Best Intraday tools for commodity trading
If you are
an Intraday trader, using Intraday trading tools can make your life pretty
easy. Although you must be having some questions in your mind before using
tools for trading.
What is Intraday trading ?
trading is a challenging stream which involves buying and selling of securities
during the trading hours on the same day. The intention for such trade is not
with an intention to make investment but is to harvest profits due to
fluctuations in the market throughout the day. Consistency, patience and
accurate knowledge is required in the market and ongoing trends. Intraday trade
in commodity market is volatile thus, the traders have to operate with high
risk. A trader can use available tools
in order to take an informed and profitable decision.
Below are some
Intraday trading tools.
can use trading platforms in order to trade in commodities without any hassles.
Multiple software’s and platforms are available for Intraday commodity trading.
Some of those tools are considered to be a part of TT (Trading technologies).
Trading platforms provide in depth information about the volume of trade, price
of trade, bid offer range etc.
personalized portfolio and risk profile is created by the trading platform
based on the trader’s risk appetite, net worth, investment objective etc. It
helps in deriving fundamental and technical analysis which in turn helps the
trader to execute commodity trades. Indira securities is one of the best
trading platforms to trade in commodity market.
How To Trade Opening Range Breakout (ORB)
Opening Range Breakout is a common trading
method among both professional and amateur traders, and it has the potential to
offer high accuracy when used properly with indicators, strict rules, and a
clear understanding of the overall market mood. Only intraday trading is
possible with this system.
over the world use ORB trading in a number of ways. Some traders wait for a
substantial breakout from the opening range before trading, while others sell
right away. The trades'''' time window ranges from 30 minutes to 3 hours.
Charts For Stock Market
traders often use charts to understand the movement in the market as charts has
proven to be one of the best Intraday trading tools. By providing historical
data and price movements, Charts help in intraday technical analysis.
can be adjusted to any time frame a trader wants to invest in.- 5 mins, 15
mins, hourly, daily or any time frame thereafter. The ability to read the
charts effectively is a very important skill for Intraday traders to book
profits and be successful.
provide detailed information about opening price, closing price, high and low
of securities at a defined time frame.
Technical Indicators For Intraday Trading
In order to
get more deeper and useful knowledge, technical indicators are used in
conjunction with charts. By looking at the past patterns, the indicator
predicts the future prices and price directions.
indicators do not look at the fundamentals and analyze only short-term price
fluctuations, thus they are majorly used only for short-term or Intraday
indicators such as Moving averages, Bollinger bands, On balance volume,
Relative strength index (RSI) etc. can be used.
Scalping Stock Trading
a practice wherein profits are made from minor fluctuations in prices.
books minor profits with the help of small changes in the price and exits the
trade before any loss can negate the existing profits. One can make small
amount of profits per trade and increase the number of successful trade which
accumulates to a good amount of profits.
considered to be one of the profitable commodity trading strategies,
interacting with the market for a very limited time, it eliminates the risk of
any adverse fluctuations.