A plunge in Indian Stock market

[sspms2002]

No Play today.
Only watched the open today as i had to go out for some personnel work.

Read little bit about price action..It seems it is pretty subjective...and based on feeling of market behaviour which comes out after a lot of exp and screen time..

Previously i used to think Candle sticks patterns are price action..But it seems they are only a part of it and need to analyse many more things to know price action..

I am going through the wikipedia link on it and its quiet eloborate..

 

[sspms2002]

Do you use any scanner in any software? It is pretty difficult to track so many stocks everyday.

I do not use scanner as such...but i keep all my favourite stocks in my watch list...

I keep updating it as i see some stock which made good movement on a day and if it fits my kind of stock to my watch list..after an end of day analysis on Money control for top gainer/looser etc..

 

[Sunnyraj]

Do you use any scanner in any software? It is pretty difficult to track so many stocks everyday.

Amitji if we trade price action with S&R and moving average, don't you think that just tracking Nifty and 1-2 stocks with good volumes could be enough ?

what are your views on this ?

Actually even i face this problem , it's difficult to track diff stocks.

 

[amitrandive]

Amitji if we trade price action with S&R and moving average, don't you think that just tracking Nifty and 1-2 stocks with good volumes could be enough ?

what are your views on this ?

Actually even i face this problem , it's difficult to track diff stocks.

SunnyRaj

Every simple strategy works ,only if you follow it with discipline.There are a lot of Traders on TJ who trade only Nifty Futures and BankNifty Futures for a living.

 

[Sunnyraj]

SunnyRaj

Every simple strategy works ,only if you follow it with discipline.There are a lot of Traders on TJ who trade only Nifty Futures and BankNifty Futures for a living.

Sometimes simple things are most difficult to follow , but i'll keep this in mind.

 

[amitrandive]

Sometimes simple things are most difficult to follow , but i'll keep this in mind.

Check this fantastic post by Riskyman
:thumb:

http://www.traderji.com/day-trading...y-gives-more-profit-intraday.html#post1054185

 

[Sunnyraj]

Check this fantastic post by Riskyman
:thumb:

http://www.traderji.com/day-trading...y-gives-more-profit-intraday.html#post1054185

It's really fantastic post amitji..!!

I am sure every new trader like me faces this dilemma and this post has answered all the questions


One more important lesson learnt today from this: Stick to the system and have strong belief in it. Jumping here and there from one system to another will keep us on losing side , whereas following a system consistently will take time and patience but will be rewarding in long run.

I'll keep reminding myself of this

 

[throwawayacc123]

Yes , this jumping from system to systems is called the "Cycle of doom". A very very common problem in trading.

 

[sspms2002]

I was feeling bad about myself and so was refraining from posting..

Yesterday i was Travelling back so could not trade..but at day end i took 200 shares delivery of MARICO as it was down a lot..my LONG was at 284

I took it because it was near its 52 week high..

Today it opened gap up to 286 and then dragged down to 276..at day end it closed to 279 odd..

I am holding it. NO other trades today.

I don't know why i keep taking delivery again and again in Hope that they will move up next day...

 

[sspms2002]

It's really fantastic post amitji..!!

I am sure every new trader like me faces this dilemma and this post has answered all the questions


One more important lesson learnt today from this: Stick to the system and have strong belief in it. Jumping here and there from one system to another will keep us on losing side , whereas following a system consistently will take time and patience but will be rewarding in long run.

I'll keep reminding myself of this

I am also trying to workout a system based on Price action coupled with MACD/Stochastic... Charts would be 3 min/5min.

No sure how it will behave/help..but at least it would be a start.