Still if you have the inclination then I will say at least go to a site known as
www.moneycontrol.com . This is free site and has a huge message board . Lot's of advise for free. By the way this site is run by CNBC .
plss tell me the full procedure to do intraday trading on icicidirect.com specially i do not want to do the short selling process in which we sell first and then buy later i want to do the intraday' buying in the morning and then selling at the end of the day process becoz i am not comfortable with the short selling process
thx
if u square off the positions within the same day, then the system automatically treats it as an intraday trade.
if u want to trade for a higher amount than what u actually have in ur bank a/c, then u have to go in for margin trading. this will be available for only intraday trades. however it will be allowed only on selected stocks. Also it is enabled only after a few mins. of the opening of the market. All the orders here will be squared off at around 3.00 pm itself in the afternoon.
i pump 1 lakh rupees
and even if i make 1% profit (after adding brokerage&taxes) i make 1 thousand rupees!
Till date there are not a single day trader who has consistently made money, without risking his sampatti.
My sincere advice would be to find a few really good stock and invest for mid to long term.
In case you are in a hurry. then I am afraid, there are no shortcuts.
- Concentrate on a few, liquid and volatile stocks only.
- Buy or sell intra day trends with at least 3:1 reward-risk ratios.
- Use mental stops placed under the last minimum (above the last maximum, when shorting) and stick to them.
- Use a decent money management scheme, write down the rules and stick to them.
- Develop a system, trade it on paper only for some time, before risking money.
Here are some more, that I found useful too:
- Don't trade the first and last half hour.
- Stop trading on a given day when you have reached a set target amount or when you have lost a fixed amount.
- No more than two ongoing trades at one time.
- Take breaks, it's a stressful activity
Anyways you need to be very careful in choosing script and quantity which you want to have.
Rest volatile stocks are best for making money.
.
I have been playing the Stock Market since 1995 and I will give you several that I use….AFLAC, Suntrust, Georgia Pacific…these are a just a few I have Stock in and do very well.