nifty future and bank nifty

Bidy

Bidy

New Member
#1
#1
Hello

I am looking for some suggestion, let me give my background first little bit. I usually trade forex and typically I trade on daily or 4 hr chart. And I make 5-7 % return each month. Mainly trade price action so no indicator. I am trading for last 6 months or so.

So now I am trying to trade nifty future and I am pretty new here and trying to build my account from very small amount so trying 10 mins chart on daily for getting higher leverage from cover order. But I am bit confused about timing here like 9.15 -9.30 it's seems to be highly volatile and I see lot of big gap up and gap down opening which is bit unusual for forex market for major currency pair. if someone can suggest how to deal with it in nifty future market, some basic ground rule may be. Thanks in advance.
 
travi

travi

Well-Known Member
#3
#3
Bidy said:
Hello

I am looking for some suggestion, let me give my background first little bit. I usually trade forex and typically I trade on daily or 4 hr chart. And I make 5-7 % return each month. Mainly trade price action so no indicator. I am trading for last 6 months or so.

So now I am trying to trade nifty future and I am pretty new here and trying to build my account from very small amount so trying 10 mins chart on daily for getting higher leverage from cover order. But I am bit confused about timing here like 9.15 -9.30 it's seems to be highly volatile and I see lot of big gap up and gap down opening which is bit unusual for forex market for major currency pair. if someone can suggest how to deal with it in nifty future market, some basic ground rule may be. Thanks in advance.
Click to expand...
There is no way around it, you'll just have to paper trade, and get used to the index correlation with macro/micro, domestic/Int'l economic factors etc since you already know what/how/why of trading.
Its just a change of instruments, typically, if you saw Crude, you'll express the same amazement.
 
N

NoviceStockTrader

Well-Known Member
#5
#5
If you have to square off positions by 3:20 pm then a 10 min Tf will be too big i.e you will be seeing only 36 bars per session. In 10 minutes Nifty future/bank Nifty futures can gallop 50/100 points respectively on a good/bad day.
You should be looking to trade 3/5 min chart at best. If you are very comfortable with a 10 min chart and cannot adapt to faster time frames, then refrain from using leverage.
 
travi

travi

Well-Known Member
#6
#6
NST Bhai is right, that's why I left it up to you.
You already know about trading, so once you load these Index charts, esp. BNF, you'll realize that you need lower TF but don't run down to 1m.
1m will have big whipsaws, once ur used to you can try it.

Ideally start with 5m and use the greater TF to know the trend.
Also, avoid going against the trend, let the trade come to you. Again, once ur used to it, take counter-trends as well :D
In sideways, expect small moves, either scalp or sit on the sidelines.
Even the best hit SL, miss trades, book early profits and everything else.
 
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