is scalping for 3% intra day good/possible ?Senior's guidance plz

#11
Thanks Dan , for the support with a little bit of sarcasm :)
Yes , I guess tyou are right . In the past 4 days I placed 7 trades and bagged in 12% in 3 days (after brokerage) , but sadly lost it on 3 other trades
You remember me of the first trade I did by my self with options many years ago without my mentor. Not even asked him as I felt I now know it. (How wrong I was ;)) I made a profit of around 30% over the weekend in the S&P 500 in that trade and thought I am the coming new king of the future in option trading. :lol::rofl: And we do not talk about a few Rs. :D

I clearly have to say that I never was spending any thoughts of calculating like you do here or so many others, as I have seen at that time so many around me who came up with such milk book calculations and also had no clue about what the reality can be and is.

So good to see you having loss, as this will and surely does start you make thinking and specially recognizing, that there are other things in trading which have much more value and are far more important compare to all those childish milk book calculations.

Congrats to your loss, as you are now on the right path to the next steps. :thumb::clap: (And that comment is without any sarcasm :))

All the best / Dan :)
 
#12
You remember me of the first trade I did by my self with options many years ago without my mentor. Not even asked him as I felt I now know it. (How wrong I was ;)) I made a profit of around 30% over the weekend in the S&P 500 in that trade and thought I am the coming new king of the future in option trading. :lol::rofl: And we do not talk about a few Rs. :D

I clearly have to say that I never was spending any thoughts of calculating like you do here or so many others, as I have seen at that time so many around me who came up with such milk book calculations and also had no clue about what the reality can be and is.

So good to see you having loss, as this will and surely does start you make thinking and specially recognizing, that there are other things in trading which have much more value and are far more important compare to all those childish milk book calculations.

Congrats to your loss, as you are now on the right path to the next steps. :thumb::clap: (And that comment is without any sarcasm :))

All the best / Dan :)
Well i guess that was the kind of feeling i had when I made those trade but it was short lived .
But good to know you found a mentor . I'm still looking out for one , but sadly i think after today's events (personal events)I might not be able to spend full time trading . :(((

but let's see how things roll out , anywho i'm still looking out for a mentor , currently learning form books, this forum and YouTube .
Thanks for the directions Dan .

Regards,
HedgeFudge13
 
#13
Its my first post in ds fourm.  sory for bad eng. I read lots of this type of posts of newbies. So I want to share u my trading career. I was entered in markets in 2004 when I dnt hv job bcoz of no graduation also I dnt h money to invest. I borrow 10k and invest in nse. I lost my 10k in 3 days. Then I did a job of rs 5k for 8 months. Again I invest 10k in mcx again I got loss of 10 in 5-6 days. Then I decide to learn market. I did job in broking firm for 2 month( this time not for money. This time only for learning all the thngs) after to months I invest 1lakh(take loan in 3%) in mcx. This time I lose 30-40k in a month but this time I Lear a lot of things. 2 year tak Maine kuch nahi kamaya means end of the year I m in loss but I learn lots to things and finally I understand that market take money to give knowledge.. So guys dnt to afraid to give( lose) money if u really to want to learn and earn. Today I m full time trade and earn my house expenses and savings frm markets.

I read sm whr - Iss market Me jo person morning Money le kar aata hai vo evening Me experience le kar jata hai aur jo morning Me experience le kar aata h vo evening Paise le kar jata h.

Jab me trading me aaya tha tab main mere pass itne Paise b nahi hote the ki main job par ja saku but today I m rich bcoz of markets. Newbies market aapko sab kuch dega houses, cars and everything u want but only after some loss and after learn learn frm those loss.
 

Giraffe

Well-Known Member
#14
Hey guys ,

I've been reading alot of this forums since the past 6-7months and I was wondering on resorting to scalping (as it seems to suite my style) . Anyways , my capital is 50k , so i can basically buy one lot of a stock and trade it at a time .
So i was wondering would a 3% target be reasonable/ realistic ?
I dont think that i would directly get 3% as soon as I start , but after a few months of loosing money (6-8months) . Would 1.5k or 3% be realistic target ?

