What is the right and best way to do intraday trading?
TRADINGFEATURED
"All we do is stack confluences in our favor and bet on probabilities"
Have two basic rules about winning in trading and life :
If you don’t bet, you can’t win.
If you lose all your chips, you can’t bet.
This is all you need to know to succeed. Let's look at this from the perspective of trading.
When you first start your journey most people will try their best to master every concept and absorb as much knowledge as possible.
This is necessary at the beginning when you are learning to become an analyst and come up with your own strategy and trading ideas.
But very soon into your journey (much sooner than you think), you will need to focus less on analysis and more on execution.
This is where the psychological struggle steps in where people think they need to become the best market analysts in the world and learn as many concepts as they can.
Where in reality, all you need to be is an average analyst who is exceptionally good at executing consistently with impeccable risk management.
At some point, you need to stop worrying about always “getting it right” and focus on taking trades that fit your tested strategy.
We don’t aim to be perfect we can lose over 50% of the time and that is still fine.
All we do is stack confluences in our favor and bet on probabilities.
But for this to truly work, you need to take every trade that fits your plan. This means always taking the bet, even if you are scared or going through a losing streak.
This is also why your risk management must be in check to ensure you still have the capital to continue to trade through these downturns and come out on the top.
Credit: Quora