Strategies and Rituals for Steady Daily Profits from Intraday Trading

Dear A2A, I am confident in answering this as I have been a full-time day trader for years. My journey began in 2007, where my initial approach was based on expert analysis and news channels. However, I quickly realized that this was not sustainable, and I shifted to technical analysis. As a result, I have found that the only way to achieve consistent success in day trading is through technical analysis.

Range Breakout Trading

A strategy that has worked consistently for me is the range breakout trading. Any breakout above or below a defined range causes sharp movements on either side. When you successfully capture such moves, you can easily earn about 1% per day. By maintaining a good risk-reward ratio, you can end up being net positive by the month's end, even with a few loss-making days. Proper stock selection is crucial to increase the probability of winning, and such strategies work best on high beta stocks.

I have provided an excel sheet that details the buy-sell levels, target, and stop loss based on range breakout.

Other Intraday Strategies

From my experience, there are several other intraday strategies that have proven effective:

OPENHIGH or OPENLOW: This strategy focuses on the opening price of the day. Supertrend: This involves the use of a momentum indicator to identify trending markets. Donchian Channels: This strategy uses moving averages to identify trend direction.

For more information on these strategies, you can search for them online.

Key Factors for Consistent Success

While having a winning strategy is important, there are two other critical factors for a day trader to be consistently profitable:

Efficient Risk Management

Trading without a stop-loss (SL) is highly risky and unrealistic. You must know your maximum possible loss before you enter the trade.

Emotional Stability

Avoid getting disheartened by a series of losses or overly excited by a significant profit. Maintain a stable mind and heart during the trading day.

Building a Consistent Routine

To become a consistently profitable trader, you need to follow routines and processes consistently. Here are some tips:

Write in your trade journal consistently. Backtest consistently. Observe the market every day consistently.

The key word here is consistency. Consistently follow your process to consistently produce the desired results. Additionally, to level up, you should follow other processes in your life with consistency. Your success in trading is reflected in how you manage other aspects of your life; a lack of consistency in one area will likely reflect in trading results.

Achieving consistent results in trading requires:

Consistent routines. Focus on trading one market exclusively. Sticking to one specific strategy. Trading a limited number of stocks. Identifying a specific time frame for trade entries. Choosing the best setup that suits you. Building a consistent daily routine.

Like yin and yang, consistency in your life will bring consistent success to your trading, and vice versa. By implementing these strategies and building a consistent daily routine, you will be on your way to achieving steady daily profits from intraday trading.