Bless me to become a day trader!

fast_rizwaan · #21 14th February 2008, 02:56 AM

Quote:

Originally Posted by sanx

fast_rizwaan , do you do trading full time or is along with your regular job ?
BTW best of luck . Such kind of threads are interesting .Gets subscribed instantly

.

i'm doing trading full time. i am an MCSE and CCNA certified. was about to go to kuwait. but started trading and trading seems more rewarding than a job.

after the crash.. i feel that one should have another source of income for household affairs..

fast_rizwaan · #22 14th February 2008, 02:59 AM

Quote:

Originally Posted by lvgandhi

What is power trade in religare? Are you talking of racepro from their site or something new? From where to get power trade?

Yes powertrade is part of race-pro account.

fast_rizwaan · #23 14th February 2008, 03:08 AM

Quote:

Originally Posted by hari09omkar

Two things in combination: losing trades and relentless unrest mind resulting out of that,which doesn't give up to solve the puzzle.

Hari and Saint,

a few directions realy help.. should i trade in extremely liquid scrips like ttml, ispatind, nagarfert, hoteleela or medium liquid like rpl, rnrl, itc or thinly liquid dabur, powergrid.

i have seen ttml, ispat are not volatile like rpl, rnrl.

The volatility is killing my account. perhaps the volatility is due to the fact that most people (investor's and swing trader's) money is stuck 50% above the current prices.. and only professionals like you guys are there for newbies like me in this thinly traded market

do you think that this extremely volatile market is good for newcomers to learn.. please advise..

Saint · #24 14th February 2008, 03:38 AM

Quote:

Originally Posted by fast_rizwaan

Hari and Saint,

a few directions realy help.. should i trade in extremely liquid scrips like ttml, ispatind, nagarfert, hoteleela or medium liquid like rpl, rnrl, itc or thinly liquid dabur, powergrid.

i have seen ttml, ispat are not volatile like rpl, rnrl.

The volatility is killing my account. perhaps the volatility is due to the fact that most people (investor's and swing trader's) money is stuck 50% above the current prices.. and only professionals like you guys are there for newbies like me in this thinly traded market

do you think that this extremely volatile market is good for newcomers to learn.. please advise..

Any market is great to make a start........finally one has to handle all types of situations.Now is as good a time as any other......But trade light as you are still figuring out the nuances.More importantly,time to figure out how much position to handle,etc

Will talk about volatility tomorrow ......

Take care,and all the best!
Saint

Saint · #25 14th February 2008, 03:44 AM

Quote:

Originally Posted by fast_rizwaan

i'm doing trading full time. i am an MCSE and CCNA certified. was about to go to kuwait. but started trading and trading seems more rewarding than a job.

after the crash.. i feel that one should have another source of income for household affairs..

Ah,you are already a full time trader........then,a few issues to sort out,I guess.When things go against you,stop trading.Paper trade your way back into form.

No harm in having another income......can understand your pain.But simultaneously,try to figure out some strategy,system where you would have been raking in the moolah during this dntrend.Finally,as a trader,your aim is to make money both ways.

Saint

uasish · #26 14th February 2008, 09:34 AM

Do you have intraday data feed .
What software to analyze that.

jdm · #27 14th February 2008, 10:01 AM

Quote:

Originally Posted by Saint

Ah,you are already a full time trader........then,a few issues to sort out,I guess.When things go against you,stop trading.Paper trade your way back into form.

No harm in having another income......can understand your pain.But simultaneously,try to figure out some strategy,system where you would have been raking in the moolah during this dntrend.Finally,as a trader,your aim is to make money both ways.

Saint

hhmmm never been a fan of paper trading. nor advocate. i think its much better to trade in small lots, if you are not really in a holiday mood. and for any newbie these should not be holiday seasons. just too many lessons to be learned during these times.

Saint · #28 14th February 2008, 10:24 AM

Quote:

Originally Posted by jdm

hhmmm never been a fan of paper trading. nor advocate. i think its much better to trade in small lots, if you are not really in a holiday mood. and for any newbie these should not be holiday seasons. just too many lessons to be learned during these times.

well said...... in the beginning,had the same views.Felt that paper trading did not bring the emotional quotient into play,and trading small lots was more important......only to realise that the mindset via papertrading is what every trader should strive to obtain.

The mindset of the person who manages 100 lots in Nifty should be like as if he were papertrading.

But,as always,do what works for you..........once the mind has taken a bashing with too many losses,stand back,and do either of the above and get back into form.......Importantly,get back into form.

Saint

sanx · #29 14th February 2008, 11:56 AM

@ FR(fast_ris..)

, best of luck/hardwork , you should be very brave to live on this market .

biyasc · #30 14th February 2008, 04:01 PM

Quote:

Originally Posted by fast_rizwaan

Hi Traderji and experts and members!

I'm Mohd. Asif Ali Rizvan, from Hyderabad. I started investing since january 2007 with a capital of 2 lakhs. Started with ICICIDirect demat service. made 10k pm by diversifying.

Then came the quest for DayTrading - in August 2007, Paid 70k to the markets for learning the basics like how stops work, how to convert from margin to delivery.. thanks goes to reliancemoney's stupid trading platform also.

Since, september i was doing ATST and recovered all the losses 70k + 70k with atst till december 2007.

In january, Markets turn bearish without a clue (though i was expecting feb 1 2008, when FII could push the market down with their huge money). got almost all my money in TTML 4000@63, RPL 300@240, nagarfert 1000@75.

with Just 70k left for day trading. and I'm losing more in my day trades than winning. The market is moving exactly opposite to my understanding. Perhaps market knows what i'm going to do and takes the opposition role

My interest is only Secondary market.. cause IPO's has more risk than equity and the money will be stuck with the issuers for a month.. till the listing. I fear futures.. may be because i don't understand them.. or perhaps.. heard more people got burnt with futures.

intially i did swing trading on monthly basis.. like buying a scrip on weekly low support and holding it for a month.. if it reaches 10% then i'll exit.

later came atst.. which gave 2% daily. Buy ttml @ 35 sell it at 36 tomorrow.

In August 2007, i wondered what if the market become bearish and the prices keep on falling? then I found short-cover.. did it many times. but still stops get triggered. I hope TA will help me in day trading.

but with day trading.. i'm mostly seeing momentum as my entry.. like twice to thrice number of buyers and enter the scrip. with a very tight stoploss of 10ps on a 50-100rs scrip.

I have realized that day trading is indeed stressful but it all about how we *react* or *act*. I made silly mistakes when in greed or in fear. I understand that I do need to overcome my emotions to become a good day trader.

I'm learning TA .. Teach a man's fish.. Hope to benefit from it.

please bless me! thanks

best of luck,