It is said that almost 90% of people lose money in intraday trading. Most intraday traders lose money because they cannot understand the market movements and end up making the wrong decisions.
Lack of discipline - An intraday trader must stick to a proper plan. A full-fledged intraday plan includes profit targets, factors to consider, methods to put a stop to loss, and ways to select the right trading hours.
Not setting proper limits - In intraday trading, success lies in managing the risk. You should pre-define a stop loss and profit target when entering intraday trading.
Compensating for rapid loss - This is one of the common mistakes in the trading community. When a trader incurs a loss, he/she either tries to average a position or overtrades excessively to recover the loss. This further leads to a greater loss and put them into more trouble.
Heavy dependency on Tips - Nowadays, there are ample of intraday tips flowing everywhere on digital media. It is a common phenomenon for a trader to rely on these external tips, however, this needs to be avoided. The best way to learn intraday trading is by gradually learning how to read charts, understand structures, and interpret results on your own
Not keeping track of Current Affairs - The external news, events, and tragedies impact the stock market. Hence, it is important for an intraday trader to keep a track of the Indian and global markets. Even the performance of global markets affects the movement of Indian markets. Make your trade after the news or event has been announced. Do not speculate on the market based on the news.
I recommend choosing a reliable broker where you can practice in a real market scenario before going with your real money. I would recommend CapitalStreetFX as they offer an unlimited demo account free of cost, also they publish daily market reports and trading insights that can help you learn to trade faster. When you start real trading with real money, they offer you a bonus on your deposit, with 1:1000 leverage that truly can reduce the risk exposure.