Intraday trading tips

Today I will show you the intraday trading tips. Intraday trading is a risky and challenging business. In fact many beginners don't make money on the intraday trading.

First a successful trader believe that intraday trading is a business.

Many beginners suppose they can make a lot of money in the markets. However they ignored the intraday trading plan and the day trading diary.

Now you have to build your own intraday trading plan and keep a intraday trading journal.

By the way Jesse livermore has a record book about the price patterns.

Second how to pick a good stock for intraday trading?

A stock should offer enough liquidity and Volatility. On the one hand,a stock would matches the intraday trading strategy setup rules.

What's more how to pick the best currency pairs?

There are only six major currency pairs: AUDUSD, USDJPY, EURUSD, GBPUSD, USDCHF, USDCAD

Nevertheless I like AUDJPY, GBPAUD

Third what are your intraday trading strategies?

Your intraday trading strategies should match the market.

For example I will use the grid trading strategies and pick the range-bound market.

AUDUSD daily chart a range-bound market from ctrader

What's more some traders just want to make money. But they don't have their own intraday trading strategies.

Therefore as a beginner, you can automatically copy the intraday trading signals in real-time on MetaTrader 4.

By the way, the beginners should read some best trading systems books

For example Trading Systems and Methods + Website (5th edition) by Perry J. Kaufman.

These are my intraday trading tips.

Further reading How to Find the ’Best’ Currency Pair to Trade

Best forex strategy books

There are a lot of Forex strategy books.Now here are four of the best Forex strategy books.I believe they can help you understand the Forex markets.

1. Mechanical Trading Systems: Pairing Trader Psychology with Technical Analysis (Wiley Trading) by Richard L. Weissman
2. Trading Systems That Work: Building and Evaluating Effective Trading Systems by Thomas Stridsman
3. Trading Systems and Methods + Website (5th edition) Wiley Trading by Perry J. Kaufman
4. The Daily Trading Coach - 101 Lessons for becoming your own Trading Psychologist by Brett Steenbarger

I learn a lot from these best Forex strategy books, they contain lots of information about trading systems and forex trader's attitude.

First these books offer some trading systems. But they are not match you. Therefore you have to build your own Forex trading system.

For instance I like use grid trading strategy. For this reason I open a forex demo account and practice Forex grid trading.

I believe that it can help me understand the details of the forex trading system.

What's more these trading systems are match the futures and forex markets.

Second Brett Steenbarger updates the blog every day. His articles will teach you to think correctly and improve your trading.

Every successful trader has a trading journal. I believe that it can help me enhance the Forex trading performance.

Finally beginners should trade the daily chart. Someone like trade on the 15 minutes chart,but I pick the daily chart my primary time frame.

Further reading The Holy Grail Of Forex Trading Strategies – Daily Chart Time frames

These are my best forex strategy books.

Best Forex trading strategy books

Here are two of the best forex trading strategy books. They can help you improve your trading.

• Market Wizards, Updated: Interviews With Top Traders by Jack D. Schwager
• Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market by  Greg Michalowski 

I learn a lot from these best Forex trading strategy books.

First, find the support and resistance levels. It seems simple. But it is the best forex trading strategy

• A moving average is also known as Dynamic Support and Resistance level.
• Find a trend line.
• Draw support and resistance levels

AUDUSD daily chart support and resistance levels from ctrader

Second some traders just want to make money. But they don't have their own forex trading strategy.

Therefore as a beginner, you can automatically copy the forex trading signals in real-time on MetaTrader 4.

Best books on trading strategies

Many beginners consider trading is an unfamiliar and daunting area.So here are two of the best books on trading strategies.I suppose they can help you understand the markets and learn to trade.

1. Reminiscences of a Stock Operator by Edwin Lefèvre
2. How to trade in stocks by Jesse Livermore

I learn a lot form these books ,they contain lots of information about trading strategies.

