Tips for IntraDay trading

Below are few tips for intraday trading

By the way, if you have been making losses in intraday trading, then please read this "Stock market training material" for details about intraday trading, It covers strategies and methods one can use to do successful intraday trading. I'll try to explain some things in short here. In intraday trading, never sit on a loss making trade for too long. 90% times, the loss will increase. Most day traders will simply keep holding their day trade without a stoploss for too long. They keep seeing the stock moving in opposite direction from their trade, but a sense of false hope makes them holds a bad trade. Never ever average your intraday trade if its going bad. This is a bigger mistake than taking the trade in the first place. This is like piling a mistake on top of another. You are already in a bad trade, and on top of that you are putting more money in that bad trade. This should be avoided at all cost. Never ever depend on free tips and TV tips for intraday trading. In my personal experience, I've found only 2-3 out of 20 tips to be successful. That is just 10% correct tips, and a 90% rate of failure. Develop a strategy for intraday trading, and then stick to it. If you cannot develop your own, then use a pre-made strategy. The book mentioned above has 15 such strategies for intraday. This is probably the most important thing. You need to know very well why you took the trade. Additionally, if you have a strategy, then you can also decide a stoploss. For example, your strategy might be that you will take a day trade in stocks which are bouncing up after reaching a moving average point. In this case, you very well know that your stoploss is the moving average point, and if the stock slips below that, then you need to come out of the trade. Stick to your strategy. Most people will ditch a good strategy simply because it failed once or twice. They will go in search for a new strategy here and there. Remember, there is no strategy which works in all market scenarios. Some strategies work better in uptrending markets, while others work better in downtrending stocks. You need to have 2-3 strategies depending on market scenarios and you should be able to use them efficiently! Discipline is the key of intraday trading. Once you start taking trades at random, trying to recover your loss, then losses will accumulate even further. Have patience, and try to keep your loss less in the first place using stoploss. Do not trade in random stocks. Keep 10-20 stocks in your watchlist, keep watching and observing their movements, and when opportunity comes, when they meet the condition of your strategy, then trade. These are a few things which will decide if you will be successful in day trading, or will fail badly...

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 Tips for IntraDay trading


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