We all are aware of the share market and trading. There are almost five types of trading – Day Trading, Scalping, Momentum Trading, Swing Trading, Position Trading. The fastest profit generating method is Intraday Trading because earning generates on the same day in this.
Intraday Trading is the process in which we buy and sell the stock within the same day before the closing of the share market. It is the best-earning source for those people who are experienced enough and are better in knowing the exact process of dealing in Share Market. You can earn even a huge amount by sitting at your place. The only thing to know is the correct technique.
The motive behind writing this article is to get you aware of how to master Intraday Trading. Below listed are the strategies for successful trading –
Teach yourself Self-practice is always the best way to learn something. Before becoming a live trader, you should always go for demo trading first. This demo account allows you to keep learning from your mistakes. In this way, you can learn to trade without facing any loss of money. And let me clear you one thing, learning on a demo account is also not easy; my suggestion is to keep learning till 2 to 3 years minimum. Till then study the charts, build smart strategies, find the patterns. After that, go for live trading and at first, start only with a small amount, to test what you have learned with the demo account. It will definitely generate profit for you later on.
Prefer the time for trading Experts say not to trade in the first hour when the market opens, as it’s a belief that the first hour is not good for the concern of earning profits. Experts’ advice always should be considered seriously as they have spent more time than us in trading.
Avoid and exit in unfavorable condition Better is to exit the position when you get to know it’s not your day today. Quickly exit when you get lost in trading don’t wait for the next chance on the same day. This can help to reduce your loss.
Start to invest with small amounts This tip is especially for beginners, who are not having much knowledge, so they have more chances in facing losses. That is why always invest in small sums, to avoid losses of huge amount.
Risk Reward Ratio Proper knowledge of risk-reward ratio must be there to earn big and lose small even after having losses in maximum trades. Always find stocks that provide a risk-reward ratio of 3:1; this will be beneficial to gain more profit.