What is the best way to do day trading for consistent profits? How long will it take me to learn this type of day trading?
TRADINGFEATURED
"It’s not just about the strategy but also about mastering your emotions maintaining discipline and managing risk"
What trading consists of:
Strategy: 5%
Risk Management: 10%
Discipline: 10%
Emotional control: 75%
75% of trading is emotional control, mastering it helps us to stay calm and focused in the markets.
Discipline is another important factor. Stick to your trading plan and follow your rules with unwavering discipline.
Now for this answer, I have got risk management at 10% but in the real world, I would probably put it at 50% because protecting our capital by managing risk wisely is crucial to trade profitably.
5% strategy, developing a solid trading strategy that aligns with your goals and consistently applying it.
Keep this in mind, this is the only way to trade for consistent profits. It’s not just about the strategy but also about mastering your emotions maintaining discipline and managing risk.
Note: The percentages mentioned are symbolic and not meant to be taken as precise measurements of the importance of each factor. It is also not to be taken as financial advice.
Credit: Quora