Confused day trader

[rajeabc]

Dear Deadbrain ,

few things from my exp.

-Try not to average your holding which are in loss.
-Always use stop loss and come out once it is hit. You will get chance to re enter .
-Try to master any one strategy. I feel one would be more than enough if you can master that as all indicators are just representation of price , volume in various different forms.
- Trade on few stock so that you can understand the move better. I am trading TATA MOTORS , TATA STEEL , SBI , INFOSYS. Reason , they have got good volume and price fluctuation to make(lose) money.
-Don't try to become millionaire over night ( don't put all you money in one go and in one trade ). Please use money management properly.
- LAST BUT NOT LIST, PLEASE REMEMBER ,NOT LOSING MONEY IS MONEY EARNED.


About your trade...using stoch...( I follow this indicator, there is a very nice thread by simple_trader on this topic in this forum)

Buy in oversold and selling in overbought zone will not work always. Just for an exm: If any stock is bullish then you will see hardly any movement in price but stoch migh keeping moving.

Try to find out Hidden Divergence

This is from my exp. SAVANAT SIR is writing on your thread so don't worry you will learn to make money.

 

[Evilboy]

Im not an expert but I would suggest you paper trade your methods first. I also used to read about all these indicators and I checked all the previous charts to see the results. I found out it was easier to find entry and exit points when I saw the charts at the end of the day but during trading hours I would get confused and most of the times I would end up with losses. After that I gave up trading for 1 month and would just watch everyday how the market reacts and see which methods work best. Now Im consistently earning profits daily thanks to the information on this forum.

 

[DanPickUp]

Mr. Deadbrain,
IMHO, please don't trade immediately after market opening.. Please let the market to vibrate for sometime and then to settle down.. This will help you to understand the current trend.. Please use two or three strategies.. Enter a trade only if you are getting confirmations from all these strategies.. Coming to options, please try to avoid options for atleast until you are successful in equity.. Without proper knowledge, options would ruin your total capital in matter of very small time frame..

Regards
Mohan
The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.

Hi Mohan

Do not forget, that what you post is only your look at the market and has nothing to do with other onces market experiences and the real market.

I know share traders which had times, where they only traded at market openings and stopped after one hour and enjoyed the day.

By the way, options have to be understood and have nothing to do with any understanding of equity. I do not know, who told you such stuf.

Good luck and good trading

DanPickUp

 

[simple_trader]

Possibly we are in a cycle, where day trading is not easy as it was in 2006-2007 bull market or in 2008 bear market.

Market volatility is very low, hence you may better to look into swing trades.

Look at option trading along with future hedge and vice versa.


Take bet for 1 week, fortnight, month. Use option for controlling your risk.

 

[mohans_raj2004]

Hi Mohan

Do not forget, that what you post is only your look at the market and has nothing to do with other onces market experiences and the real market.

I know share traders which had times, where they only traded at market openings and stopped after one hour and enjoyed the day.

By the way, options have to be understood and have nothing to do with any understanding of equity. I do not know, who told you such rubbish.

Good luck and good trading

DanPickUp

Dear Danpickup,
Kindly note that I had started my post with IMHO (In My Humble Opinion).. For options too, I had told that without proper knowledge.. I am not here to mislead or offend anybody.. Once I had lost a huge capital in options without any knowledge in time value, money value or delta and etc.. So I think I have my rights to guide anybody to be careful while trading options..

Thanks
Mohan
I love the market, it is my work, my play and my life.

 

[deadbrain]

[B]Rajeabc[/B]      About your trade...using stoch...( I follow this indicator, there is a very nice thread by simple_trader on this topic in this forum)

Could you please provide me the link of the above-said post? I would certainly like to test the strategy.

Today I tried Castrol India as it has good record for one year, good volumes as well......I tried 10-min and 15-min charts...........After a day's high of 531, it was ranging around 498-499, it was showing like it had bottomed out, stochs, RSI, momentum, and line charts were showing up direction as well, and I longed from there and kept waiting. At the end of the day, I had to sell them at 488 and once again I booked the loss here though i traded very small volume today.

Can anyone pls tell me what went wrong here and what should have been strategy for the day? If someone could explain with charts that would be even much better, thanks guys.

 

[aditya14]

one advice :
do not daytrade

 

[aryan.]

one advice :
do not daytrade

Thatz the best advice

Seriously dude, you dont start day trading, after reading couple of books.

 

[rajeabc]

[B]Rajeabc[/B]      About your trade...using stoch...( I follow this indicator, there is a very nice thread by simple_trader on this topic in this forum)

Could you please provide me the link of the above-said post? I would certainly like to test the strategy.

.

HI deadbrain ,

here is the link. It is by smart_trade

http://www.traderji.com/day-trading/30182-how-trade-oscillator-10.html

 

[rajeabc]

it was showing like it had bottomed out, stochs, RSI, .

hi , bottomed out does not mean that it will start up move ? does it ?

I follow stoch(8,3,3) and RSI(15) with 20 ticks SMA average . Now I rarely do day trading but try to buy/sell at the extreme in positional calls .
I don't have chart for castrol on Ami so got this chart from yahoo. what I noticed , I have written on the chart. Please have a look.

I could not see i any long position signal . Sorry If I am missing some this.

http://img843.imageshack.us/i/castrol.png/