Best intraday trading tricks and hacks
Intraday trading excites all beginners into the world of the stock market. You would have heard from a friend or family that intraday trading is where you use less capital. You use less capital, make lump sum money, and get rich overnight, this is what you would have heard about intraday trading. To be honest, that is what brings a lot of people into the stock market.
The world of the stock market is about watching and appreciating the beauty of intraday trading. According to stats, all the major traders and even Zerodha CEO Nitin Kamath have also looked into the data and said that nearly 90-95 percentage of intraday traders lose money. If all the people are interested in intraday trading and a lot of people are talking about it then why are they losing money? The solution is simple.
#TIP 1: TRADE LIKE A ROBOT:
Yes, you have to trade like a robot when you are a day trader. That is, you’ll have to kill your emotions while trading. Emotions like revenge trading, recovery loss trading, having a strong bias on the market. So, if you want to become a good trader, try it emotionlessly. Once you have taken the position and decided the stop loss and profit, stick with it. If the position is moving against you, don’t lose hope.
#TIP 2: SET A LIMIT OF DAILY LOSS:
Trading requires a different kind of mindset. When we were in school, we were appraised for our performance, we had a target within ourselves. When we go to corporate jobs, there will be targets given to accomplish. Our minds are finely tuned to reach targets since childhood. This is a big NO-NO when you enter the market. Do not fix targets on the profit side. Professional traders concentrate on the loss side. Before starting the day, they decide the daily limit loss. For example, Ram has fixed his amount to Rs.5000, he is ready to lose only till this amount. Likewise, if we set a target for loss, we will not lose much of an amount. Trading always comes with a risk but you control the risk.
#TIP 3: STOP LOSS AS A COST OF DOING BUSINESS:
In trading, there is no big cost or expenses involved, unlike other businesses. The only expense you will incur is a laptop and an internet connection. So, there are no additional expenses in the trading business. But there are certain limitations, as in, treat your loss as a cost to the business.
# TIP 4: DO NOT OVER TRADE:
Take only 1 or 2 trades per day. Because many new traders will trade from 9:30 to 3:30, they end up taking 7-8 trades in a day, if they happen to see continuous profits in the beginning. It is always said that the lesser the better is profitable than more trades more profits.
#TIP 5: TAKE YOUR OWN DECISIONS:
If you feel like taking a risk, go for it only when you are ready to invest your money. Do research, don’t get influenced by others. Many people out there are eager only to make money. They use words only to attract you and to make you follow them or subscribe to their channel. The knowledge you get when doing your research is priceless and worthy. Knowledge is power. So, take a decision even, if it’s right or wrong. Never mind. But do it on your own.
#TIP 6: MAINTAIN TRADE JOURNALS:
Trading should be treated as a business and not like gambling. It’s advisable to keep track of your trades every day so that they can be analysed later. You can go back a month and see how many trades you’ve done and what should be done this month etc.
#TIP 7: CHARTS, DATA, AND NEWS:
Day trading entry and exit, it is essential to learn how to understand and interpret graphs. This may seem complicated at first, but in the end you will get the hang of it. Clear the basics such as resistance, support, stochastic to ensure fundamentals
Always buy at a low price and sell at the highest price to get profits. With this strategy, you will have the opportunity to make profits very close to support. You can set a stop with the help of a reversal trading strategy. Here, we take a security position very close. By keeping the line low and the success rate high, this strategy will offer a good risk-to-reward ratio.
Pavithra . K
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