This is a question many traders, especially beginners, ask.
Can day trading be successful and generate good returns?
Trading, regardless of its type—swing, day trading, or scalping—all depend
on the trader's experience, strategy, and capital management.
Therefore, before starting to trade and choosing intraday trading or any other type, the trader must:
Have sufficient education and experience and have practiced their chosen strategy for
3 to 6 months to understand all aspects of it.
Have also experienced most or all of the market's phases to gain enough experience to
begin actual trading and start achieving their desired financial returns.
Trading Basics
Of course, everyone should be familiar with the fundamentals of trading and technical analysis.
Day trading requires significant flexibility in technical analysis, as you are constantly facing market fluctuations.
You must know how to react and make the right decisions quickly.
First, you must be familiar with classical analysis, as it is the foundation of technical analysis.
It gives you a comprehensive understanding of the market and the most effective price patterns when mastered.
It also helps you identify market trends, potential reversal points, and other factors.
Mastering classical analysis is crucial before you even consider mastering any other school of thought.
Different Technical Schools
Here, you will enter a very important phase. After mastering classical technical analysis,
you will choose a technical school and specialize in it. This school should be one that
provides you with technical opportunities almost daily. There are many such technical schools,
such as supply and demand, SMC, ICT, volume, and others.
You should choose a technical analysis school that suits you and take various technical courses.
Practice these courses for 3 to 6 months, and if you achieve good results,
then you can consider actual trading in the market.
Capital Management
After in-depth training on your trading strategy, you must pay attention to another matter,
which is no less important than choosing a technical analysis school, and may even be more important.
This is effective capital management. If you master this, you can remain in the market,
no matter how strong or sudden the changes may be. None of these things will hinder you.
Therefore, you must establish a sound capital management system that is free from emotional influence.
Avoiding Emotions
A fundamental condition for success is avoiding emotions, as they are one of the main factors
causing any trader to fail. They fundamentally affect capital management.
They lead to non-compliance with the trading method, which ultimately results in making wrong decisions.
This leads to losing trades and, over time, the complete depletion of the account.
Keys to Success
We can summarize the keys to success in trading, whether day trading or otherwise, as follows:
_ Understanding the fundamentals of the market
_ Choosing a technical strategy and strictly adhering to its rules
_ Having and maintaining strong capital management
_ Avoiding emotions as much as possible
_ Practicing sufficiently on a demo account before real trading
_ Not trying to recover losses if the market is unclear
_ Trading with the general trend
