Best intraday trading techniques

In this article, I will show you the best intraday trading techniques.

First, every successful trader thinks that Intraday trading doesn't need to trade all the time. It is one of the day trading secrets.

All beginners want to make money right away. 

They never learn intraday trading strategies online.

They also forgot the intraday trading tips.

Second, I will build a day trading plan, a day trading checklist and trade with a demo account.

Some beginners will ignore the demo trading. In fact, a demo account is the best way for beginners to explore the MetaTrader 4, test the day trading systems and receive the trading experience.

Third, keep a intraday trading journal.

Some beginners just want to make money. In fact every successful intraday trader believes that keeping a trading journal can track trades and thoughts. Especially focus on concrete goals for improvement.

Here is an example:

EURAUD daily chart from ctrader

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

Second, EURAUD remains in downtrend from 1.6100 on the weekly chart. On the other hand, the support level is at 1.3750.

Now the ADX is below 20.

Finally, I will place a stop-loss order @ 1.4200.


The order book would look like this: 

• 2 March sell limit 0.01 @ 1.3770 (the worst entry points)
• 3 March sell limit 0.02 @ 1.3891
• 6 March sell limit 0.01 @ 1.3977
• 7 March close 0.01 @ 1.3891
• 10 March sell limit 0.01 @ 1.4076
• 13 March sell limit 0.01 @ 1.4169
• 13 March close 0.01 @ 1.4144
• 14 March close 0.01 @ 1.4071
• 20 March close 0.02 @ 1.3887
• 27 March close 0.01 @ 1.4200 (touch my stop price of 1.4200)

It is the failure. I can't pick the low-risk points and decide the S/R levels.

I think that keeping a day trading journal is the best intraday trading techniques.

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.

Day trading entry techniques

The following day trading entry techniques will help traders find high profit potential, low risk day trading entry points.

First, use trend line for a day trading entry point

I think every beginner can draw a trend line on the chart. (shown below)

1. If the price could break out the falling trend line, you can identify a good day trading entry point.
2. If it bounces off resistance line, you should look to go short.

Second, looking for day trading entry points using support and resistance levels

I think how to trade support and resistance levels is the basics of day trading.

1. When the price passes through the support and resistance lines, you can play breakouts.
2. When it would rise after bouncing from a support line, you can decide to go long.

Third, using grid trading strategies to find entry and exit points 

I place multiple trades forming a grid pattern without guess the direction of the trend.

Although, many day traders think hedged grid trading strategies can not make a lot of money, I think it is the best day trading strategy 

For instance: the grid trading will work in range markets. I want to set up a grid on GBPUSD.

On the other hand I will use 0.01 to 0.02 lots for a $3000 account.

A few words of caution…

1. All the day trading entry techniques come from demo trading. It can help you build confidence and find a weakness.
2. Just focus on one currency pair. Then practice, practice, practice. whatever job, need to constantly practice.

Further reading Simple Way to Trade Trendline Breakouts