Does day trading give a large profit!!

[FERRO]

1.) Day trading does give a large profit provided you are NOT trading with your emotions,

2.)Accept loss as a part of trading session

3.)Never try to average the position it will only make matters worse. if you are making a loss try to get out of the trade ASAP by paying little loss instead of waiting for the position to turn up in favour for you, ultimately making a huge loss for that day.

4.) Never trade without a target its like crossing the roads blindfolded.

NEVER Expect to earn millions in a day ! build your wealth by booking small profits, rather then paying for huge losses.

LAST THING don't BLAME on LUCK or anyone around you if made a huge loss, try to accept losses the same way you love profits.

 

[iTrade]

My experience in day trading so far can be summarized by only one word -DISCIPLINE

-You need discipline to set targets
-You need discipline to maintain a stop loss
-You need discipline to stick to a trading strategy
-You need discipline to stay away from greed and fear
Talk of any golden rule in intraday trading and it eventually boils down to discipline.

 

[sanjay1876]

1.) Day trading does give a large profit provided you are NOT trading with your emotions,

2.)Accept loss as a part of trading session

3.)Never try to average the position it will only make matters worse. if you are making a loss try to get out of the trade ASAP by paying little loss instead of waiting for the position to turn up in favour for you, ultimately making a huge loss for that day.

4.) Never trade without a target its like crossing the roads blindfolded.

NEVER Expect to earn millions in a day ! build your wealth by booking small profits, rather then paying for huge losses.

LAST THING don't BLAME on LUCK or anyone around you if made a huge loss, try to accept losses the same way you love profits.

Of course you can trade without a target but never without a stoploss. Actually using trailing stoploss is better way to book profits but people rarely use it. I've seen many people who do not understand Stop Loss properly hence make losses. Actually its same as everywhere; you must love to trade and you must have minimum aptitude(i.e brains). You can make profits.

 

[veluri1967]

Venturing into Day Trading with actual money is very dangerous unless one is very rich enough.

Why for common people to loose money learning day trading?

Try this link brother..... where you have 50,000 in demo a/c. Tell me your result after 100 trades, if you are not blown out before that.

I have blown out 2 a/cs already. That is lost 1,00,000 already. In the first demo, my a/c grown from 50,000 to 82,000 and later blown out.

In the second demo, my a/c grown from 50,000 to 1,42,000 and blown out.

Ofcourse, there were lot of lessons learnt.

http://www.traderji.com/day-trading/39334-cute-day-trading-simulator-50-000-demo-c.html#post420841

 

[FERRO]

Venturing into Day Trading with actual money is very dangerous unless one is very rich enough.

Why for common people to loose money learning day trading?

Try this link brother..... where you have 50,000 in demo a/c. Tell me your result after 100 trades, if you are not blown out before that.

I have blown out 2 a/cs already. That is lost 1,00,000 already. In the first demo, my a/c grown from 50,000 to 82,000 and later blown out.

In the second demo, my a/c grown from 50,000 to 1,42,000 and blown out.

Ofcourse, there were lot of lessons learnt.

http://www.traderji.com/day-trading/39334-cute-day-trading-simulator-50-000-demo-c.html#post420841

The link you gave is US based what we need is something similar like
http://moneygame.rediff.com/

Which is based on BSE you can DO intraday exactly the same way you trade in real money. virtual money is 1Lac Rs. all the scores get reset at month end
Also you can compete & challenge with other virtual intraday players.

 

[prst]

to be a successful day trader,

1. you need to have sharp reflexes, and act/decide v. fast.
Even a small hesitation in executing the order, may mean a substantial loss.

2. always have a set amount of loss, for which you are prepared to take.
for example, I always do a loss booking when my loss for a trade goes beyond 200 rs.

3. Similarly set a margin for amount of profits ur expecting. dont be greedy and exit as soon as ur profit limit is hit.

4. never trade on the market order. Always set fixed limit order. If it doesn't execute, dont enter such trade.

I find day trading is very addictive, even though it doesnt give as much profits as F&O .

 

[kannamthanam]

My experience in day trading so far can be summarized by only one word -DISCIPLINE

-You need discipline to set targets
-You need discipline to maintain a stop loss
-You need discipline to stick to a trading strategy
-You need discipline to stay away from greed and fear
Talk of any golden rule in intraday trading and it eventually boils down to discipline.

absolutely.....you have spelled out the holy grail.....

the experience of traders who win for some time and then blow out is a classic case of loss of discipline.....once you have developed a winning routine it takes discipline to stick to it .....without giving into the temptation to try to improve the system either out of boredom or greed.....once you develop a winning routine....it is almost boring to go through the motions every trading day.....patiently waiting for your pattern or set up to come, execute the trade etc......the human nature is fickle and loves change , would like to try different things and also you want to improve your score very fast.....these temptations generally result in self sabotage that results in blow outs.....it is a slow and steady grind to become a winning daytrader.......it may not match with the general image of fast action and playing for high stakes that is associated with daytrading.......one of the key factors is that the profit from a single trade will not be large.....in fact the risk in one trade should be small enough for your comfort level and the return would be proportionate to the risk......the large profit accumulates almost by default over a large number of trades as you keep on taking trades with discipline !

 

[veluri1967]

The link you gave is US based what we need is something similar like
http://moneygame.rediff.com/

Which is based on BSE you can DO intraday exactly the same way you trade in real money. virtual money is 1Lac Rs. all the scores get reset at month end
Also you can compete & challenge with other virtual intraday players.

Bro....

Just quote a site of indian origin where I can practice day trading 24X7.

cause I am employed full time.... i can practice off market hours only.

thanks in advance

 

[Subhadip]

yes of course day trading is dangerous.......well if you think about it walking on the road may be dangerous....if you don't keep your eyes open and follow the rules that pedestrians are expected to follow......or say think of working with electrical gadgets....it can be dangerous to someone who does not know the principles behind it or how those things function.......but for someone who has acquired the skill it is just routine work.....same with day trading.....successful traders have developed methods that suit their temperament - basically a system that would define your entry point/ exit point - both in profit and in loss/ and the trade size or risk assumed .....then it would require disciplined practice for quite some time before a daytrader reaches the level where watching the intraday chart he would recognise a trade set up automatically and all those entry/exit/stoploss/tradesize values would just come up without thinking about it- you concentrate on a few of the most liquid scrips to trade and do this over and over again......that is when you can trade "in the zone".....when you are able to trade without fear and greed and your net profit graph would show a higher high higher low pattern.............generally you should reach that level in a year or so ....if not, better quit daytrading..... as otherwise you would be risking ruin !!

thank u ........................

 

[TraderRavi]

1.) Day trading does give a large profit provided you are NOT trading with your emotions,

2.)Accept loss as a part of trading session

3.)Never try to average the position it will only make matters worse. if you are making a loss try to get out of the trade ASAP by paying little loss instead of waiting for the position to turn up in favour for you, ultimately making a huge loss for that day.

4.) Never trade without a target its like crossing the roads blindfolded.

NEVER Expect to earn millions in a day ! build your wealth by booking small profits, rather then paying for huge losses.

LAST THING don't BLAME on LUCK or anyone around you if made a huge loss, try to accept losses the same way you love profits.

VERY WELL SAID...:clapping: