1. Trading plan

Any trader needs a trading plan, not just a day trader. This plan helps traders understand the trading process, determine in advance what to do, and most importantly, control themselves to do nothing but the plan.

Because day traders, they are prone to falling into psychology and fall into trading so it is extremely important to keep their psychology stable. The trading plan will partly help them. More importantly, a plan gives them full control of the transaction process.

2. Trading strategy

If you trade without a strategy, defining your trading goal is just to donate money to the market.


A trading strategy is a way to help traders make money, help traders trade according to a certain principle, focus on their own strengths, and help traders stick with their journeys in the long run.

3. Strict capital management plan

This is a very important thing that all-day traders must do if they want to trade long-term in the market.

Since the daily trading frequency of a day trader will be quite high, psychological pressure is high, and face many sudden price fluctuations, strict risk management is indispensable. Most of the day traders lose money because they do not know how to manage capital and control psychology.


4. Good trading skills

Day trader needs to react quickly to price action or to technical signals, and must understand how to deal with unexpected trading situations. But these things traders can only learn through real combat and gain experience over a long period of time, gradually forming skills for traders.

So it can be said that for good intraday trading, traders also need to go through a short period of time for the trading results to stabilize.


5. Make quick trading decisions and always have a contingency plan

A day trader must learn to quickly make a decisive decision. To do this, traders themselves need to have confidence, understand trading methods, and have good trading skills. And always be prepared for the worst-case scenario, because the market moves randomly, it is also normal to have a constant stop loss.