If you are "Trading for living"- which style do you adopt?

If you are "Trading for living"- which style do you adapt?

Dear Friends,

We all are in the market for making money. Few try to stay for minutes , few stick to the market for one or two hours but few stick to the market from the beginning to the end. Apart from this among us follow their own styles of trading. Few take positional trades, few take purely day trades while other do day trade and convert their position into delivery trade from day trade. Is this conversion good?
If you are fully experienced trader with many years of trading experience and earning minimum of 4000 rupees a day on consistency basis, it may be helpful for fellow trades to know which methods may be better than other to become a gainer rather than loser.
So my friends kindly help few who may be doing the mistakes like we did at our earlier stage and lost money. This may help newbies by sharing your style of trading for optimal gains in day trading / positional trading.
So which style of trading you prefer if you are " trading for living"?
Thank you for sharing your experience and replies in advance.:thumb:

Getting 4000Rs per day, on consistent basis, is very good but to
hard to get it.Getting 2000Rs is good.That mean 40K to 45K per month
which is too good.That is based on sub-100K capital.

To start with use high time frames either 15 min or 10 min.Later on you
can reduce TF as low as 3min.But 3 min gives many buy/sells.Some may
result in Whipsaws.

A Positional trader gets{ (OPEN~CLOSE)+GapUp/GapDown} but a Day trader
gets (High~Low).In other words Day trader misses GapUp/GapDown,
whereas Positional trader misses "V-type" or "Inverted V-type" recovery.

Taking occasional breaks in a day always help rather than sitting in front
of computer.

Thank you columbus.
I agree with you. Sitting long time before the terminal some times tempts to close positions too early before our fruits ripen !.
Thank You once again for the comment.:clapping:

Tell me nj ! How can I help you.
Unfortunately I can't call you until 25th November 2012 as I am abroad.
I will be happy to help you if my knowledge can do it in any way.
Regards. You can mail me if any important info you would like to seek from me. My mail id is ravindra_engineer at hotmail.com

Ravindhra

pls edit your email id and cell no as it is not allowed in forums to share it

Dear Varun99 !
My advice to you with my experience is:
1. do some home work before take any day trading positions. And also
2. do some paper trading before you go full steam.
3. Just don't buy a stock because CNBC or some other channel chanting some stocks. They are paid to do so, so they gain if you follow them you lose ! It is so simple.
4. Lean some charting techniques / technical analysis. This helps you to fix your mind when to enter and when to exit and also how long you can be in that trade.
5. If you are losing daily in daily trading, better stop it; first learn by paper trading and then proceed.
6. Before you place buy order or short ,please remember you must have studied the pattern/ trend of the stock and you are sure it is in your estimated trending or range zone. Prior to placing buy /sell order check what is its daily and weekly moving averages. How far and near to its 52week highs/ lows and also near to the trend you are expecting to trade it.
7. Check the liquidity , buyer and seller volumes based on your order type ( sell or buy respectively).
8. Follow some of the senior members advices and techniques in this forum and like forums where there is no dearth of knowledge. They are always ready to help you.
9. If you are not perfect and satisfied by yourself to do day trading better limit yourself for positional trading... Buy at low wait until your expected price to come and sell at high ( watch the trend always ... stick to the market news whatever whenever you want to involve yourself in the market ). This way you can reduce your losses.
Happy trading :thumb::thumb:

* First Step stop trade on daily basis.
* Trade on opportunities, then only consistency will be there.
* Fix Profit on %, not in nos.
* Don't try to predict big levels, trade with intermediate trend..........
* Fix one or maximum two methods and follow
* Known and visible things (technicals) will never happen in this market.

Nirahjan

Intra day
Live Chart Time frame 5 Minutes
EMA.. 12 and 34 cross over.
Book Profits as per Gaan Level. (Search for Gaan Calculator in Net)
SL. only when cross over go against entry point i.e 12 EMA drops below or raise above 34 EMA
NOTE: Do not watch Business channels and never trade based on some one else TIPS.
You have to solely fallow this system alone. Take stock of your P&L after 20 trades.

Start with one Mini Nifty and increase lost size once gained confident.
I trade 3 mega Nifty now after 2 years of experience
Expectation of profits (not by money) by 10 or 12 points per trade
One or Two trades a day. Once SL hit No more trade for that day
I am Happy with the result.

what do you mean by 3 mega nifty ? Is it 3 lots ? i.e quantity= 3x50 = 150

(I have seen some people buys 20 lots in a single tread .... Is not it a risky trade) ?

Yes i trade 3 Lots of mega Nifty.
I don't know what and how others Trade.
attaching Friday's chart.
Gann level at the start.as per prvious day's close.. NF.5765
Gann levels
Buy at/above 5776.00 Targets: 5792.12 5811.16 5830.22
Stoploss: 5757.02
Sell at/below:
5757.02 Targets: 5740.93 5722.00 5703.10
Stoploss: 5776.00

Days High..5782 and low 5703 is just at 3rd support Level as per Gann
Sell triggered at 5662 as per EMA cross down