My daytrading

[VJAY]

iam trading for the last 8 months. i was not a trader actually, more like a investor. very recently i started trading, of course ended in losses. the question that suffers me is, which indicator to follow. i've followed RSI, MA, EMA and MACD still i didn't find any good result. if one says to go in one direction another will say to in another direction. im in totally confused state. can anyone help me???/... recently i studied about bollinger bands and Gimme bars. but i haven't tried. i need to try those.

First you must learn any method which suits your personality....try to understand the method correctly ...and backtest it minimum of 1 year ...get its p/l and concept by backtest ...you will get confidence in that method by doing it....then start trading it live with only small quantity...get to overcome emotions from trading small with consistently following rules of method ....Also use moneymanagement for your capital & trades so you can trade fearlessly.....

these things are which I learnt and doing nowdays in my trading...me too tryed manythings and lost money inetial days of my trading.....
This is my experience hope some may help you.....
Best of luck

 

[chetanbang]

iam trading for the last 8 months. i was not a trader actually, more like a investor. very recently i started trading, of course ended in losses. the question that suffers me is, which indicator to follow. i've followed RSI, MA, EMA and MACD still i didn't find any good result. if one says to go in one direction another will say to in another direction. im in totally confused state. can anyone help me???/... recently i studied about bollinger bands and Gimme bars. but i haven't tried. i need to try those.

no indicator works well for day trading. i follow brooks price action using 5 minute candle stick chart with 20 ema. still not profitable, but it works. i just need to wait for high probability trade setups, the problem with me is i get bored in between and do something else while trading and miss the trade, then will get frustrated for missing the trade and enter low probability trades and lose money. i need to work on that part.

 

[Raghavacc]

iam trading for the last 8 months. i was not a trader actually, more like a investor. very recently i started trading, of course ended in losses. the question that suffers me is, which indicator to follow. i've followed RSI, MA, EMA and MACD still i didn't find any good result. if one says to go in one direction another will say to in another direction. im in totally confused state. can anyone help me???/... recently i studied about bollinger bands and Gimme bars. but i haven't tried. i need to try those.

Dear Vasu,

So far I have not heard even a single trader saying that "I have created wealth or I have made money from an indicator".

However I have heard people saying "I have made money due to my intuItion,dedication,devotion,smart and unrelenting years of effort,observation and practice".

I will go one step ahead and say "NO INDICATORS REALLY WORK IN THE MARKET".

Before I finish above statement a group of traders will come and say I am talking nonsense. Let it be.

Then how successfull traders trade indicators?They put day and night and years of effort to diagnose how that particular indicator works.They know that indicator is a derivative and price is underlying.

There are traders who trade BB/Stoch/RSI with high degree of success.Why? its their years of efforts and dedication.Can I do that ?Absolutely not.I can only trade them for confirmation.

Hence "NO INDICATORS WORK ON THEIR OWN.YOU HAVE TO MAKE THEM WORK FOR YOU THROUGH A SHEER DEDICATION AND UNRELENTING EFFORT".

If you ask me the failure rate in this industry is high because
1.Majority cannot do a particular simple task consistently.
2.The motive is money and not learning.
3.Mind is complicated due to upbringing,media and surroundings.Cant understand simple things.
4.A belief that coding makes money!!
5.Lack of agility.i.e:Reversing ,scaling in ,scaling out.
6.The most important one is "Manipulation".In our surroundings we manipulate things.In market we cant do that as retail small traders.
7.Most importantly what works in the outside world does not work in market!!

The last point is my signature below.

 

[prst]

iam trading for the last 8 months. i was not a trader actually, more like a investor. very recently i started trading, of course ended in losses. the question that suffers me is, which indicator to follow. i've followed RSI, MA, EMA and MACD still i didn't find any good result. if one says to go in one direction another will say to in another direction. im in totally confused state. can anyone help me???/... recently i studied about bollinger bands and Gimme bars. but i haven't tried. i need to try those.

first up, throw away all those indicators, and stick to anyone.
the more you use, more complicated will be your system and higher probability of losing..
concentrate on price and volume..

