Day Trading as a career? – many new traders have this basic question in their mind. In this post, we will discuss on how you can start your own intraday trading business?
Starting Business as a Day Trader
Starting any business requires a plan. Same here for selecting day trading as a career you need to consider a few basic elements, which are – trading capital, trading equipment i.e. computer, CPU, Internet, etc and measuring performance. Let’s understand it in a brief.
#1. Trading Capital
Without any investment, no business can get started. Same here for intraday trading business without trading capital it is impossible.
To Start Intraday trading business, first, you need to decide which segment you want to start day trading. Trading in different segment requires different capital amount.
For Equity segment you must have minimum 15,000 – 25,000 ₹, For day trading in Future segment you need to start with 1,00,000 ₹ of the capital amount and for Option segment minimum 15,000 ₹ is required.
To start an intraday trading business, you must have an understanding of the financial markets. You must have sufficient knowledge about how to do an analysis of stocks, etc. For this you can read different books on technical analysis of stocks, there are many different blog site available on the stock market from where you can enhance your knowledge.
After getting proper Knowledge you can go for the next step.
#3. Intraday Trading Business Plan
To start a Day trading business, you must have a solid business plan – that is a trading plan. A solid trading plan should outline how much risk per trade you want to take, how you will put the stop loss.
It also includes how you will develop your unique system and how strictly you are going to evaluate each trade, what will be your trading strategy?
Also, your trading plan should include daily homework. In which you need to add things such as aftermarket analysis of stocks, stock selection for next day, daily updates with news related to financial markets.
#4. Trading Equipment
Equipment for Intraday trading is a computer, extended screen, trading software, charting software, broadband service (High-Speed internet), CPU, RAM, Graphics, etc.
Most of the professional day traders use 3 to 4 monitors to analysis charts of different stocks, to open trading software and watch streaming data.
You must have a high-speed internet connection and also you have to keep a backup connection. Because without an internet connection cannot execute your trade.
# Learn More About Trading Equipment : How to Build Trading Setup?
#5. Measuring Performance and Stringing Together Winning Weeks
Once you start your intraday trading like a professional trader you need to start measuring your performance. With the help of making an excel sheet, you can keep track of your progress report.
As you are trading like a professional, you should have goals to make profits instead of making it as a hobby. At the end of the day, if you don’t have your report, you don’t have a professional business.
As a beginner, don’t just focus on how much you are earning from day trading. Focus on how much trades are on the winning side. Once you start to concern with the winning streak, your account will start to move in your favor.
#6. Pay Yourself
In terms of the value of money, many traders just focus on earning and earning. The real profit is when you earn from the market and on a regular basis, you withdraw in your account.
“To enjoy your profits, you need to take out money and use it for yourself.”
To improve your day trading business, you also need to have one good financial advisor and experts. Rapid Tips with the team of research analyst, Expert technical analysis experts help you to boost your day trading business by providing daily expert calls for intraday trading.