Secrets of successful Intraday Trading

Intraday trading means buying and selling in the same day. It may be either buying first or short selling. Normally intraday traders book profit in small margins. People are making profit by repeated trades or by trading large quantities. One thing to be mentioned here is intraday trading is high risk involved.
The Golden rule of intraday trade is ride with the trend. Hence the first step to make profit in intraday trade is to identify the stock. Intraday charts are the best way to identify stocks for trading intraday. Also one should make a good home work before entering in intraday trade. Home work means, study the historical charts and find out the upward or downward moving stocks. Then see the previous days intraday chart. Find out the support and resistance levels. The better strategy will be buy at previous days support level and short at previous days resistance levels. Also shorting below support level and buying above resistance level are good ideas.

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