Confused day trader

[Smart_trade]

Thats a priceless comment and made me smile.Savant sir i have lost the will to fight the markets now so my comments should be taken with a large pinch of salt.......

But i still make decent money doing what i advise against doing lol

-Jilted lover!!!!!

"will to fight the markets ? " this is where the problem lies...you need to go with the markets and not fight them.....be in the trend and flow and you will start enjoying the markets. And once you start doing that, profits cannot lag behind.....

Best wishes,

Smart_trade

 

[SwingKing]

I think you are pretty new to trading. Why do you intend to day trade? Day trading, In my opinion is for very few professionals. Its not that easy to execute and the emotional nuances associated with it will make you remorseful towards markets.

Start with investing wisely. Slowly learn and observe what the markets do everyday. Try and learn how you react to it psychologically. Only then can you ever get close to what type of trader/investor you should be. Before doing this, you are just gifting your money in the markets.

Tc

 

[darkstar]

I believe every trader has to under go the learning phase which is really stressful.

As a newbie starts gaining market insight slowly after loosing money.

Only few selected with Practice,Patience,Persistence becomes good traders and others quit the game in the middle.

Day trading is for professionals with strict discipline and money management rules.

Finding the best strategy for an individuals mindset I believe is the most toughest part.
It need not be a holy grail but at least it should be a grail.

People say don't just believe what ever it is written in the forum for trading is a risky game.
Make sure to back test a strategy.
Don't enter the trade before mastering your strategy.

Brokerage and Taxes kill traders.

Have clear rules for entry,exit,stop loss.

Have a 2x Target and 1x stoploss.Even 5 win 5 loss will end up with net profit.

I believe it is possible to win in day trading but with a good strategy followed consistently.

I wish you all the best.

do you belive day trading is possible or it will be great profitable. in my view it will but what u think sir

 

[satinon]

hello everybody,

could someone please guide me from where can i get free real time data for my charting software( i m using Amibroker)

Any help would be greatly appreciated

 

[deadbrain]

BS removed, bcz of less space.

 

[jagankris]

Find below the story of a trader
The trader after making a loss(If not huge) had an inner urge to recover the loss of money and to
save his face from family members and peers.

This inner urge to take revenge on the markets made him to make more mistakes to loose more money.

Frustrated again with the markets and oneself the trader started learning patience,looking for advices
from brokers,Software vendors,Peer traders,Tips providers,Technical analysts or Technical Seminars coaching etc.

He started to hunt for the holy grail.

The trader chased sw vendors one after another.

Finally selected a sw with ready made signals.

With a few consequitive stop loss hits he stopped trading with that System.

The urge to recover or make money pulled him front and the fear of the past experience prevented him to make his next step forward
and he found himself in a deadlock situation.

Then he started reading lot of books.
Then he vowed to learn the technicals for himselfs

Technicals,Line chart,Candle stick patterns,Chart patterns,Fibanocci,Gann,Volatality .............. Infinity.

The words of Discipline,Money management rules made him to feel dizzy.

The trader figured out what is making to loose the game

He didnt know which Trading style would suite him
1) Intraday
- Scalping or Charts based Trading.
2) Swing Trading

He was paying much higher brokerage.

1) Lack of a good strategy/System with back tested results.
2) Lack of faith in that system.
3) Lack of consistency in following the system.
4) Lack of money management rules.

With out any knowledge in AMI AFL he didnt know how to create a Trading set up with AMibroker.

Nor he didnt know how to backtest the AFL's with AMI.

Slowly started reading the Articles great Traders like Veluri,Saint,AW10,Linkon,Sarvant Garde,Pride,Edward,Karthik Marar,Ankit,2652 .... many more
Realised TA is an ocean and it will take years to learn and practice..

He was even confused which trading system is the best with in the forum.

Decided to seek their guidance in building a Trading setup or a ready made setup mentioned in the forum to start with
to build confidence in trading.

Wondering who that Trader is :?

It's me

 

[jagankris]

Read my post 58 also.

Yes I believe that it is possible to win in day trading.

Though I have met only 2 persons in my life time who are consistently making money in day trading.After interacting with the rest of the crowd I understood their problem.

No home work.
They dont have a strategy.
Even if they have they don't have complete faith on their strategy.
No Stopp loss.
One should consistently follow their strategy to win in Day trading.


For example :
Define your own strategy

1. Buy breakout of Yesterdays High.
2. Sell Breakout of Yesterdays Low.

Have a clear cut entry/exit/Stoploss in an excel sheet for your selected 10 scripts.
Do paper trading for 10 days and let me know the results in an excel sheet.

Consistency is the key.Great traders don't keep on inventing strategies.They just stick on to few time tested strategies suiting their trading physcology.

I complete agree with Raunak from the standpoint that to get the above said mindset it will take some time.

Experienced players knew this and that's the reason they keep telling Newbies to avoid day trading in the beginning.

Most of the traders especially Newbies loose their seed capital before knowing what even market is.

 

[deadbrain]

There is a way of doing things and there is a way of doing things, whichever you choose.

The key for winning here is to be an incorrigible optimist in spite of several crying creatures around.

Charts are like music. Once you get accustomed to them, you will start feeling the tones in your minds, you will know for sure if you are riding on a correct tone or not.

Any strategy coupled with charts will help you out in planning your day. You will be able to change your strategy as soon as you see the pattern changing and another strategy will come in to play.

 

[gnsrikanth1986]

MY advise on day trading:-

If you are day trading with the cash margins provided by your broker.
make sure you have a cash pile equivalent to the intraday margin provided by the broker so that even if you are in loss,you can take delivery of those shares to sell for profit in the future.If you do not have the sufficient cash pile,NEVER NEVER get into day trading.
you will lose your capital for no reason at all.

and trade only in the nifty 50 and sensex 30 scrips. SEBI did not include the scrips on those indices for no reason.coz these scrips cannot be manipulated easily.

one more advise,regardless of the temptation,never trade in non-nifty or non-sensex scrips.....you will be taken for a heavy ride by the big fishes in the market.
because our markets are reputed for price manipulation and insider trading. which is still rampant.
a classic example is the EIH scrip couple of days ago

RIL made a surprise announcement in after hours that they acquired 14% stake in EIH.
on the market that day it was a clear case of insider trading where the price of that scrip went up by 10%.

the very next day the price came down by 10%.
I am talking about EIH, NOT EIH associated hotels.

 

[deadbrain]

Hi Friends

Attached is an excel sheet for calculating resistance-support levels.

All you need to do is fill previous day's high, low and closing value, and you will get R1, R2, R3 (resistance levels) and S1, S2, S3 (support levels).

Based on that you may plan/change your strategy while day trading.

Enjoy!!:clap: