Hi,
It's one and half year I came to stock market as day trader. At the beginning I knew nothing, my broker's(IIFL) RM used give me tips and I traded, profited few times and LOST several times. Then I understood that I need some knowledge about this thing, It sounds simple but it's difficult to do. Then studied from some books, applied those theories few worked for few times but later I understood that it was really a sheer luck of mine, that those worked. I didn't do anything with a clear view, I didn't got idea why I am selling or buying. Then started reading again, whole process started over again. At the end I was lost, can't remember the book names. I started with small capital of 20 thousand, I lost nearly 20 thousand in first 1 year. Then I transferred some to keep 20k in my account, then I started loosing less money because of stop losses. I read technical analysis, charts (candles and bars), indicators nothing actually worked very well for me. But I made some profits also and loss also so my 20k is 20k still now.
My question to me was and is, that I have to get a clear idea or view where the price will move up or down. From charts or indicators I didn't get a clear view. Two months ago I read Richard d. Wyckof's 'Day Traders Bible', which is on tape reading. Then I followed it, no charts some times, few times chart just get previous action view, and I followed Tape(price and volume) and bids/asks. I must admit that it helped me lot to get a view. But I am still not so Profitable.
Here I need help from seniors who follows price action, please give some idea that how should I follow it. I can get a view that the price is ranging, about to break or trending some times, but my entry is late some times or some times I am wrong with my anticipation, Bid and Ask list also confuses me, what I look into BID and ASK.
Please give some light and tell me the way, Which I should follow.
Thanks
It's one and half year I came to stock market as day trader. At the beginning I knew nothing, my broker's(IIFL) RM used give me tips and I traded, profited few times and LOST several times. Then I understood that I need some knowledge about this thing, It sounds simple but it's difficult to do. Then studied from some books, applied those theories few worked for few times but later I understood that it was really a sheer luck of mine, that those worked. I didn't do anything with a clear view, I didn't got idea why I am selling or buying. Then started reading again, whole process started over again. At the end I was lost, can't remember the book names. I started with small capital of 20 thousand, I lost nearly 20 thousand in first 1 year. Then I transferred some to keep 20k in my account, then I started loosing less money because of stop losses. I read technical analysis, charts (candles and bars), indicators nothing actually worked very well for me. But I made some profits also and loss also so my 20k is 20k still now.
My question to me was and is, that I have to get a clear idea or view where the price will move up or down. From charts or indicators I didn't get a clear view. Two months ago I read Richard d. Wyckof's 'Day Traders Bible', which is on tape reading. Then I followed it, no charts some times, few times chart just get previous action view, and I followed Tape(price and volume) and bids/asks. I must admit that it helped me lot to get a view. But I am still not so Profitable.
Here I need help from seniors who follows price action, please give some idea that how should I follow it. I can get a view that the price is ranging, about to break or trending some times, but my entry is late some times or some times I am wrong with my anticipation, Bid and Ask list also confuses me, what I look into BID and ASK.
Please give some light and tell me the way, Which I should follow.
Thanks