The following links are good for learning price action. They have enough examples to clear things up.
http://zerodha.com/varsity/wp-content/uploads/2015/05/module2-1.pdf
http://zerodha.com/varsity/wp-content/uploads/2015/05/module2.2.pdf
NSE has got one module for technical analysis.
http://www.nseindia.com/content/ncfm/CourseOutline_TAM.pdf
For intraday trading, we will look at 5 min time frame. But, before making any trade, we will take a look at higher time frame and then we will trade in the direction of trend in the Higher time frames.
With above, we need to follow proper risk management too. In intraday trading, it is preferred to have a risk reward of atleast 1:2 which means if you buy @100 then Stop loss will be @99 and target should be atleast @102.
only 5% of day traders are profitable. So, the probability of being successful is not on our side. Better learn first and trade with virtual money. Keep a trading diary that will tell why did you trade that.
ReplyDeleteIts better not to make a profit rather than losing our hard earned money.