Tips to make profit in Intraday Trading
Feeling it difficult to reap great profits through intraday trading? Well, you are alone sailing in the boat. There are many people around.
Having said it, there are many people who shut down their laptop happily at the end of the share trading session every day. They earn only and only by intraday trading.
Contradicting, isn’t it? Yes indeed, but as you go deeper, you realize that the secret of success in intraday trading is very simple.
You need to patient and calm. Statistics claim that almost 90 percent of share traders give up after a few consecutive loss-making sessions. They leave the arena before finding their first success.
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However, the remaining 10 percent do not lose their patience levels and end up with making enormous profits.
It is up to you, whether you want to be part of 90 percent or 10 percent?
There are ways of making consistent profits in the stock market by intraday trading. You need to master the knack, that’s it.
Pick the stocks from the midcap list
Large caps stocks are strong and steady; there is no doubt about it. However, they are NOT the right pick for you if you are a pure intraday trader.
Let these big shots be there for long-term investors. You should be interested in midcap scrip only. Since these stocks have a lower float, there is a great potential for price movement with the demand.
Also, these stocks move greatly based on breaking news. Being an intraday trader, you are always interested in it.
Stocks having very strong daily chart should be tracked from the midcap category if you want to earn great rewards from intraday trading.
Pick the best scrip and don’t look at others
You might get confused by the caption. If you are supposed to pick the best stock, then you will get a few chances to trade in the entire session.
Yes, that is the correct strategy. You try doing 20-30 trades in a day and see whether you make a profit or loss as the market closes.
It is very likely that you end up with a huge loss. Instead, choose the best scrip at that moment and trade. Seasoned traders call it the precision accuracy score.
Your score should be 90 percent and above. Then only you will earn handsome amounts.
Make a group of intraday traders
Intraday trading requires a different mindset and temperament. Therefore, you need birds of similar features.
You learn by other’s mistakes and enlighten them by your experience. It is a mutually beneficial relationship.
By looking at the market sentiments and opinion of fellow traders, you can anticipate a movement in the stock price fairly accurately.
It is said that tracking the stock market movement is extremely difficult, but you can certainly minimize the risk by following the right tactics.
Follow these three simple and practical techniques and open new horizons of success in the intraday trading. Once you understand the market dynamics, the game becomes pretty simple.
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