Day trading occurs during the exchange/marketplace where the stocks are listed open hours. All orders placed throughout the day are closed at market closure if their target or stop loss is not met. Intraday trading has a high risk and is only suggested for skilled traders willing to incur such risks.

To be successful in intraday trading, you must be able to make choices and execute transactions quickly, and you must be ready during market hours if you have positions open. You must also do comprehensive market research and have a solid trading plan and technique to earn from intraday trading. Some of the intraday tips are: 

1. Complete your risk assessment and personal audit.

When you enter the turbulent seas of intraday trading, you must first understand your risk-taking ability and willingness, as well as market moods and movements. Before you begin, make sure you know how much your investment cash is, how much you may lose in the markets, and how much risk you are ready to accept. This data and information should always be kept in front of you, reminding you of your limitations. It would be best if you never traded above your investment money in the face of earnings or exceeded your boundaries in the face of losses. As a result, the first step toward becoming a good trader is to create your trading profile.

2. Research and study trading styles, then practise them on paper.

Most seasoned traders and financial consultants would advise you to practise paper trading before implementing any technique. While paper trading and practising your trades may seem to be a waste of time (particularly if you are making money in your paper trades), the fact is that it teaches you a lot of valuable things. You should always join the markets after thoroughly testing and researching the method you want to use. You should never trade an unproven approach since it might result in losses.

3. Establish a Routine for Yourself

Once you've determined your investment cash, risk tolerance, and willingness, you should develop a pattern for yourself that extends beyond market hours and into your everyday life. A professional intraday trader must regard trading as a full-time career rather than a part-time hobby. You should set a timer for waking up, finishing breakfast, and planning daily trades. Your daily routine should also include time spent reading the news and keeping up with what is going on around the globe.

4. Begin with a Small Amount and Smaller Trades.

As you begin to place trades in the market, you will quickly realise that not all transactions will result in profits. Because the markets are volatile, even trading indications provided by some of the most experienced financial advisers may result in losses. As a result, it is usually best to begin investing in tiny increments and gradually increase your investments as you gain experience. Furthermore, with expertise, you can determine which trades are more likely to occur and which are less probable, allowing you to gamble a more significant amount on the more trustworthy bets vs the less dependable ones.

5. Use the One Percent Rule

The one per cent rule is critical if you are starting in trading. During the day, you should only invest 1% of your total investment money. For example, if you have Rs. 100,000 to support, you should only put Rs. 1000 in one transaction and another Rs. 1000 in another. This greatly helps in limiting losses if they occur. It would help if you kept this in mind as a successful trader and traded appropriately.

6. Review Your Trading Style regularly

There is no such thing as an ideal trading plan. A competent trader reviews his strategy regularly to ensure it is current with market trends and attitudes. You should reconsider your trading approach and plan if you always lose money. However, it would help if you did not do this on your strategy's first few defeats. Allow enough time for your plan to produce satisfactory outcomes before deciding.

7. Make use of Stop Loss

This is the secret to effective intraday trading and avoiding stock market losses. No intraday trader enters the markets without a stop loss, and you should always use a stop loss order to restrict any price movements in the other direction. Stop losses should be regarded as the Holy Grail of intraday trading and utilised at all costs.

Conclusion:

Following these tips will help a person get a grip on intraday trading. Nothing, however, can happen overnight since intraday trading is not a place to 'get wealthy fast.' To succeed in intraday trading, one must work hard and invest a lot of time.