Whether you are an experienced day trader or a beginner, there are certain rules that will make your intraday trading a success. Firstly, you should always have a solid basis for the trade. This can be as simple as news, or it can be as complicated as a stock reversing from a support level. Regardless, you should always have a basic set-up in place and be disciplined enough to stick to it. The second rule is to always book profits regularly.
Intraday trading requires strategic planning, and one of the best ways to do this is to learn to follow the trends of the market. This means buying stocks when the trend is bullish, and short-selling when it’s bearish. Moreover, you should pay attention to the news that’s released during trading sessions, as they’ll give you valuable information on stocks to watch, futures, and more.
Stock market intraday trading is a serious endeavor, and as such requires a lot of research, time, and commitment. To become successful, you should learn to follow proven strategies and adhere to them without deviation. Moreover, you should dedicate enough time to research each stock and make informed decisions. If you are able to do this, you can expect profits from your intraday trading.
In addition to learning about strategies, you should also know when to exit a trade. Often, many intraday traders will hold on to a day trade without a stop-loss, but this can lead to false hope. If a stock reverses, you should exit as soon as possible. This will minimize your losses and help you stay away from bad trades.