InvestorQ : How important is being patient in intraday trading?
Moii Chavate made post

How important is being patient in intraday trading?

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Angel dcosta answered.
3 years ago
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Hard to say, but patience is necessary for any kind of activity. At times, the share bazaar may unexpectedly become volatile and test your nerves. It is imperative to stay calm and composed in such situations. The biggest challenge to human psychology is that they get hit by greed and fear at the wrong time. Do not let greed and fear cloud your decisions of opening or closing your positions. Trust your analysis and allow your stop loss to trigger instead of closing a position in between. That is unless you are convinced that your position is wrong then you can close before the stop loss to save profits.
Clearly, day trading can be made profitable by being patient at the crucial moment. You can also practice virtual trading platforms to improve your analysis without the risk of losing money. Plan your day and set up a maximum loss per day limit beyond which you will not trade. While quick action and response is the key to intraday trading, having the patience and conviction at the right time also matters. You actually build these things over time.
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