need suggestion on day trading

swdas · #21 16th August 2008, 05:06 PM

Quote:

Originally Posted by CreditViolet

Well the two book recommendations that you gave are not exactly the best ones for daytrading esp Gujrals which is a mixture of various other foreign titles and very redundant.Also the mention about Fibos was the other thing, not really recommended.

ok. in that sense no book will help in doing real time trading successfully. I have learned most of my trading from exp traders.

About fibo, I do trade as per fibo. specially i use fibo for finding market balance (trend) on intra-day. and use fibo for getting targets.

After seeing all other methods, i find fibo is the best for trading. Though i do not use straight forward way. I have my way to use fibo.

vpsarathy · #22 16th August 2008, 07:41 PM

Quote:

Originally Posted by swdas

ok. in that sense no book will help in doing real time trading successfully. I have learned most of my trading from exp traders.

About fibo, I do trade as per fibo. specially i use fibo for finding market balance (trend) on intra-day. and use fibo for getting targets.

After seeing all other methods, i find fibo is the best for trading. Though i do not use straight forward way. I have my way to use fibo.

If you find something suitable for pl use it. Pl donot enter into arguments with expert seniors like credit violet who have taught the traderji.com community a lot that too unselfishly.

Wish you the very best in trading. Hope u succeed in your method and start teaching others in about 2/3 years.

vps

amitt29 · #23 16th August 2008, 08:40 PM

Quote:

Originally Posted by swdas

ok. in that sense no book will help in doing real time trading successfully. I have learned most of my trading from exp traders.

About fibo, I do trade as per fibo. specially i use fibo for finding market balance (trend) on intra-day. and use fibo for getting targets.

After seeing all other methods, i find fibo is the best for trading. Though i do not use straight forward way. I have my way to use fibo.

Fibos like these,

http://www.icharts.in/forum/viewtopic,p,2974.html#2974

http://www.icharts.in/forum/viewtopic,p,2110.html#2110.

Enlighten us,on how you have re-invented the wheel.

swdas · #24 16th August 2008, 09:06 PM

Quote:

Originally Posted by vpsarathy

If you find something suitable for pl use it. Pl donot enter into arguments with expert seniors like credit violet who have taught the traderji.com community a lot that too unselfishly.

vps

Opps! my intension was not to outsmart or argue. If i have sounded in that way, i am sorry.

CreditViolet · #25 16th August 2008, 09:16 PM

Quote:

Originally Posted by swdas

ok. in that sense no book will help in doing real time trading successfully. I have learned most of my trading from exp traders.

Well, among different choices of books the two you mentioned were not exactly the best. Something like High Probability Trading or The Intelligent Online Trader by Deel are better choices than books by non-traders like Gujral and Elder

Quote:

Originally Posted by swdas

About fibo, I do trade as per fibo. specially i use fibo for finding market balance (trend) on intra-day. and use fibo for getting targets.

After seeing all other methods, i find fibo is the best for trading. Though i do not use straight forward way. I have my way to use fibo.

What are the other methods that you have tried. I used to be a fibo user as well but I consider them redundant now and very unnecessary.

swdas · #26 16th August 2008, 09:17 PM

Quote:

Originally Posted by amitt29

Fibos like these,

Enlighten us,on how you have re-invented the wheel.

Oh, I have not said that i am good trader. I thought i can put some light being a day trader. I hope i have not done any mistake by doing that. I am fine if you call me as a beginner. I do not mind.

I do not believe in this - we write a method and feed that to anyone and he will make money by following that. Doing analysis or being a analyst is easy as he/she talks about probability abd x y z methods, but does not care about certainty (taken from Elder). when it comes to real trading and making money months after months is 100 times difficult. As you know, become a successful trader is most difficult thing in market. rest is easy to do.

swdas · #27 16th August 2008, 09:34 PM

Quote:

Originally Posted by CreditViolet

What are the other methods that you have tried. I used to be a fibo user as well but I consider them redundant now and very unnecessary.

EOD reversals like 01/08 and 05/08 had blow off reversal/breakout at previous day's high. was good point for going long. fibo can be used for judging targets in this case. entry as per taking out day's high.

12/08 had negative reversal, again here it was blow out reversal in down side. after pull back to 4610 Nf was good level to short (weekly open) was resistance in this case. i was trading for weekly support in this case 4527 (38.2%) of previous week's candle. It hit 4535. On the same same Nf did break out in morning, i went long at 4622 around. which was SL hit for me. later went short at 4610.

13/08 it opened at 4505 around, went long as it was close to weekly support after that it rose to 4588.

All these sound good, taking real time decisions is 100% difficult.

uasish · #28 17th August 2008, 12:41 AM

Quote:

Originally Posted by amitt29

Fibos like these,

http://www.icharts.in/forum/viewtopic,p,2974.html#2974

http://www.icharts.in/forum/viewtopic,p,2110.html#2110.

Enlighten us,on how you have re-invented the wheel.

Was happy to see your post after a Gap.

amitt29 · #29 17th August 2008, 12:38 PM

Quote:

Originally Posted by uasish

Was happy to see your post after a Gap.

After "Gap Up" or "Gap Down",there's always a retest of Gap.

Good to see you too again.

CreditViolet · #30 21st August 2008, 11:37 AM

Quote:

Originally Posted by trader111

Did recommend the book when I became active on forum

http://www.traderji.com/day-trading-...tml#post186003

not yet received a single thanks

people still consider microstructure as esoteric stuff

I just noticed one thing. Even though you are recommending the book, actually you haven't read the book yourself, because only a few days ago you asked me for a ebook link for the same.

Code:

Trader Trader (7/19/2008 6:11:14 PM): awaiting link for Harris' book on microstructure :)

Please read the books before recommending it, reading Amazon reviews doesnt really count as reading the book.Posting just to receive reputation points is not why the reputation system was introduced for.

Yours Sincerely
CV

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