My motive is to substitute trading for my job . Looking forwards to commodities ,stocks and a very little trading of forex .

Asking the seniors ,

HedgeFudge
Few important things:
1. With 50K, and trading one lot --> you will be taking leverage of 5x to 8x. NOT a very wise idea.

2. Scalping is relatively difficult forms of trading. Don't think routine technical analysis will be very effective. Mastering order flow and tape reading is better route. Its easier said than done in todays electronic exchanges.

3. For scalping you need much better tools. Data feed API route would be best, but these are expensive. (for Scanning and analysing market). Knowledge of coding in Amibroker, or Ninja will come in very handy and work as alternative to API.
Every one has different perspective and strategy(a person will need to first develop his own), and it will not come precoded in any charting software.

If you are still developing and improving your strategy, getting it coded by someone else is not very effective for two reasons: One you don't know the full potential of what can be done, Second, it requires constant tweaking and improvement.

4. Regarding your 3% query, it will greatly depend on trend. Scalping on trending day might give you that, but not all days will be alike. If you read trend wrong, and flat market phases , scalping can be very frustating.

5. Scalping futures is certainly not a good place to start in markets. It would be better to first trade in less hostile environments.

6. Scalping per se appears very exciting and fun and fast paced. But not everyone is cut out for it. Requires fast decision making and huge respect for your rules and criteria. Ignoring stop loss, power failure, internet down can do quite a lot of harm. You have mentioned it suits your style. I am presuming you like it this way.....:).More importantly and counterintuitively, Scalping is more about patiently passing the frustating nontrending phase than being Rambo( jumping and shooting everything in site :p).
 

Giraffe

Well-Known Member
#15
Its my first post in ds fourm.  sory for bad eng. I read lots of this type of posts of newbies. So I want to share u my trading career. I was entered in markets in 2004 when I dnt hv job bcoz of no graduation also I dnt h money to invest. I borrow 10k and invest in nse. I lost my 10k in 3 days. Then I did a job of rs 5k for 8 months. Again I invest 10k in mcx again I got loss of 10 in 5-6 days. Then I decide to learn market. I did job in broking firm for 2 month( this time not for money. This time only for learning all the thngs) after to months I invest 1lakh(take loan in 3%) in mcx. This time I lose 30-40k in a month but this time I Lear a lot of things. 2 year tak Maine kuch nahi kamaya means end of the year I m in loss but I learn lots to things and finally I understand that market take money to give knowledge.. So guys dnt to afraid to give( lose) money if u really to want to learn and earn. Today I m full time trade and earn my house expenses and savings frm markets.

I read sm whr - Iss market Me jo person morning Money le kar aata hai vo evening Me experience le kar jata hai aur jo morning Me experience le kar aata h vo evening Paise le kar jata h.

Jab me trading me aaya tha tab main mere pass itne Paise b nahi hote the ki main job par ja saku but today I m rich bcoz of markets. Newbies market aapko sab kuch dega houses, cars and everything u want but only after some loss and after learn learn frm those loss.
Many of the forum members can't understand Hindi.
Humble request to please write English translation of quotes in bracket...:thumb:
Thanks.
 

Giraffe

Well-Known Member
#16
Thanks Dan , for the support with a little bit of sarcasm :)
Yes , I guess tyou are right . In the past 4 days I placed 7 trades and bagged in 12% in 3 days (after brokerage) , but sadly lost it on 3 other trades cause of no stop loss and lack of knowledge :(((
I guess lesson learnt , always use stop loss and i need to learn more on risk management :)

@ALL:
I guess 3% seems to be a bit toooooooo high from all the members reactions , I guess i should resort to 1% and be happy with it (or lesser).
I hope to improve my knowledge and skill and hopefully I would get support form the seniors on this forums and they guide me towards becoming a better trader.


