Trading in Intraday can be successfull if certain rules and discipline are followed…!!
Now coming to the rules to follow :
- Exit is more important than entry – Make sure you make timely exits of your trades.
- Trailing Stoploss – Profit is the only thing that counts in the market. The biggest mistake that a beginner makes is keep holding on to trades beyond stoploss in the hope of profit and exit a profitable trade just at target. Always maintain a trailing stoploss and let the market decide how much profit you can make.
- Do not fall for greed – Always have an intraday target (amount of profit) in mind, and once that daily target is achieved devote your time to studying and learning. Do not overtrade in greed.
- Breakeven point – Always calculate whats the point where you start making profit from after paying brokerage and taxes.
- Low Brokerage Account – Never trade from a high brokerage account like ICICI Direct or Sharekhan unless you are trading very high amount or else brokerage will eat majority of your profits. Use Zerodha, Upstox, etc.
- Avoid movement against market – Although trading against Nifty trend can be profitable but its not advisable for beginners
Tips to identify stocks for intraday :
- Trade in stocks following their sectors trend – Momentum trading is the best way to trade stocks intraday.
- Choose Liquid Stocks – Never trade penny stocks or stocks with low volume for intraday
- Support or Resistance – Identify stocks near their support or resistance, and trading with high volume, because these stocks are most likely to breakout
Thanx for reading🙂
Follow CoverOrder telegram channel
Please Share if you like it.😉