Please Help newbie to day trading

Hi i am interested in learning simple technique for day trading. Can some one let me know or point me to a simple technique or let me know any book that can help me start with simple technique.

Has Alexander Elder written anything on Day Trading?

Please help

Anyone? anyone who can help

Yes, Elder has written few books.. The one that I recommend to beginner is
Trading For A Living or Come Into My Trading Room - A Complete Guide To Trading.

They do address various components of trading which are more than technical analysis. Tech Analysis is important part of decision making in short term trading, but successful trading is lot more than that. So plz don't make mistake of jumping into trading after completing a TA book from cover to cover thinking that now I know how to make millions from market.

All the best.
Happy trading

Alexander helped me emphasized in analysis although not from the technical side but the psychology...I suggest a paper trading practice for one (two?)year.
Track your success or loss..According your results, come n play...stick to your strategy as in paper trading...:thumb:

GL....

Thanks alot

The two books mentioned by AW10 should help you to grasp things.

I suggest you to learn some technique around here and jump in trading with restricted capital. You need to get real burns to make things better.

Happy Learning.

Gadinaa, as a matter of personal opinion, I'll disagree with the ones that say daytrading is tough. Any type of trading is tough if you do not have a method established to approach the markets. Any type of trading doesn't have to be tough as long as the methodology is in place.
The tough part is establishing the method, and the principles involved with trading. It does not happen overnight.
You could experiment with different indicators and methods, then use your thread to ask questions and get opinions.

Hi ,

Whatever technique you follow, just make sure that your target is at least twice of your stop loss. Before thinking about the reward always think about the risk.

Even if you day trade you wont have to trade every day. Always wait for the set up with good risk reward ratio. If you get 6 to 10 solid setup in a month, you should be highly satisfied.

Good Luck.

If you think paper trading is too tough, try this.

Invest only Rs. 1000/-. Trade with it and try to preserve it for 3 months. If you run out of money, then don't invest more till the 3 months are over. Then invest another Rs. 1000/- and repeat the cycle, till you can preserve your Rs. 1000/- for 3 months at a stretch. When you achieve that, bring your profits (if any) home (withdraw) and use that Rs. 1000/- for another 3 months, to ensure that it wasn't a one off.

You must put in average 1 trade per session. 1 trade = Buy + sell for intraday or 1 leg of a delivery position.

Put in real money and you will see how easy it is to lose even your underwear if you aren't doing the right things. Learn to preserve the capital first. Working with real money, however small, will bring out the emotions and you will know your strengths and weaknesses.

You have to learn to (a) have a method, (b) master your fears and greed, (c) develop somewhat detached attitude towards profits and losses.

Hi seniors!

I hold u in high esteem bcz u are the pathfinders. Obviously I am a newbie too. I do day trade often using Support/Resistance/Pivot, also Gann calculator. But most times i lose money.

I need your kind help and guidance day trading.

regards
Pradipjee