First what are your trading goals?What is your motivation?

Do you really like to make money? In fact Jesse Livermore look at trading as a business and treat it as such and not regard it as a pure gamble.

Second what are your trading strategies?

Every great trader has his own trading strategies.Jesse Livermore's methods of trading are breakout.

However I believe Jesse Livermore's methods of trading in stocks that don't work for me.So I have to find a strategy that feel comfortable.

Now I use grid trading strategies and pick the daily chart my primary time frame.

Third where is your trading plan and trading tips?

Jesse Livermore discover his own tips and trading plan apply to the business.

I also build myself trading plan and trading tips.

Fourth how to keep track of your trading?

I highly recommend you read the Jesse Livermore's records.His records signal him to go ahead.Without any doubt the methods of trading are support and resistance levels.

What's more,successful trader has trading track records and trading journal.

How can I make some money in the market? Please read these best books on trading strategies.

Further reading :The Greatest Investors: Jesse L. Livermore

Forex trading diary

How to keep track of your Forex trading? Today I will show you the Forex trading diary.

First, I think the Forex trading is a business and run it on business principles. So I will write a Forex trading plan. 

• Why am I trading? Because I'd like to learn Forex trading and I love it.
• What am I goals? I want to set a yearly goal about 10%.
• How many currency pairs to trade? I am only trying to pick the USDJPY
• Now USDJPY is a range-bound market on the daily chart 
• Support level is at 112.42, resistance level is at 115
• I will use the grid trading strategies.
• Use 0.01 to 0.02 lots for a $3000 
• At last, I should trade the plan and plan the trade.

USDJPY Daily chart from ctrader

The Forex track record would look like this:

• 2/17/2017 buy limit 0.02 @ 113.19
• 2/17/2017 buy limit 0.01 @ 113.169 
• 2/21/2017 close 0.03 @ 113.26
• Take profits $ 1.81

This is my Forex trading diary. I believe that keep a Forex trading diary gives me a good view of the markets.

Forex trading diary template

As a beginner, a Forex trading diary can help him analyze the markets. Now I will post a Forex trading diary template.

First, it has been said that trading is a business and run it on business rules. So I have to develop a Forex trading checklist.

• I am only trying to pick the AUDUSD
• Now AUDUSD is a range-bound market on the daily chart 
• I'd like to use the grid trading strategy
• I will set up a grid on AUDUSD, use 0.01 to 0.02 lots for a $3000 account.
• Support level is at 0.745, 0.7324, 0.7165, resistance level is at 0.7747
• I'd like to exit at the resistance level.
• Finally, I would execute a buy market order.

Second, I will keep a track record of trading, and then create a simple Forex trading spreadsheet to track and analyze trades.

set up a grid on AUDUSD 

• 1 December buy limit 0.02 @ 0.7392
• 13 December close 0.02 @ 0.7495
• 15 December buy limit 0.01 @ 0.7395
• 16 December buy limit 0.01 @ 0.7364
• 19 December buy limit 0.01 @ 0.7297
• 19 December buy limit 0.01 @ 0.7252
• 22 December buy limit 0.01 @ 0.7222
• 26 December buy limit 0.01 @ 0.7182 
• 29 December close 0.01 @ 0.7222 
• 4 January close 0.01 @ 0.7254 
• 4 January close 0.01 @ 0.7275
• 5 January close 0.01 @ 0.7310
• 9 January close 0.01 @ 0.7370
• 12 January close 0.01 @ 0.7442

Third, experienced traders have four types of records: the trader's Forex trading excel, equity curve, Forex trading diary and Forex trading plan.

Forex trading excel

Further reading: Come into my trading room by Alexander Elder

Stock trading plan template

Today I will post the stock trading plan template.

What are your stock trading goals?

Many stock traders want to make money.It is not enough! I believe earn 10% per year,stick the stock trading plan,remain disciplined,avoid over trading are my stock trading goals.

