Intraday Stock Trading Strategies – Want to trade better and avoid day trading hassles? Use these daily price action trading tips to your trading advantage.
Price action trading is especially useful for day traders. This is because time is of the essence in day trading. By timing your entry with market turning points, you can profit from quick trades.
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Price action offers a natural tool for timing market entry. Even if we are wrong, early entries can help limit our losses. Thus, bar patterns and candlestick patterns are becoming increasingly popular among day traders.
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Avoid trading when the market shows high traffic. A solid operating zone hardly offers trades with a high probability of a risk-return ratio.
One day traders want to make money. Therefore, they often aim for unrealistic advantages. When the market is stuck, this behavior is very damaging.
If you try to get 10 profit from 5 trading ranges, you are wasting your time on the impossible. You will face more losses. Scalping for a few pips may make sense, but it’s a boring trading strategy. Also, scalping is definitely not for beginners. Do yourself a favor and relax during the busy market.
Every trading session has a volatility pattern. The market tends to exhibit predatory behavior at certain times of the day and be subdued at other times. This volatility pattern indicates low volatility clocks that are more likely to get stuck.
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A trading session usually starts and ends with high volatility. In the middle of each session, the market can enter a traffic phase.
The above example shows a typical intraday volatility pattern. The volatility pattern may vary from market to market. The best way to understand a volatility pattern is to measure the average range of an hourly (or half-hourly) price bar. There are several free tools online for forex traders that calculate the hourly range of various currency pairs.
A marketer with clear pricing will also be able to recognize traffic when pricing is established. A traffic pattern occurs when the market does not close higher (lower) on at least three consecutive price bars.
Narrowband gratings are a window of opportunity. They offer efficient trades with little risk and quick returns.
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This price range has a significant exception. Do not trade narrow bars in heavy traffic. Narrow ranges are typical of narrow trading ranges that do not contribute to trading. Therefore, do not trade narrow range bars indiscriminately.
A trend day is a day that begins near one extreme of a trading session and ends near the other extreme. An uptrend day opens at a low and ends near a high. It opens near the bear high and closes low.
Repeatedly busting in a trading session that does nothing but go up is the worst trading strategy. However, many day traders do. There are two reasons for such destructive behavior.
First, these traders refuse to accept that they can be wrong. They think the market must go down. They can’t be wrong. So they shrink again and again.
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Second, they are tempted by the prospect of selling at the top of the trading session. For some reason, they want to be dramatic heroes, not rich winners.
Look for price dynamics to avoid such losing battles. The definition of momentum is the rate of price change when used in technical indicators. Here I use “momentum” as a loose term for the force of market change.
To recognize price dynamics, pay attention to how the market reacts to recent highs or lows.
These are signs of growing momentum. They are very accurate for price action traders. It was not a day for short positions.
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Do not trade when the market is in heavy traffic. Do not trade against market dynamics.
In day trading, it is usually more important to minimize the number of bad trades than to try to capture the trades of a lifetime. Focus on trading only when market conditions are ideal. Find professional price strategies to help you profit in bull and bear markets without indicators, reports or opinions.
From managing and maintaining a daily trading portfolio to reducing potential risk to maximize returns, this guide will be intense.
So grab a pen and paper and get ready to learn if you want to get close to Lambo money.
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If you can’t consistently execute your trades on higher time frames, why do you think you can do it in a fast and stressful environment like intraday trading on shorter time frames?
Having a complete trading strategy means knowing exactly when to enter, manage and exit a trade before you hit the buy button and without the intervention of other traders.
“Which trading strategy makes the most sense for me and can I execute consistently over the next 30 trades?”
P.S. I suggest you start with a demo trading account first, then get in the trenches and start trading live as soon as possible.
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Applying risk management means you know exactly how much money you can lose before entering a trade.
I’m not going to go into great detail on how to do this, so I recommend reading this article here: Forex Risk Management and Position Measurement (Complete Guide)
Then you can consider opening a separate portfolio for day trading and develop a strategy for trading in lower time frames where you can gain some insights.
If you have $2,000 of capital, then you want to put $600 into your day trading portfolio and $1,400 into your high time frame portfolio.
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You are here now because you know that you can make more money day trading than trading on higher timeframes.
It can also be riskier due to the short-term volatility of open profit/loss and trades, which will affect your decision-making as a trader.
So again, to balance this risk, you should keep your daily (high frequency) portfolio lower than your lower frequency portfolio.
Now I advise you to maintain 70:30 ratio quarterly instead of balancing them monthly.
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P.S. This is a concept I learned from Yvan Byeajee at Trading Composure, so I have to give him credit for that.
When it comes to money and strategy, the next part is very important because many traders ignore it.
Trading is not just a hobby or a game; so you need a clear schedule and routine.
Ultimately, you want your lifestyle to define your business, rather than your business defining your lifestyle.
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So let me show you how you can create your own unique business process.
It depends on what markets you want to trade, but let’s take the forex market as an example.
As you can see, volatility peaks when the London session coincides with the New York session.
Now that you know when is the best time to day trade, you should realize that day trading is not the same as day trading.
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But I’m sure there are many readers from all walks of life here now, so the best I can do is set an example and let you find what works best for you.
You want to overlap trading the London-New York session at 20:00 and stop trading until 23:00 to take a shower and rest:
Day trading is just a commitment for you that you can’t afford because you have more important things to take care of.
Overall, a solid trading routine is a great balance between your lifestyle ability and the right market hours to trade.
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So now that you are consistent, you finally have a daily trading portfolio and a solid trading routine and plan tailored to you…
Another thing to keep in mind is how long you will be a day trader.
A trader’s primary goal is not to be a money maker, but a consistent risk manager.
The most important thing on this list is to find out how much you can afford to lose before entering the trade.
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What makes day trading different from other styles is knowing when to put the brakes on for tomorrow’s pullback.
If you have reached the third level of protection, you should now look at your trading journal and ask yourself:
If you find that despite your stability, you continue to lose, your current setup will not work in the current market conditions.
Therefore, you should change your trading parameters or accept other trading settings and stop trading during the week.
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However, I recommend that you stop trading for a week after reaching a 10% loss in your portfolio and trade again the following week.
The final layer of protection in your day trading portfolio is the maximum risk per month.
So I suggest you stop trading for a month after reaching 20%.
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