Will you please help me to be a day trader, you knowledgeble people?

Instead of seeing trading as of what indicators work etc it might get easier to understand when you look at it like a competition. Everyone is trying to be smarter and get everyone elses money.

Dear Hari om

Thanks for reply. Now I have understood the use of EOD data for position trading. Similarly, for day trading, IEOD data is collected and used with some software to get different chart patterns. Then whatever information derived from these chart patterns are used next day for day trading. Am I right? Please correct if I wrong.

Thanks for the link of Mr. Saint. I am going through it and learning gradually. I have come across Trend lines there. I have understood the basic use of Trend lines. But I have some confusions about it. Hope you will clarify them.

Firstly, how to draw them correctly on a chart? Say, I have a candle stick chart of a particular stock. Now to draw the UP Trend lines, should we let it touch the bottom of real body of a candle stick on the chart or the lowest end of the shadow(stick) of the real body! Which one is more accurate?

Secondly, I am using www.bseindia.com for drawing Trend lines on a chart. However, I am not able to save the chart along with the Trend line. That is why everyday I encounter new Pivot Points for the same script and end up drawing new Trend line because of which Trend line break point is never achieved. How to save the chart along with the Trend line?

Thirdly, say I am able to save the chart along with the Trend line. How to derive required information from it? Is it that everyday, a new chart is drawn with recent data on which exactly previous day’s Trend line is drawn to find out the break point of the Trend line? Please correct if I am wrong or is there any other method to find it (Break point) out?

Thanking you.

Regards,

Nick

Hari om!
Nothing suceeds like success! I'm searching for a system which is not very much difficult to understand but can give returns in most of the occassions. It's all about money management. I was a customer,for three months only, of an expert who used to give calls on markets,and found that only his calls succeeded in almost 80% cases! What was the reason?
Well,he would give calls when he will feel that it's worth giving and not giving calls everyday,just for the sake of giving it! He may give one positional call in one week and may be more or no call at all. But the reason behind his success is that - he used to give calls when a stock is just a few rupee above its major support and the potential upsides left in the scrips are somewhere near to four times the difference to its stoploss level. So the risk reward ratio becomes 1:4 almost! If you take five calls in one month and lose one trade,the gain will make up handsomely the losses.
I'm a great fan of the concept of focussed work where a man should know what's for he is working. I'm in the stock market for money,and my defensive target is 10% earning per month from cash market firstly and no leveraging. I'm experimenting with various positional trades.Day trading is far more unrealistic just now.Firstly I have to make sure of the money inflow from positional trading.
For understanding the subject from a group of professional traders,I joined a technical analysis class,where there are few students and a group of renowned traders and market analysts as teachers in my city(who used to come in the channels too for analysing!). The course is two months duration. Now as my classses are ongoing,my knowledge is widening and its some real learning now.
But I'm still not very smart with the software - Metastock.If any one of you knows how to find the different explorers of my choice(like 52 week low,high or any other choice),instead of the ones given in the explorer list,and add anything in the metastock except the ones given there,please contribute your knowledge and help.
And lastly,Credit violet, I haven't given any assurance of using indicators or any recommendation or misguidance to any "serious beginner",neither I believe these indicators are good "indicative",only what I had found so far was written,because this is the spirit of the thread,and I'm not claiming that I'm a beginner,but I'm. The link of Dr. Brett was a good one by you,but nothing new!Now I can say that,you are one of the very few,who have nothing to contribute except only making some noise! By then you would have answered some of the questions asked here and which are still unanswered.But I don't complain neither,carry on......

So,day by day....hour by hour.....minute by minute,and.......as I am more and more into this business of understanding markets,I am noticing that its far more than what is written in books. In books,or in mock trading,the "most" important things are missed .....by which this capital market is driven - "fear and greed". So if someone is trading profitably in mock or paper trading,then the same trades can make for losses in real time. I am speaking of my experience. So I decided to carry my trading with a very few captal,rather than nothing,to trade.
I am now to say a few thing.......meanwhile,you guys keep on telling your trading experiences and seniors please help.....Hari om.

