Become a successful trading with 9 Free Intraday tips

Day trading or intraday trading is about buying and selling assets on the same day.
In other words, if you place an intraday buy or sell order, you take advantage of the price movement on that trading day and close your position before the end of market operating hours. Intraday traders aim to make quick short-term profits.
In order to be successful, you need some strong intraday trading strategies. Here are some tips, which will help you
Become a successful trading with 9 Free Intraday tips


Become a successful trading with 9 Free Intraday tips:

1. Choose the right asset

Intraday traders usually choose assets depending on volatility. Generally, it is better to choose assets with high volatility as they provide more opportunities to make money.

To find assets that will experience increased volatility, traders should use the economic calendar as prices usually fluctuate during major events.

This tool also helps determine market sentiment, which may help predict trends.

Once a trader has selected an asset, he has to make a technical analysis, determine the trend, find the best entry level, set profit targets and Stop Loss.

The advantage of being a day trader is that you can choose from a range of different time frames, depending on the liquidity of the market you choose, the amount of time you have to spend trading, and your preferred trading strategy.

2. Never change entry and exit prices

Have you ever regretted a decision you made immediately after running it?

Sometimes traders start to think twice and doubt their decisions. They feel that the entry point turned out to be not as good as he believed when entering the trade.

To avoid such mistakes, a trader should decide on entry points and Take Profit levels before entering the market.

It is better to plan your trades without letting your emotions dictate your decisions.

3. Set Stop Loss

When you open a trade, the price can move in any direction.

Therefore, a trader must decide how much loss he is prepared to bear if his trade goes against the target.

There are several ways to set Stop Loss. The most popular is to set the Stop Loss at the key level behind the entry point and calculate the risk-return ratio.

4. Take profit when the price reaches the target

Greed is the enemy of every intraday trader because it only takes a few minutes for the market to reverse direction, especially if it is too volatile.

The secret to successful intraday trading is high leverage which helps increase profits (as well as losses). However, the trick lies in fighting greed once the target is reached. Don't wait for the price to rise again if you have reached your target.

There are two options a trader has if he believes the price will maintain momentum:

Divide positions and set multiple targets; Continue to adjust the Stop Loss behind the price when the price moves up in the direction the trader wants.

5. Close positions at the end of the day

If a trader opens a position for intraday trading based on today's market trends and technical analysis, it is not recommended to hold the trade overnight. A new day may start with new news, which may reverse the trend.

This news will not affect intraday traders post-market hours as they may have adjusted their positions. This helps them eliminate the risk of losing capital overnight.

6. Don't trade against the market

Trends are a trader's friend.

Don't marry your analysis. Fluctuation is the nature of every market. If the market does not support your analysis, sell and exit your position as soon as it reaches the Stop Loss level. Holding on to the expectation that the market will act as you predict can increase your losses.

7. Punctuality is very important

Profits in intraday trading are highly dependent on the time factor. One of the best intraday trading tips is not to take a position within the first hour of trading of the day. Volatility tends to be high during these hours, leading to busyness and noise in the early market hours. Many experts prefer to stop trading one hour before the US trading session opens and start trading one hour after the start of the session.

In short, to get the most out of intraday trading, you must first learn how to make the right moves at the right time. The best way to master this skill is to pay attention to detail and understand the mood of the market in the morning, afternoon, and at the end of the day.

8. Choose the right platform

Intraday traders often make multiple trades and earn profits every day. You have to choose the right platform that allows fast execution with the least broker fees.

Generally, a traders have to pay spreads and commissions for opening and closing trades. Fortunately, FBS offers one of the lowest commissions and no spread accounts.

9. Follow your strategy

As we mentioned earlier, discipline is the most important factor to become a successful intraday trader. What better way to be disciplined than by following the rules?

Every trader should have a strict strategy, which includes:

Entry lot size.

Technical signal to enter a trade (for example, if the 50 hour moving average crosses the 100 hour moving average from below, a trader will open a buy trade). Profit-loss ratio.

Technical signal to close the trade (for example, if the 50 hour moving average crosses the backward 100 hour moving average, the trader will close the trade).

Stop Loss placement rules.

A new trader should start with small amounts and test the strategy. As soon as the strategy he uses allows for stable profits, a trader may increase the lot size.

Conclusion

Becoming an intraday trader is all about patience and discipline. By following these 9 tips, you can improve your trading results and become a pro day trader.