Day Trading A Single Stock

[pihu]

4 stocks were going up,4 were going down and 2 were in range out of 10 stocks in my market watch list
I confuse which to pick among those 4 which were falling or rising
say we pick 1 and shorted and it stucked there,lol minds says ohh,I wish I'd have picked another one
so trading 1 stock is really a nice idea

 

[newtrader101]

Trade (1)
Went short because higher TF was bearish and the first 5 min bar today though bullish showed less volume than previous bar.
After refreshing, it showed very high volume, 5x previous (?).

Stopped out @ 1418.

Trade 2) Bought @ 1421.00 (Trade tiger asked: This is a sell call do you want to buy?)
Exited 1433

At 11:39 there was bullish volume again and I entered long again (1431.10). But then it ranged. I should have stopped with the first win.
Exit 15:18 @1422.05
Net Profit=-0.09-3x 2.00=- 6.09

I am changing my trading method to Heikin Ashi with the 13 EMA.

It'd have given a profit of 18.25 and kept me from taking any more trades.

 

[MSN1979]

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.

The Solution is simple. Easier said then done. A couple of ways you could make this trade profitable.

Statutory warning : I am Successful swing Trader. I am unable to become a successful day trader after trading for 8 years. This are few pointers that has helped me in day trading just to minimise my losses so far but use it at your own risk.

Don't Trade both Sides.

Check the trend Nifty UP Asian Paint UP Crude Down Go Long. Going short would be bad idea on this day.

Now before we trade Asian We should clear have support Levels on a HTF Daily Weekly Written on Paper. These should be your entry points. Yes they would also hit SL. So best way is to not give up here. Look for other indicators like breakout of a failed breakout etc (this one give better results). You can scalp a failed breakout too on both sides. But the faster finger first wins and personally I am too old for that.

Don't Keep a very close SL. It will be Hit. 15 Min candle low ( if you insist to trade intraday)

Ever wondered they always tell us to Trade breakouts and they hit SL. Why not wait till the price corrects and you get a better entry point near S/R and let your losses be small.

Be consistent. Don't give up. Keep Taking all the trades in your system and that big breakout will come.

Now the worst part.
If you miss that one trade. You end up loosing everything
If you don't exit at SL You will loose all your capital
Never become an Invester if you are a trader


After knowing all this even myself I cant get it right. My wife and my family or someone else would always be the reason

.

 

[newtrader101]

Gann Hi-Lo with HeikinAshi looks even better than 13 EMA.

 

[newtrader101]

Entered long @ 1430.60.
SL=1422 (Yesterday's low)
Stopped out and then it shot up. (See how it took out the stops before moving up. If I'd placed it just below the previous 15 mins candle, @1424, would've saved 2 Rs.).
Entered long again 1443
Exit 1435.70
Then, a series of mistrades:
Sell: 1435.85 Buy 1434
Buy 1435 Sell 1428.75
Sell 1428.95 Buy 1422.30
Total P/L: -13.65
Expenses: 5 x 2=-10
Net P/L =-23.65

 

[srtrader]

@newtrader101 If you decided to trade only one stock then why not trade only on nifty.

 

[newtrader101]

My margin would be wiped out in a few trades. That's obvious isn't it?

 

[newtrader101]

Because I'm not proficient in reading candles and Price action, I'm going back to Renko.

 

[srtrader]

I think you can follow the same technical analysis on Nifty. See the nifty 50 watch list. Go long only when Advances is greater than Declines and short when declines is greater than Advances. I feel by this way we can easily predict the market trend instead of predicting stock trend having a watch on Nifty and Crude oil price. Try with 1 lot and see your results.

https://www.nseindia.com/live_market/dynaContent/live_watch/equities_stock_watch.htm?cat=N

 

[TraderRavi]

I think you should try it for at least 3 months. lets see. we can say why asianpaints why not any other popular stock but you may have some reason behind it. Do not go for FNO in starting.