InvestorQ : I started with a good intraday trade but it did not work. What should I do?
prachi Patwardhan made post

I started with a good intraday trade but it did not work. What should I do?

Answer
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Mahil Khan answered.
3 years ago
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The basic rule is to plan your investment strategy and Stick to it. Every time users initiate a trade, it is important for them to have a clear plan of how to do intraday trading. Determining the entry and exit prices before initiating the trade is crucial. IN fact, that is the first step. One of the most important intraday trading tips is to use the stop loss trigger to reduce the potential loss on your position. These are the basic things that are in your control and you must do. Moreover, once the stock achieves the target price, users are advised to close their position, and not be greedy and expect higher profits. But what if the stock moves against despite all these efforts?
Then you need to develop the art of exiting the position under unfavorable conditions. There are two ways to look at this; when you are profitable and secondly when you are in loss. For trades that provide profits and price-give reversal (price expected to show reverse trends), it is prudent to book the profits and exit open position. What happens if you are in loss and the price shows a reversal trend. If the conditions are not favorable to the position, it is always better to immediately exit and not await the stop-loss trigger to be activated. If you have a Rs.5 stop loss and it is Rs.3 down then you can just close the position and save Rs.2. That is assuming that you are perfectly convinced that the trend is contrary to the story.
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