A plunge in Indian Stock market

[amitrandive]

Thanks Throwawaycc123....I get you what you kind of pointing me to...

Frankly I think i am more of momentum trader than price action of now..
But i have been using some candle stick knowledge recently and they have improved some of my insights..

Also frankly i don't know what is meant by an Edge and a Trading plan?


Does Edge means to use some specific set ups that also make you profits?

Does Trading Plan means ...i am unable to think much here...???

Finally , i also am not sure what Price action is? I just think that candle stick can help in knowing price action or what price is doing?

Can you guide me on above if you have get any spare time?

Edge
http://www.traderji.com/trading-psychology/92832-strong-trading-mind-79.html#post985081
http://www.traderji.com/trading-psychology/92832-strong-trading-mind-80.html#post985075
http://en.tradimo.com/learn/trading-strategies/trading-with-an-edge/
http://traderfeed.blogspot.in/2007/10/how-do-you-know-you-have-trading-edge.html
http://www.stocktwitsu.com/find-your-trading-edge-with-these-7-tips/

Trading plan
http://www.investopedia.com/articles/trading/04/042104.asp
http://www.investopedia.com/univers...ow-start-trading-trading-plan-development.asp

Price Action trading
http://www.investopedia.com/article...roduction-price-action-trading-strategies.asp
http://en.wikipedia.org/wiki/Price_action_trading

 

[sspms2002]

Edge
http://www.traderji.com/trading-psychology/92832-strong-trading-mind-79.html#post985081
http://www.traderji.com/trading-psychology/92832-strong-trading-mind-80.html#post985075
http://en.tradimo.com/learn/trading-strategies/trading-with-an-edge/
http://traderfeed.blogspot.in/2007/10/how-do-you-know-you-have-trading-edge.html
http://www.stocktwitsu.com/find-your-trading-edge-with-these-7-tips/

Trading plan
http://www.investopedia.com/articles/trading/04/042104.asp
http://www.investopedia.com/univers...ow-start-trading-trading-plan-development.asp

Price Action trading
http://www.investopedia.com/article...roduction-price-action-trading-strategies.asp
http://en.wikipedia.org/wiki/Price_action_trading

Hey Amit....Thanks...you are very very resourceful....

Thanks again and i will go through these.

 

[throwawayacc123]

Thanks amitrandive for the answer given.

I would like to add one more thing about trading in general. There is no mechanical system that will help you in the long run. Trading price action is a skill and will take time and lot of practice and screen time. Remember you must find the edge on your own that will fits your psychology, that is KEY here. Don't take someone else's trading system/method verbatim , but learn it and add it your knowledge.

 

[sspms2002]

Today was a flat day for me...I missed the down move in late hrs as i stopped after 1 PM...

I had taken one position in morning SHORT 400 shares in TVS MOTORS at 289...it was kind of moving between 288 and 292 all day till i left for the day..

I closed at 1 booking a loss of Rs 200.


Stocks Traded: TVS MOTORS
P&L : Red 200 after commissions

I now have many a things to study and will spend next few days to get idea on them..

 

[amitrandive]

You are doing a great job.I like the way you pick up stocks for day trading.

There will be days like these.Do not be upset.In trading business one cannot be positive all days.

:thumb:

 

[chhota_bheem]

sspms sir, how you choosing the stocks every day sir. please guide

 

[sspms2002]

sspms sir, how you choosing the stocks every day sir. please guide

Hello Chota_bheem..Plz don't call sir and treat me as a fellow trader who is trying to learn and execute...

For stock picking..first of all i only pick stock in price range of Rs 200- Rs 800 and from NSE having good volume usually more than 500,000.

Then i have specific set of stocks that i watch historically...these stock names i usually put in my journals..

On any specific day if there is news around these stocks than i will keep a watch on them...not for a Bias but because volume would come and they will have momentum..


then it all depends how market opens..if it is strong then i look at my strong stocks or vice versa...

But really when market opens Gap up a lot...it is difficult to play as most stocks have already gapped up and play becomes choppy..


I also look top stocks in focus by ET to know which major stocks have major news.

http://economictimes.indiatimes.com...s-in-thursdays-trade/articleshow/46463357.cms


do let know how your doing your picks of now..?

 

[amitrandive]

Hello Chota_bheem..Plz don't call sir and treat me as a fellow trader who is trying to learn and execute...

For stock picking..first of all i only pick stock in price range of Rs 200- Rs 800 and from NSE having good volume usually more than 500,000.

Then i have specific set of stocks that i watch historically...these stock names i usually put in my journals..

On any specific day if there is news around these stocks than i will keep a watch on them...not for a Bias but because volume would come and they will have momentum..


then it all depends how market opens..if it is strong then i look at my strong stocks or vice versa...

But really when market opens Gap up a lot...it is difficult to play as most stocks have already gapped up and play becomes choppy..


I also look top stocks in focus by ET to know which major stocks have major news.

http://economictimes.indiatimes.com...s-in-thursdays-trade/articleshow/46463357.cms


do let know how your doing your picks of now..?

What if there are general business news and no stock specific news ?

 

[sspms2002]

What if there are general business news and no stock specific news ?

Hi Amit..

In such a case i would rather play with my historical picks and/or may look out for stocks that are near 52 week high/low or any specific level..

Only recently i started watching stocks which are playing near some support or resistance level and it seems pretty useful..

 

[amitrandive]

Hi Amit..

In such a case i would rather play with my historical picks and/or may look out for stocks that are near 52 week high/low or any specific level..

Only recently i started watching stocks which are playing near some support or resistance level and it seems pretty useful..

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