need suggestion on day trading

[CreditViolet]

Re: need suggesion on day trading

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.

Your second post neutralizes the good points in the first post.

 

[swdas]

Re: need suggesion on day trading

Your second post neutralizes the good points in the first post.

Two posts are separate. Please clarify why do think it neutralities. I would try to answer. I am confused, if you said about books. or not using real time chart?

 

[CreditViolet]

Re: need suggesion on day trading

Two posts are separate. Please clarify why do think it neutralities. I would try to answer. I am confused, if you said about books. or not using real time chart?

Well the two book recommendations that you gave are not exactly the best ones for daytrading esp Gujrals which is a mixture of various other foreign titles and very redundant.Also the mention about Fibos was the other thing, not really recommended.

 

[trader111]

Re: need suggesion on day trading

Two posts are separate. Please clarify why do think it neutralities. I would try to answer. I am confused, if you said about books. or not using real time chart?

just check out this regarding fib ratios

http://www.traderji.com/technical-analysis/22758-formal-studies-technical-analysis-4.html#post204758

 

[vabhujain]

Re: need suggesion on day trading

really greatful to hav so many replies

plz comment on this book too

The disciplined trader

Trading in the zone


thanks

 

[CreditViolet]

Re: need suggesion on day trading

really greatful to hav so many replies

plz comment on this book too

The disciplined trader

Trading in the zone


thanks

Both are essentially the same with the second one written more fluently.However those books are useful only after you have designed a proper method, not much use before that.

 

[amitt29]

Re: need suggesion on day trading

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!

Yeah sure these would help too.

http://www.icharts.in/forum/viewtopic,p,2110.html#2110

and these too

http://www.icharts.in/forum/viewtopic,p,2974.html#2974

 

[deb99891]

Re: need suggesion on day trading

really greatful to hav so many replies

plz comment on this book too

The disciplined trader

Trading in the zone


thanks

check out ur pm box
send u some books(+ free download link) which i found very usefull in my earlier days.
regards

 

[VJAY]

Re: need suggesion on day trading

check out ur pm box
send u some books(+ free download link) which i found very usefull in my earlier days.
regards

Dear deb,
Could you please send me also.
Regards

 

[praveen taneja]

Re: need suggesion on day trading

check out ur pm box
send u some books(+ free download link) which i found very usefull in my earlier days.
regards

sir is not it good that u give link to all of us it will b usefull to everybody who are not as intelligents as u seniors are????