Is Daytrading dangerous?
- Thread starter pksam
- Start date
U
I am frankly moved by the concern shown by all of you.I myself never advocated Day Trading.In fact in my total, whole time trading job since 7 yrs was totally wiped out twice of my trading capital ,in Day Trading.Since Feb in Swing trading ,i could generate extra trading capital ,inspite of my monthly payouts,sufficient to work in stock futures in couple of contracts.
My original trading capital is transfered from Indiabulls to my bank a/c on last friday,after the July series ended.
I was prepearing myself to start Daytrading on leveraged a/c,since 3 months.This change of Time frame to 5mins from EoD is a different pasture,of which my past experience in Cash mkt
since long is mixed.My Daughter's marraige is finalised for 21st Nov,the entire budgetory allocation is transfered to my wife's a/c on 19th of July.
This time i am doing on leveraged a/c & very well aware of all the pitfalls.Even this entire small trading capital is totally wiped out ,my trading will not stop for single day,the only difference then would be back to swing & may never come back to Daytrading.
I am from a middle class bengali average family background ,well aware of my limitation & capabilities.
Thks ,for showing real concern for me.
My original trading capital is transfered from Indiabulls to my bank a/c on last friday,after the July series ended.
I was prepearing myself to start Daytrading on leveraged a/c,since 3 months.This change of Time frame to 5mins from EoD is a different pasture,of which my past experience in Cash mkt
since long is mixed.My Daughter's marraige is finalised for 21st Nov,the entire budgetory allocation is transfered to my wife's a/c on 19th of July.
This time i am doing on leveraged a/c & very well aware of all the pitfalls.Even this entire small trading capital is totally wiped out ,my trading will not stop for single day,the only difference then would be back to swing & may never come back to Daytrading.
I am from a middle class bengali average family background ,well aware of my limitation & capabilities.
Thks ,for showing real concern for me.
what does that mean?????????
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Regards
R. S. Iyer
U
My problems after i swithced to 5 mins Time-Frame:=
r/r ratio in 5mins time-frame.(got accoustomed to get 1:4 in Swing studying EoD charts)
Was trading with 1min PIB ,equipped with all level's derived from EoD,even Scrip was pre- selected by EoD explorations.
Now in 5min Metastock live periodical explorations of "Short only System" brings out 1 to 2
scrips in f&o .Instantly have to decide ,which trade to take becoz of shortage of fund can
take only 1 contract position.The psyche is built such that until if i look at a chart for atleast 5mins cant decide instantly.In the mean time after say another 15mins a new exploration throws another few set of scrips.Now the irritation starts,which one to choose,again my normal in built mechanism instinctly guides me to look at EoD charts for weakness,amongst those scrips.By this time the no trades taken but the 1st one falls for 0.5% when the 2nd one follows suit also ,then starts desperation to trade.
Here the r/r ratio warns me not to trade NOW,after already 0.5% fall.Then after 1 or 1.5 hrs
any new stock ,given by new exploration take a trade (blindly) ,here any upswing from my entry price (though below SL) ,starts tremendous urge to cut the position below SL ,(becoz of no conviction which happened for not looking at the chart properly).
Few of my long time traders friend came yesterday evening,i called them,they advised to transfer another 30k to indiabulls a/c over my initial trading capital in this new venture,for continuous ,in a row 10trades loss,as my robust back-test of this system has shown max in a row 7 trade loss.
What do you suggest.
r/r ratio in 5mins time-frame.(got accoustomed to get 1:4 in Swing studying EoD charts)
Was trading with 1min PIB ,equipped with all level's derived from EoD,even Scrip was pre- selected by EoD explorations.
Now in 5min Metastock live periodical explorations of "Short only System" brings out 1 to 2
scrips in f&o .Instantly have to decide ,which trade to take becoz of shortage of fund can
take only 1 contract position.The psyche is built such that until if i look at a chart for atleast 5mins cant decide instantly.In the mean time after say another 15mins a new exploration throws another few set of scrips.Now the irritation starts,which one to choose,again my normal in built mechanism instinctly guides me to look at EoD charts for weakness,amongst those scrips.By this time the no trades taken but the 1st one falls for 0.5% when the 2nd one follows suit also ,then starts desperation to trade.
Here the r/r ratio warns me not to trade NOW,after already 0.5% fall.Then after 1 or 1.5 hrs
any new stock ,given by new exploration take a trade (blindly) ,here any upswing from my entry price (though below SL) ,starts tremendous urge to cut the position below SL ,(becoz of no conviction which happened for not looking at the chart properly).
Few of my long time traders friend came yesterday evening,i called them,they advised to transfer another 30k to indiabulls a/c over my initial trading capital in this new venture,for continuous ,in a row 10trades loss,as my robust back-test of this system has shown max in a row 7 trade loss.
What do you suggest.
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