I am new trader , My view is almost 60-70% right , but either i am entering late into trades at reversal or exiting too early profitable trades , unable to control emotions .
how should we plan entry and exit rules for intraday trades? what are the best indicators or other signals for confirmation?
This is very important. You have to control emotions, not just with intraday but with all kinds of products in the market, but more so with intraday. You take a loss, and if you should not take another trade as per your trading plan, you will not take another trade for the day.
Discipline is necessary, try to find your own way of controlling your emotions.
hi sir , lot of impulsive trades eating my profits in the form of brokerage ,
but yes, I am working on creating my trade plan and setup… I am sure will overcome this …
Any indicators or other signals for confirmation entry and exit ??? How to plan entry and exit ? How to decide which resistance or support level will hold or breakout?
No, I don’t know about any particular indicators as traders use different ones.
I think there are a few topics in the forum discussing about trading setups, different type of risks etc, many experienced traders have provided answers in those topics. Go through them, a lot of your questions will be answered.
The emotions you trade with can either make or break your game. All you need to do is focus on building knowledge so you can make the right decisions.
Impulsive trading needs to be fixed for sure but for reducing the costs, you could switch to a broker with low charges. For instance, I am using finvasia. They offer zero brokerage for delivery as well as intraday trading. It’s been quite helpful for me in minimising the trading charges. As for the best indicators to identify entry and exit points, I heavily rely on moving averages and RSI. How’s your experience with it?
Signals u need to find out for entry exit. U can use PP, RSI, Stochastic also signals are not enough, u need to identify the patterns for breakout / change.