How to make an intraday trading strategy?
It is simple to develop your first trading strategy. Begin by setting realistic goals for yourself. Creating a trading strategy is a simple process. You only need to learn a few trading tools and indicators to be successful. However, you must commit sufficient time and effort to backtesting and refining your technique. And then you’ll be able to make a fortune.
Before you begin developing your own trading plan, you must first have an understanding of how the market operates. By reading widely, you may develop your market ideology. The next step is to choose a market and a period for your trading venture to take place. There are several markets to choose from, such as equities, currency, commodities, derivatives, and so on. In the same way, there are many other time frames, such as 1 minute, 5 minutes, 15 minutes, 1 hour, 1 day, and so on. As a result, you may begin by taking into account your current situation and making your decisions.
After you have made your decision on these matters, you will need to discover a tool that can assist you in determining if the market is heading upward or downward. Price action tools such as swing pivots and trend lines can be used to analyse the market. Technical indicators such as moving averages and the moving average convergence divergence (MACD) can also be used.
Once you have chosen a market, a time frame and some indicators, it’s time for you to do some research on them. analyse their past movements and make a plan to enter and exit the market. It’s also important that your strategy must include proper risk management so that you always lose less and earn more.
