Free Best intraday tips for intraday trading

Here are best tips for intraday trading. Intraday trading is where you buy a stock today and sell the stock today itself. The stock is never sent to your demat account, and the trade is only shown in your trade book.

First, look into what kind of setup is needed for any intraday trader to be successful.

Intraday Tips 1. Find a good broker

 Intraday Tips 1. Find a good broker

A good broker is one who charges less brokerage. Brokers like Zerodha, Aliceblue, Upstox are there for this in India who charge a flat fee of rs.20 in intraday trading.

Intraday Tips 2. Find a good intraday trading platform

 Intraday Tips 2. Find a good intraday trading platform

A good intraday trading platform is one 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 Bullkhan.com because it also suggests me good entry and exit points, depending on the strategy being used.

Intraday Tips 3. Develop and understand your intraday trading strategy.

 Intraday Tips 3. Develop and understand your intraday trading strategy.

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 simple 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.

Intraday Tips 4. Start with small intraday trades

 Intraday Tips 4. Start with small intraday trades

If you are new, I'd suggest you trade in just 2-3 stocks for a while. You might find many free intraday tips, but use only 2-3 stocks. 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.

Intraday Tips 5. Never sit on loss making intraday trade for too long.

 Intraday Tips 5. Never sit on loss making intraday trade for too long.

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.

Intraday Tips 6. Do not average loss making intraday trade.

 Intraday Tips 6. Do not average loss making intraday 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.

Intraday Tips 7. Do not depend on TV intraday tips.

 Intraday Tips 7. Do not depend on TV intraday tips.

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.

Intraday Tips 8. Develop an intraday strategy and follow it.

 Intraday Tips 8. Develop an intraday strategy and follow it.

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.

Intraday Tips 9. Always use stoploss in intraday trading.

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.

Intraday Tips 10. Stick to your intraday strategy.

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!

Intraday Tips 11. Discipline is the key in intraday trading.

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.

Intraday Tips 12. Never trade at random in intraday trading.

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...

Intraday Tips 13. Intraday strategy example, based on volume.

This is an Intraday trading strategy based on volume

Look for stocks which had very high volume, like 2-3 "times" more than their normal average volume. Now trade in the direction where price is going.

For example, if price is going up, and volume is 2-3 times more than normal, then take a trade in upward direction.

Likewise, if price is falling, and volume is high, then take a SELL trade in these stocks.

Here is a scanner which helps you find such stocks: Intraday trading scanner

Its a end-of-day scanner, meaning it will stocks which you can trade in the next trading session. Use it to find stocks in which you can trade tomorrow.

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