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

Day trading tips and tricks for beginners

Here are my day trading tips and tricks for beginners. 

Perhaps You are so tired of your dull job and would like to start day trading business from home. You believe it is very simple and you will soon trade for a living.

In fact, you are probably just starting. Now I will give you some best day trading tips. They apply to forex trading and stock trading market.

First of all, you should take the day trading business seriously. Novices are constantly finding day trading tips and tricks. They believe there must be shortcuts to success. Yes, there is a day trading secret in the world. That's success comes from hard work and execution.

Second, you should build a day trading plan and keep a day trading journal. Many beginners just want to earn extra income. They don't treat day trading as a important business.

Third, develop a solid day trading strategy that fits you. I think day trading is not for all traders. Therefore, you should know the different types of trading styles. The following is my day trading strategy:

• I will use a trend line to identify the major trend on the four hour chart.
• If I had spotted a trending market, I will use the 10 and 20-day moving average crossovers on the one hour chart.
• Once I have identified a ranging market, I will use the grid trading strategy on the one hour chart.

Fourth, novices want to make a lot of money as soon as possible. They ignore risk management when day trading. In fact, you have to set day trading profit goals.

Fifth, I think you have read many best day trading books. Now it's time to forget the popular day trading strategies of the books. You should analyze, track and measure your day trading performance.

Sixth, you must open a demo account and practice, practice, practice your day trading strategies, I can't say it enough! 

• You should take demo day trading seriously.
• You should write a day trading plan and keep a trading journal with the demo account.
• You should develop a solid day trading strategy with the demo account.

Best day trading tricks for beginners

I have evolved a lot of ticks in my day trading career. Today I am going to explain my best day trading tricks for you.

First, write a quick checklist before entering trades.

In the beginning of my trading career, I often missed the real entry and exit points. So I often ask myself: how will I find the entry and exit points in time? I think there is only one right answer！

Second, every day trader should know the best chart patterns.

You think only use day trading indicators will be enough? I know that's not enough. You can't afford to forget the top 10 chart patterns. For example:

• Reversal patterns
• Bullish flag
• Double top and bottom
• Cup and handle

Third, 5 tricks to trade with trends while day trading

Even if I am a day trader, I don't want to miss any major trend on the daily chart. These are my tricks.

• Use my eyes to determine the direction of the trend.
• Draw a trend line to determine the major trend.
• Spot trends with MACD indicator
• Use ADX indicator to find day trading trends
• Identify a trend using Bollinger Bands

Fourth, 4 simple day trading tricks for selecting great day trading entries

• Use multiple time frame analysis to find better entry and exit points.
• Draw a trend line on the chart to identify an earlier entry point
• Use MACD & Bollinger Bands to time entries and exits and stay in trends
• Use ADX indicator as an entry and exit filter

Fifth, position sizing techniques in day trading

Novice traders often trade a fixed lot size. I don't think it is a best money management strategy. 

In contrast, professional day traders will use position sizing techniques to increase profits. For example: grid trading systems, martingale trading systems or pyramid trading systems.

Next I will show you grid trading strategy.

First, even I am a day trader, I wouldn't like to miss any main trend on the 4 hour chart. So I will use a 20 day moving average to identify the trend direction.

Second, I will set up a grid on AUDUSD and use 0.01 to 0.02 lots for a $3000 account.

Third, once I have identified an uptrend on the 4 hour chart, I should decide to go long a currency on the one hour chart.

Fourth, when the day trading markets are mixed, I will close all positions.

At last, I recommend you to open a day trading demo account and practice the grid trading strategy.

Don't try to find the best day trading tips and tricks. You have to write a day trading plan and keep a day trading journal. I believe that it is the real secret of day trading.

Futher reading: when is the best time of day to trade forex?