Intraday Trading Tips That Helped Me Stay On Track
Hello, everyone. Welcome to our blog where we share trading ideas, our experience, and a lot of free strategies for trading. Today I will share with you a few intraday trading tips.
If you are a beginner trader, the video above is a must-watch. This is because I will share a lot of my experience and I will give you some intraday trading tips. I hope that you will find that useful for yourself before you start actual trading.
Let’s start with what is actually intraday trading. As you may guess from the name, it is trading within the day. In other words, this is when we trade during the day and we close all of our trades by the end of the stock session. Usually, by the end of the trading day.
The Stock Exchange
And actually, intraday trading is more popular for the stock market and for the ETFs where we have trading from one hour to another hour. It depends where you are, if you are in Europe you can catch the London stock exchange.
Basically, you will be opening trades when the London stock exchange opens and close the trades usually a few hours later. Then in the afternoon, you can catch the New York stock exchange. As well, we have the Asian stock exchange which is at midnight for those of us in Europe. But, of course, it’s during the day for everyone in Asia.
So the stock exchange really matters no matter what you are trading if you are trading Forex. This is because day trading as well is very popular with Forex trading. This is how I have done it the most because during the stock exchanges there is huge volatility with the currency pairs as well.
Stock Exchange Hours
For example, in Europe when we trade the London stock exchange, there is huge volatility on the GBP together with all the rest. So, for example, we trade the GBPUSD, GBPCAD, and EURGBP, obviously, EUR and the GBP are with the same time zone, or with the same stock exchange hours.
And then in the afternoon when the New York stock exchange opens, usually, we see more volatile USD which sometimes is positive and sometimes negative. So it depends where you are how you want to do it. I would suggest you to try no more than 2 stock exchanges. So if you are in the US, most comfortably will be the New York stock exchange. And then you can catch the Tokyo stock exchange, for example.
If you are in Europe, then you will be trading the London stock exchange in the morning. And then in the afternoon, you can trade the New York stock exchange.
But don’t go for the 3rd one because this is quite exhausting. I tried it and it was a mistake because it takes you almost 16 to 18 hours to go through the 3 of them.
This is the first of my intraday trading tips – you should not trade the 3 stock exchanges.
Picking The Right Time
Just pick 2 of them according to your time zone. Otherwise, it’s too much. You get exhausted and in the long term, you will have losses because simply you didn’t sleep enough.
So take it easy with the time. I always suggest you trade no more than 8 to 10 hours a day if you’re a full-time trader. An intraday trader. This is what everyone does after some time. And usually, in the beginning, it’s a lot of passion and everyone wants to trade more and more. But with time, you will see that it’s wrong.
It’s not about how long you will stay in front of the computer. It’s about how you will be trading.
No matter whether you’re doing stocks, Forex, ETFs, or Cryptocurrencies, you don’t need so much intraday trading because the Cryptocurrency market is opened all the time. There are no hours.
And it goes through the weekend as well so you can do kind of scalping trading with Cryptos. But it’s not related really to the stock exchanges or to the volatility we get from these markets. So what you will need to have a comfortable intraday trading is a good setup at home.
I’ve been through many setups in some of my videos. You will notice that before I had 6, 7, 8 I think I reached a maximum of 10 monitors. Then with time, I started to reduce them. This is because I switched to algorithmic trading so I don’t do manual trading anymore.
But if you are an intraday trader who will be scalping manually and you will be executing the trades manually, you will need definitely a good setup. I’m not saying you go straight away with 6-10 monitors or anything like that. You should go with whatever you need.
Intraday Trading Monitors
So, for example, start with 2 monitors and do whatever you want until you need to have an extra monitor. Then just add one by one or buy a bigger one. But don’t invest too much from the beginning. Especially if you’re a beginner because it might turn out to be a waste of money if you cannot handle a huge volume of trading. Or if you fail to have enough profits from the beginning, then you will not need the monitors.
So the next of my intraday trading tips is to prepare a comfortable setup for your trading.
A comfortable setup for me is anything that will make you comfortable during the trading. As long as you will be able to see whatever you are watching. Is it a few currency pairs? For example, on one monitor, I always keep the majors. These are the EURUSD and the GBPUSD, but the USDCHF is no longer considered as a major. It was before but recently it’s not after it was released from the EUR.
And then we have the AUDUSD, the NZDUSD, the USDJPY, and the USDCAD. These are the pairs that everyone is watching all the time.
The Trading Indicators
Now what I would suggest you take is a Currency Strength Meter.
This is usually an Indicator. For example, I’ve been using Forex Profit Supreme Meter which is really great strength Indicator. And instead of having a monitor with all the currencies where it takes some experience and it needs the experience to follow all the currencies to recognize which is the strongest at the moment. But if you have an Indicator like Forex Profit Supreme Meter or any Currency Strength Meter they all work well.
They will show you which is the strongest currency at the moment. OK, usually you will see them just in a list, and then you will see for example the GBP on the top with 97 something depends on how the Indicator is developed and at any moment you will know which is the strongest currency pair to trade. And of course on the bottom, you will see which is the weakest. Right?
