Going with the Intraday Mini-Flow!!

[Sunil]

Entry is with 2 Lots. One for Scalping and another for Flow. If the Trade goes in favor, Scalping is whimsical. 50 points or Initial SAR quantum or 100/125 points when I see huge momentum.

Cheers

Part profit booking has been accomodated in this system. Saint sir has clearly mentioned how & where he looks to part book.
Pakatil has been more enterprising with his target/level for booking partly...

But, what if, we would have followed the system fully, and don't even book partly.... only as per SAR or at closing time....
Here's the result, taking Pakatil's trades...

Hence, for those whose risk appetite is less (as per SAR level) or one wants to first test waters or have a feel of this system, AND if more than 1 lot of NF is not possible, then in such case 2 or 3 lots of MiNifty is advisable.
I, myself, trade this sytem using MiNifty.... with this arrangement, I can carry on my normal scalping/regular intraday Nifty trading with NF....

Again I repeat - this is subjective and as per one's comfort. At EOD, your NET PROFIT counts, and nothing else...

 

[orderflow13]

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.

i wish you all th best and welcome you i our fraternity.
p.s. make it sure you entering with enough capital

 

[Sunil]

My 2 cents for day traders

Be extremely careful of what you pay your broker. Let's say you make 50 points on one lot of nifty with one trade in the day. Profit is 2500 without counting brokerage. Brokerage will vary from Rs. 200/- to Rs. 500/- for one lot (round trip). That will reduce your effective profit by 10-20%. More trades you do in a day to get the 50 points, the more easy for you to go broke and your broker to get rich.

If you are serious about day trading negotiate a good rate for brokerage. I used Geojit earlier but it turned out to be expensive for day trading - although it is cheaper than other brokerages.

Recently moved to RK Global. Found them good and extremely cheap. My experience has been good so far with them BUT have traded only for 2 weeks as of now.

Nitin

yaar Rs 200 should be the max.... Rs 500 is killing...
My broker is Religare, and my total cost (brok + taxes, etc) comes to Rs 125 per lot of NF (for one round ie buy+sell)... and this plan is universally available.... no need of any bargain... just that same old advance brokerage (which i fully recovered within 1 month, else normal time limit is 12 months)...for 12 months, my rate remains fixed at 0.015%
NOTE: obviously, u have to be a full time trader...

 

[musicjunkie]

Very informative posts by Pakatil and Tsunil past few days....
Great work ....learn't something from you guys....Keep posting.

MJ-

 

[Sunil]

Very informative posts by Pakatil and Tsunil past few days....
Great work ....learn't something from you guys....Keep posting.

MJ-

MJ,
let's say this is an exchange program between students of Asish Da & Saint Sir


Aap kuch humein sikhaao,
Aapse kuch hum sikhein

But yes, I must put the onus on YOU totally - - after seeing your attempt for bringing this flow concept for intraday trading in your thread (5min), a thought must have surely crossed Saint Sir's mind to devise such a system for intraday trading... just TF has been changed as per his extensive R&D

 

[vpsarathy]

tsunil4u,

I too found pakatils method of taking home 50 pts on 1 lot as soon as you get it. This leaves us with 1 lot only. The Rs 2500/- you gained acts as a buffer against any losses one may encounter later in the trade. Or else it simply adds to your profit.

I tried today and it was successful. MY MM doesnot permit me to trade more than 1.7 lots or 2 lots.

I think these 50pts profit you book along with minimisation of losses in Saint's method will leave every one smiling at the end of the day

vps

 

[Sunil]

tsunil4u,

I too found pakatils method of taking home 50 pts on 1 lot as soon as you get it. This leaves us with 1 lot only. The Rs 2500/- you gained acts as a buffer against any losses one may encounter later in the trade. Or else it simply adds to your profit.

I tried today and it was successful. MY MM doesnot permit me to trade more than 1.7 lots or 2 lots.

I think these 50pts profit you book along with minimisation of losses in Saint's method will leave every one smiling at the end of the day

vps

but then, one should not be upset, if, after booking partly at 50pts, it goes further and gains total 100 points....
for intraday trading, i have realised that u should have a cool mind, and mind is cool only if your stomach is full (with some partly booked profits)....
Try to be content, cool & above all, be with the SYSTEM FLOW... your mind & stomach should not act as dams for this "flow"

 

[rkkarnani]

And yes one more thing, I have never traded less than 10 mini lots, so execution becomes a problem sometimes when I reach 18-20 lots

Mini is not for people trading 10 lots!!! Its suitable for people trading 3to 6 lots of mini!!!
Why at all should you trade 200 Nifty in 10 lots of mini, why not 4 lots of Nifty!! ??? And graduate to 8 lots instead of 20 lots of mini!!!

 

[rajendrani]

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.

Thanks buddy for the detailed answer
Rajendrani

 

[musicjunkie]

MJ,

But yes, I must put the onus on YOU totally - - after seeing your attempt for bringing this flow concept for intraday trading in your thread (5min), a thought must have surely crossed Saint Sir's mind to devise such a system for intraday trading... just TF has been changed as per his extensive R&D

Wow, if that really happened, im glad that we now have a good daytrading system.
I guess if that 5min thread never came about we would have never seen this beautiful method , the miniflow, Saint is great!
(We all know that, kinda cliche now)

Its been fun seeing pivots on 5min and trading them and now the 30min/15min....big transition, also a profitable one

MJ-