what a successful daytrader does daily

why i do day trading?
what will i do at home?
so for me it spending time.
but I am learning from my mistakes.
but day trading is not my target.
i have complete faith in delivery based trading.
i make money in delivery based trading.
so far i have not ventured in derivative market.

i am not big fan of daytrading but i do it to spend time.

thanks
varun ashish kumar

Interesting post. I agree. Imparts good charting sense also apart from timepass.

It is true that in day trading the chances of losing money is more than gaining money.

Like all money making trades, no one can teach in absolute terms all the tricks to be always successful, or no one or institute can teach all the finest sure shot indicators a powerful software can offer.

It is similar to a fresh but highly qualified law graduate entering into practice and feeling not successful immediately. But when seen the progress of the senior and successful advocates, he will find that other than high qualifications, staying in practice continuously, allowing time to teach its lessons are best inputs, that will help to be successful.

I dont discourage academic qualification, and reading and gaining knowledge from books. The point is that author who has put his experiences in the books, are exposed to a certain kind of environment that existed at that country. for example many of the books on technical analysis, market analysis, trading softwares, etc, are with reference to markets that are highly developed, and exist in uncontrolled market economies, like US, UK, JAPAN, TAIWAN, and AUSTRALIA. One must have the patience and knowledge to indianise these situations and test.

I am a novice, I got interested in the stock market, during 1980's and was dealing through brokers for buying and selling. Surprisingly during those days I remember to have come across lots of two page magazines on the share market. I wonder where they all have gone. After 1993 I had given up.
Now after the internet revolution, and online trading facilities, I got interested
and feel good. I am new to this kind of trading, though my fundamental knowledge about stock markets are adequate.

1. I have become member with an online trading facility providing broker.
There are lots of brokers and bankers providing online trading facilties. They themselves provide the software which displays in realtime all the NSE trading.
This trading terminal is provided with some technical ananlysis software, which could be used as it draws data from the nse servers and the brokers own data base.

2. NSE website itself offers so much information, free of cost and one has to open the site and read.

3. Other than the online broker website, i browse, traderji, moneycontrol, traders edge, capital market, icicidirect etc.,

4. I read outlook money, capital market, business line etc, magazines too.

5. I have prepared a list of scrips which I feel are good and active. This list is nothing but shortlisted one from the top gainers, top losers, highly traded share, volume breakers, etc. This list I keep pruning once in a week. I study their movements in the real trading. I select only 4 scrips and trade.
I read the comments in traderji forum where senior members share their views on many active scrips.

6.I dont trade on all the 5 days of the trading. I avoid last 25 mins and the first 30mins. I learnt that these timings are meant for real pros. There could be real stampede. Once I was lucky to make Rs.4,000 in 2mins. flat in the first 30 mins of the opening, but when I saw my profits soaring at such fast rate my hands began to tremble before I booked profit. For the next 5 hours I could not regain my composure. That is my experience.

7. As mentioned by all the elders in the field, it is very helpful to have a target for booking profit. once reached quit. relax and watch the market.

8. One senior experienced person, told me to read the highly successful mutual fund companies portfolios. There is something to learn about their selecting the investment portfolios.

9.Finally staying interested in the chosen field always helps to be successful.
In our country now only government is liberalising the economy and the stock market is slowly evolving.

10. The saying "Enterprise with Caution" holds good for intraday trading too.

wishing you all a successful and prosperous new year.

stpmds

I agree,
I remember the day PC presented his budget where he announced STT @0.15%. Luckily I was short and made around Rs. 5000 in no time. But I was on the edge of my seat, trembling, watching the market tank. If I had stayed in more I would have made more Rs. 5000. But it was a weird experience. Such sudden news can completely turn the trend and you can see your money vanish.
I still do day trade, but I have learnt to keep a tab on risk per trade and use stops.
No matter how you prepare yourselves to use stops, it is always difficult to take losses.

You can't control the market but you can control your trading.
Do day trade if you want to but with discipline, it is your hard earned money.

Regards

First of all I DAYtrade =} I enjoy what I do,

Daytrading is more than gambling if you think than then you should probably go do something else.... It takes 5 to 10 years to learn... and there is more to trading than just a setup.

I read from my psy book at least daily. I like Ari Kiev "Trading to win", he also has an online webinar that is really great http://www.clicklive.com/NYMEX/symposium_2003/kiev.htm, mark douglas is great, if needed talk to a trading coach www.robyndayne.com I write in a journal daily and track everyone of my trades in excel. I use esignal for data I DON'T daytrade stocks I trade futures, I trade stock end of day with options. Watch the following link, about several minutes should get your attention. I am not them (just so you know) http://clicks.aweber.com/z/ct/?PvckzCq4vs0OO.WLDvD2bg I use neoticker from www.tickquest.com, I also like amibroker and fibonacci trader. I trade with the trend. Setups, indicators and systems are like underwear everyone has a pair or two........... Learning to trade is alot of work it is not easy, your trading against the very best traders in the world. Why would you think that you could learn the skill in a few key strokes?

Oops... Thats www.robindayne.com

Somehow i had missed this thread all these days though it is also my favorite(pl do not call me a hypocrite since my opinion is diametrically opposite about day trade as could be seen elsewhere in this forum)Each posting and opinion expressed are a class by themselves & true aswell & applicable to majority of us.I enjoyed the phrase "earning 1000rs gives more pleasure----.Only point is ,he had not mentioned the loss we make on most of the days.I could not but admire the super BRAIN of the market makers,who outwit the ever growing Technology,software, majority of the trading brains & continue to make their profits.Infact i am baffled by their wisdom & could not understand till today,how their network operates.
Before i conclude,i find that many of the contributors in this thread are not seen offlate & it would be our pleasure to hear from them often.The posting of Kannanthanam is noteworthy & Alex may initiate more such topics.
ranga

I THINK AS A DAY TRADER YOU HAVE TO MAITAIN ALL REASONABLE TRADING RULES AND IF YOU DONT HAVE PROPER IDEA ABOUT DAY TRADING THEN FOLLOW A GOOD CONSULTANCY. I AM A SUBSCRIBER OF www.dhanalakhsmi.coz.in FROM LAST 5 MONTHS AND THEY ARE SILENTLY FINE. BUT THEIR PROFIT BOOKING LEVEL IS VERY LOW, LIKE 1-1.5%. BUT YOU CAN EXPECT 70% ACCURACY FROM THEIR RECOMMENDATION (THEY ARE TELLING 80%)...ALSO YOU CAN FOLLOW KALPATARU, 3M TEAM etc. BUT THEIR CHARGES ARE SO HIGH. IF YOU HEARD ABOUT SOME GOOD CONSULTANCY THEN PLEASE INFORM ME...

Hi, What do you mean by " Go short" and " Go long" in day trading. Could you please explain me in detail?

Hi! siju070,

These terms are applicable to all forms of stock trading, not only day-trading.

"Going short" means selling a scrip to buy back later. Presently this is allowed only in day-trading & it means selling a scrip & squaring off your intra-day position by buying back before end of trading hours the same day (daily settlement).

"Going long" means buying a scrip to sell later. In day-trading it means buying a scrip & squaring off your intra-day position by selling before end of trading hours the same day (daily settlement). In short-term/long-term trading (normal settlement) you can sell the scrip that you have bought at any later time of your choice.

Happy Trading.