i lost money in intraday trade for the past two days

Discussion in 'Day Trading' started by Raj133, Jun 17, 2009.

  1. enkaysharma

    enkaysharma Active Member

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    If you do not wish to lose, follow my thread.
    Day Trading -Intraday Target Achieved
     
  2. subodh9

    subodh9 Member

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    :clap:ya self proclaimed Guru !!!!:rofl:
     
  3. enkaysharma

    enkaysharma Active Member

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    How much money do u earn in a day Mr. Subodh ? If you say u make 10 lakhs a day, I shall make u my GURU.
     
  4. lasty66

    lasty66 Active Member

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    Hi enkaysharma... u mean u earn 10 lacs a day?....by intraday trading...whats ur strategy?
     
  5. kevin_shah

    kevin_shah Active Member

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    This one for the guys....like Raj and other persons who have lost in day trading for last couple of day and are beginner
    Understand the Basic Rules

    Basic Rules for Online Day Trading
    Online day trading requires both patience and practicality. To be successful, you need to focus on your trading technique, not the frequency of your trades. Remember, quality over quantity! There are many factors that play a vital role in online trading. Take a look at the following my invaluable list of basic tenets for day trading.

    1. Understand the risk:

    The online trading market can be volatile, which creates risk. To be successful, you must be aware of factors that can influence prices, such as economic releases, earning reports, and statements by government officials. Staying updated with new developments will allow you to make sounder trading decisions.

    2. Choose a trading time:

    Before entering the online trading market, be sure to choose a block of time that suits your lifestyle. There is no point in trying to trade if you cant find a suitable time to do it. Everyone has commitments in their lives which cannot be ignored, so you have to decide for yourself which regularly scheduled block of time you are most comfortable with.

    3. Develop a strategy for your day trading:

    Every online day trader should have an online trading strategy which he follows religiously. Most of these strategies will have common elements, including guidelines for signals, indicators, and rules regarding entry and exit. Its important to determine your strategy before you begin to trade.

    4. Trade the right market:

    Different markets have different trading profiles, which vary in volatility (the online currency market is considered the most volatile of them all). Some are ideal for intraday trading while others are favorable for long-term action. Determine the market you want to invest in based on factors such as your account size, trading time frame, personal knowledge, and risk tolerance.

    5. Be Open to Learning:

    If you are a first-time day trader in the market, there are a number of risk-free ways for you to gain experience. For example, with a demo account, you can practice your order execution and trading systems to check their viability, all before putting your actual money at stake. Take advantage of the ample resources available to learn and practice the craft of online day trading.


    6. Dont Trade Too Often:

    Overtrading is one of the most common mistakes of traders. It occurs mainly when traders try to compensate for their previous losses with just a few more trades. Wise traders will allow themselves a pause from trading activity after a loss, instead of trading frantically in an attempt to recoup their money.

    7. Start Small:

    Starting small is a wise choice, especially if youre fairly new to online day trading. Being conservative in your trading decisions will help protect you from possible mistakes and failures. Remember, if you trade big, youre risking big money and setting yourself up for big failure.

    YOU all may feel like a lecture, but guys..rather than falling into hand of tipsters and also to so called Gurus who make u teach their methods....its better to self learn, self-motivate and be self-disiplined
    KEVIN SHAH
     
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  6. kevin_shah

    kevin_shah Active Member

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    Optimize Your Day Trading Strategies
    Making money is what it’s all about, and it only becomes easier once you have the appropriate day trading strategies in place. In day trading, faithfully following your trading plan will pave the way for higher profits. It’s extremely risky to trade any market without a strategy. Many people trading the market with individual, unplanned tactics lose out because they fall victim to the temptations of overtrading and heightened emotions.

    Day trading necessitates selective, wise, and patient trading methods. Successful day traders are practical, and do not go overboard when trading the market. They focus on the quality of each trade, not the quantity. If you enter the market too frequently, you overexpose your money to fluctuations and risk serious loss, not to mention the execution costs that you pay every time you trade.

    Many traders bask in their ignorance, believing that if you trade more, you profit more. This is a conceptual fallacy which creates disasters for a number of traders in the market. Overtrading – which occurs when traders increase their number of trades in an attempt to recoup losses – takes place with astounding regularity.

