Day Trading A Single Stock

[newtrader101]

Fickel mind for trader is dangerous. Every single day you are changing conditions. It shows that you have to work strongly on basics of trading

Its true. But here are other problems: internet is not dependable, and I have the most basic setup with a laptop that just manages to do the job, each time it heats up, I am nervous; other commitments are there as well.

 

[VJAY]

Its true. But here are other problems: internet is not dependable, and I have the most basic setup with a laptop that just manages to do the job, each time it heats up, I am nervous; other commitments are there as well.

Its true. But here are other problems: internet is not dependable, and I have the most basic setup with a laptop that just manages to do the job, each time it heats up, I am nervous; other commitments are there as well.

You must sort out things which make problems in trading first...you need to fully commited if you are intraday trader...even after seeing your reason I totally agree with pt

 

[primitivetrader]

Its true. But here are other problems: internet is not dependable, and I have the most basic setup with a laptop that just manages to do the job, each time it heats up, I am nervous; other commitments are there as well.

as vijay said resolve your other commitments first. if you are just experimenting thn its fine to keep changing conditions. but if you are not in earning mode full time thn its better to get strong hold on foundation of technical trading.
from my exp i can tell its very difficult to have set and forget type of system for intraday. things look great in hindsight but in live trading its different.
dont know much about technology but i also have 10-12 years old laptop. but yes stable internet is must for intra

 

[newtrader101]

Thanks, Vijay and primitivetrader.
The facts are: I am a Technical writer and Instructional designer. I left my job to try daytrading without realizing what I was getting into. I lost a good part of my savings in this. Now I might need to go back to my profession to raise capital. So I can't let go of that as well. I am studying both (Technical writing and trading).
Swing trading could have been an option, but now Commodities and Currencies are the only choices. Stocks are too expensive to swing trade and derivatives need large capital.

 

[newtrader101]

GANN backtesting results:
060718 to 110718

12-7-18 to 17-7-18

180718-200718

230718-260718

 

[newtrader101]

270718 to 010818

020818 to 070818

080818 to 130818

140818 to 200818

 

[VJAY]

Thanks, Vijay and primitivetrader.
The facts are: I am a Technical writer and Instructional designer. I left my job to try daytrading without realizing what I was getting into. I lost a good part of my savings in this. Now I might need to go back to my profession to raise capital. So I can't let go of that as well. I am studying both (Technical writing and trading).
Swing trading could have been an option, but now Commodities and Currencies are the only choices. Stocks are too expensive to swing trade and derivatives need large capital.

Sad to hear about your situation....any way do job and try to learn one method which suits you and backtset it as long as you can ...live test it with small qty....YOU MUST STICK WITH ONE METHOD Its very important in trading

 

[newtrader101]

Placed a bracket buy order at 1425.5 and a bracket sell order at 1415. The next levels are 1433.80 and 1406.95 which become target and stop loss , reversed, for each order.
I got interested in Gann levels after Prakaash's thread on Crude with Gann square. However, on the practical side, the triggering of orders is a concern. Because sometimes price can just enter a level, trigger the order entry and then bounce back. We will need to wait for the 5 min bar to close inside that level. He was just backtesting. When it comes to actual trade, its a different story..

LONG/
SHORT BUY SELL P/L
SHORT 1416.80 1415.60 -1.20
LONG 1416.75 1406.05 -10.70
LONG 1407.20 1402.75 -4.45
SHORT 1401.00 1400.65 -0.35
-----------------------------------------------
-16.70
Expenses -8.00
-----------------------------------------------
-24.70
------------------------------------------------

 

[MSN1979]

Its true. But here are other problems: internet is not dependable, and I have the most basic setup with a laptop that just manages to do the job, each time it heats up, I am nervous; other commitments are there as well.

Where are you from?

 

[newtrader101]

I'm based in Delhi, but the internet plays hide and seek in this area sometimes. I have a Jio back up, but its speed varies.