what a successful daytrader does daily

Sir,
I am involved in the long term trading since many years. I would like to do daytrading and check whether it is successful or not. Please say your experience in successful day trading..

Please say

1) From where all does the daytrader gets information to decide which all stocks(equities) should he buy that day at the specified entry and exit points?

2) which software does the daytrader uses for analysis and other matters?

3) which all newspapers, and internet websites does he refer inorder to arrive at a decision on buy and sell?

4) Which all internnet sites are good for advice regarding daytrading?


If you are able to say in step by step, what does a daytrader do from morning 6 am to 3.30 pm it will be very helpful to me and many of us who are engaged in long term trading at geogit securities(a share broking firm) to step into day trading...

Alex

Before diving into Day Trading, please ask yourself if you have the following personality traits!

Confidence
This is perhaps the most important personality trait of good day traders. You won't succeed at day trading unless you have a high measure of confidence in yourself. Lack of self-confidence will result in doubt, indecision and second-guessing which, in turn, will lead to missed trading opportunities and frequent losses. You must believe in yourself when day trading. If not, you will be better off pursuing some other endeavour.

Discipline
In order to day trade successfully, you must develop a trading plan and consistently stick to it. You must avoid a "shooting from the hip" or a "seat of the pants approach" to day trading.

Get out of the market when you have reached your objective and do not let emotions like fear and greed influence your trading decisions.

Decisiveness
Good day traders do not hesitate to "pull the trigger" when entering and exiting trades. Traders who are in the habit of being tentative or indecisive will never become successful.

Passion
Most successful day traders have a true love or passion about their trading activities. If you do not enjoy reading charts, dealing with numbers, reading market news, interpreting quote screens, learning new trading strategies and working independently in a fast-paced environment, then day trading is probably not your cup of tea.

Ability to Accept Failure (and blame yourself for all failures)
Good day traders know that many of their trades will fail to meet the original objective. They do not, however seek to blame someone else for their loss, and they don't dwell on it. They attempt to learn from their mistakes and move on to the next trade.

Ability to Accept Risk (lose money)
Another personality trait of good traders is that they are comfortable with risk and are prepared to lose money from time to time. If you are afraid that you will, on occasion, lose money, then day trading is not for you.

Patience
Good traders do not rush into trades. They take the time to select good trading opportunities and do not place orders simply for the sake of holding a position in the markets at all times. On some market days, where few good trading opportunities exist, they are content to simply stand aside and wait.

Concentration
In day trading, a great deal of real-time information has to be absorbed, analyzed and acted upon in intense bursts throughout the trading day. This requires a great deal of concentration and stamina on the part of the trader, and the ability to avoid distractions. Day trading can be very hard work and a lack of concentration can doom a trader to failure.

These are the key personality traits that successful day traders tend to have in common! Do you??

__________________
Best Wishes!

Traderji

www.Traderji.com

Traderji,
I didn't ask about the personality traits. I have learned it by experience..What i asked was what a daytrader does...I mean practically what does a daytrader does from starting hours to ending hours. which all softwares does he use, which all informative websites and advice centres are involved and like that....

Alex

Ok... I got it!

I'll let an active Day Trader answer this one!

__________________
Best Wishes!

Traderji

www.Traderji.com

Day trading is a pure gambling,99 out of 100 go to terminal,watch the red and blue cinema produced by his broker and in the evening they sign cheque book for his broker.Only those can win who dare to swim against the tide.Go and surf any forums on Indian stocks..here or in ***** or in msn...99.99% are bullish and day is not far when they will realise a hard reality that sun has alreay set in the west!
If you want to survive forget day trading this is my experence and I honestly tell you that I never earned money doing day trading.Those who say that they always make thousands in day trading are either liers or big fools or drunk.Be careful in day trades,all the best!

Hi,

Check my post on Daytrading here

http://traderji.com/showthread.php?p=4101#post4101

Shri.

