Seniors - Have you all gone through bad phase of intraday trading

[shanki99]

Iam still a novice and in test mode. Now that in market day-trading for atleast 1 year, my view is that

1-Analyse and make a system on ur own, like, based on Fibo, breaking high low candle or indicators etc etc.
2. Backtest with multiple time frames-like test in bull phase, bear phase, trend less phase, tough phase etc
3. Paper trade that system for at least 1 month-this is very important. We need to remember that we paper trade that particular system. Dont leave any point in ur system although u are only paper trading. Trade with discipline and attentiveness. Take this activity very seriously. Trade as if u are trading high volume...practice
4. Trade with small lots in cash like 10 or 5 shares for 1 month...this is important step since, we take emotions along with this trade...
5. Slowly increase volume in STEPS

I would tell u that the entire Oct08 month went without loss. Each day was profitable for me..may be except 1 or 2...i trade atleast 5 to 10 times a day. So any loss in a scrip, will be gained in another.

So the crux of the matter is WORK WORK and WORK hard...

 

[bcaa1815]

helllo shanki99 sir,
thank u sir , r u shanki 99 from icharts,.. really its helpful for the beginners like me, sir plz provide ur email id or phone mumber

 

[venuscorp]

I have a proposal for you to consider. Just when you get the idea to buy, do the opposite and see the result. Once you have done the opposite and started gaining, book profit. Do not take reverse action this time. Because this time the reverse action will nullify your action.

Day trading is a massive calculation job; hard work and no pay. Instinct and logic work is no work and little pay. No harm trying in small lots.

Today I did just this - when HDFC Bank was shooting up and went to 950 I shortsold 10 shares. Then finally it came down to 880 when I bought it. My instinct was to buy because I was in an upward slope. But I reversed my decision. Unlike what I did for RIL. I bought RIL at 1215. It went upto 1221 and then slowly came down. I had put a lot of money on this and so I lost quite heavily. Later I used my skill again to cut down my losses by short selling at 1190 and buying at 1158. End result - I lost some money - however small that may be - but the feeling is that of loss.

Try these methods on small lots. I hope I am helpful.

 

[rajendrani]

I have a proposal for you to consider. Just when you get the idea to buy, do the opposite and see the result. Once you have done the opposite and started gaining, book profit. Do not take reverse action this time. Because this time the reverse action will nullify your action.

Day trading is a massive calculation job; hard work and no pay. Instinct and logic work is no work and little pay. No harm trying in small lots.

Today I did just this - when HDFC Bank was shooting up and went to 950 I shortsold 10 shares. Then finally it came down to 880 when I bought it. My instinct was to buy because I was in an upward slope. But I reversed my decision. Unlike what I did for RIL. I bought RIL at 1215. It went upto 1221 and then slowly came down. I had put a lot of money on this and so I lost quite heavily. Later I used my skill again to cut down my losses by short selling at 1190 and buying at 1158. End result - I lost some money - however small that may be - but the feeling is that of loss.

Try these methods on small lots. I hope I am helpful.

I am sorry to tell you bro, but with your talks it shows that you are not a full fledge trader. But yes I had gone through your phase what you had just mentioned. I think you definately need more guidance than me, the thread started by me was to just to know is it normal to go through bad phase thats it, I dont say I have learned a lot, but intraday miniflow had helped me lot that strategy works with stocks and nifty futures.

Anyways thanks for sharing your knowledge.

rajendrani

 

[deb99891]

I have a proposal for you to consider. Just when you get the idea to buy, do the opposite and see the result. Once you have done the opposite and started gaining, book profit. Do not take reverse action this time. Because this time the reverse action will nullify your action.

Day trading is a massive calculation job; hard work and no pay. Instinct and logic work is no work and little pay. No harm trying in small lots.

Today I did just this - when HDFC Bank was shooting up and went to 950 I shortsold 10 shares. Then finally it came down to 880 when I bought it. My instinct was to buy because I was in an upward slope. But I reversed my decision. Unlike what I did for RIL. I bought RIL at 1215. It went upto 1221 and then slowly came down. I had put a lot of money on this and so I lost quite heavily. Later I used my skill again to cut down my losses by short selling at 1190 and buying at 1158. End result - I lost some money - however small that may be - but the feeling is that of loss.

Try these methods on small lots. I hope I am helpful.

typical auction theory
u participated with other time frame traders(sellers here) and succeeded in ur time frame
but it may be suicidal some time...
be carefull


cheers
happy trading

 

[uasish]

Do you study Intraday Charts.If so then plz go thru this chart,why we should sell at 191.95 & why we should Reverse in double Qty @ 182.15,& where would be the Stops.

 

[rajendrani]

Do you study Intraday Charts.If so then plz go thru this chart,why we should sell at 191.95 & why we should Reverse in double Qty @ 182.15,& where would be the Stops.

Ashishda sir, if this question was for me, to tell you the truth, I am not able to tell the answer.

Thanks,
rajendrani

 

[uasish]

If you are interested to discuss,can discuss ,but my logging to traderji now a days is little infrequent & would always prefer an interactive session than one way 'Lecture-Type',becoz then i loose chance of learning a new angle.
................................................................................
The left side of the chart has a Waterfall type steep fall in price,then the expected bounce did happen with a 'Pivotal Low',now we start to look it with interest becoz of this Pivotal Low.
Then the up wave reversed to come back to test the Low region.
Plz try to Read from here.

(That Red circle is an 'Ellipse' tool,available in Metsatock & many other popular softwares.)


Wiating for you guys to participate so as to take this discussion further.

 

[shanki99]

Asish

1. Bcos of steep fall (waterfall), i would still prefer to take a short position (one half) in the consolidation are which i have marked in red circle.

2. Since price broke down and we could see a small consolidation around 190-192 levels, breaking that level, i will take the rest half short position.

3. The higher bottom at 182 levels, marked by red big arrow, prompts me to cover my short positions.

4. I would prefer to wait till 185 levels to be taken out to go for long provided, the present overall mkt conditions is positive.

5. Would like to see the volume while covering my short positions as per point 3 above

Please advise on my understanding

 

[uasish]

Shanki99,

Thks for your post,got your view,will definetly put forward my views after let us say few more participants,so that the discussion can grow,till then plz bear.

Asish