How much money do you have to open your stock trading account? 

Many stock traders don't have sufficient cash in account.Therefore I will fund my stock trading account with $100000.

How will you choose the best stocks to buy?

Some successful stock traders only focus on one stock.So I will pick the General Motors Co

General motors Co stock trading from etoro

What stock market strategies will you use?

I will use grid trading strategies.

What is the maximum number of positions at any one time?

About 50%.

How will you determine the stock market trend?

I will use the trend line and a 10-day moving average.

How will you go about tracking stock trades?


Some beginners always neglect this aspect of the stock trading plan.However Successful day traders write a day trading journal every day.


I will write stock trading track records and stock trading journals.

Finally you have to open a stock trading demo account and practice stock trading.

This is my stock trading plan template.

Now Let's start writing the stock trading plan now. It will work to reinforce positive trading habits.

Further reading Day trading stocks for beginners

Forex grid system

This article will show you the Forex grid system.

The Forex grid system can not make money in a trending market. So I need some other Forex trading strategies.

First I will set up a grid on AUDUSD, use 0.01 to 0.02 lots for a $3000 account and select the daily chart.

select the daily chart to set up a grid from ctrader 

The price is currently at 0.7392. The order book would look like this:

• 1 December buy limit 0.02 @ 0.7392
• 13 December close 0.02 @ 0.7495
• 15 December buy limit 0.01 @ 0.7395
• 16 December buy limit 0.01 @ 0.7364
• 19 December buy limit 0.01 @ 0.7297
• 19 December buy limit 0.01 @ 0.7252
• 22 December buy limit 0.01 @ 0.7222
• 26 December buy limit 0.01 @ 0.7182 
• 29 December close 0.01 @ 0.7222 
• 4 January close 0.01 @ 0.7254 
• 4 January close 0.01 @ 0.7275
• 5 January close 0.01 @ 0.7310
• 9 January close 0.01 @ 0.7370
• 12 January close 0.01 @ 0.7442

Third you can change the Forex trading lot sizes in trend markets. For example The order book would look like this:

• 1 December buy limit 0.02 @ 0.7392
• 13 December close 0.02 @ 0.7495
• 15 December buy limit 0.01 @ 0.7395
• 16 December buy limit 0.01 @ 0.7364
• 19 December buy limit 0.02 @ 0.7297
• 19 December buy limit 0.01 @ 0.7252
• 22 December buy limit 0.03 @ 0.7222
• 26 December buy limit 0.04 @ 0.7182 
• 29 December close 0.04 @ 0.7222 
• 4 January close 0.03 @ 0.7254 
• 4 January close 0.01 @ 0.7275
• 5 January close 0.02 @ 0.7310
• 9 January close 0.01 @ 0.7370
• 12 January close 0.01 @ 0.7442

Fourth decide the general trend on daily chart. For example you should set the grid using trend line. So you trade into the trend with the forex grid system.

downtrend on daily chart from ctrader

Fifth set a stop-loss order, or you will decrease the number of trades.

Now you have to open a demo account and test the forex grid system

Finally Perhaps forex grid system that don't work for you. So you have to find a forex system that you feel comfortable.

Further reading Why Trading The Daily Charts Will Improve Your Trading Results

The Opportunities of Trading the Forex Hedged Grid System

Forex grid system trading

Many traders believe that grid trading is the worst system. Actually it's very good. Now I will show you the Forex grid system.

First I would buy a currency with a high interest rate and earn that interest and follow the range-bound markets. Therefore I will set up a grid on AUDJPY.

Second I will select the daily chart and use 0.01 to 0.02 lots for a $3000 account.