I must say in the first place, if you are the person who I think you are, you are an accomplished technical analyst and you are just playing a cat and mouse game here …cut ..cut..ok keep that thought in abeyance…take 2….well well you want to day trade eh…all I can think of is the advice given by the seasoned widow to the aspiring bachelor…my dear ,take it from me – don’t get married….likewise I say stick to your long term trading and spend the time counting the ever-increasing zeroes in your bank balance or indulge yourself in any other passion that pleases your heart ,don’t ever think of day trading,but then if you insist, that it is your destiny that you must day trade and you belong to the rare breed for whom 1000 rupees earned in a daytrade brings more pleasure and satisfaction than a lakh of rupees that unknowingly accumulates in a month on a position trade, I am going to tell you the way:

Make a marketwatch window with 10 or 15 scrips from the top traded scrips of the previous day Watch the first 30 minutes and note the range of each .If the open price is in the lowest third of this range and the weighted avg is in the highest third mark that as a ‘plus’ scrip and if the open is in the highest third and avg in the lowest third mark as a ‘minus’ scrip.Now keep watching the live nifty chart.Wait for an extreme position and turn .That is, if the slow stochastic and fast stochastic were both below 20 and the index goes above the high of the last 5 minute candle ,place buy orders on the scrips marked ‘plus’ , or say if the slow and fast stochs were both above 80 and the index goes blow the low of the last 5 min candle,place sell orders for the scrips marked ‘minus’ and remember to take profits fast, ideally you should get 1% within a short span, take that and wait for the next turn, you may get two or three such chances in a day.

OK that is it ….there are several caveats….this is but just one of many possible scenarios…nothing superior about it …you can modify the scheme to fit in with your personality but I am sure you get the general idea …all that Traderji has given in an earlier post is a must before attempting this stuff ,you can add some principles of money management to thwart the risk of ruin inherent in any speculative venture…..rememeber day trade does not mean trading daily ,some days you may not get such a set up and you won’t trade that day,but any trade that you enter would be closed on the same day ….if I have made it sound so very slick and easy and the coolest thing to do, I must mention the statutory warning that such an impression is totally erroneous and continued practice of day trading could cause irreparable damage to your fiscal health

Hope this helps

Very interesting, post Mr kannamthanam both in style and substance especially those tips on stochastics. I would request you to give such tips for swing and position trading or whatever you may deem fit.

We could do with more "junior" members like you. "Senior member" may appear against my name but thanks to the mockery of trading education in our country, I feel more like a senior beginner even after so many months.

Now for the interesting part- this business of pleasure of a thousand ruppees when waiting could have earned a lakh. There are some hardcore fundamentalists who look upon technicals with similar disdain- buy and hold is deemed best. I say that fundamentals analysis is like a wife(sort of permanant) Technical analysis if like girlfriends( exploring). If you can get away with exploring while still being married, where is the harm?The same philosophy can be extended further in the case of position v/s day trading. If you can get away with two timing, where is the harm? While having position trading as a broad objective, one can always fool around a little here and there albiet after training well.

Another thing with technicals is that you can always fool around with a new indicator and in fundamental its the same old boring balance sheets. They too should take a cue from technicals and introduce a new ratio every quarter /six months alongwith the results to pep things up.

Jokes apart, all things said and done, yours would count as one of the liveliest and loveliest posts I have read in this forum.

i totally agree with you yaara... day trading is really hard to make money in, especially when you have seasoned professionals and brokers manipulating against you and manipulating the stock.. even in this boom time, see stocks, e.g. indiabulls.. locks upper circuit 2 days in a row, goes up 11% one day, and closes 3% below and now, again up and up and up.. u never know..
most ppl lose money in daytrading, and that money could very well be utilised in short term (a week or so) trading.. also, think abt the commissions and slippage.. and finally, you cant really find a way to let your profits run, as a single tick could jeopardize your exit strategy... but i know that ppl will still try it, so good luck with it

Hmmmm
I think it is not advisable to venture unsolicited opinions.To those who call any type of trading as gambling should spare themselves the embarrassing discovery of their exact value to their listeners.


CV
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