When to do intraday trade & when not to do intraday trade?

I have experienced that people after losing the money in trade used to enter the intraday or jobbing segment. Jobbing is the other name of the intraday trade. In earlier articles I have already explained what is intraday trade? And what are the types of intraday trade? Now the most important question I need to answer is when to do intraday trade?

We all will agree that all days are not trading days, why?  A day in which the trend is not clearly understood is considered as a bad day for the traders. 2nd case when the extreme volatility makes the market to oscillate between the negative and positive trading band. 3rd case when price oscillate between a small trading bands keeping very less opportunity for the speculators. In all these three cases it is difficult to trade and difficult to recognize that whether to do a trade or not.

I have devised a truly mathematical method which will make you inform whether to do an intraday trade or not on particular day. Though the complete procedure involve in this mathematical modeling I will not revel to you because of my commercial compulsion but I will provide you few simple to use methods.

1. if the gap up or gap down opening happens at 0.618% or 1.272% Fibonacci retracement levels  of the previous days high low range then it is a trading day and the current trend will remain continue for the  day and confidently do the day trade.
2. If the flat opening followed with resistance or support at 0.382 % retracement of the previous days high or low then maximum possibility the trend will give a ‘U' turn. In this case wait for 50% retracement level of the previous days to break to decide upon a trade.
3. If the current price is above or below the 90 degree resistance or support Gann line drawn from the low or high of the previous day then it is a good day to initiate day trade in the current direction of the trend.
4. If current price is above or below the 30 degree support or resistance Gann line drawn from the previous days high and low then wait for the break out above 90 degree to initiate intraday trade.
5. If the technical intraday chart give the view of a pennant, rectangle then do not day trade on this day.
6. If the last intraday five minuet candle length is less than  50 %  as compared with the last recorded 15 minuet  candle line length then don't do the day trade till 5 minuet candle has not broken the last 15 minuet candles high or low.  

 These are the most important aspect one intraday trader must look into. Besides that to plan an intraday trade is also a very difficult task. The planning of a intraday trade involves many key aspects out of which the traders objective is most important. It is quite general all traders have the general objective to make profit but the quantum of profit expectation is vital according to my view. 

 In Intraday trade since the earning comes only thought speculation it is always advisable to deploy minimum % of your trading capital maximum up to 30% in a single trade. The 2nd point is being a swing trader. If you happen to be a swing trader and follow the above six steps as mentioned above I am sure you will a winner in this stock market.  The last advice I can give to all the traders is invest on your education. I have seen and experiences in my 9 years of career in educating the traders. Those who have taken the lesson from their 1st mistake in trading and invested in their self education by attending various seminar programs, buying good literatures are the most successful traders of the contemporary time.

If you think rationally learning activity to educate yourself will not cost you more than 10% of your losses, which you may incur by jump in to the trade without proper knowledge. Do not think I am telling this to promote own products. My core consciousness says this is the truth you may accept it today or accept it in future. I always ask few things to build up the confidence level of the broken down traders. Why you are failure? Many say I was new to this market that's why. Many say I made the mistake.  Many say I lured by the brokers and friends. Most people say I lack the knowledge.  My friends it is the high time we all must accept this truth and start up the slogan"1st Educate yourself then earn".