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Intraday Trading Tips & Strategies

Intraday Trading Tips & Strategies

Intraday trading entails an inherent risk compared to delivery trading. When you take delivery of shares then time works in your favour. When you trade intraday, you have about 5 hours time in front of you to close out your positions. Remember, you cannot afford to take losses for too long because it impacts your core trading capital. That is where some useful tips come in handy. These tips are about some practical rules that can make you trade better. It also covers strategies that can enhance your intraday trading experience in a more organized way.

Five Tips to Make a Success of your Intraday Trading Experience

  • Focus on a small set of stocks. That is the best way to stay focused. Intraday day trading is all about specializing in a small set of stocks. Unlike what a lot of people believe, an intraday trader is not oblivious to research . On the other hand, the intraday trader needs to track charts, macros and news flows as the time frame available is only for a few hours. Therefore, it is always better to keep your universe of stocks small.
  • You are not obliged to trade every day and every hour. That is what a lot of intraday traders tend to believe. Once you identify your stocks you must also identify the levels of entry and exit. Have the discipline to wait till these levels are achieved. Don’t jump into the market in a stroke of impatience.
  • Don’t try to average your positions. When your stop loss is triggered, just exit your position. The stock may bounce back and hit your target but that is off the point. The stop loss is a discipline and you need to adhere to that discipline; come what may!
  • An intraday trader should never try to become an investor by default. You are an intraday trader by design and that is what you should remain. Quite often, traders tend to hold on to positions with the view that the stock could bounce and go higher. You are breaking the basic code of intraday trading here. Investment is a different ball game; here just stick to intraday trading!
  • When it comes to intraday trading, the trend is your friend. A smart intraday trader will never try to outsmart or outguess the market. When the market depicts a certain underlying trend, it is giving you a message. As an intraday trader, it is your job to read that trend and trade accordingly. Intraday traders are more likely to be profitably by being on the same side as the market trend.

Key Strategies that Intraday Traders can Apply

The tips are more generic in nature, whereas the strategies are more specific and fine tuned. Here are 3 strategies that can help you in intraday trading.

  • Always ensure that you trade intraday with losses that you can afford to take. Remember, not all risks are directly evident and some risks could be hidden. For example, risk of illiquidity is a hidden risk.
  • Avoid the temptation to overtrade in the market. There are days when you will not be able to grasp the gist of the market. On such days, it is quite common to overtrade to recover the losses. That can only worsen matters. As a matter of strategy, never overtrade in intraday trading.
  • Do your homework as an intraday trader. Intraday trading is quite multi-faceted and it includes the impact of fundamentals, technical charts, F&O data, and news flows. Your strategy must include close monitoring and analysis of all these trends to have a meaningful experience.
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