How beginners approach intraday trading and how much risk to take? Is there some way of predicting whether I will make profits or losses in intraday trading?

Intraday trading is intrinsically risky and hence you need to be doubly careful when it comes to putting trades. Grow your intraday trading gradually. Don’t be in a hurry to repeat the performance of George Soros in the first week of your intraday trading. Here are 3 points to remember:

Start small and grow on the strength of your own profits. Start intraday trading in a small way and then increase gradually your order size and your order book gradually as you get more confident. If you risk too much in your intraday trades in the initial days, then any reverses will make intraday trading unviable for you. Start small, take calculated risks and gradually scale up. There is no hurry. You can start by taking more risk

Stick to your strategy. Before you get into a trade, create a framework about the price at which you will execute the trade, where you will put the stop loss, where the profit target will be set etc. Once the strategy is set you must strictly adhere to it. Don’t keep flipping between ideas just you because you find some idea attractive. Discipline is the key.

Keep your losses as small as possible. It is also referred to as the risk-return trade-off. In intraday trading, smartness lies in cutting your losses quickly when you find the trade going against you. The basic rule of the market is that you need to hold your losses short and hole your profits long enough to make money. The market is a great teacher and in intraday trading you must be humble enough to treat the market as your teacher and learn.