Bless me to become a day trader!

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

Re: Bless me become a day trader!

WOW.. u have swimmed so much in this waters.. so wher u standin now... in the lake or on the shore.

Pls share ur experiences abt ATST.. so that we too can learn frm it. As thats the best option i belive v hav in this bear mkt

Re: Bless me become a day trader!

talking of swimming.. trading is just like swimming.. if you fear the water, you can't swim, if you get overconfident (greedy) you'll drown.

ATST is good for Flat or Bull markets..

a scrip which closes in positive will go up the next day and vice versa.

please see all my strategies.. i have employed in a year:
http://www.traderji.com/equities/19529-lost-huge-money.html

Re: Bless me become a day trader!

But Bro.. someone should teach Swimming.. then only we can swim.. Lost so much in this markets.. almost drowned.

Re: Bless me become a day trader!

yep.. i had been thru ur post earlier too.. some v.v.v.v.good views there.

Re: Bless me become a day trader!

It was fine till i did ATST/Swing trading to have Instatrade (java applet based)

But for day trading.. a difference of millisecond can make loss or profit.

so, i traded with Religare's dietodin client. good.. so i applied for RACE pro account with powertrade software platform.

Still, no matter how fast your platform is.. one needs to overcome the fear and greed and have sound money management systems and stoploss.

powertrade has more advanced features, i think.. like charts etc.. i hope that will help me in day trading..

Re: Bless me become a day trader!

I have power trade.. but it doesnt help. Dont know why?????????????????

Can you please explain one more time.. how did u learnt so fast about trading. . me still tryin to get a hold of it.

Re: Bless me become a day trader!

The market is an easy game to play. It is just that we are hell-bent upon making it so complicated. That'ss what makes it so difficult for us to win.
A glance at the do's and don'ts of trading in any market reveals some easily understood and seemingly simple rules to follow.

We have all seen them a hundred times. They are the rules that all traders, both professional and nonprofessional, are supposed to follow. Remember, I said supposed to follow: the rules have been time and money proven.

The most important and basic rules of trading and investing are as follows:
1. Buy low, sell high.
2. Let prots run, cut losses quickly.
3. Add to a winning position, not a loser.
4. Go with the trend.

These rules look simple and are certainly easy to understand. So, how come so many of us kill ourselves in the market? What makes it so difcult to follow these guidelines?

More than likely we’ve repeatedly broken each of these rules and will probably continue to do so, despite acknowledging that we’ll wind up losers if these simple guidelines are not followed. How come? The answer to this question contains the secret for our future success in the market.

The problem lies not within the rules, but within ourselves as we apply these rules to our investments and trading decisions. Yes, the problem is internal, and until we learn to change our perception about what makes the market tick we will continue to punish ourselves and remain on the losing side of the ledger.

--
taken from zen of the Zen in the Markets

we "distort" what market is saying and stick to our view of the market making us loose. it is our opinion, view to which we stick egoistically.. which makes us blind to real information from the market.

we need to become egoless and patient.. that's the secret of trading or living a good life too.

Re: Bless me become a day trader!

Bhai.. one more advice pls

Can you pls tell me shall i sell off all my shares now.. which i am holding since nov.. All the shares value has depreciated by 50%. What is ur suggestion. Shall i hold on to them.. till the markets recover and sell them laterz.. or shall i sell them and start intra day like u.

Re: Bless me become a day trader!

Talking realistically is not much appreciated here in the forums but those above lines were pure nonsense. There are no internal problems, just lack of enough hard work. There is a price to pay for economic success and most people only try make a buck off someone else's hard, dangerous work.