Trader's Queries - Day Trading Part -2
Intraday needs lot of home work. From the previous day's data we have to derive the support, resistance level and trade accordingly. I always trade on familiar stocks, so that I know very well about the micro movement of the stock. For example if I follow 10 stocks for intraday, at the end of the day I check all 10 stocks and filter which are suitable for next day's trade. Then I plan the target, entry and exit.
When the market opens I scan the stocks I filtered for that day's trade and once again choose 2 or 3 stocks. And then I enter trade. I wont feel bad when the stocks I didnt choose that day give good movement. To plan for day trade and executing is my responsibilty as a trader and the outcome is not in my control and I remember it always.
Sometimes good trading set up form during the trading hours. We can identify it by observing the price action carefully. That time we have to plan entry,exit and target in few minutes and execute the trade. We cant watch all nifty 50 stocks and we cant trade in all nifty 50 stocks at same time.
When the market opens I scan the stocks I filtered for that day's trade and once again choose 2 or 3 stocks. And then I enter trade. I wont feel bad when the stocks I didnt choose that day give good movement. To plan for day trade and executing is my responsibilty as a trader and the outcome is not in my control and I remember it always.
Sometimes good trading set up form during the trading hours. We can identify it by observing the price action carefully. That time we have to plan entry,exit and target in few minutes and execute the trade. We cant watch all nifty 50 stocks and we cant trade in all nifty 50 stocks at same time.
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