need suggestion on day trading

vabhujain · #1 15th August 2008, 10:57 PM

hi everybody

i just put my first step in stock market

and this point i want to start as trader

so plz guyz tell me any book on day trading

what u ppl think about this book

Trading For A Living by Alexander Elder

thanks in advance

CreditViolet · #2 16th August 2008, 12:12 AM

Quote:

Originally Posted by vabhujain

what u ppl think about this book

Trading For A Living by Alexander Elder

The book is a waste of paper/hard-drive space.

vabhujain · #3 16th August 2008, 12:15 AM

Quote:

Originally Posted by CreditViolet

The book is a waste of paper/hard-drive space.

anything else

CreditViolet · #4 16th August 2008, 12:23 AM

Quote:

Originally Posted by vabhujain

anything else

Trading and Exchanges: Market Microstructure for Practitioners
Traders: Risks, Decisions, and Management in Financial Markets
Enhancing Trader Performance

vabhujain · #5 16th August 2008, 12:28 AM

Quote:

Originally Posted by CreditViolet

Trading and Exchanges: Market Microstructure for Practitioners
Traders: Risks, Decisions, and Management in Financial Markets
Enhancing Trader Performance

are u sure

as i m a noob

CreditViolet · #6 16th August 2008, 12:31 AM

Quote:

Originally Posted by vabhujain

are u sure

as i m a noob

Yes..The books are a good starting place for all noobs.

swdas · #7 16th August 2008, 09:32 AM

I do day trading and love day trading. Mostly I go with NF. Sometime RIL SBI ICICI etc.

Day trading is a most difficult art and needs lot of control over emotion and reflex in entry and exiting.

Some of the points about day trading.

1. Need to understand entry and exit points. Most of the time market trades in bad entry points or exit points. Market goes to good entry points or exit points for a few mins and on some day for a few secs. Which means you should patient to wait for those points, but your reflex should high when point reaches for making entry or exit.

2. Deciding a trade, for this you can use many methods available like fibo, bar reversals, or cams method. you can develop your method as well.

3. I use one go entry. Means I take entry once. But use partial exits. Like in NF, I exit 50%-75% when I get 20-30 points. Rest I wait for my targets.

4. I always use 20-30 points SL, in special situation i go for 50 points SL.

5. I always try to have 1.5 times target compare to my SL.

6. Need to show some guts while making entry and exit. Sometime, we need to show guts in reversing trade before SL hitting.

7. We have to try cover our losses on the say day.

8. i vary position size based on SL. 20-30 points NF SL i use full position size. when 50 points SL i use 50% position size.

hope this helps!

swdas · #8 16th August 2008, 09:44 AM

I have read two books, both are good.

1. How to make money trading derivatives by Ashiwini Gujral
2. Come into my trading room by Dr Alexandar Elder

I personally use fibo method for day trading. It works well. I Do not use Real time chart for day trading. mostly trade as per daily support and weekly support.

trader111 · #9 16th August 2008, 11:01 AM

Quote:

Trading and Exchanges: Market Microstructure for Practitioners

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

biyasc · #10 16th August 2008, 11:09 AM

Quote:

Originally Posted by swdas

I do day trading and love day trading. Mostly I go with NF. Sometime RIL SBI ICICI etc.

Day trading is a most difficult art and needs lot of control over emotion and reflex in entry and exiting.

Some of the points about day trading.

1. Need to understand entry and exit points. Most of the time market trades in bad entry points or exit points. Market goes to good entry points or exit points for a few mins and on some day for a few secs. Which means you should patient to wait for those points, but your reflex should high when point reaches for making entry or exit.

2. Deciding a trade, for this you can use many methods available like fibo, bar reversals, or cams method. you can develop your method as well.

3. I use one go entry. Means I take entry once. But use partial exits. Like in NF, I exit 50%-75% when I get 20-30 points. Rest I wait for my targets.

4. I always use 20-30 points SL, in special situation i go for 50 points SL.

5. I always try to have 1.5 times target compare to my SL.

6. Need to show some guts while making entry and exit. Sometime, we need to show guts in reversing trade before SL hitting.

7. We have to try cover our losses on the say day.

8. i vary position size based on SL. 20-30 points NF SL i use full position size. when 50 points SL i use 50% position size.

hope this helps!

for me, this is the most easiest job than anything else i can do for my living. am i lazy?

your post was good. keep it up.

The Following 5 Users Say Thank You to CreditViolet For This Useful Post:
biyasc (16th August 2008), deb99891 (16th August 2008), HEM (4th September 2008), learn2trade08 (16th August 2008), vabhujain (17th August 2008)

The Following 4 Users Say Thank You to CreditViolet For This Useful Post:
deb99891 (16th August 2008), kuriako (16th August 2008), vabhujain (29th August 2008), vats (17th August 2008)

The Following 5 Users Say Thank You to swdas For This Useful Post:
kandid (8th November 2008), rkkarnani (16th August 2008), vabhujain (17th August 2008), VJAY (16th August 2008), vjuneja (1st October 2008)

The Following 3 Users Say Thank You to trader111 For This Useful Post:
avijit_das (16th August 2008), HEM (4th September 2008), yuva (10th September 2008)