Is Daytrading dangerous?

[loosingstreak]

The very fact that you are not sure about it says its a sure fire recipe for disaster.

Why don't you step back and re-evaluate.

Just a suggestion ofcourse.

 

[uasish]

You are right from your view point,after 7 yrs in the Mkt for each day ,this Intraday part is yet not being crossed by me successfully ,consistently ,& this time i am more equiped.
There are lots of people doing it consistently like jdm ,savanth,jesse,aloke etc etc.It is not impossible ,i will have to conquer my SELF only.
I have done lots of Intraday in past ,before my "Unlearning process" started,now only my own Black Box ,situated over my Medulla Oblongita has to be Conquered.

 

[biyasc]

My problems after i swithced to 5 mins Time-Frame:=
r/r ratio in 5mins time-frame.(got accoustomed to get 1:4 in Swing studying EoD charts)
Was trading with 1min PIB ,equipped with all level's derived from EoD,even Scrip was pre- selected by EoD explorations.
Now in 5min Metastock live periodical explorations of "Short only System" brings out 1 to 2
scrips in f&o .Instantly have to decide ,which trade to take becoz of shortage of fund can
take only 1 contract position.The psyche is built such that until if i look at a chart for atleast 5mins cant decide instantly.In the mean time after say another 15mins a new exploration throws another few set of scrips.Now the irritation starts,which one to choose,again my normal in built mechanism instinctly guides me to look at EoD charts for weakness,amongst those scrips.By this time the no trades taken but the 1st one falls for 0.5% when the 2nd one follows suit also ,then starts desperation to trade.
Here the r/r ratio warns me not to trade NOW,after already 0.5% fall.Then after 1 or 1.5 hrs
any new stock ,given by new exploration take a trade (blindly) ,here any upswing from my entry price (though below SL) ,starts tremendous urge to cut the position below SL ,(becoz of no conviction which happened for not looking at the chart properly).
Few of my long time traders friend came yesterday evening,i called them,they advised to transfer another 30k to indiabulls a/c over my initial trading capital in this new venture,for continuous ,in a row 10trades loss,as my robust back-test of this system has shown max in a row 7 trade loss.
What do you suggest.

hi asish,

as per my small 4 years experiences, successfull day trading is not possible with lots of charts/indicators. one's brain will become jelly after reading lots of confusing data from their charts. understanding of open/high/low (during market hours) is needed to be a successful day trader. (i may be wrong).

 

[Ajax]

Dear asish

Let me recount famous Mahabharta incident... After Abhimanyu was 'murdered' by the Kauravs, Arjun took a pledge that he would kill Jayadratha the next day before sunset or
else will commit harakiri... Lord krishna wasn't pleased ... He told Arjuna.. now your focus will be on tracking the sun (time) and not the battle i.e. your goal...

Is day trading not similar to this? You put limit to time available to you to achieve your goal. Arjuna almost went to the fires but for Lord Krishna's devine intervention.
If u dont have powerful resources ( a.k.a. Lord Krishna) better not to limit ur
time frame to day trading.
TA , charts etc are useful but not powerful enough to take u thru the day trade.
Regards

Ajax

 

[uasish]

OK guys hope to control the things by 1 more week.Thks for your concern.

 

[oilman5]

hi uasish,
i am shocked ..
and also novices guide u..........u can teach lot of us.
u face traders dilemma...i know.
i made experiment in f&o...net result...70000 donation to market.
...................
why its price to experimnent in unknown....i know from cash within 15day...if badluck..one month ...sufficient to break even.
..................
in my past i daytrade...also invest...i thought i know in theory..and both individually ...
so i try amalgamate them..to use ...in short term trade...fact i lose...horrible accuracy
...worst trade management...hold loser...quickly book profit...stressful trade...weekly chart...showing signal to trade...then day trade...small loss directional...again comeback eating my stop...i got wild...only to know ...amalgamation is not possible...atleast not right way of trading...trading hotchpotch....more than art...it depends on news...simple dual ma with proper stop...gives better return
...............
so still i could not do right short term trade.........occationally right is different thing...and when i day trade...occationally..i am right...its my hobby...i do .
basically...from chart pattern...scan based...i do what may happen...
now for direction...i dont know..up or down...if up,...i play on rsc...strong list...
...if down day...poor candidate list for fall...max 3 candidate...
.....if volatile...buy intraday support......and see ...what is going on....
...i suggest again define day first ....other thing is quite easy.
.........................
now would...u help me to learn ...pure short term/swing trade...where u r master ??
....with regards
oilman5

 

[uasish]

oilman5,
I am aware of my capabilities,i am having if not better but atleast a descent performance of my Equity,when i trade on my own analysis based on EoD Datas.Even on Black Monday i have earned on my Long trades.
All said & done ,i want to upgrade to High Leveraged ,High Exposure ,Intraday Time-Frame.
Here i want to base all my Analysis on 5mins Chart only.As this may be sucidial to my trading capital,i have planned all contingency before plunging.
Only 8 days has past & my trading capital is now reduced to 1 contract level (without leverage),plz wait for this coming week to end.
Maz to maz i will be poorer by few Lacks.
Asish

NB: I respect Mkt & fiercly dedicated to Him.

 

[CreditViolet]

hi asish,

as per my small 4 years experiences, successfull day trading is not possible with lots of charts/indicators. one's brain will become jelly after reading lots of confusing data from their charts. understanding of open/high/low (during market hours) is needed to be a successful day trader. (i may be wrong).

No, you are not

 

[uasish]

My frank open talk may not be misunderstood,normally people keep the regular things stashed away from the visitors & display good things which speaks of culture & dignity.
Every body has to fight his own battle.I am just doing it but loudly.Many of us may not actually trade on High Leveraged / High Exposure a/c daily. Which is also
actually not desireable .I am accoustomed in Futures but as per the set Margin of NSE.
For last few days i am working in f&o on daily sanction of high exposure by my broker,so all trades have to be squared off Intaday.
However no more talking from now.

 

[oilman5]

so its my bad luck,...uasish u r not coming to teach me short term trading.
pl tell me some short term successful technique used by u.....ta based.
with regards