Going with the Intraday Mini-Flow!!

[rajendrani]

TOUCHWOOD, but this flow system actually does not require any technical analysis knowledge....
we just have to mark out the pivots and act accordingly... just have the rules printout page in front of you, and keep booking part-profits (as per one's comfort - even Pakatil shared his idea), that's it....
even if one can only take 1 lot of nifty, then I would advise him/her to trade with 2 or 3 lots of Mini Nifty.... this will enable to partly book profits & the position risk remains the same...

infact, today I am making my wife trade as per this system (though the bullish oversold conditions were apparent to me, that's why i took that "risk" ), and she's quite happy with the result....
Bad news: Pakatil & columbus, now I'll really have to go to school to drop & pick up my son....

tsunil4u, I was trading with only 1 lot of nifty today, but as you said about mini nifty can you please tell me more about it.

Till last week I was trading hdfcbank scrip and was using the same methods and rules which were using for nifty but with hdfcbank I was using the filter as 6.

I would also like to ask all the seniors over here,
I had actually learned a lot and had started make good money out of this and my position sizing is growing day by day, I have been following the same rules and had been only profiting. I recently left my job and thats the reason I was able to give a lot of time for this, but now, I am getting a feeling that I should take it as full time profession.
I had spoken to my family members about this they are very mad at me, I spoke to one of my friend who is also a stock broker even he says that no its not possible to earn money in daytrading. I am very confident that with this methodology I will definately make money.
Seniors please advice as I had asked many other stock brokers too and they all had said no to daytrading, should I continue or just look for another job. I am really liking this job. 5 day work and two days off. wow.

 

[zakirhusain]

tsunil4u, I was trading with only 1 lot of nifty today, but as you said about mini nifty can you please tell me more about it.

Till last week I was trading hdfcbank scrip and was using the same methods and rules which were using for nifty but with hdfcbank I was using the filter as 6.

I would also like to ask all the seniors over here,
I had actually learned a lot and had started make good money out of this and my position sizing is growing day by day, I have been following the same rules and had been only profiting. I recently left my job and thats the reason I was able to give a lot of time for this, but now, I am getting a feeling that I should take it as full time profession.
I had spoken to my family members about this they are very mad at me, I spoke to one of my friend who is also a stock broker even he says that no its not possible to earn money in daytrading. I am very confident that with this methodology I will definately make money.
Seniors please advice as I had asked many other stock brokers too and they all had said no to daytrading, should I continue or just look for another job. I am really liking this job. 5 day work and two days off. wow.

As all seniors are tired and gone to rest, this junior have chance to advice

As you already left your job and making money from this system, Trading fulltime is good idea if you get more profit then the job.

Go for full time trading and dont join job till your calender month ends with
loss or small profit.
sorry for poor egleeeshhh.

 

[musicjunkie]

rajendrani Dont let ANYONE tell you what you can or cannot do. My blood boils when i hear people saying things like that.
Although I am nobody to tell you to leave your job or not, I think when the time comes you wont need to ask anyone, you will just quit one day. there are many fulltime traders here, ST, MB being some of them

Iv been lucky not to have gone through this phase.

Good luck!
MJ-

 

[rajendrani]

rajendrani Dont let ANYONE tell you what you can or cannot do. My blood boils when i hear people saying things like that.
Although I am nobody to tell you to leave your job or not, I think when the time comes you wont need to ask anyone, you will just quit one day. there are many fulltime traders here, ST, MB being some of them

Iv been lucky not to have gone through this phase.

Good luck!
MJ-

Thanks MJ for your supporting thoughts.

 

[rajendrani]

As all seniors are tired and gone to rest, this junior have chance to advice

As you already left your job and making money from this system, Trading fulltime is good idea if you get more profit then the job.

Go for full time trading and dont join job till your calender month ends with
loss or small profit.
sorry for poor egleeeshhh.

Well I have traded 12 days using this technique and I had made profit all the 12 days, its a fool proof method, cant go wrong with this one if followed properly. So I am confident that I will definately go with big profit and the end of the month.

