A small but important Thread to help you from losing money while Day trading.

Many people have the habit of entering into multiple trades in a single day.
Some even enter into multiple trades at the same time.

Here are the things to avoid

The habit of entering multiple trades (5-6) sometimes comes from seeing a few successful traders doing the same.

Even after 7 years of trading, I hardly enter into more than 2 trades a day.

Higher number of trades for a Beginner means the following

1. The trades were not well thought upon.
2. Multi level confirmations not taken.
3.There exists a fear of missing an opportunity.
4.Not following a self independent analysis.
5. Following calls from others blindly.

Greater number of trades increase your risk of entering into a capital depleting trade.

Remember, the first function of trade is to preserve your capital.

Stop comparing yourself to the seasoned pros who have the experience of trading for a few decades.

Following tips will help you in the long run to preserve capital
1. Think twice before entering a trade. Slow down.
2. There is no rush. Market gives you enough opportunities.
3. Design your system in a way that entries are signalled by multiple confirmations.

Even legendary traders with multiple decades of trading experience like @PeterLBrandt wait for prices to come back to a certain level before entering a trade.
Slow down. Reduce the number of trades and work on high probable entries.

Remember, survival in the long run will ascertain profits.

This is a simple advice, which most will understand only after facing losses in future.
Humans have a habit of not learning from other's mistakes.