Best Indicator for Newbie

Hi All,

I am new to intraday trading thou' I am in Stock market for quite sometime.

1. Is there an indicator that I can use for day trading.
2. Should I trade with low value or High Value Stocks.
3. What should be the profit level I should expect.
4. What should be the Stop loss I should maintain.
5. I don't have access to any minute by minute data, can I use pivot formula to calculate Trigger, Target and Stop Loss using EOD data. I have Amibroker.

Thanks in advance for the info and wish you a Happy weekend.

Any updates please.

Hi Prabhu,
I'm not a day trader, but if I was I would find it difficult to answer your questions.
1. Price is an indicator, but I would have to guess you wanted something more, such as an indicator which would give you pin point buy and sell signals. One doesn't exist, they mostly lag the price.
2. would depend on what you are trying to accomplish which you haven't stated.
3. As above.
4. Would be dependent on volatility of the stock, your trading method, your expectations, money management and risk profile.
5. I don't know, but I would have thought it difficult to daytrade using eod data.

Please check out this link containing lots of teachings from the seniors of the group. Some of the links may help.

http://www.traderji.com/beginners-guide/9373-new-members-please-read.html

Hope this helps some.

see there is neither any indicator for newbie nor for experts , the matter is how u use them , somebody may make lakhs by just looking at price action or some may loose even having most sophisticated softwares with thousands of indicators and trading systems .
here i shall try to answer ur questions one by one
1) there are several ,( u have told u r a newbie so one suggestion (just suggestion ) first don't trade intra day, firstly try paper trading ), u may try moving averages , rsi , macd , sochastics etc .
2) if u want to trade ,then try costly, high volume and liquid shares (price >1000) as they are stable and move slower ,reliance industries , hdfc , l&t may work better.
3)for day trading purpose never expect profit more than 1% in a single trade .
4)stoploss depend upon ur risk bearing capacity so , no one can suggest it to u without knowing ur capital and risk capability .
5)pivot is a nice technique u may use but never have a blind faith upon its levels ,if u have decided to enter day trading better to make charts ur friend as early as possible , u may paper trade on delayed data .

one more thing, study technicals as much as u can , believe on trends , learn firstly trendlines their formations and price volume relationship etc. believe me ,these are 100,000 times better then any kind of technical indicator.

happy trading
abhi:thumb:

use candlestick charts see macd and stochastic curves these are enough for technical analysis.