In this article, I will show you my experience with intraday trading and why I actively do it. In the past, I have gone through strategies that were focused on scalping where I would be getting in and out of trades very quickly. And throughout the session, I focused on these trades and taking small gains. I’ve also done methods revolving around zooming out, placing trades, and getting into positions, sometimes holding them even for days.
I tried all these different strategies until I found my home inside actively intraday trading. This was a long journey until I got where I am, and that wasn’t easy, so I learned some things from my experience. Why don’t I focus on scaling anymore? Why I moved away from Swing trading and much more. Let’s get started.
Narrow Your Focus
If you are developing a method with consistent results, then I suggest that you only focus on that. Set a goal for the day and stick to it, don’t be emotional when trading that’s the biggest mistake people make. It’s going to be extremely important for you to stick to something and try to make it work otherwise if you try many things, you are not going to improve on any of them.
The key to consistency is to be focused on one method and learn everything there is to it.
If you are a beginner, you will need specialized tools and knowledge on proceeding with the trades. That’s why I recommend you take one of my courses if you want to improve your trading life and start seeing profits.
Scalping is a trading style that specializes in profiting off of small price changes and making a fast profit. If you are making 3 to 5 trades a day and you think you are getting in and out quickly, then to me, you are day trading and not scalping.
I consider scalping making tens of trades a day where you get this micro profit each time. It’s very aggressive in and out process where you have to trade a lot to make a meaningful profit. This was the strategy when trading online first became a reality.
Most traders were focusing on the charts, and looking at what was happening on the depth of the market, it had almost turned like a game to them. But now, this opportunity has long gone. Everyone now does algorithmic trading and quants.
We’ve moved from this fast-paced kind of like an arcade game, to something more like a match of chess that requires you to be more methodical.
My Experience with Scalping
Depending on what’s available to you and how you have set up your trading, you should really look after the fees. It might not be a big problem for some people, but for others can be a real deal-breaker. I myself faced this problem initially, I was doing the scalping method, and when I zoomed out and looked at the profit and fees at the end of the month, I was crushed.
Being that active and scalping, even being positive, was not sustainable for me from the fees. So look carefully at which platform you are using and their fee system.
Another thing I didn’t like about scalping was that I had to be extremely precise on entries and exits. You have to be really accurate there’s no wiggle room.
If I broke my discipline and trading method even for a moment, then everything would go to waste. It would ruin all the work I had done the previous days, and that was something I didn’t enjoy about scalping.
Scalping requires you to have a very robust method to stick with it very strictly, and it wasn’t something that I was able to really execute in real-time or at least execute very well.
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Intraday Trading Frequently Asked Questions (FAQ)
What is the best strategy for Intraday Trading?
There is no clear strategy that’s the best from the rest. It all depends on which method and strategy you go for and you feel comfortable.
What is the most important rule in Intraday Trading?
It can vary from trader to trader but one of the most important ones is to never trade without a stop loss. This way you don’t end up in a really bad trade and can’t continue your strategy.
Is Intraday Trading good for Beginners?
I’d say starting with intraday trading as a beginner is going to learn you a lot of things such as managing the risk of asset loss, following patterns etc. You have to develop a strategy and execute it perfectly and that’s a really important skill to have as a trader.