 

[zakirhusain]

rajendrani Dont let ANYONE tell you what you can or cannot do. My blood boils when i hear people saying things like that.
Although I am nobody to tell you to leave your job or not, I think when the time comes you wont need to ask anyone, you will just quit one day. there are many fulltime traders here, ST, MB being some of them

Iv been lucky not to have gone through this phase.

Good luck!
MJ-

Dear MJ-,
Rajendrani already left his job, so no question to advice for leaving the job.
I never advice to leave job for fulltime trading. whats wrong if he earns more by trading then the job. Let him try....The job not going anywhere, he can join later....

beg if hurts....

 

[Sunil]

tsunil4u, I was trading with only 1 lot of nifty today, but as you said about mini nifty can you please tell me more about it.

The lot size of normal Nifty Future (NF) is 50, while in Mini Nifty Future (MiNifty), one lot size is 20.

So, when u initiate a position, and looking at the stop loss level, if your risk/money management system does not allow you to take more than 1 lot (50) of NF, then I would suggest to take position with 2 or 3 lots of MiNifty...

2 lots=40
3 lots=60
+/- 10 than NF.... not a great difference.

So, basically, you'll have the same risk profile with 3 lots MiNifty as compared to 1 lot of NF.
Secondly, in intraday trading, regular profit-booking is advisable... one is not here to acknowledge a system, or make posts here in such forums - but to make money. And for full time traders, intraday trading is like bread-n-butter. If u enter long at 3200 with stop at 3180, and if it goes till 3300 and comes back and hits your trailing stop of 3240, then how would u feel.... this is just an illustration, and being a regular intraday trader, this situation happens (as it is, one never knows how the day will turn up - everyday is not like today; a trend reversal day).
So, I always feel comfortable when I book out part-profits at known key levels, and I would also like to go with my / system's trailing SAR. For this reason, one should have more than 1 lot - for newcomers/paper traders/ new systems trials, etc, MINIfty comes very handy.
Atleast, even if just want to test waters, you may even start with 1 lot of Minifty (=20)

But, remember, at end of the day, it's not how much nifty points u collected/travelled, it's how much you made MONEY out of it... this is not a hobby/easy route.... if u want to make it your profession, you'll have to treat it professionally.... At EOD, one can easily say: oh, wish i would have done this or that.... NOPE, no room for this; day over - remember your mistakes/omissions, but see to it, that it's not repeated. EVERYDAY IS NOT THE SAME DAY. In jobs, one's work is fixed & clear - not here.

Thankfully, Saint Sir's system is such that one need not anticipate things, and worry about hitting SAR - it might be the start of another trade, which may turn out to be more profitable than the earlier trade.
Try out for few weeks, before you decide about your career. It's not just hard work & patience, but also discipline & trying to keep "I" out of the trade... One shouldn't try to prove the market is wrong, or "I" am right.... go with what you r seeing on the trading terminal & the foremost -THE PRICE CHART.

 

[Sunil]

similiarly, if u wanna trade with 2 NF (=100), u may go with 5 MiNifty (also =100)....
this is only if u want to book part profit at key levels, and at the same time, be with the system's flow....

purely subjective & as per one's comfort

 

[vpsarathy]

similiarly, if u wanna trade with 2 NF (=100), u may go with 5 MiNifty (also =100)....
this is only if u want to book part profit at key levels, and at the same time, be with the system's flow....

purely subjective & as per one's comfort

tsunil4u,

Very logical, sensible and an extremely positive advice given to a newcomer. Congratulations.

vps

 

[Prabhjeet]

similiarly, if u wanna trade with 2 NF (=100), u may go with 5 MiNifty (also =100)....
this is only if u want to book part profit at key levels, and at the same time, be with the system's flow....

purely subjective & as per one's comfort

Sunil I think its a very logical idea for a trader with smaller capital to use Minifty but if anyone can afford Nifty futures then he better trade them only. I myself had started trading with Minifty but the spreads are a bit larger and there's scantier volumes , so there are chances of getting bad fill prices for stoplosses & adds.

Plus in really volatile times Minifty usually goes down/up leaving many orders unfilled