Well. This was my first post after 2+ years now when I started doing intraday as my livelihood. Nevertheless my journey was with full of ups and downs and frankly to say I am just beginning to earn small profits consistently. I would like to share my thoughts with fellow traders and I am welcome to any comments.
Advantages of Intraday Trading:
- Let me tell you. Intraday trading is NOT gambling. It is a job with knowledge and skill.
- Trade for couple of hours - flexible timing
- Work Part time, Full time or anytime.
- No educational qualifications, age, ability/disability. Anybody can trade!!
- Easy to set up and learn with less cost
- No Boss, No reports to fill, No meetings. It is all individual game.
- Daily Income.
- Your money is not blocked and available for instant liquidity.
- Start with nominal amount even with Rs.1,000 and grow as per your plan.
- Withdraw cash instantly and see the cash deposited instantly. It is real time
- No need of watching channels, news continuously and wait for days to book profit
- You could BUY or SHORT SELL. This facility is not available in delivery and in other trading styles.
- No worries if market falls or goes up. You could get benefited in both ways.
- No need to get married to couple of scrips years together and depend on many factors for the market to grow up.
- Most of the scrips allowed for intraday trading are Good scrips. In the sense Good volume, Good price movement. But Not ALL!!
- Suitable for any categories of people with different economical conditions
Support Available:
- No need to spend money on books, trading tools, trading techniques, free tools available.
- Variety of scrips available to suit individual investment capacity
- Many trading firms available with good service and marginal cost.
- Wide range of technical tools to determine market direction.
- Technical Trading. Focus on 2-3 scrips
- Many technical indicators available
- Suitable for Disciplined & responsible traders.
Disadvantages of Intraday trading:
- No system is fool proof and with only advantages. So as Intraday trading
- Intaday trading is HIGH RISK and TOUGH job.
- Need high levels of patience and keen to learn.
- Be ready to improve as a person.
- Need to sit before the computer ALWAYS during the course of trading.
- Intraday trading is like driving. Need constant focus and attention.
- Needs quick execution capabilities
- Very less time to take decisions
- Not advised for the people who do not have capital to lose.
- Need Discipline and emotional balance.
- Learning curve is more. One need to spend at least 2000 hours( it is my personal view) in learning, practicing, analyzing and setting up trading system. Depends on person to person.
- Need to treat intraday trading as job and do it consistently without fail. Of course it is not required to trade every day and all the time.
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