Secrets of Successful Intraday Trading

We know that buying and selling on the same day is known as intraday trading, where it may be either buy first or short selling. Usually, intraday traders book profit in small margins. It is observed that the investors are making a profit by repeated trades or by trading large quantities. However, we must not forget that intraday trading is high risk involved.

Some of the Golden rules of intraday trade are mentioned in this article. The first thumb rule is to ride the trend. Therefore, the first step to making a profit in intraday trade is to determine the stock. To identify stocks for trading intraday, intraday charts are the best way. It is also said that one should make a good homework before entering in intraday trade.

Here, homework means, study the historical charts and find out the upward or downward moving stocks. You must be able to find out the support and resistance levels. Usually, it is said that the better strategy is to buy at previous days support level and sell at previous days resistance levels. Another good idea is to sell below support level and buy above the resistance level.

Always keep stopping loss for intraday trade. If you fail to follow this rule then you will lose heavily. But, while keeping stop loss, it is very important to note that where you are keeping stop loss. You can get help from previous days intraday charts. Another important thing to remember is to keep trailing stop loss and revise stop loss when one is in profit. You can keep stop loss for profit and can revise according to upward movement, instead of booking profit. Generally, this strategy works in intraday trade.

If you want to take help of advisory firms then you must approach the reliable advisory firms like Money Classic Research, who has a huge client base.