Intraday trading and candle: Trapping, Patience and Winning

In intraday trading, there are equal chances of winning and losing if you solely rely on tips, announcements, and news. Without analysing the market on your own, your chances of success decrease. If you're just starting with intraday trading, you may face initial losses. In that case, reading a book focused on patience and market observation could help improve your trading strategy. Patience is key.

Beginners often make the mistake of trading as soon as the market opens or placing orders during the pre-market session. Some traders rely on tips, news, or announcements, which can lead to losses when the market consolidates and neither goes up nor down, ending the day with unexpected movements based on market conditions.

When the market opens, buyers and sellers act based on overnight news and announcements, especially during gap-up openings. If the market opens with a significant gap up, buyers might hesitate to enter at higher prices, leading to consolidation or a downward trend.

Sometimes, you may get trapped in sideways movement, so it's crucial to draw support and resistance levels before entering the market. If the resistance level is broken, you can consider entering a fresh position.

Intraday trading can yield both significant profits and losses, so it's essential to observe candlestick patterns and chart trends carefully before entering a trade. Waiting for the right moment increases your chances of winning.