AUDJPY daily chart from ctrader

The price is currently at 87.26. The order book would look like this:

• 22 February buy limit 0.01 @ 87.266
• 23 February buy limit 0.01 @ 86.88 
• 23 February close 0.01 @ 87.266
• 24 February buy limit 0.01 @ 86.91
• 27 February buy limit 0.01 @ 86.03
• 1 march close 0.01 @ 86.91
• 1 march close 0.01 @ 87.266
• 2 March close 0.01 @ 87.382

Finally the main problem with this forex grid system is may blow up your forex account.Because I can't set up the stop-loss order.

In a word many traders believe that forex grid system is entirely too risky.

Forex trading plan template

Some novice traders don't know how to build a Forex trading plan. Therefore, this article will show a Forex trading plan template.

Why are you trading?

I love Forex trading and like to do research the new Forex trading strategy.

What is your motivation?

Though I want to make more money in Forex trading, I'd like to challenge myself, self-coach and improve on my own.

Is the amount of money you have to trade with sensible to achieve your goals?


Yes. My Forex trading realistic goals are to earn 10% a year, avoid over trading and stick to my Forex trading plan. So that I will use 0.05 or 0.1 lots for a $10000 account. 

What type of Forex trader are you?


Though I am a swing trader, sometimes I will pick day trading strategies.

How are you keep records of your forex trading?

Some novice traders never develop a Forex trading plan and a trading journal. However, successful day traders maintain a day trading journal consistently.

1. Develop a Forex trading plan
2. I will write a Forex trading checklist.
3. Update a Forex trading excel spreadsheet consistently
4. Maintain a Forex trading diary

What is the best way to learn forex trading?

• I must read the best forex strategy books.
• Learn forex trading with training and education at babypips.

What are your forex trading system secrets?

Many beginners are about to look for a simple forex trading system. They firmly believe that there must be a secret to make extra income.

However, success comes from hard work. You have to write a forex trading plan, maintain a journal and learn to trade forex with a demo account.

What are your Forex trading strategies? How to find Forex trading entry exit points?

1. I will use the grid trading strategies
2. I will pick AUDUSD
3. Decide my grid level is 50 pips on the daily chart.
4. Use a lot size of 0.1 per trade.
5. I will use a trend line to determine the major trend on the daily chart.
6. I will use the average direction index to identify strong trends.
7. I will look for the support and resistance levels on the daily chart.
8. Once I have identified a trending market, I will use the one direction grid trading strategy.
9. Once I have identified a ranging market, I will use the hedge grid trading strategy.

AUDUSD grid trading from ctrader

Here is my Forex track record:

• 1 December buy limit 0.02 @ 0.7392
• 13 December close 0.02 @ 0.7495
• 15 December buy limit 0.01 @ 0.7395
• 16 December buy limit 0.01 @ 0.7364
• 19 December buy limit 0.01 @ 0.7297
• 19 December buy limit 0.01 @ 0.7252
• 22 December buy limit 0.01 @ 0.7222
• 26 December buy limit 0.01 @ 0.7182 
• 29 December close 0.01 @ 0.7222 
• 4 January close 0.01 @ 0.7254 
• 4 January close 0.01 @ 0.7275
• 5 January close 0.01 @ 0.7310
• 9 January close 0.01 @ 0.7370
• 12 January close 0.01 @ 0.7442

Finally, when successful day traders aren't day trading, they are practicing, working out, studying their opponents, preparing, preparing, preparing. So I want to be as great as them.

Further reading Tips for Trading Volatility

Forex grid trading strategies

This article will show you the forex grid trading strategies.

Grid trading system explained

First, some traders don't think forex grid trading requires forecasting of the market direction.

No,I don't think so.You have to firstly determine the general trend and movement on daily/weekly chart.

Second, some traders think forex grid trading requires to have several positions opened at the same time.

No. Beginners have to begin grid trading on the daily chart.On the other hand,you should fund the forex trading account with $30000

For example I will use 0.1 or 0.2 lots for a $30000 account.What's more I will focus on one currency pair.

Third, some traders suppose forex grid trading requires stop-loss orders.

Yes, you have to set stop-loss orders. Furthermore you will decrease the number of trades.

