Price Action Trading works fine in the market….the best technical setup for intraday trading is charts….
Yes charts absolutely Plain charts without any indicators….
The most fascinating yet the hardest form to master is INTRADAY trading.
Here are the top 6 ways through which can master Intraday Trading :
- Follow,observe but DON’t replicate the trading starts in your community. With easy access to technology you can find many on youtube,twitter and quora too. Make sure you follow the right once. In a matter of few months of observing you will be in a position to filter the right once.
- Start reading Zerodha Varsity. Disclaimer : I am not associated with them but I don’t mind recommending the correct sources to people to refer from. So far Zerodha Varsity came up as one of the best mediums for learning especially when you are starting out. Moreover it is completely FREE! Ya,Indians love free stuffs.
- Focus on building system and not strategy : One of the biggest mistakes which most newbies commit is that they keep looking for the best strategies every now and then. It comes as no surprise to me that several of them have been hunting for the same on Quora as well. But, here is the reality : THERE IS NO PERFECT STRATEGY. The only thing which differentiates between a pro and naive trader is a good system with proper entry,exit,stop loss and well defined objectives.
- Goal should be to build an edge : You ask me questions on options,I would answer them well but when it comes to trading I am more of a futures trader and less of options trader. Why? Because that’s my forte and that’s where I have developed my edge. Each trader has got some unique abilities with which one looks into the market. Some look at open interest to take final decision while some only use the ticker tape. These are those areas which diffrentiate a true trader. As a trader,you have to find your own edge with experience.
- READ VIEW READ : As an intraday trader you really got to be updated with the following
- Basics of technical analysis
- Dow theory
- Pivot theory
- Patterns like Double tops,Double bottoms,H&S etc
- Risk management
You should be reading and practicing as much as possible about these as finally they will make a consistently profitable trade.
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