And usually, the combination of the 2 is the best choice to trade during the stock exchange.
So for example, if you have a very strong GBP and a very weak JPY at this moment. The best thing to trade is GBPJPY and obviously, you would want to Buy the GBPJPY, scalp it, Sell it and that’s it. I have done intraday trading only using the Forex Profit Supreme Meter Indicator, it’s a strength Indicator and it works really nice if you combine it with a strategy.
Intraday Trading Tips
I have such a strategy in my London, New York, and Tokyo trading course which I’m planning actually to re-record this year, by the end of the year hopefully, I will catch it. I will succeed to catch more examples, so I will upload to the course new fresh examples from intraday trading.
And the next intraday trading tip I would like to give you is about your mindset before you start trading and while you are start trading. If you have a losing day don’t be disappointed.
OK, it’s intraday trading, it means that every day you will open trades and you will close trades, right? And at the end of the day, it is very likely that you will be losing. You cannot be profiting every day. OK?
It’s really hard, honestly said I have over 10 years of experience in trading and to be profitable every day is very very hard. So if you have a losing day just go over it, start with fresh mind on the next day, forget about the old day don’t be disappointed, don’t try to cover the losses from the previous day.
Intraday Trading Targets
If you try always to cover the losses, it’s more likely that you will be losing again or even you will lose a bigger amount. For example, if you have a daily target of 50 pips and today you lose 70, tomorrow your target is 50 pips again it’s not 70. Forget that you have lost 70 the other day.
You have your daily target and no matter what happens during that day just go for your daily target. OK? This is a very important day trading tip and remembers that.
In the month we have 20 to 22 trading days which means that if you have less than 10 losing days and more profitable days you will be on a profit at the end of the month and this is what matters. OK? And here comes the same logic if you have a losing month, that’s OK, it happens. OK?
Go for the next month and the next month and the next month and obviously if you have 3-4-5 losing months then something is wrong with your strategy. There is something you have missed and you should just restart it or go for more education before you start the next month.
But if you have a few losing days that’s OK.
Intraday Trading Strategies
If you have traded with Expert Advisors or these are the Robots and you have done backtests you will know that with every strategy there are drawdown periods, there are losing days, weeks, and months.
This is why the best thing I recommend is using more than 1 strategy. So if 1 strategy brings you losses the other will compensate and you will have more stable results.
OK, so the last intraday trading tip I would like to share in this article is about trading capital. It is very important obviously and it’s related pretty much to money management.
So if you are starting, you need to know that you need capital, and of course, in the beginning, it’s very recommendable to go for a Demo Account. Just to practice, right?
But after you decide to go for real trading, you need to have capital. Many people ask me is it OK to start with $100 or $200? And I never suggest starting amount. It’s up to you, it depends how much you can afford to lose, this is how they usually call it. The money you put in your trading account, you should be comfortable losing them.
Because anything can happen on the market, you can fall under the emotions, you can blow your account easily. Especially if you’re a beginner, if you’re not following a precise strategy and a good money management you can blow your account or in other words you can lose it all.
Live & Demo Accounts
Keep that in mind and, back to the question is it OK to start with a $100 or $200? Of course, it’s OK but what will be the end result out of there? If you do 10% in the month which is a very normal and a good result for intraday trading, you will have obviously $10 to $20.
And from there comes the question is it worth trading all day, all month for $10 to $20? If you are just practicing with a small amount that’s absolutely fine. I’d rather prefer to practice with a small Live.
For example, if I get a new strategy I’ll prefer to practice on a small Live Account instead of on a Demo but this is because I already have experience.
If you’re a beginner trader first start with a Demo account.
So if you are starting with $100 or $200, you cannot really expect to leave your daily job and to have enough income for the month to cover all of your expenses, right?
Salaries vs. Trading Profits
For example, if you have a daily job where you earn I don’t know a $1000 depends where you live, for example, in Bulgaria the standard is very low, the average salary is somewhere at $500 at the moment and I know there is worse in Africa and some of the Asian countries, right?
And at the same time in UK, Germany, United States, Australia the people receive a lot more and they wouldn’t be happy to leave their daily job if they don’t get at least $4000-5000 so to have a 4-figure or even more as an income from trading you need capital.
I would say that a normal starting capital to have $5000 as a profit at the end of the month would be $50 000. OK? Which is 10%. So you cannot expect to make every month $5000 if you start with a $1000. That would mean you are doing, you should be doing 500% which is kind of unrealistic honestly. OK?
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So keep these intraday trading tips in mind. If you have any questions let me know in the comments below or in the forum. I’d be happy to answer.
Finally, be very careful with the starting amounts, this is the most important at the end of the day if you’re a beginner. Start with a Demo, see realistically what you can achieve.
If you are not happy with the results then maybe it’s too early to leave your daily job and I would never suggest you leave your daily job before you have more income from the trading, compared to what you earn and this is personally how I did it.
OK, guys, thank you very much for reading. If you have found this video useful I would appreciate it if you click a Like button and also subscribe to our channel to get more of my free videos and intraday trading tips.
Cheers and have a great day, bye.