Thanking and Regards ,

HedgeFudge
1.Don't chase targets pal, especially not in the beginning. Your focus should be on learning and preserving capital rather than making 3% or whatever.

2. Start in NSE cash, not in FNO.

2.First trade intraday, ideally open trade after 12 and close before 2.30-3.00.
Then when you are profitable in this, attempt to trade in morning.
And then go for scalping. (same order, first in afternoon, then in morning).

Offcourse, this depends on how much money you can afford to loose during learning. If have deep pockets (or father in law with deep pockets), jump in with guns blazing,any time, any segment any method.....:p (Chak de phatte)
 

hmp

Well-Known Member
#17
Its my first post in ds fourm.  sory for bad eng. I read lots of this type of posts of newbies. So I want to share u my trading career. I was entered in markets in 2004 when I dnt hv job bcoz of no graduation also I dnt h money to invest. I borrow 10k and invest in nse. I lost my 10k in 3 days. Then I did a job of rs 5k for 8 months. Again I invest 10k in mcx again I got loss of 10 in 5-6 days. Then I decide to learn market. I did job in broking firm for 2 month( this time not for money. This time only for learning all the thngs) after to months I invest 1lakh(take loan in 3%) in mcx. This time I lose 30-40k in a month but this time I Lear a lot of things. 2 year tak Maine kuch nahi kamaya means end of the year I m in loss but I learn lots to things and finally I understand that market take money to give knowledge.. So guys dnt to afraid to give( lose) money if u really to want to learn and earn. Today I m full time trade and earn my house expenses and savings frm markets.

I read sm whr - Iss market Me jo person morning Money le kar aata hai vo evening Me experience le kar jata hai aur jo morning Me experience le kar aata h vo evening Paise le kar jata h.

Jab me trading me aaya tha tab main mere pass itne Paise b nahi hote the ki main job par ja saku but today I m rich bcoz of markets. Newbies market aapko sab kuch dega houses, cars and everything u want but only after some loss and after learn learn frm those loss.
Hi Pratik
Congrats for your hard earned success.Keep it on.
Are you a day trader or positional? Pl. let us know about your finally adopted strategy.
Thanks & regards.
 

sspms2002

Well-Known Member
#18
Its my first post in ds fourm.  sory for bad eng. I read lots of this type of posts of newbies. So I want to share u my trading career. I was entered in markets in 2004 when I dnt hv job bcoz of no graduation also I dnt h money to invest. I borrow 10k and invest in nse. I lost my 10k in 3 days. Then I did a job of rs 5k for 8 months. Again I invest 10k in mcx again I got loss of 10 in 5-6 days. Then I decide to learn market. I did job in broking firm for 2 month( this time not for money. This time only for learning all the thngs) after to months I invest 1lakh(take loan in 3%) in mcx. This time I lose 30-40k in a month but this time I Lear a lot of things. 2 year tak Maine kuch nahi kamaya means end of the year I m in loss but I learn lots to things and finally I understand that market take money to give knowledge.. So guys dnt to afraid to give( lose) money if u really to want to learn and earn. Today I m full time trade and earn my house expenses and savings frm markets.

I read sm whr - Iss market Me jo person morning Money le kar aata hai vo evening Me experience le kar jata hai aur jo morning Me experience le kar aata h vo evening Paise le kar jata h.

Jab me trading me aaya tha tab main mere pass itne Paise b nahi hote the ki main job par ja saku but today I m rich bcoz of markets. Newbies market aapko sab kuch dega houses, cars and everything u want but only after some loss and after learn learn frm those loss.

Hii..I am also a newbee..and found out that you did went through hardships but overcame them and started earning handsomely..Can you guide us on what were the turning points in your trading...also any suggestions for new bees???
 

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