Why do you want to perform Intraday Trading?
Intraday is a lucrative field with a great lot of Analysis attached; the study is called Technical Analysis. Here you need not worry about handling the long-term aspect of price movements that happen due to the Fundamentals of the company (Fundamental Analysis) like balance sheets, income statements, cash flow etc. But you need to look at various charts, which can be in different time frames and also accompany them are strategies and indicators that help you with the correct entry and exit points.
After all this exciting Analysis, the primary goal of a trader is to make money in the short run with the movements in the price of the scrip. There is also more risk involved here compared to long-term investing. The intraday trades are usually performed on margins, and loss of the same magnitude as gains can be easily made to effectively wash off of capital employed in the trading.
How to perform Intraday Trading?
If you are new to the stock market, the very first piece of advice I would give you is to not employ your hard-earned money in the first 6-8 months in the market. A good strategy would be to first gain all the required knowledge about rules and terms in the stock market for the first two months, all doing this without leaving your job. Next, after gaining a sound understanding of the terms and rules, go to this famous website called "Trading View". This website will give you all the necessary tools that you need for the Analysis of stocks, currencies, cryptos, etc. The advantage is that this site is free and is the Industry standard for taking trades. It is basically a charting software that also helps you to place trades.
After those two months of intense learning, you should start paper trading on the Trading View website. Learn about strategies for the next 2 to 3 months and observe the market. Beware, you will be tempted to open an account and start live trading. Still, I would not suggest that, as it would be foolish to do so, you also have a Futures and Options section that can wash off your capital in minutes if you do not have the right skill and knowledge.
Information, rules, knowledge and skill will make you a profitable trader in the market. Always remember to stay in your job to trade markets, as this can be the ultimate reason to lose initially.
After 6 to 8 months, you can start taking live trades when you feel confident about taking risks. Remember, the more paper trading you do and learn about the markets and technical Analysis, the better you become with time. The day you employ your capital without knowing how to weigh the risks and rewards associated with the trade you initiate, you will lose your money.
How should I learn Technical Analysis?
Technical Analysis is a skill that comes with practice and, obviously, patience; an analyst can determine whether the price would go up or down by seeing the chart, volume, indicators, strategies etc. But the main objective you should keep in mind is regularly updating yourself with the latest knowledge in this field. Always learn from your mistakes and avoid making them in the following trade; only then can you become a good and profitable trader. This remains a game of probability, risk management, money management, and psychology. A lot of all factors still weigh when we do Analysis of any kind in the open market.
Should I start now?
If you feel initially that you are entering the markets to make money with a gambling mentality without learning the skills and knowledge required for the same. I warn you that markets are not for you. You should simply stop reading and discontinue pursuing markets.
And if you feel that markets excite you, you want to learn about the markets, terms and skills and earn money as a byproduct of your knowledge instead of your luck and gambling mentality. Then the markets are indeed for you, and money will flow towards you as an outcome of your skill, patience and eagerness to learn.
If you are in the second group, you should start learning about markets, their rules, laws, and terms. As we begin playing sports or games, we must first know the terms and the rules. You can play if you know them.
(Market and, in fact, life itself involves risk, risk can only be mitigated or reduced but not eliminated, always keep this in the back of your head while doing anything)
Follow this blog to understand a tiny percentage of this world from me.
Ankush
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