There are thousands of strategies to choose from for a day trader, so the first step of any intraday trading strategy would be to figure out what to trade? Once the opportunity for intraday trading today is identified, the next step is to come up with some ways to make profits from them. A winning intraday trading strategy would be to select stocks for intraday trading today that have ample liquidity, mid to high volatility, and group followers. Liquid stocks tend to have higher volume numbers, allowing the day trader to buy or sell large quantities without significantly impacting the price.
Similarly, stocks that move 3% or more per day tend to have a consistent large intraday moves to trade. Group following matters for intraday trading today because most traders look for equities in correlation with their sector and index group. However, if one looks to trade the same stock everyday, they need not worry about how it is correlated to other stocks. For those looking for intraday trading for beginners, experts suggest trading strong stocks in an uptrend or bullish market, and weak stocks in a downtrend or bearish market.
In an upward or long position, the trader doing intraday trading today should take profits at or slightly above the former price high in the current trend while they should take profits at or slightly below the former price low in the current trend. This intraday trading strategy provides the day trader more opportunity in stocks that moves more.
- Intraday trading software to automate trading
However, as a beginner, you may find it quite challenging to do intraday trading as you have no knowledge or experience of day trading. It’s where the intraday trading software by the trusted brokerage firms, such as Experts Bazaar, proves to be quite useful. The Algo trading software automates trade, based on the analysis of a variety of parameters and technical indicators, and enters trade on its own without any human intervention once the set parameters for stop loos, short sell, exit, etc. are met.
An Algo trading software can be programmed to execute orders based on prices entry, exit and money management rules by the trader or investor. The software takes the emotions out of the trading, it works on the logic set in the rules, and automatically places orders when certain criteria are met. This way, intraday trading software saves one from overtrading, by preventing them from buying and selling at every perceived opportunity.
Ensuring that discipline is maintained
Discipline is often lost due to emotional factors, such as the fear of taking a loss, or the desire to look out for a little more profit. Algo trading software will ensure that discipline is maintained as intraday trading for beginners will be executed exactly as per the trading plan. The software facilitating intraday trading today also improves order entry speed by generating orders as soon as the trading criteria are met.
The brokers at Experts Bazaar would identify the best opportunity for you for intraday trading today, by isolating the current market trends from the surrounding noise, and capitalizing on it. Day trading is a job, not a hobby, and the brokers at the Experts Bazaar treat it as such. They remain patient and wait for the pullback, as trend lines are only an approximate visual guide for where the price waves will begin and end. By being patient and waiting for the pullback, a day trader can make an overall profit, even with the losses, and that’s what matters!