Hey guys,
I've been going through the forum posts and various threads and have come across some very useful information. However, I'm having some trouble assimilating it all as its all random. Could someone point me in the right direction? I have the following questions (and have included my current approach):
1. How do you start your day?
So for me, I start with watching the news, getting onto moneycontrol for further developments, going onto indiainfoline for more news. This is basically to keep track of news based triggers for stocks. I then look at the pre-market activity on NSE and see which stocks have volumes. I then proceed to start the day following the stocks i have shortlisted through the news and pre-market activity.
2. How do you keep track of stock that are gaining or experiencing high volume?
The only way i am keeping track right now is by getting onto moneycontrol and watching the top gainers and most active stocks.
3. What methods do you use to trade?
As of now i'm trying to trade only breakouts. However, i have a tough time becoming aware of stocks breaking out, and only come across these by luck. Or then i follow the tips of certain people on money control, however, i only act upon their tips when i see the moving average crossover and breakout happen on decent volumes. I follow my own stops as per my risk ability, focusing on recent pivot points.
4. What indicators should one use for intra-day trading?
As of now i am working with 8 and 13 period EMA, RSI and MACD. However, i find that RSI and MACD dont seem to be working too well intraday. I was watching the market depth alot, but apparently that doesnt have as much value as one would imagine due to fake orders etc.
So far, my trades haven't been too great and i've lost a fair amount. However, i'm up to the task of learning, but there's just so much information out there, i was wondering if someone could help streamline my approach. Also, please let me know if i am missing something important.
Thanks a lot in advance
I've been going through the forum posts and various threads and have come across some very useful information. However, I'm having some trouble assimilating it all as its all random. Could someone point me in the right direction? I have the following questions (and have included my current approach):
1. How do you start your day?
So for me, I start with watching the news, getting onto moneycontrol for further developments, going onto indiainfoline for more news. This is basically to keep track of news based triggers for stocks. I then look at the pre-market activity on NSE and see which stocks have volumes. I then proceed to start the day following the stocks i have shortlisted through the news and pre-market activity.
2. How do you keep track of stock that are gaining or experiencing high volume?
The only way i am keeping track right now is by getting onto moneycontrol and watching the top gainers and most active stocks.
3. What methods do you use to trade?
As of now i'm trying to trade only breakouts. However, i have a tough time becoming aware of stocks breaking out, and only come across these by luck. Or then i follow the tips of certain people on money control, however, i only act upon their tips when i see the moving average crossover and breakout happen on decent volumes. I follow my own stops as per my risk ability, focusing on recent pivot points.
4. What indicators should one use for intra-day trading?
As of now i am working with 8 and 13 period EMA, RSI and MACD. However, i find that RSI and MACD dont seem to be working too well intraday. I was watching the market depth alot, but apparently that doesnt have as much value as one would imagine due to fake orders etc.
So far, my trades haven't been too great and i've lost a fair amount. However, i'm up to the task of learning, but there's just so much information out there, i was wondering if someone could help streamline my approach. Also, please let me know if i am missing something important.
Thanks a lot in advance