Teach A Man To Fish And.........
- Thread starter Saint
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presently i mainly use 1 min chart and book profit as soon as it seems good to me? when i see 5 min or 15 min chart then entry points r difficult to find....how to find in 15, 30,60 min charts....results r better for me in candle stick chart....any special way to set entry point on specific time frame chart?
Dear Mr. Saint,
I am a devoted fan of yours and am truly amazed the way you are sharing your knowledge with every one without distinction. You truly are a saint..
One question, what is the minimum amount I should have in my account in order to trade in F&O? ( or what is the minimum investment required for trading in F&O) Thanks in advance for your advice
Dear Saint,
Guess my question was too foolish since u didnt answer it, but I was told one should have at least 3 lakhs in trading account for trading in F&O. Is it true.
Just started trading online since last week Dec and bought ISPAT 600 shares at 82.20 and watched it go down..down..down till it reached 28 yesterday. today once again I bought ISPAT - 1750 shares @ 34 and at the close of trading when it reached 43, I was so thrilled my first good profit.(though I am in loss over my first 600 that I am still holding on to). Thanks to this thread Teach a man to fish. am learning so much from it with kind-hearted people like you sharing your knowledge, people like me will not be floundering in the dark for long. Thanks a ton Saint just wanted to share my happiness with you
...Zee
I am a devoted fan of yours and am truly amazed the way you are sharing your knowledge with every one without distinction. You truly are a saint..
One question, what is the minimum amount I should have in my account in order to trade in F&O? ( or what is the minimum investment required for trading in F&O) Thanks in advance for your advice
Dear Saint,
Guess my question was too foolish since u didnt answer it, but I was told one should have at least 3 lakhs in trading account for trading in F&O. Is it true.
Just started trading online since last week Dec and bought ISPAT 600 shares at 82.20 and watched it go down..down..down till it reached 28 yesterday. today once again I bought ISPAT - 1750 shares @ 34 and at the close of trading when it reached 43, I was so thrilled my first good profit.(though I am in loss over my first 600 that I am still holding on to). Thanks to this thread Teach a man to fish. am learning so much from it with kind-hearted people like you sharing your knowledge, people like me will not be floundering in the dark for long. Thanks a ton Saint just wanted to share my happiness with you
...Zee
Like I said,important to find what suits one best......although I must add that just having a 1 min chart open and then take profits without a definite strategy can be highly dangerous.For orientation and perspective,best to have the longer charts open.
The latter question is this entire thread.....pant,puff,cannot go through them all again.Do have a look and we can discuss the problems and doubts.
All the best,Sillu,and great going!
Saint
The latter question is this entire thread.....pant,puff,cannot go through them all again.Do have a look and we can discuss the problems and doubts.
All the best,Sillu,and great going!
Saint
Dear Saint,
Guess my question was too foolish since u didnt answer it, but I was told one should have at least 3 lakhs in trading account for trading in F&O. Is it true.
Guess my question was too foolish since u didnt answer it, but I was told one should have at least 3 lakhs in trading account for trading in F&O. Is it true.
I cannot say exactly what a minimum would be.......but 3 is probably something to play with in the initial days as you start developing the process.Your intention is NOT to make money,instead yours should be to train yourself and focus on the strategies .....and put up that perfect trade.
For really making a living off trading,3 is far from what is required.
Zee,I hope you don't mind me giving you an online,virtual rap on the knuckles.....
Why did you buy at 82.2?Was that a crazily,ambitious move?Nope....not at all.We are here to pull profits out of the market.We are here to capitalise on a move.As a trader who follows trends,nothing wrong in your decision to buy Ispat at 82.20.As a trend trader,we first assess:
ISPAT INDS:a)Is ISPAT in an uptrend?Yes.
b)Did it give us a pullback?Yes.
--->We therefore buy into ISPAT at 82-ish.
c)Next Step(the one you did not do):We place our stop at the
previous pivot low of 72.
----->We DO NOT hold till kingdom come,we DO NOT hold hoping to average down......we like to go with the flow,with the trend,when we are wrong,we just readjust and then go with the flow..........We DO NOT go against the flow,hoping against fate,that the river(mkt) would change direction because we are going the wrong direction.We are either with the flow and enjoying the ride,or we are going the wrong direction,we make a quick turnaround,and then we are back on course.........We do not hope that the flow will change direction.We DO NOT hold ISPAT from 82 to 28.....we would be getting out at 72 and then plotting to go short.
That point where you say "Enough is Enough" is vital......never mess with that area.If 72 is hit,you are out of the trade....Making profits is part of trading,taking small losses is part of trading.......classify them both as win trades,trades where you stuck to plan.
d)Is that it then?We have an entry point,a trail stop exit point,a stop loss area........Is that it?Nope.....we need to know how many shares we are going to be buying?
Presuming 3lakhs is your capital,you plan to enter Ispat at 82.Stop's at 72.Risk in that trade=10.Let us say you don't want to risk more than 2% of your capital,that means Rs6000.Meaning if you get stopped,you lose Rs6000.....therefore you buy 6000 divided by 10(risk)=600 shares(which is exactly what you did).
So great going on that........Great going on the 2nd trade as well,....But,Zee,take my word for it,however good you are at eyeballing charts,however good you are at that gut feel when you look at a chart,however good you are in reading patterns and indicators........losses must be small,and profits must be huge.Not taking stops will bring you to that one highly disastrous trade that will ruin you..........
Thank you for all the kind words.......I hope you don't mind the above.Said with only good intentions (It's 4am,yawnnn...)Please post more often.Keep a Journal of all the great trades and the sick ones,your thoughts,your mistakes,strategies,etc..........If you like,feel free to post a chart of your daily trade everyday,and shall try to give some input from my end.
