Hello - Intranightmares

Hello all dear fellow trader and analyst,

This is Ricky from Kolkata. I am a toddler day trader. Hope to grow into a nifty senior i mean a mature trader.

Before anything else its not SUN OUTAGE its SUN BURNS and it really is like two market openings and i cannot bet which one is worse.

Its time to play bear and not be emotional about the market, there is no good news and many bad news and many other following.

I need good morale boosting advices on day trading or even messages from successfull day traders. I started off well but this recent this recent happening have left me puzzled but thank God i am still resolves to work my way to start making profits again.

Sometimes nothing seems to work and this is that sometime. I have to tell myself that sucessful daytrading is not a myth or an extint species. I just have to train myself and learn.

Please advice on this -> i have started using spider software and i have found it good for intraday. Please tell me if anyone knows wether i should go ahead with this or there is any toehr better software.

Ricky

Welcome to the Traders club.

Why u guys want to start daytrading at all? It's horribly tough yar.Start with swing trades buddy.

Hari, swing trading in bear market? could you please elaborate..

I think day-trading is like fishing (remember teach a man fish.. one has to wait for the right opportunity (patterns to form), and most of the time patterns do no form (or we could not percieve a pattern due to lack of knowledge) (fish doesn't come or we don't feel) and one has to go home empty handed. It's the "being patient for the right trade" the tough thing to do, as our minds are impulsive and impatient..

Swing can be in the either direction of buying and shorting.One has to go to the futures market to do shorting(for overnight holds),no other difference rizwan.

thanks, Is there a way to have "Stoploss market Order" to prevent losses from gap up or gap down openings.

Example:

1. Shorted RPL @ 160
2. Stoploss limit order placed at @ 164
3. good news - world markets boom, rpl production starts.. event happens and
4. market opens gap-up
5. rpl opens at 170 and rallies to 180
6. Our stop is skipped already.. we are put into a huge loss..

can we have a stoploss market order which just triggers when market gaps up?

I am a total rookie in F&O space. Could please suggest F&O learning site or basics based on indian scenario.. thanks.

and how do you manage gap up and gap down openings for your positions?

That's the risk associated with the swing-trader and daytraders feel some great comfort on this particular issue of overnight tension.But u can see that a 140 to 170 jump in a night is very rare.People use optons to protect themselves.May be u can try it,if scared too much.....
On gapup stop orders,I don't think that's possible in India.But u can place stop orders at pre market 'after trading hours'.
On FnO basics,u can look at the compilation of Radhikasona,besides our derivatives section is also worth looking.I bought a Bengalee book although,when came new to the market, to understand the basics there......U can contact visionbooksindia for good Indian writers' books.I can remember I saw a book like that there.

its not possible even if gtc orders were permitted. the sl order will simply jump. who's the hell will sell you @ 164 when the opening rates are at 170 and rallies thereafter

He meant he wants the order to be exucated 'at market' when there is a gap.....