Whether you’re new to the stock market or an experienced trader, there are certain rules you should always follow when trading intraday. The first rule is to do your research. This means learning about the company and its history. Next, you should determine how much risk you’re willing to take if you make a mistake. Using stop-loss orders and other techniques to manage risk is crucial.
Another key intraday tip is to stick to your strategy. Some traders make the mistake of changing their strategies every few days because they aren’t happy with the results. It’s better to make the trade based on your strategies and facts, not your feelings. You should also adjust your stop-loss accordingly, which means you should close any positions you have open.
Lastly, intraday trading requires patience. Don’t be in a hurry to increase profits – try to last through the entire day’s session. It’s also better to stick with one or two stocks, rather than developing a large number of interests. Always use stop-loss rules to exit a trade. Don’t take risks that won’t pay off.
Learning technical analysis is also critical. This strategy helps traders analyze short and medium-term trends. It’s important to know how to interpret technical analysis charts, and the different technical indicators. This knowledge will make you a smarter trader and bring you more profits.
