Day Trading Stocks & Futures

[DanPickUp]

re: Day trading Nifty & Banknifty Futures

Some of strategies work at certain times and at other times they don't. An other point to never forget. Those who forget that are landed earlier or later on the ground where there is nothing left. Take care / DanPickUp

 

[a1b1trader]

re: Day trading Nifty & Banknifty Futures

Hi friends

As many of you are trading in BANKNIFTY,
so just for information.

Today, developed a bullish wolfe wave (+ww) in BANKNIFTY daily and 60 minute tf with target around/above 11750.

Take care

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[Tlahuicole]

re: Day trading Nifty & Banknifty Futures

Thanku very much for ur prompt & compprehensive reply...
I think I will experiment with those methods....& will use which best suit for me..

but there is another confusion in my trading....I generally trade stock futures.I choose 5 stocks every morning .& mostly which has lot of 500 or 1000...& my object is to get quick 1000 per trade ..means 1 or 2 rs appreciation on each trade...so my reward is very low ..so I cant take big risk...so my mistake is i dont put sl on system...i put 500 rs stoploss in my mind..but if scrip doesnt go instantly in my direction..& whipsaw 500 rs( 1 point or 0.5 point scripwise) easily..& then it goes in my direction..my entries are 90% times right & at right direction..but i has to bear loss..as market take my sl & goes in my direction..
I know this way is not right..but what to do? my psychology doesnt allow me to take big losses..so I couldnt take wide sl..
as I know,I should put sl on any minor pivot low...but I dont have himmat to put my sl there...as my target is very low..so R:R Ratio is not favourable...

please put light on this..& ST da & other senor members please help me in it..
please give ur suggestion on this...
thanks again

This is a dangerous way to day trade and you are not following a golden rule. If this is scalping then its ok but I don't see what is your risk if its scalping? Scalping is highly stressfull buddy, until you start trading full time and are confident dont scalp. Market taking your sl is another issue, if you are not putting your sl behind some technical barrier it will surely take your sl because thats the way market works, collect as much amount as possible before going to next level.

If you are not comfortable with big SL's dont take them wait for a profitable set up to jump in front of you, I would suggest you to trade on 1 min charts with MA60 line as 5 min charts have some wide SL, but fewer trades whereas 1 min charts have narrow sl but lots of trades.

Try this for some time in paper trading then back test the same. Swift is an awesome method but its performance varies from person to person as per their belief, since you are not comfortable please go to lower tfs.

 

[Tlahuicole]

re: Day trading Nifty & Banknifty Futures

Got a few pms asking how to trade with MA line, I am not a pro in trading, my system works only at trendy days, however I am working very hard to find out ways to filter out sideways and consolidation periods as if we are able to find out I believe we can use seperate system to trade ranges. Trading with MA line is the advice given by ST and already idea provided in his TDST thread. I will post my trades. Every day I trade first trade in 1 min chart and latter mover to 5 min charts after 10 AM,but as that might be confusing, I will post from my next trade for today.

Red line - short
Pink line - cover
Green line - Long
Yellow circle - SL

 

[niftytaurus]

re: Day trading Nifty & Banknifty Futures

Your trading reminds me of a real life example of one of my trader friends. He was a dare-devil and he will sell/buy 10000 no of shares and his profit target used to be just 0.50 or 50 paise...so if he makes 50 paise it used to be Rs 5000 and that used to be in less than a minute. He would always tell me..." yar Rs 5000 in less than a minute is not bad....." I told him that I can mathematically prove that you will go bankrupt. How ?? Asked him if the trade goes against him then how much he will loose....he said hmmm may be 3 or 4 Rs ...then I told hin that suppose you do 10 trades...70 % of them is right...so @ 0.5 you collect 3.5 x10000 =Rs 35000 on your successful trades and on 3 loosing trades you loose 3x3x10000= 90,000....and we are taking 70 % success rate which is very high and not considering brokerage taxes etc.....so you make 35000 on right trades and loose 90000on wrong trades in every batch of 10 trades...and it is mathematically certain thet you will soon go bankrupt......

Same thing happened..he actually went bankrupt and had to sell many of his assets to fund the continuing losses.....finally gave up trading................
This is a real example....

Smart_trade

Dear ST Da
Thank u very much for ur reply..I know thats what I am doing is wrong & thats my problem..thats y I am asking for solution in forum...

When I trade, I dont keep losses at 2000 or 3000..my fixed loss is 500 rs & my fixed target is 1000 rs...if market go further in my direction..i dont take further profit..I exit at 1000 rs...& moved to another opportunity in another scrip ...
my assumption is that if i lose 500 rs when I lose & I get 1000 rs when I profit...so if I win only 50% time...if i take 10 trades..5 are losses....means 5*500=2500 rs loss... &when win 1000*5 = 5000...2500 rs net profit...

I know that my method has problem ....& its not according to trading rules...But thats y I called Novice ....so I also want to do trade with proper rules..thats y i put my problem in forum....please help me to do so ..so I can improve my trading & change bad trading habits..
thanks

 

[sudoku1]

re: Day trading Nifty & Banknifty Futures

today plus not minus

Do not take life 2 seriously. u will never get out of it alive :-D

 

[TradeJoker]

re: Day trading Nifty & Banknifty Futures

Do not take life 2 seriously. u will never get out of it alive :-D

Do not watch CNBC when trading, watch Animal planet.

 

[DanPickUp]

re: Day trading Nifty & Banknifty Futures

Do not take life 2 seriously. u will never get out of it alive :-D

Very well told and the sad true.

 

[DanPickUp]

re: Day trading Nifty & Banknifty Futures

Got a few pms asking how to trade with MA line, I am not a pro in trading, my system works only at trendy days, however I am working very hard to find out ways to filter out sideways and consolidation periods as if we are able to find out I believe we can use seperate system to trade ranges. Trading with MA line is the advice given by ST and already idea provided in his TDST thread. I will post my trades. Every day I trade first trade in 1 min chart and latter mover to 5 min charts after 10 AM,but as that might be confusing, I will post from my next trade for today.

Red line - short
Pink line - cover
Green line - Long
Yellow circle - SL

There are so many threads here in the forum about how to trade that simple MAs, so why do people even post to you? MA = Holy grail = ??? = Hmm

 

[Tlahuicole]

re: Day trading Nifty & Banknifty Futures

There are so many threads here in the forum about how to trade that simple MAs, so why do people even post to you? MA = Holy grail = ??? = Hmm

Not sure Danbhai, I was even surprised . But I have heard sometimes traders mention MA21 as holy grail even ST had mentioned once.

This MA system is prone to whipsaws too that is the sad part :|, but haven't come across any other system that can avoid whipsaws yet, so following this only so far, lets see how it goes .