Thanks for replying Adi,
My intention was not to challenge anybody but to find one. I hope you get that it was not offensive.
It's not that I am making only losses. I am not new to the markets as well. I had been investing earlier. But trying out intraday for last 3-4 months. I climb to '+ve zone' after some days of struggle and then one wrong decision pulls me back to the '-ve' territory. This keeps me demotivating, and occasionally makes me think of quitting.
Thats why I was really searching for successful day traders who could provide me some guidance which works in the practical world of day trading.
Well, by successful i meant (as i mentioned in my first post) who is earning consistently (may be a small amount). Because after all you are in the stock market to earn. I didn't mention any amount on monthly basis or yearly basis because I know that would depend on many factors like ur invested capital, ur risk taking capability, the exposer ur broker is providing you etc.
I have studied lot of techniques and tried to apply them but they give more whipsaws than winning signals.
I would highly appreciate if legend traders could guide us on some working technique which could lead us the way to become the monkey climbing the slippery pole (ultimately reaching the top).
Thanks,
pinbis
Ya I know you didn't have ill-intentions or doubt on other's capabilities.
I would suggest you to be extra careful (
ofcourse I cannot tell you not to), while trading in such a short timeframe (intraday), If you have read Long term secrets to short term trading by Larry williams you will understand the dangers or like Dirk says in Bird watching in Lion country -- short tf trading is like being on the road with traffic passing both sides, (while he compares long tf trading to sitting on mountain top and watching the highway) or if you have read Fooled by Randomness-- the ratio of random noise (in the results of your trading
(not the market data)), is exponentially higher to
fool you into success (page number67/68). I am not discouraging short TF trading, lot of them do it, but I am saying it is something when you do once you have mastered the nuances and achieved zen like thinking (cool and calm),
big money is made in big tf (ofcourse it is boring, but you can use this time to spend in education, as confucious said eduction is best insurance one can buy).
I think it would be hard for anyone to guide you into successful intraday trading because intraday trading (
as upto my experience) is very intuitive (
subjective) (especially the exit part, this intuition will come after lot of screen-time, especially correlating with other market behaviours and past patterns observed (too many such patterns to either codify or simplify) (ofcourse this applies to non HFT trading, which is again a different domain and where we are espcially looking at statistical arb trades with very low latency, and I am sure you are not looking to trade on HFT).
If you still insist on intraday trades, I would consider you to pick a particular scrip (best choice an index, either Nifty or BankNifty), study the Price Action on 5 or 15 min chart, come out with some consistent strategy (again read Larry william's or Linda's book for some ideas, add various filters (to reduce the whipsaw (on badside reduces the no. of trades, (if you look differently it is boon in a disguise)) and voila.
(my experience is the reason for your too many whipsaws (if you are not over-trading) could be your (larger) position size (which compels you to have small SL, thus closing trades too early) (this is from experience and may not be the case, but more often I find position size is key to different problems ) (try the software 'Market System Analyzer' , it will guide you))
may your results be proportional to your hardwork
aaditya