Here is an example of the Forex grid trading strategies

First I will only focus on USDJPY and use 0.01 or 0.02 lots for a $3000 account.

Second determine the major trend on daily chart.The USDJPY support levels are at 113,112.52,111.37.

USDJPY grid trading on daily chart from mt4 

The order book would look like this:

• 2 February buy limit 0.01 @ 113.03
• 3 February buy limit 0.02 @ 112.59
• 3 February close 0.02 @ 113.07
• 6 February buy limit 0.05 @ 112.26
• 6 February close 0.05 @ 112.35 
• 6 February buy limit 0.04 @ 112.5 
• 7 February buy limit 0.02 @ 111.74 
• 7 February close 0.02 @ 112.5
• 9 February close 0.04 @ 113.04
• 10 February close 0.01 @ 113.45 

Finally you had better open a forex demo account and test the forex grid trading strategies.It can help you build confidence and find the weakness.

Sure enough forex grid trading strategies are very simple. First your primary focus is on the daily charts.Second you are required a sufficient amount of money on forex trading account.

Futher reading Why Trading The Daily Charts Will Improve Your Trading Results

Grid trading forex strategies

There are a variety of trading strategies. For instance, the moving average strategy, the Forex pyramid trading strategy or the buy low, sell high strategy. Now I will discuss the grid trading Forex strategies.

Trade into the trend with the grid trading Forex strategies

Some traders suppose grid trading Forex strategies will work in trend markets. It is similar to the pyramid trading strategy.

• Select the currency pair to trade. For instance, EURUSD, USDJPY
• I think that grid trading strategy requires forecasting of the market direction. So I will use a trend line to determine the dominant trend on the weekly chart.
• If there is an uptrend on the daily chart, I will only take a long position.
• If there is a general downtrend, I will only take a short position.
• Set the stop loss orders for 200 pips

But in fact it will also work in range markets.

Trade in a ranging market with the grid trading Forex strategies

• Draw support and resistance levels on the daily chart, I will find the support and resistance lines.
• Once I have identified a ranging market, I will trade with the grid trading strategy
• Novice traders decide to use 10 pip intervals. In fact, I will choose the grid levels, every 50 pips.
• I will buy near support and sell near resistance.
• I have to open a demo account and test the grid trading strategy.

EUR/USD range market from ctrader

I have reviewed some of the the key components of grid trading strategy, now it is time to plan the actual trade, and how to stay on track.

For example 

• I want to set up a grid on AUDUSD and the price is currently at 0.7392.
• I will use 0.01 to 0.02 lots for a $3000 account.
• I will keep a track record of trading, and then create a simple Forex trading spreadsheet to track and analyze trades.
• You are also free to increase or decrease the number of trades as required, change the interval and take the profits to anything you like.

Set up a grid on AUDUSD on daily chart from ctrader

• 1 December buy limit 0.02 @ 0.7392
• 13 December close 0.02 @ 0.7495
• 15 December buy limit 0.01 @ 0.7395
• 16 December buy limit 0.01 @ 0.7364
• 19 December buy limit 0.01 @ 0.7297
• 19 December buy limit 0.01 @ 0.7252
• 22 December buy limit 0.01 @ 0.7222
• 26 December buy limit 0.01 @ 0.7182 
• 29 December close 0.01 @ 0.7222 
• 4 January close 0.01 @ 0.7254 
• 4 January close 0.01 @ 0.7275
• 5 January close 0.01 @ 0.7310
• 9 January close 0.01 @ 0.7370
• 12 January close 0.01 @ 0.7442

Finally, if you are going to use Forex grid trading strategies, I’d encourage you to trade with a demo account. Because I think it is a good training way to learn forex grid trading.

Futher reading: What is the best leverage to use when trading with a $500 forex account?

Day trading entry exit techniques

How do you trade support and resistance?

The Time Frames of Trading