New to Technical analysis..... need guidance.

#1
Hi,

i have started intraday trading 3 months back.
I have a little knowledge about elliot wave , some chart patterns like triangles and tops, also i know what support and resistance. all this i know.

Whwn i started trading i had intraday target of rs 100 and loss/risk of rs 100.
Means i know a little of money/risk management.

But i fail to gain anything from intraday .

Where am i wrong , do i ned to learn something else?
What type of trading strategy to follow??
 

prst

Well-Known Member
#2
dude,

intraday is not for newbies..
better u start with positional trading in equities (blue chip preferably) with a smaller capital.. get some exposure and get good grasp of a particular trading system that is simpler for you to understand.
 

4xpipcounter

Well-Known Member
#3
You are off to a good start inasmuch that you are learning some basic technical concepts.
The learning curve will take awhile to climb. You don't want to get in the markets without a thorough knowledge of what you are doing.
The enticement or the lure for newbies is all the money that can potentially be made from the markets. So, they throw their money at the markets then end up asking themselves what happened after they bankrupt their account.
There are free demo accounts you can open. I have one with GCI, because they have Nifty. Even though I don't trade Nifty, there are many people in this forum who do, so I track it for that purpose. I would open a demo account and practice watching price action and practice with different indicators or the different candlestick patterns as you mentioned.
Also, keep asking questions. There are many helpful people here.



Hi,

i have started intraday trading 3 months back.
I have a little knowledge about elliot wave , some chart patterns like triangles and tops, also i know what support and resistance. all this i know.

Whwn i started trading i had intraday target of rs 100 and loss/risk of rs 100.
Means i know a little of money/risk management.

But i fail to gain anything from intraday .

Where am i wrong , do i ned to learn something else?
What type of trading strategy to follow??
 
#5
What i am doing ? Is this what you call trading strategy?

Hi,
I have been new to trading intraday. I want to know what is so called trading strategy or system. ?
I don't have much technical know-how of tradin.
Here is what i do -
First i have learned ascending and equilateral triangle patterns, so i search randomly for stocks on vrge of developing these patterns.
Once i get one , i allo BREAKOUT, and put my buy limit just above the point where breakout have to start.
Then i put stoploss and keep trailing it upwards as price moves up..
Meanwhile when i see any bearish pattern developing. I exit.
IS THIS WHAT U CALL A TRADING STRATEGY OR DO I NEED TO DO SOMETHING ELSE?
 

4xpipcounter

Well-Known Member
#6
Re: What i am doing ? Is this what you call trading strategy?

Personally, I am not a big candlestick trader or a candlestick formation trader. The one thing that is undeniable and that is there are certain characteristics associated with all candle patterns and formations. The reason I know that is it comes from observation. When it comes to candlestick patterns and formations you will also be convinced through personal observation. That also includes how you trade them.


Hi,
I have been new to trading intraday. I want to know what is so called trading strategy or system. ?
I don't have much technical know-how of tradin.
Here is what i do -
First i have learned ascending and equilateral triangle patterns, so i search randomly for stocks on vrge of developing these patterns.
Once i get one , i allo BREAKOUT, and put my buy limit just above the point where breakout have to start.
Then i put stoploss and keep trailing it upwards as price moves up..
Meanwhile when i see any bearish pattern developing. I exit.
IS THIS WHAT U CALL A TRADING STRATEGY OR DO I NEED TO DO SOMETHING ELSE?
 

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