Day Trading Futures

[VJAY]

Dear friends,
Any one using web charts of investbulls &icharts on android moblie phones?if so please share your experience with it here...i too need chart on move

 

[Smart_trade]

Finally you confess it........A true traders always have TARGET.......earlier you deny it.....:clapping:

You are mixing up.Every trader has analyst and trader in him. As analyst,one always thinks of probable extent of any move,how high or low it can go but as a trader, I dont go by targets..meaning that even though I as analyst was anticipating move upto 7500-7600 but if the market did not go to that level and started drifting down from say 7200 and if there is a sell signal on the system, I will liquidate all long positions and go short.As a trader I will not have any targets and will not wait for any target level to come to initiate any action.

Now though I am bullish in medium term...but as a trader I will not hold the long positions and wait in the hope that market will eventually go up.I will buy again when the market starts going up but as long as it drifted down, I shortsold yesterday as daytrade and covered the short positions in the end. If on Monday market shows weakness , will short again...if shows strength, will buy....so no targets in trader mode Analyst mode says that the market is taking correction but fundamentals have improved and we are in a long bull market...but trader says,so it be ,but if the market is going down in correction, let me short and make money....and when the upmove starts...we will buy again and make money on way up, why be on opposite direction of the market ? This works much better for me ,than holding long positions in eternal hope of hitting the targets....

Smart_trade

 

[amitrandive]

You are mixing up.Every trader has analyst and trader in him. As analyst,one always thinks of probable extent of any move,how high or low it can go but as a trader, I dont go by targets..meaning that even though I as analyst was anticipating move upto 7500-7600 but if the market did not go to that level and started drifting down from say 7200 and if there is a sell signal on the system, I will liquidate all long positions and go short.As a trader I will not have any targets and will not wait for any target level to come to initiate any action.

Now though I am bullish in medium term...but as a trader I will not hold the long positions and wait in the hope that market will eventually go up.I will buy again when the market starts going up but as long as it drifted down, I shortsold yesterday as daytrade and covered the short positions in the end. If on Monday market shows weakness , will short again...if shows strength, will buy....so no targets in trader mode Analyst mode says that the market is taking correction but fundamentals have improved and we are in a long bull market...but trader says,so it be ,but if the market is going down in correction, let me short and make money....and when the upmove starts...we will buy again and make money on way up, why be on opposite direction of the market ? This works much better for me ,than holding long positions in eternal hope of hitting the targets....

Smart_trade

Fantastic Smart_trade Sir
:clapping::clapping::clapping:

Some excerpts from an article I read

There is a huge difference between being a trader and being a market analyst.

Analysts are paid by being right. On this basis alone I am not smart enough to be an analyst. Traders are paid by managing risk. These two skill sets are a world apart. In my experience, people who try to be traders by being analysts usually lose their grip at both ends of the rope.

An analyst will be judged negatively by poor market calls. When wrong, a trader closes the trade and moves onto the next opportunity. Hopefully, little harm done! Being wrong is a fundamental assumption for a trader.

Analysts study industries, companies and economic conditions. Traders, at least most traders, study price and could care less what company the price represents.

Analysts – even technical analysts – become heavily vested in the rightness of their opinions. Analysts gain reputational equity based on their correct calls. Traders become economically vested by what they do with their losing trades. Traders gain capital equity based on their handling of losing calls.

When an analyst changes an opinion on a stock or the general market, it is called a “revised forecast due to changing fundamentals.” When a trader changes an opinion on a trade, it is called “flexibility for capital preservation and survival.”
One of the mental hurdles a novice trader must get past is the connection between being right on a market and making money in a trading operation. The two are disconnected. It is hard to explain this concept to a non-combatant, but all front-line soldiers reading this blog posting know exactly what I am talking about.

Trading is not for you if you have some pride of ownership in forecasting prices. If this is you, find a diet not consisting of buy and sell orders. Heck, perhaps you can find a job as an analyst.

 

[Smart_trade]

Fantastic Smart_trade Sir
:clapping::clapping::clapping:

Some excerpts from an article I read

Good article Amit, very very true in trading...


Smart_trade

 

[Smart_trade]

Fantastic Smart_trade Sir
:clapping::clapping::clapping:

Some excerpts from an article I read

One of the mental hurdles a novice trader must get past is the connection between being right on a market and making money in a trading operation. The two are disconnected. It is hard to explain this concept to a non-combatant, but all front-line soldiers reading this blog posting know exactly what I am talking about.

Very important for traders. One has to read these lines and understand the meaning to succeed as a trader.