All the best!
Happy Trading!
Saint
U
Ouch.....sorry about that.Was trying to catch up with all the queries,don't know how yours slipped through.
I cannot say exactly what a minimum would be.......but 3 is probably something to play with in the initial days as you start developing the process.Your intention is NOT to make money,instead yours should be to train yourself and focus on the strategies .....and put up that perfect trade.
For really making a living off trading,3 is far from what is required.
Zee,I hope you don't mind me giving you an online,virtual rap on the knuckles.....
Why did you buy at 82.2?Was that a crazily,ambitious move?Nope....not at all.We are here to pull profits out of the market.We are here to capitalise on a move.As a trader who follows trends,nothing wrong in your decision to buy Ispat at 82.20.As a trend trader,we first assess:
ISPAT INDS:a)Is ISPAT in an uptrend?Yes.
b)Did it give us a pullback?Yes.
--->We therefore buy into ISPAT at 82-ish.
c)Next Step(the one you did not do):We place our stop at the
previous pivot low of 72.
----->We DO NOT hold till kingdom come,we DO NOT hold hoping to average down......we like to go with the flow,with the trend,when we are wrong,we just readjust and then go with the flow..........We DO NOT go against the flow,hoping against fate,that the river(mkt) would change direction because we are going the wrong direction.We are either with the flow and enjoying the ride,or we are going the wrong direction,we make a quick turnaround,and then we are back on course.........We do not hope that the flow will change direction.We DO NOT hold ISPAT from 82 to 28.....we would be getting out at 72 and then plotting to go short.
That point where you say "Enough is Enough" is vital......never mess with that area.If 72 is hit,you are out of the trade....Making profits is part of trading,taking small losses is part of trading.......classify them both as win trades,trades where you stuck to plan.
d)Is that it then?We have an entry point,a trail stop exit point,a stop loss area........Is that it?Nope.....we need to know how many shares we are going to be buying?
Presuming 3lakhs is your capital,you plan to enter Ispat at 82.Stop's at 72.Risk in that trade=10.Let us say you don't want to risk more than 2% of your capital,that means Rs6000.Meaning if you get stopped,you lose Rs6000.....therefore you buy 6000 divided by 10(risk)=600 shares(which is exactly what you did).
So great going on that........Great going on the 2nd trade as well,....But,Zee,take my word for it,however good you are at eyeballing charts,however good you are at that gut feel when you look at a chart,however good you are in reading patterns and indicators........losses must be small,and profits must be huge.Not taking stops will bring you to that one highly disastrous trade that will ruin you..........
Thank you for all the kind words.......I hope you don't mind the above.Said with only good intentions (It's 4am,yawnnn...)Please post more often.Keep a Journal of all the great trades and the sick ones,your thoughts,your mistakes,strategies,etc..........If you like,feel free to post a chart of your daily trade everyday,and shall try to give some input from my end.
All the best!
Happy Trading!
Saint
I cannot say exactly what a minimum would be.......but 3 is probably something to play with in the initial days as you start developing the process.Your intention is NOT to make money,instead yours should be to train yourself and focus on the strategies .....and put up that perfect trade.
For really making a living off trading,3 is far from what is required.
Zee,I hope you don't mind me giving you an online,virtual rap on the knuckles.....
Why did you buy at 82.2?Was that a crazily,ambitious move?Nope....not at all.We are here to pull profits out of the market.We are here to capitalise on a move.As a trader who follows trends,nothing wrong in your decision to buy Ispat at 82.20.As a trend trader,we first assess:
ISPAT INDS:a)Is ISPAT in an uptrend?Yes.
b)Did it give us a pullback?Yes.
--->We therefore buy into ISPAT at 82-ish.
c)Next Step(the one you did not do):We place our stop at the
previous pivot low of 72.
----->We DO NOT hold till kingdom come,we DO NOT hold hoping to average down......we like to go with the flow,with the trend,when we are wrong,we just readjust and then go with the flow..........We DO NOT go against the flow,hoping against fate,that the river(mkt) would change direction because we are going the wrong direction.We are either with the flow and enjoying the ride,or we are going the wrong direction,we make a quick turnaround,and then we are back on course.........We do not hope that the flow will change direction.We DO NOT hold ISPAT from 82 to 28.....we would be getting out at 72 and then plotting to go short.
That point where you say "Enough is Enough" is vital......never mess with that area.If 72 is hit,you are out of the trade....Making profits is part of trading,taking small losses is part of trading.......classify them both as win trades,trades where you stuck to plan.
d)Is that it then?We have an entry point,a trail stop exit point,a stop loss area........Is that it?Nope.....we need to know how many shares we are going to be buying?
Presuming 3lakhs is your capital,you plan to enter Ispat at 82.Stop's at 72.Risk in that trade=10.Let us say you don't want to risk more than 2% of your capital,that means Rs6000.Meaning if you get stopped,you lose Rs6000.....therefore you buy 6000 divided by 10(risk)=600 shares(which is exactly what you did).
So great going on that........Great going on the 2nd trade as well,....But,Zee,take my word for it,however good you are at eyeballing charts,however good you are at that gut feel when you look at a chart,however good you are in reading patterns and indicators........losses must be small,and profits must be huge.Not taking stops will bring you to that one highly disastrous trade that will ruin you..........
Thank you for all the kind words.......I hope you don't mind the above.Said with only good intentions (It's 4am,yawnnn...)Please post more often.Keep a Journal of all the great trades and the sick ones,your thoughts,your mistakes,strategies,etc..........If you like,feel free to post a chart of your daily trade everyday,and shall try to give some input from my end.
All the best!
Happy Trading!
Saint
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