Day Trading Stocks & Futures

[DanPickUp]

re: Day trading Nifty & Banknifty Futures

Dan,

Not familiar with this but if someone can start a thread on it, it will be informative.

ST

Done and will continue to do: http://www.traderji.com/derivatives/91787-new-dangers-we-face-trading.html#post922780

 

[Vertigo_1985]

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

IMO three things make a consistent profitable trader - suitable mentality, high probability trades and money management. You might be taking high probability trades but ur psychology and money management needs to improve.
Is there anyone forcing you to trade with 500 rs risk ? you are not taking lesser risk as more risk is giving you risk pleasure and it fulfills your need of at least making 1000 in a trade, you are forcing your wants on market, your focus is too much on end result. Focus on process and not on end results.

and mental stops !! let it for highly skilled traders with years of experience. I use market stop orders as i know i will be screwed if i try mental stops. Keep it simple and easy.

Start from basics, make a detailed plan and focus on process, trade cash market with lower risk and increase it gradually, later you can move to futures.

 

[Kabira 21]

re: Day trading Nifty & Banknifty Futures

Sir Smart Trade Dada,
I'm trading Swift.It works awesome in trending days..But dunno how to trade Range Days..I gave whatever I earned in sideways phase..

I used to trade Swift on Stocks..recently switched over to Futures.
(tried 30,60,21MA)..It catches the move kinda late..but you are almost there.

tell how to trade rangedays..

 

[bapu4]

re: Day trading Nifty & Banknifty Futures

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

Hi dear,
Since others are busy discussing trading method,I will try to answer your question.
See this 50% right and wrong is generally not in your hands if you are winning in that manner where is the question then?
See market never goes by your wish,its a game of probabilities,so if you are in right direction you have to give some space for the movement of price right!This movement may be morre than your stop loss ,so inspite of you being correct in the direction ,your s/l gets hit and you get helpless,so put a s/l at the lowest bar of that move if you are long and vice versa on a particular tf on which you trade,secondly then dont change the tf.See the market will not move as per your wish it moves its own ways.If you want to put a s/l of 50 paise,then you have to select a stock whose lowest pivot is only 50 ps away.I think that satisfy your query.
GBU

 

[TraderRavi]

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

very good trades explanation tilwa :thumb:

 

[TraderRavi]

re: Day trading Nifty & Banknifty Futures

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

 

[TraderRavi]

re: Day trading Nifty & Banknifty Futures

very good trades explanation tilwa :thumb:

Thanks to HEM and tillu for your charts with trades marked, I realised my mistake in chart , I waited for too long to go long , because my bias was on short side , but you both took long at right moment :thumb:

 

[TraderRavi]

re: Day trading Nifty & Banknifty Futures

And did you notice Ravibhai thread became a technical thread today unlike a politics thread.

yeah I really feel happy about it , guys contribute like this , charts , technical analysis stuff etc :clapping::clap::thumb:

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

NF - summary to right of chart

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

BNF - summary to right of chart