Hello,
I'm new to trading. Currently in the process of developing my trading strategy based on technical analysis of NIFTY futures.
Looking at connecting with experts in technical analysis and discussing on effective strategies.
Thanks a lot !
Hi, It's a good initiative to start this thread. Here are my 2 cents:
1. Always practice technical analysis on spot charts, not futures charts. Futures charts have price spikes at times especially during the opening candles which gives a false sense of lows or highs. This is especially true for stock futures. I recommend you use NIFTY spot charts. Only a few brokers provide this.
2. When I first got into the stock markets, NSE had Mini Nifty and the lot size was 25 when the index was only 5200. It was really easy to learn trading index futures without burning much money in case you lose. But now, the index is 11500+ and the lot size is 75. Hence, you'll need to load your account with more funds and start from a higher base. I suggest you start trading equities first. Maybe in 5 different stocks as the rate of learning will be faster with a much smaller capital at stake.
My $0.02!