If I may add,
Trading Nifty future is not similar to trading stocks. your psychology and attitude in handling nifty should be different than that of stocks.
Nifty is heavily volatile in comparison with stocks. high risk reward ratio is involved. Your stoploss should be much below your actual price.
Your profit targets need to be revisited every now and then, and you should be quick enough to scalp profits if you are an intraday trader. The quick response is what extra qualification required when trading nifty. Moreover, you should be able to have a wider stoploss and should be bold enough to take extra risk when compared to stocks.
in stocks, a 5 rupee or 10 rupee stoploss is more than enough, whereas in Nifty, the stop loss depends on the volatility factor of the day, pivot points nearby the entry price.
By pivot points, those pivot points can be derived either from daily/weekly/hourly/5 minute charts. So, first paper trade nifty with the sole objective of getting used to having a near-perfect stoploss, which will only come with experience. If you are trading nifty on a particular day, the previous day's homework on the charts should be substantial enough to justify your entries/exits/stoploss and everything. Just my 2 cents.
Trading Nifty future is not similar to trading stocks. your psychology and attitude in handling nifty should be different than that of stocks.
Nifty is heavily volatile in comparison with stocks. high risk reward ratio is involved. Your stoploss should be much below your actual price.
Your profit targets need to be revisited every now and then, and you should be quick enough to scalp profits if you are an intraday trader. The quick response is what extra qualification required when trading nifty. Moreover, you should be able to have a wider stoploss and should be bold enough to take extra risk when compared to stocks.
in stocks, a 5 rupee or 10 rupee stoploss is more than enough, whereas in Nifty, the stop loss depends on the volatility factor of the day, pivot points nearby the entry price.
By pivot points, those pivot points can be derived either from daily/weekly/hourly/5 minute charts. So, first paper trade nifty with the sole objective of getting used to having a near-perfect stoploss, which will only come with experience. If you are trading nifty on a particular day, the previous day's homework on the charts should be substantial enough to justify your entries/exits/stoploss and everything. Just my 2 cents.
