Instant profit making has become a necessity because of increasing inflation around the globe. Do you know how many methods enable you to make instant profit? If not, then you should know the way of trading, Intraday trading. Intraday trading means buying and selling stocks in a day to make profit.
If you are also willing to make money by intraday trading in less time, then keep reading. I have compiled this guide on how to make money with one trading method. You can also Visit https://wealthicator.org/ to learn more about intraday trading and make more money.
Intraday Trading – Same-Day Trading Method
Intraday trading is a trading type in which traders trade in a specific stock and make money in a day. Traders need to enter and exit from the trade in 20 to 30 minutes because the higher the time consumption, the higher the loss danger. This is why volatile stocks are the best stocks for them to trade in; highly volatile stocks offer speed to enter and exit in an instant moment.
We have also written a blog post about The Basics of Intraday Trading to help our readers understand this type of trading.
Guide to Making Money with Intraday Trading
Here are some steps to make money with intraday trading.
Choose Trading Platform
The first step to make money with same-day trading is to choose a trading platform. Here are some considerations for choosing an efficient trading platform. For instance, brokerage services, real time market insights, and recommendations. When going for a trading platform, you need to ensure that it has brokerage services, like buying, modifying, selling, canceling, and monitoring your trades. Moreover, you must consider a real time market insights analyzer for personal use to understand how stocks will react to the market.
Make Trading Account
After choosing a perfect trading platform, you need to create a trading account on the platform. Do you know how trading works? Traders start the trading process by buying a specific stock in exchange for money from the trading platform. Later on, further trading is possible. The only way to interact with a trading platform is to create a trading account. Some platforms like Binance require Biometrics through facial scanning options, and you have to do it.
Use Intraday Calculator
An intraday calculator is a tool to measure how much time you require to make a significant profit. Therefore, you need to use an intraday calculator to calculate the exact time of your trade. It is also known as a brokerage calculator that calculates the total amount of stock of selling, buying, modifying, and monitoring your trading stocks. When you tend to sell your stocks, you can even evaluate their value in the market before selling them.
Start Trading
Now, every step and each requirement has been fulfilled. You can start intraday trading. Remember, you are able to conduct same-day trading with only volatile stocks, and you can’t. Further, you are free to seek guidance from other traders physically to know how they place orders. Not only is buying an order, but selling is also an order because you will get paid in return for the stock. Stay away from shortcuts in trading because they may cause you to fall into real trouble.
Tips to Start Intraday Trading
I have gathered some tips to start Intraday Trading.
- Stock Selection: When selecting stock, you need to buy certain stocks that have quality and moderate volatility. The more moderate the stocks, the more profit you will make.
- Stop-Loss Rule: Always remember a role that you are trading for profit and not for loss. Therefore, you must make a stop-loss rule for intraday trading and stop trading while you are losing.
- Intraday Fees: When you go for intraday trading, remember that a platform always charges you multiple fees. For instance, GST, stamp duty charges, transaction fees, SEBI turnover fees, and more.
- NEWS: You should get in touch with the market conditions to know whether the stock will get a rise or loss. In this way, you will increase your opportunities to enhance your one day profit.
- Volatility: Only choose the higher volatile stocks to enter and exit from trading with an instant. The reason behind this is that traders need higher speed to enter a trade and make a profit instant to exit. In this way, they will save themselves from any loss and only get profits as a better outcome.
How to Select Stocks for Intraday Trading
Take these tips when selecting stocks for intraday trading.
Liquidity
You need to select the stocks that have a higher liquidity level. Why? It is a genuine question. Here is the answer. The higher the liquidity of stocks the higher the trading volume. It allows traders to buy or sell a higher quantity of stocks at just one time without additional prices. Further, it also doesn’t affect the prices to get control of trading.
Moreover, higher liquidity enables traders to enter and exit in a trade in a very easy way. The reason behind choosing such stocks is that time and speed really matter for making a significant profit.
Medium to High Volatility
One day traders need price movements to make money because when stocks get stuck in a single position, they can’t make money. Therefore, they need to choose those stocks that have higher evolution volume in a day to make profit. Whether the stock changes its prices in dollars or percentage terms, both are beneficial for one day traders. However, these both terms provides them with different outcomes, but it is necessary for them to move.
The Closing Note
Intraday trading is a way of trading to make money in one day while trading in volatile stocks to make a significant profit. There are several considerations while starting one day trading because it requires not only patience but also speed. Traders have to enter a trade within seconds and exit from it when they have made a profit. In the above section, I have compiled a complete guide on how to make money with one day trading. Further, you will get some of the most practical tips for choosing beneficial stocks that help you make more money.
