Intraday maybe for the needy or speedy

Many people may not have enough money for long-term investing in shares. So, they may try to earn from intraday trading and when enough is accumulated they go for investing it in say some in risk/reward type investments like equity/MF and put some money in in fix deposit or PPF/Post Office Bank/MIP's.

Many people want to do intraday for speedily making money. Everyone has to remeber it requires a lot of discipline to make oney intraday. It is alos important to stick to your own strategy that works on all your set of stocks depending upon how much you invest , to how much you wisah to earn.

Following is one among the many rules for intraday trading. But this one is without headache. 

Back-test on your favorite stock/companies on past data of 5-7 years before applying.

Entry for Long:

Note down previous day's High price and after market opens today, wait for the price to breakout yesterday's high and when broken check if Today's Open = Today's Low at that time, if Yes go long with Stop loss as today's Low price.

Entry for Short:

Note down previous day's Low price and after market opens today, wait for the price to breakdown yesterday's low and when broken check if Today's Open = Today's High at that time, if Yes go Short with Stop loss as today's High price.

Stop Loss: Is as explained above

Trailing Stop Loss: Depends on individual.

Target: Based on individual but prefer to exit at end of day at 3.20PM.

Hence, Exit at End Of the Day.

Gap Up: During gap up, if today's Open price is way above yesterday's high and today's open = today's low, we go long @ Open. (for sure, we cant get open price, but idea is go long as soon as possible with day's low as stop loss). 

Vice versa for gap down.

Remember that this is different from watching charts and looking at candle sticks. The same is not required in above theory.

This is a very old method and worked succesfully for many people and their stocks.

Life is simple, so you just keep it simple, dont complicate it.

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