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All stock market participants see the same real-time price movement and chart pattern in a particular trading session. Yet only fewer than 10% are able to succeed in the field of stock trading and investing. This shocking percentage raises curiosity to look beyond the technical edge and examine what makes a successful trader successful.

If you are walking on the journey of becoming an intraday trader, there is no alternative to knowing the technicalities of stock trading. In addition to that, you must also cultivate the 7 key traits mentioned in this article that will help you be successful. Further, you can expand your learning by visiting Angel One’s website to learn about various trading strategies.

In the meantime, let us dive right in and take a quick look at the essential qualities to develop.

7 Common Traits of Successful Intraday Traders

Traders who consistently achieve positive results have developed certain habits and characteristics that set them apart. Here's a sneak peek into the top seven traits that you too can incorporate to become a pro intraday trader.

1. Having Patience

Whether you are waiting to enter the trade or waiting for your target while in a particular trade, in both cases, you must practise patience. You shouldn’t expect instant gratification in trading. If you miss an opportunity, patiently wait for the next one.

2. Being Disciplined

Pro traders have a trading strategy with a predefined plan on when and how to enter and exit a trade. They stick to their plan irrespective of the outcome of a particular trade. Believing in your trading setup is very important to stay disciplined.

3. Research Oriented

Successful day traders invest a significant amount of time and effort into learning and researching the markets. They stay up-to-date with the latest developments and industry news. In addition to that, they continually refine their skills and develop a strong understanding of the stock market.

4. Keeping Emotions Under Check

Pro traders understand that emotions can cloud judgement and lead to poor decision-making. They avoid indulging in emotion-based trading, such as buying in greed or selling in fear. Having this trait can help you make more rational trading decisions.

5. Maintaining a Journal

Journaling is one of the ways that keep your emotions under control. Pro traders reassess their trades and look for ways to improve their execution. Likewise, you must constantly re-evaluate by enhancing your strengths and working on your weaknesses by maintaining a journal.

6. Ability to Effectively Manage Risks

From setting strict stop-loss orders to optimising their position size, successful intraday traders follow effective risk management practices. Since day trading demands quick action and has a lot at stake, having a systematic approach to managing risk is crucial.

7. Being Realistic

Successful traders never have unrealistic goals. They fully understand the fact that losses are inevitable in the stock market. Thus, you must always keep a rational view. Maintain a good risk-reward and high winning ratio to gradually earn money from intraday trading.

The Bottom Line

Intraday traders are not born overnight. It takes commitment and hard work to learn the game and sharpen certain traits. While the above common qualities of successful intraday traders will help you develop your temperament, you must also put in the work to master the basics of financial markets to succeed.

To gather an in-depth understanding of the stock market and its workings, you can head over to Angel One’s Knowledge Centre. It summarises all the technical terms, concepts, and strategies in simple language, all in one place. So go ahead and invest your time in acquiring complete knowledge before starting out. Happy Learning!

Disclaimer:

1. This blog is exclusively for educational purposes

2. Investments in the securities market are subject to market risk, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit. https://bit.ly/2VBt5c5

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