 

[STOCKSNANBAN]

dear vasu,

so far i have not heard even a single trader saying that "i have created wealth or i have made money from an indicator".

However i have heard people saying "i have made money due to my intuition,dedication,devotion,smart and unrelenting years of effort,observation and practice".

I will go one step ahead and say "no indicators really work in the market".

Before i finish above statement a group of traders will come and say i am talking nonsense. Let it be.

Then how successfull traders trade indicators?they put day and night and years of effort to diagnose how that particular indicator works.they know that indicator is a derivative and price is underlying.

There are traders who trade bb/stoch/rsi with high degree of success.why? Its their years of efforts and dedication.can i do that ?absolutely not.i can only trade them for confirmation.

Hence "no indicators work on their own.you have to make them work for you through a sheer dedication and unrelenting effort".

If you ask me the failure rate in this industry is high because
1.majority cannot do a particular simple task consistently.
2.the motive is money and not learning.
3.mind is complicated due to upbringing,media and surroundings.cant understand simple things.
4.a belief that coding makes money!!
5.lack of agility.i.e:reversing ,scaling in ,scaling out.
6.the most important one is "manipulation".in our surroundings we manipulate things.in market we cant do that as retail small traders.
7.most importantly what works in the outside world does not work in market!!

The last point is my signature below.

well said raghav.

 

[Raghavacc]

When I say price action is universal, I always meant it .

Yestrday's SilverM produced a grand setup.

Bar A is a breakout bar.Bar B is a Bearish Engulf or DBHLC breaking the low of breakout bar.WE call it False breakout .Then look at what happenned next? Silver collapses like house of cards and all the way goes to 59000 levels there by netting 3000 points.Where was the S/L? at the top of bearish engulf. The Risk of 300 points.An RR of 1:10.

Yesterday there was a false Breakout in Nifty 5 Min chart as well.Can any one post the charts?

 

[sibumajumdar]

When I say price action is universal, I always meant it .

Yestrday's SilverM produced a grand setup.

Bar A is a breakout bar.Bar B is a Bearish Engulf or DBHLC breaking the low of breakout bar.WE call it False breakout .Then look at what happenned next? Silver collapses like house of cards and all the way goes to 59000 levels there by netting 3000 points.Where was the S/L? at the top of bearish engulf. The Risk of 300 points.An RR of 1:10.

Yesterday there was a false Breakout in Nifty 5 Min chart as well.Can any one post the charts?

Raghavji,

Thanx for ur marking of Bearish Engulfing Bar from which i could verify my bookish knowledge iam going through now a days. Next i say that FALLS BRK OUT of SN was at 15.00 pm..No 'jankari' abt chart posting...Plz bear with me.

Thanks again with the information that iam gaining lot of confidence abt chart interpretation. God Bless U....SLMuncle

 

[VJAY]

 

[DanPickUp]

Dear Vasu,

So far I have not heard even a single trader saying that "I have created wealth or I have made money from an indicator".

Goodness, you are really not up today.

I get every day e-mails from the best traders in the world ( at least they say so in the e-mail ) which guarantee me, that they have the best and only existing indicator in the world and these friends even give me a discount, when I just buy it today and not wait until every body else uses them.

DanPickUp

 

[Raghavacc]

Goodness, you are really not up today.

I get every day e-mails from the best traders in the world ( at least they say so in the e-mail ) which guarantee me, that they have the best and only existing indicator in the world and these friends even give me a discount, when I just buy it today and not wait until every body else uses them.

DanPickUp

Hello Dan,

I too get SMS/MAILS/CALLS from those "BEST TRADERS".

However the difference is :

They "TRADE INDICATORS" because they can't "TRADE MARKET"

We "TRADE MARKET" as we cannot affford to "TRADE INDICATORS".