day trading a single stock seems interesting . but the problem is it can go sideways for a few days or weeks and a trader can take trades out of boredom. generally good/tradable moves may be only two three in a week.
The Solution is simple. Easier said then done. A couple of ways you could make this trade profitable.
Statutory warning : I am Successful swing Trader. I am unable to become a successful day trader after trading for 8 years. This are few pointers that has helped me in day trading just to minimise my losses so far but use it at your own risk.
Don't Trade both Sides.
Check the trend Nifty UP Asian Paint UP Crude Down Go Long. Going short would be bad idea on this day.
Now before we trade Asian We should clear have support Levels on a HTF Daily Weekly Written on Paper. These should be your entry points. Yes they would also hit SL. So best way is to not give up here. Look for other indicators like breakout of a failed breakout etc (this one give better results). You can scalp a failed breakout too on both sides. But the faster finger first wins and personally I am too old for that.
Don't Keep a very close SL. It will be Hit. 15 Min candle low ( if you insist to trade intraday)
Ever wondered they always tell us to Trade breakouts and they hit SL. Why not wait till the price corrects and you get a better entry point near S/R and let your losses be small.
Be consistent. Don't give up. Keep Taking all the trades in your system and that big breakout will come.
Now the worst part.
If you miss that one trade. You end up loosing everything
If you don't exit at SL You will loose all your capital
Never become an Invester if you are a trader
After knowing all this even myself I cant get it right. My wife and my family or someone else would always be the reason
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