Smart_trade

 

[Smart_trade]

I will give you an example from my own trading career. When I was a new trader, I was a very hard working analyst...I used to analyse markets,charts...monentum,RSI,Stochastics,price action, Dow Theory, Gann, EW waves counting, Demark ,channels and I used to do briillant analysis ...but I was a loosing trader because after doing this analysis,I used to get attached to my market view,targets and refuse to give importance to what the market is doing and I was not giving importance of Reward/Risk in any trading decision....now after so many years, I am a much poorer ( lazy also) analyst but much better trader now....

ST

 

[manishchan]

Dear friends,
Any one using web charts of investbulls &icharts on android moblie phones?if so please share your experience with it here...i too need chart on move

Not sure about icharts. But webchart of IB doesn't work on android mobile or tablet. Reason is that these phones/tabs do not support java which is required for the charting.

ichart may also have the same issue coz they also run the chart on Java.

 

[amritak1952]

dear sir,
a very good advice but no a days market is so volatile it is become impossible to judge the trend beside this there are lot of gap up/down movement in some individual scrip.it look like market will consolidate for some time may be till next allocation of charges in different ministries and thereafter clear trend will be vissible yes there are plenty ofchances for expert day trader to make money but that depend on individual way of working. This is my observation i may be wrong pl correct me

amrit

 

[OMSAI]

You are mixing up.Every trader has analyst and trader in him. As analyst,one always thinks of probable extent of any move,how high or low it can go but as a trader, I dont go by targets..meaning that even though I as analyst was anticipating move upto 7500-7600 but if the market did not go to that level and started drifting down from say 7200 and if there is a sell signal on the system, I will liquidate all long positions and go short.As a trader I will not have any targets and will not wait for any target level to come to initiate any action.

Now though I am bullish in medium term...but as a trader I will not hold the long positions and wait in the hope that market will eventually go up.I will buy again when the market starts going up but as long as it drifted down, I shortsold yesterday as daytrade and covered the short positions in the end. If on Monday market shows weakness , will short again...if shows strength, will buy....so no targets in trader mode Analyst mode says that the market is taking correction but fundamentals have improved and we are in a long bull market...but trader says,so it be ,but if the market is going down in correction, let me short and make money....and when the upmove starts...we will buy again and make money on way up, why be on opposite direction of the market ? This works much better for me ,than holding long positions in eternal hope of hitting the targets....

Smart_trade

I don't want argue in this matter because it may hurt your blind fans .....(I am also your fan but not blind...) ......

 

[Somatung]

You are mixing up.Every trader has analyst and trader in him. As analyst,one always thinks of probable extent of any move,how high or low it can go but as a trader, I dont go by targets..meaning that even though I as analyst was anticipating move upto 7500-7600 but if the market did not go to that level and started drifting down from say 7200 and if there is a sell signal on the system, I will liquidate all long positions and go short.As a trader I will not have any targets and will not wait for any target level to come to initiate any action.

Now though I am bullish in medium term...but as a trader I will not hold the long positions and wait in the hope that market will eventually go up.I will buy again when the market starts going up but as long as it drifted down, I shortsold yesterday as daytrade and covered the short positions in the end. If on Monday market shows weakness , will short again...if shows strength, will buy....so no targets in trader mode Analyst mode says that the market is taking correction but fundamentals have improved and we are in a long bull market...but trader says,so it be ,but if the market is going down in correction, let me short and make money....and when the upmove starts...we will buy again and make money on way up, why be on opposite direction of the market ? This works much better for me ,than holding long positions in eternal hope of hitting the targets....

Smart_trade

Hi Smart_trade

Very good post :thumb: and nothing else. Arguing is not needed, just an add surely can be done or some adds. If a trader is successful with his target trading, then there is nothing wrong in it. I traded for a long time options only on pure STDV on bigger time frames (At least one day to even one month and more), which is fixed target and range trading. There was nothing wrong with it, expect it is in many cases wait and hope the target must be reached or not reached, depending on the option strategy used.

In the mean time I use other, much more flexible and dynamic options and hedge strategies, so the fixed target and fixed range trading is moved a bit into the background, even still used to get certain ideas at certain levels in any market. Still: Today many option traders do trade purely on such mathematical tools and are happy with it. They even consider it as the holy grail and the absolute wisdom in option trading. Each personals choice.

And now repeating a bit what you posted, just with my words: In pure intra day trading, this kind of having one fixed target and nothing else, is in my view a difficult task, even I have certain ideas how far a market should move intra day, even under normal conditions (means normal volatility of the underlying). But also this depends finally on the system and strategies each individual traders has created for his trading in his zone. In intra day trading it surely makes sense to have more then one target, even I frankly spoken prefer to define ranges on any daily chart. But here we come again into what kind of system some body trades or created for him self.

Using options and futures in trading, the various way to combine them gives even more flexibility to any system any body wants to trade with out fixing his targets in advance. But as told: There is nothing to argue about it, as argue sounds always like: I am right and you are wrong. Just personal choice.

Have a nice weekend and take care