Thanks NiftyTaurus,
Am glad you found the info. useful. There is a quote - In theory, theory and practice is same, but in practice it is not. So even if we know a system or a method, to apply the same in real life and practical situation is not as easy. Just reflect on this. Most traders know some kind of the system, but inspite of it, lose. It is discipline, psychology, money management besides a system that will be the difference between a winning and a losing trader.
To answer your question :
First learn about money management.
Learn a system you are comfortable with.
Check charts live, intraday, EOD. The more charts you see, the better you become. Mark Open, High, Low and Close, and mark areas of the chart where the stock turned. Do this for a few scripts in your watchlist everyday. You will get a good feel once you see similar chart patterns where the market has turned.
It is a good idea to focus on index - Nifty and BankNifty as it is more liquid, and fills are better.
With regards to charts, I always look at few selected scripts, and big movers and losers intraday (3 minute timeframe) I have other template for 10 minutes, 30 minutes and EOD and if a stock is moving, can gauge, if it is hitting S/R in higher timeframe etc. and the trade is also in line with the higher time frame.
There is no Holy grail in trading. Different traders use different systems. If you look at higher timeframe and trade in lower timeframe, you will get good entries.
Suggest using Sharekhan's TradeTiger atleast for charting purpose which will come with a nominal cost. But it has live tick and comes with many good indicators. Charts can be seen intraday and also EOD. Also, you can check Icharts and ChartNexus.
Learning curve is different for different traders. So can't say, but to be realistic, it will take 2-5 years.
Do not trade till you understand and are comfortable with a system.
One more thing. The best advise I can give you - Do not marry to your opinion of the market. The market can do anything. So if you enter a trade, think that it is going to be a loser instead of a winner. Let the market prove you otherwise. By this thinking, it will be easy for you to get out of a losing position soon. (This is the most important aspect of good trading - get out of a losing position) and let the winner's run. The idea is that when your money is at risk, and you are losing, you cut your losses. When it is the market's money that you are playing with (the trade has moved in your favor) it is the market's money that you are playing with. The market has already proved you right, so you let this position run.
Good luck.
HI DSM
thanks for wonderful information.
I am also big fan of price action trading..& follow that only for trading..but i started live trading without practice & proper learning & lost..
Now i have stopped trading & trying to learn..I am learning ytc course by lance beggs..could u please tell me the learning curve to get master in price action trading..i.e ..I want to start learning from scratch..so whats the journey towards it..could u please guide like...what to learn..how to learn ..& how did do practice? where could i get historical intraday charts?
which books should i read? how many charts should i have seen before live trading ? etc etc...please guide me with ur experience.
thanks