One of the first things they do is not think about making Rs 20,000 every day. In fact, an important lesson that I learned in my 10+ year journey in the stock market is that successful traders don’t always think about money. When they day trade, they don’t necessarily have a fixed amount that they want to achieve. They simply aim to make successful trades, wherever they see the opportunity, regardless the size of their returns.
So, if you want to make money from day trading, you have got to stop thinking about the money itself. You must instead focus on playing the ball with the stock market, identifying and banking on the opportunities.
Next thing, there’s a common misconception among many that daily traders have short-term plans. This is not entirely true. These people function every day to not achieve short-term and standalone goals but to stride to their bigger goals. Most of them don’t even try to achieve daily monetary rewards. They just function to increase the value of their portfolio that continues delivering them even in the long run.
So, if you want to make Rs 20,000 from your daily trades, you must have a bigger picture in mind—you must have long-term goals and various parameters to know whether or not you’re working according to your goals.
Aside from these holistic aspects, of course, there are many technical factors that help many traders make not just Rs 20,000 but as much as Rs 1,00,000, on average, every day.
· Their capital amount is large
· They are financially stable, which provides them the cushion to consume risk and loss
· They have more than decent knowledge of technical analysis
· They know how to read charts and anticipate trends
· They have a proper money management strategy
· They have experience of big losses
These are only a few of many things that help traders make a lot of money in day trading. Hope the answer helped!