đSUCCESSFUL TIPSđ
đFor successful intraday trading, having a solid trading system isn't enough. It's essential to follow a set of simple rules:
1ïžâŁLimit the number of assets: focus on trading 2-4 highly liquid instruments.
2ïžâŁEstablish a clear trading plan and adhere to it.
3ïžâŁTake profits once your target is reached.
4ïžâŁMinimize losses by closing losing positions promptly.
5ïžâŁUtilize different trading systems for various market phases.
đ«Practical tips:
- Stick to a trading schedule.
- Close positions promptly when the market conditions turn unfavorable.
- Avoid holding positions overnight.
- Consider implementing a Trailing Stop to protect your position from sudden market reversals, particularly in volatile markets like cryptocurrency, and to capture most of the price momentum.
A reliable trading system is crucial for achieving consistent profitability in intraday trading.