategies. These technical aspects play a significant role in making informed trading decisions. It's worth mentioning that trading involves inherent risks, and it's essential to approach it with caution and proper knowledge. Building expertise in trading often requires continuous learning, practice, and experience. Many traders develop their skills through a combination of self-study, mentorship, and hands-on trading in real markets. While trading platforms can provide valuable tools and resources for traders, it's important to approach them with a clear understanding of the risks involved and to develop a well-rounded skill set that encompasses both the business mindset and technical expertise. Ultimately, becoming a successful trader requires a combination of knowledge, discipline, risk management, adaptability, and continuous improvement. It's a journey that involves both the art and science of trading.
Let me be very clear about what I shared in this thread. Business mindset is the axis and trading techniques are the wheels. That is the relationship between business mindset and trading techniques. Business mindset is NOT an optional flavour that may or may not be added to stock trading. Stock trading is a business, no matter how your country's law treats it. Period! Business mindset is not something. It is everything in business. For example in this thread the six fundamental are revolving like a wheel around the axis called business mindset which is risk management. Business means healthy relationship with money and all the technical stuff involved in business has to align to this relationship. You have no clue about the level of conviction in this thread.
This is an online forum, not a classroom. You are in a wrong place i guess! And ofcourse we are supposed to know the qualifications of the faculty before we enter a classroom. Moreover this thread would have been quarantined by the admins if it is not adhering to the guidelines of this forum. So in that sense, I am qualified to run this thread.