price action trading

[saakk]

hi,
how are you guys, i am a new member and was wondering if any body trade only on price action. Just price chart and volume nothing else? kind of trading taught by Al brooks.

 

[Smart_trade]

hi,
how are you guys, i am a new member and was wondering if any body trade only on price action. Just price chart and volume nothing else? kind of trading taught by Al brooks.

There are many who trade only on price action.


Smart_trade

 

[saakk]

great to know... i hope to learn many things.... i ll put up my trades and will explain y i took it... i dont know if they will be profitable or lesson trades but i m sure i ll get insight of many members... i trade only usdinr, liquidity is good and govt. commissions are low... my round trade cost me 17rs per lot...i know it is too much but this is what i am getting for the time being and i m looking for discount broker..

 

[timepass]

great to know... i hope to learn many things.... i ll put up my trades and will explain y i took it... i dont know if they will be profitable or lesson trades but i m sure i ll get insight of many members... i trade only usdinr, liquidity is good and govt. commissions are low... my round trade cost me 17rs per lot...i know it is too much but this is what i am getting for the time being and i m looking for discount broker..

Rs. 17 per trade is not too much. It's quite good.

 

[Steve]

great to know... i hope to learn many things.... i ll put up my trades and will explain y i took it... i dont know if they will be profitable or lesson trades but i m sure i ll get insight of many members... i trade only usdinr, liquidity is good and govt. commissions are low... my round trade cost me 17rs per lot...i know it is too much but this is what i am getting for the time being and i m looking for discount broker..

I've joined one of the discount brokers, and my outgo per lot has drastically reduced, My taxes and other govt charges work out to between Rs4.75/- to Rs 5.50, per lot, plus the unlimited brokerage currency plan charges of Rs 999/-+ S.T.
So depending on your lots traded per month your overall charges per lot should be less than half of Rs. 17/- that you are paying.

Hope this helps, and thanks for your initiative in starting this thread.

 

[timepass]

I've joined one of the discount brokers, and my outgo per lot has drastically reduced, My taxes and other govt charges work out to between Rs4.75/- to Rs 5.50, per lot, plus the unlimited brokerage currency plan charges of Rs 999/-+ S.T.
So depending on your lots traded per month your overall charges per lot should be less than half of Rs. 17/- that you are paying.

Hope this helps, and thanks for your initiative in starting this thread.

I think that if someone is trading 1 lot at a time then it is too early for an unlimited plan.

 

[saakk]

@steve:- welcome buddy, i know which broker you are talking bout and most probably my account will open by this week end. what i feel is if you are a professional trader you got to save money on brokerage cause 1 paisa may be seen very less but at the end of the month when you calculate amount get so outrageous. when ever i enter a trade i try to scalp out at least my trading cost and move my sl to break even, but when your trading cost is too much its get difficult to ever cost some time let alone the profit on that trade.

@timepass:- i am sure the plan that steve talking bout is far more suitable for me. even of i trade 1 lot and take 10 trades to scalp my trading cost will far less cause with brokerage you have to pay ST also which is on higher side if you add overall cost its way to much for a scalper atlest.

 

[ford7k]

hi
Low brokerage does NOT produce trading success.
it produces good turnover for broker,however.

it helps ease some tension on traders mind and mostly brokers use it to push the trader to do overtrading.

What use if your trading system or method looses all capital over a time?
Instead of pulling money out of market your trading system often gives your money to market.

so first find a good method then test it for 3 to 6 months If you are SATISFIED
then start trading wqith small amount.
question is
can you wait so long? hope you can.
or else your broker will celebrate with party.

 

[saakk]

hi
Low brokerage does NOT produce trading success.
it produces good turnover for broker,however.

it helps ease some tension on traders mind and mostly brokers use it to push the trader to do overtrading.

What use if your trading system or method looses all capital over a time?
Instead of pulling money out of market your trading system often gives your money to market.

so first find a good method then test it for 3 to 6 months If you are SATISFIED
then start trading wqith small amount.
question is
can you wait so long? hope you can.
or else your broker will celebrate with party.

sir i never said low brokerage will produce trading success, all i meant is low brokerage bring down my trading cost and help me cover it asap which in return increase my probability of gain. if i pay 5 rs per round lot and buy 10 (usdinr) lot i ll sell half of position 8 tick plus to my buying price and keep rest with TSL. now i have covered cost and have some additional profit, even if price come back and take out my break even sl i am not at loss both financially and emotionally and i am in a condition to take a next trade, but same thing is not possible with higher brokerage.

 

[Steve]

sir i never said low brokerage will produce trading success, all i meant is low brokerage bring down my trading cost and help me cover it asap which in return increase my probability of gain. if i pay 5 rs per round lot and buy 10 (usdinr) lot i ll sell half of position 8 tick plus to my buying price and keep rest with TSL. now i have covered cost and have some additional profit, even if price come back and take out my break even sl i am not at loss both financially and emotionally and i am in a condition to take a next trade, but same thing is not possible with higher brokerage.

Hi Saakk,
I'd like to put this in proper perspective
My emphasis is on breakeven point when scalping which I do often, with a low breakeven I can make the most, with mininum risk with small targets, which are attainable,

I do agree with ford7k, a good trading system, with good R/R, and good money management is the first thing that a trader should develope, to trade with confidence, or else when scalping, even with very low breakevens, you are doomed.
Coming to USDINR. four ticks, (or one paise=Rs 10/-)in a lot gained, and you are still in profit,after deducting all charges, with the above plan that I mentioned.
Assuming I trade 1000 lots per month my total trading charges with brokerage + taxes, would be approx. Rs 7 per lot, If I have gained even four ticks or one paisa = Rs 10/ in a trade which is very attainable I would still have a profit of Rs 3/ per lot.
We have three discount brokers on this forum with their own threads, or maybe more, choose whichever suits you, after going thru their threads.

Please do not loose focus and continue with your trading method that you were to share with us.