Is Intraday trading risky for beginners

Most people will tell you not to do intraday trading if you are a beginner, since its risky, but that is only partially true.

First, look into what kind of setup is needed for any intraday trader to be successful. 1. A good broker who charges less brokerage. Brokers like Upstox are there for this in India. 2. A platform which can show you current updated prices, or at least 5-15 minute delayed prices. Most likely your broker itself provides this platform, but there are others too. I personally use the one provided by Reason I use this one is because it also suggests me good entry and exit points, depending on the strategy being used. 3. The strategy itself must be crystal clear to you. You need to know what you are doing, why you selected this particular stock, why are you choosing to sell or buy it at a certain level, etc. Again, the setup at BullKhan helps me a lot in this. They got different scanners for different strategies, and stocks are shown based on the strategy I want to use. You cannot just go on selecting stocks at random. There must be some basis for your trade. It could be as lame as "stock was in news today", or it could be something stronger like "stock is reversing from a support point". The basics of your strategy have to be clear to you. Once you have a basic setup in place, then its all about following certain rules. For example, if the trade is going bad, then cut your loss, instead of averaging a bad trade. The more disciplined you will be, the better its for you. If you are new, I'd suggest you trade in just 2-3 stocks for a while. Add them to your tracklist, watch their movement, notice how much moves they give on a daily basis, and eventually you will start understanding the movements of the stock very clearly. Having a watchlist is extremely important, for the same reason. It gives you understanding of the stocks in your tracklist, and when the opportunity comes, then you can trade with confidence in those stocks.

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 Is Intraday trading risky for beginners


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