Since my journey as a learner of the subject of technical analysis,I found some indicators to be very interesting to deal with,and I applied them in real trading. Then.....The whipsaws came in so frequently! A buy signal today will be a sell tomorrow. Now where I have gone wrong? Why I still lose money if I know the momentum indicators to deal with? The question of trading profitably is gaining momentum in myself and then I went to attend classes by two very successful traders and analysts of my city. Now I identified my mistake.......
As my classes are going on,I am finding one thing istilled in my mind. "Trend". The philosophy of Dow is something like one of Newton's laws of motion.....Stock markets move in trends and continue to move in that direction untill a reverse in that happens. I am enlightened with the fact. I read in book about the reversal of a trend,the patterns (H&S ,Double tops n Bottoms etc.etc.).Support, resistance,fibonacci,gann,oscilator......what is left? That is trend. My philosophy of understanding the subject has got a shake from this subject of trend. Three trends.....UP,DOWN AND SIDEWAYS.It is not that I was totally alien to these terms,but I missed to catch it.If someone is not known to this fact,that you are not supposed to predict what will happen in future,but to judge what is happenning at present,and don't understand the trend and trade accordingly,then he/she is only trading,not trading successfully,consistently.
I am very much thankful to the great post by Saint: "Teach a man to fish and......",along with my teacher. Its a long way to go,but still I can bet that my very first lesson is clear in markets.......Trend.And not only trend but to trade in the "direction of the trend" and not to "buck the trend". Thank you Saint. You are the real teacher.Hundreds of books can't match the teachings and understanding of a real successful experienced trader!
And lastly,I must add my finding till date,about daytrading. I am using IRIS as my real time data and software provider.Its very user friendly.
I am using the combination of 3,13,39 Ema for eod (as stated in a thread of this forum) and real time charting and using the crossovers and price stabilty over or under the shortest(3 in this case) and the medium average(13 in this case),along with the identification of the trend, to go long or short. I am finding good result. Also using the bulk deals of volume more than 5000 or value more than 5 lakh rupees,price difference > 1 rupee with close = high for bullish (for going long) and close = low for bearish stocks (for shorting) in the 5 minutes candle bars,for tracking opportunities in the real time. Also keeping three days intraday history beside my relevant chart. I am using the daily chart as "tile chart" for every scrip so that I can understand the trend (near term) and take decisions.Also I use ADX and ADXR as the understanding of current direction.Overall,it is very simple trading system in place......no complication.But one thing I am using strictly which I should say here.

My teacher said one thing,that his teacher taught him: "Stoploss first,Stoploss second,Stoploss last". So before entering a trade I am calculating the stoploss first,then entering the trade and then quickly giving my trading terminal the stoploss,so that in case the price changes direction very quickly in seconds,I am not left crying that my stoploss was not executed and blaming the Luck lady. The pivot,R1,R2,R3 and the S1,S2,S3 are all important levels in day trading that are to be taken into account for entering,exiting or deciding stoplosses except the other things for a trade.
OK.......That's all for today. Keep me posting that what you guys feel about my developments and comment accordingly. As my understanding of the subject improves I will be posting more and try to point out where I was wrong previously.
Hari om.

Hello Hari..

gd to read ur posts..n c ur developments in trading..u r on rt path...keep it up..n very valuable thng u said..TREND..u r absolutley rt..evn i had made mistakes intially by not following trend..n going against it..shorting it just becoz maket is up so fast n beliving it wil fall now..everyone is learning frm own mistakes.......so keep going friend.......

sharestrader

Dear HAri,
Your posts are really very useful for the beginners. I am also a beginner in TA and also from Kolkata. Can you inform from where you are taking classes and who are the faculties. Also pl. give some guidelines on calculating R1 R2 And S1 S2.

Wishing you all the best

The pivot equation [(previous + high + low) / 3 ],R1,R2,R3 ....S1,S2,S3.. (all of them have simple arithmetical formulas),all are calculated by the software and given on the screen accordingly.

Well I think I can't make just an advertise on these people. As they are charging good amount of money,and not giving their wisdom freely,unlike Saint,Karthik,Vince,CreditViolet and many other knowledgeable people of this forum. So my advise (although not qualified) is to stay away from any text book type analyst,who gives calls to people,and try to find as many as you can from these great traders threads here.
And onething......I am in great need of books now.....I have the Magee & Edwards book,also have "Martin Pring on Market Momentum"......but my thirst is not fulfilling. I want "Technical analysis of financial markets" by John Murphy and "Technical analysis explained" by Martin Pring. The Landmark store is wanting around 6000/- for the two books. Can't I get any old edition? From where? I'm in total darkness.......will anybody help me? If none knows,then I am astonished!!
Hari om.

Hi Hari,
I am a newbie who read your posts and admire your determination. Hope it will work out right. I am looking for a real time software for intraday charting and saw that you mentioned IRIS. Can you tell me how to get this? Or any other software you came across?

thanks
Jagansr

Hi Hari,

it seems that you are turning professional trader, keep the growth going.

Wish you Luck,

Regards,
Winston