Bless me to become a day trader!

fast_rizwaan · #31 14th February 2008, 05:25 PM

Quote:

Originally Posted by Saint

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

thanks Saint for the kind words! i'll do paper trading.. even paper trading is giving me the "emotional rollercoaster ride"

Just before the crash i would trade with 1000-2000 quantity, but now i'm with 100 qty and still getting kicked out

The fear of sudden market crash is making me do funny things

(i was a swing trader..)

Dear Saint, do you re-enter a scrip at all or when you are stopped-out? how many times should one try with one scrip after stoploss gets triggerd?

and please do tell about volatility for the day trader.. thanks..

fast_rizwaan · #32 14th February 2008, 05:29 PM

Quote:

Originally Posted by uasish

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

i have odindiet client, it has realtime data and charting capability. earlier i was watching nseindia.com's intraday chart and instatrade (java applet based data feed in internet explorer) which was slow 5-10 seconds delay.

uasish · #33 14th February 2008, 05:53 PM

You dont have any past data.
Try to get that.No movement is isolated,hence it do not necessarily start or end within a day's span.

hari09omkar · #34 14th February 2008, 09:21 PM

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..

1.Volatility is a friend of a day trader.More the price swings from one extreme to the other more the income.
2.If u r finding it difficult to tackle or understand volatility,please,don't continue doing day trade.
3.Day trading requires money-spending before u start it,lke a business.A fast p4 or better speed processor computer (good if u have more than one) with minimum 1 GB ram,first grade and fast antivirus,same quality antispyware,an inverter (digital) with 19 plate battery with 850 watt capacity,ups,two internet connections of which one should be high speed broad band.Now will come a good software and a first hand real time data from a registered data vendor of NSE.
I think u have understood that it will take a good investment to start day trading.So arrange them for urself and in the mean time continue doing swing trading.Heed to Asish da's comment on past data.And read Saint.And read this:
http://www.traderji.com/155024-post23.html

sekharjchandra · #35 17th February 2008, 09:59 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

Hi,

Im also a day trader like u.. But lost most of my capital till now.. U said that u di ATST.. but in that case u need to pay more brokerage compared to intraday.. ATST is nothing but delivery .. Isnt it ?? Which brokerage u r using ?? I use Indiabulls.. Brokerage is around 150 rs per 1 Lak.. Is there any brokerage house which charges less for intaday ?? Thanks and all the best...

Saint · #36 17th February 2008, 10:02 PM

Quote:

Originally Posted by hari09omkar

1.Volatility is a friend of a day trader.More the price swings from one extreme to the other more the income.
2.If u r finding it difficult to tackle or understand volatility,please,don't continue doing day trade.
3.Day trading requires money-spending before u start it,lke a business.A fast p4 or better speed processor computer (good if u have more than one) with minimum 1 GB ram,first grade and fast antivirus,same quality antispyware,an inverter (digital) with 19 plate battery with 850 watt capacity,ups,two internet connections of which one should be high speed broad band.Now will come a good software and a first hand real time data from a registered data vendor of NSE.
I think u have understood that it will take a good investment to start day trading.So arrange them for urself and in the mean time continue doing swing trading.Heed to Asish da's comment on past data.

Rizwan,

Can't add more than the above....

All the best!
Saint

sanx · #37 17th February 2008, 10:13 PM

Quote:

Originally Posted by hari09omkar

Now will come a good software and a first hand real time data from a registered data vendor of NSE.

Sorry for going OT ,
@hari09omkar, so beginners who don't want to invest or dive in to the sea as of now,and want to start small , wouldn't reliance money or ICICI direct be any good ? , can we use these to successful day trade , is real time data a must ?
Or even beginners need real time stage like odin ?

fast_rizwaan · #38 18th February 2008, 05:11 AM

Quote:

Originally Posted by sekharjchandra

Hi,

Im also a day trader like u.. But lost most of my capital till now.. U said that u di ATST.. but in that case u need to pay more brokerage compared to intraday.. ATST is nothing but delivery .. Isnt it ?? Which brokerage u r using ?? I use Indiabulls.. Brokerage is around 150 rs per 1 Lak.. Is there any brokerage house which charges less for intaday ?? Thanks and all the best...

hi sekharjchandra,

I have account with RelianceMoney.. now I have applied for RACE-Pro (for intraday).

Reliancemoney has 0.01% brokerage for intraday and delivery, both..

Please also check RKGlobal which gives 0.00% (zero) brokerage for intraday and delivery @ 999 per month. RKGlobal's offer is very good for atst trading.

with reliancemoney, we have to pay on 15ps per 100rs both ways, so you save a lot with reliancemoney.. and you'll save everything with rkglobal.

I want to open rkglobal's account once i get my "stuck money" out

do not put more than 10% of your capital in any scrip.. no matter what!

fast_rizwaan · #39 18th February 2008, 05:28 AM

thanks, hari, saint, creditviolet, uashish, and members,

Trading seems deceptively easy.. just like cycling, swimming or any other act. even while learning to ride a bicycle, one has to fall many times, hurt oneself in many ways, and face the traffic. a newbie would fall by just seeing another bike, car or truck coming from the other side.

even for such 'normal' activity one has to suffer.. how come we (the rookies) expect to make huge money from market without even learning a few basics?

so, i'm going to learn a good deal about technical analysis with honesty and determination.. and in the meantime i'll do swing trading.. which gives at least some profits than the huge profits a good intraday trade would give.

thanks saint for "Teach a Man Fish", it has helped me swing trading.

so, i'll be learning, chart patterns, indicators, money management and psychology of trading.

fast_rizwaan · #40 18th February 2008, 05:30 AM

Quote:

Originally Posted by kumudhan

i too use odin diet. but i cant get charts for individual scrips. how to see the charts?

in the market watch (f4) right-click on any scrip and choose "graph it", a window comes and wait for chart to form with each price tick.