Day Trading A Single Stock

[timepass]

13EMA on 5 minutes is 65 minutes, which is a long time in day trading. Add another, maybe 6EMA.

 

[newtrader101]

all indicators are useful and all of them lag. but indicators are secondary level confirmations. primary is reading price action, which i think you are missing in your trading. volume is very deceptive if you dont understand it properly. its one of the most complex indicators to learn. but you can make good profits even without using it.
why dont you trade high beta stock?

Yes, I thought about that (high beta) after starting this. Let this be over, then,...
About price action, I need to study more. The tomes are a bit intimidating (Al Brooks?)

 

[primitivetrader]

Yes, I thought about that (high beta) after starting this. Let this be over, then,...
About price action, I need to study more. The tomes are a bit intimidating (Al Brooks?)

al brooks video course is excellent and far better than his books. and its not very pricey also.
you can try candlesticks for pa also.

most imp thing is always try to uild a story of bulls and bears with pa reading

 

[newtrader101]

Day 2
Entered short @ 1415.90.
This time entry was a little different. It gapped down nearly 1%. Because trends don't reverse quickly, entered on break of first five minute's low.

Squared off when a huge buying volume appeared at 14:24 @ 1412.40, w/o waiting for cross over. It did'nt cross. Reentered @ 1411.05.
Today's profit= 2.60.
Adding expenses, Net profit= 2.60-2.30 = 0.30.

Actually it was a loss of 0.22 +1.63 expenses= -1.85

 

[TraderRavi]

day trading a single stock seems interesting . but the problem is it can go sideways for a few days or weeks and a trader can take trades out of boredom. generally good/tradable moves may be only two three in a week.

 

[newtrader101]

day trading a single stock seems interesting . but the problem is it can go sideways for a few days or weeks and a trader can take trades out of boredom. generally good/tradable moves may be only two three in a week.

Boredom is deadly for a trader. True, the frequency of moves is low. But we can add few more stocks to our list gradually. I mean, if this turns out OK.
I'm just aghast at my days, firing off trades against signals from scanners. Needless to say, it was always loss. You know, if one doesn't know how to use a weapon, it can kill him.

 

[newtrader101]

Today, I deviated a bit. Besides the crossover, I also took Gann stop and tgt values based on previous low of 1407. It is Monday, so bullish moves are usually fewer. Hence the small target.
Getting restless.

Stopped out.
Shorted but it was too late.
Anyway, the hourly and 15 min were bearish, and the daily is dipping as well. Why did I think it would be bullish? Need to bring in higher TF as well.

Today's trades:
1)Long 1417.55 Exit 1406 Profit -11.55+2.00
2)Short 1401.80 Exit 1402 -0.20+2.00
3)Short 1400.55 Exit 1397 3.55+2.00
------------------------------------------
-14.20

 

[TraderRavi]

Adding expenses, Net profit= 2.60-2.30 = 0.30.
Never thought it'd be this hard, fighting for each paisa!

true bhai

 

[newtrader101]

true bhai

Only improvement for me: earlier I was losing big, now much smaller loss per unit.

 

[pihu]

nice thread
monitoring many stocks at a time is a real distraction