3 Golden Rule for Intrdaday Trading
1. Do not go for long targets. Better choose 2-3 stocks a day and set small targets for them and make a significant profit altogether. An experienced Intraday trader follows the strategy of multiplying small profit to larger number of trades.
'Rome was not built in day' – you can not expect to double your money in a single day trade.
2. WWE Strategy -Wait, Watch and Enter/Exit . For a successful day trade perfect time for 'enter in' and 'exit out' plays the most important role. An intraday trading basically depends upon the -
a. Volatility and expected price range of the stock for a particular day.
b. Liquidity which allows you to enter or exit a stock at the price when it is expected to give the maximum outcome.
Therefore to achieve a good day profit first watch the stock which may fetch good return in intraday, watch out the trend and then make a trade on it as per the trend (enter or exit).
3. Do not trade solely on the basis of technical charts/levels or trend. Global uncertainties can reverse your expectation in any fraction of time during the trade. Also clear up all your trades before the session get closed because a single bad news over the night can move the price of a stock dramatically.
Really good advise...