    Profitable, forward-thinking traders will hold to their set strategies, resisting the urge to deviate from their chosen course. Success comes from analyzing and evaluating your day trading options and streamlining your day trading strategies regularly. To better understand the complete length and breadth of trading mindsets, tools, and techniques, I recommend The Psychology of Trading, by Brett. N. Steenbarger.

    Also, consider a few of these effective day trading strategies to stick to:

    1. Believe in the day trading system you follow. Do not question the effectiveness of its rules and methods unless and until you have successfully explored all of its trading options.

    2. Trade only twice a day – once in the morning and once in the afternoon. Continue trading this way for at least the first 2 to 3 months. A conservative schedule will save you from the temptation of overtrading.

    3. Make a weekly goal of your profits lets say... $250 or $300 profit per contract. When you get a successful trade and achieve the weekly target of $250 or more, you should switch off your trading screen and take a break until the following Monday. This will be good for your health – and also help prevent overtrading. If for some reason you are not able to meet your set profit goal in a particular week, don’t worry! It’s happened to everyone. Just continue on consistently with your trading strategies and you’ll find success.
     
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  7. kehl

    kehl New Member

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    Thanks for your advice, Kevin.

    I am a beginner in day trading as well. Been reading some threads from the masters here like ST and Raghav, I'm now trying to build my own trading system to fit in the Hong Kong market.

    I think the frustrating thing, especially to beginners like me, is that the system may work great this week, and then cause you big loss for the following two weeks. So what should we do then? Still firmly believe the system, or do some tweaks on the system or even give up the system?
     
  8. kevin_shah

    kevin_shah Active Member

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    Hi Kehl,
    I guess u are more inclined to Trading systems, that what i can make out it because building trading systems need knowledge, patience and creditability,...
    Anyways if u have problems like this , first of all
    1. Understand the market behaviour
    ---Systems don't make the market ; people's emotions make them fall/rise;
    ---Plus understand the psychological levels like High/Low, Support/Resistance; ( bcoz they work better than any systems), if possible inculcate them in ur systems


    2. Understand the Sytem
    ---are u developing your systems for trend folowing or in rangebound conditions.
    ----as trend -following ssytems don't work in range-bound..any tweaking won't help and vice versa

    3. Understand YOUR Mind
    ---what happens is that greed, fear and other emotions creep in when signals come
    ---this is because every signal has the same probability of success/failure w.r.t to previous ones.. so find ur edge and take those trades which your edge speaks to u( because u know it will bring profits)

    I think this should be useful and Since u are new to trading these takes time and in my opinion give yourself 6 months on these aspects, and yes one last piece of advice
    KEEP LEARNING
     
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  9. casonite

    casonite Active Member

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    Hi buddy! I am no good to be making suggestion/recommendations for question as big as this but i can share my experience, if it helps. Experience of many lost trades over 2.5 years and thousands of rupees later i realized there is no right or correct answer to this question. Just as anything else, it will take time and experience before we realize what trading style suits us. No one can guarentee that they will make money for sure but i can guarentee that there is no one on the planet who has never lost money trading. Instead of looking around you'd need to come back to yourself. Read, test, observer and keep repeating it till you start observing something in charts that tells you of a high probablity trade. It will take time bro...for sure. Hang in there....this is only going to give you the skills like patience, determination that is needed to be a successful trader. There is one thing i would add....trading is more mental than anything else...you may have spotted a perfect trade but to make that trade and then staying with your trade while you watch market going against you will test you. It will also test you when you start a trade going your way and you having an urge to book profits and exit..only to realise you lost on a major move...

    There is a interesting article that you may find worth reading...take a look

    http://www.traderji.com/equities/43478-stages-true-trader.html
     
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  10. rahul601

    rahul601 New Member

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    Hi Raj
    as you lost 10,000?- Rupees first you have to stop trading and join the technical analysis course and get the charting software and real time data,
    you have to devlope your own trading technique, onecs you devlope technique you have to trade with paper trading technique so you avoid actual losses alway try to learn new things and most important point i learn from market you must have lot's of pessions and alway trade for 3-4 days or more,there are some video on youtube of sunil manglani plz watch it

    thx
     
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