successful daytrading

#1
Dear friends, everybody seems to search for some secret formula to trade. That's absolute bullshit. I've been daytrading for the last 7 years with reasonable amount of success. At first, I went for indicators, softwares and the like. They are needed to a certain extent. To daytrade you need a software like Metastock and realtime data that gets integrated into Metastock like offered by Viratech. After that its all really very simple. Just follow a trend and put a stop loss. Even if you are wrong with the trend, just put a stop loss. The rest would would take care of itself, even if you are wrong half the time. Look at an indicator like the Rsi, take a call and put a stop loss at the recent top or bottom or book profits when the trendline breaks. That should do.

Sandip
 
Last edited:
#2
:) Oooooh! so simple,

I wish it were all true. VIRATECH or no VIRATECH, day trading is all a big lottery, especially in Indian Stock Exchanges my friend.

Looks like you have been really lucky with your horses. Not everyone wins, you know that. :cool:
 
#3
well, i agree with sandy that the best strategy in daytrading should be simple, as complex
calculations really wont work in daytrading as far as jaideep is concerned
i want to tell him that why most of the people fails in daytrading because
they take it as gamble and in gambling most will loose.My friends daytrading
is not bad if you take it as your business and in every type of business there
is risk element so is in daytrading.The most important part of trading is psychology which we all give to little importance so before going for daytrading my advise is go through some good books on this subject even before learning
technical analysis, books such as by alexander elder, ari kiev, and a very good
e- book is available free on the net by the name of "emotion free trading"by larry lewin.
thanks ,
JOY
 

sh50

Active Member
#5
If, it is so simple, why use a software like metastock. Even sharekhan has a software with charts and some of the normal tehcnical indicators do not apply to day trading in any case.
 
#6
Dear sh50,
Metastock is just one of the tools. If Sharekhan gives you that, it should be fine. What I meant was that the process is simple, though adhering to the principle is difficult. that is why most daytraders lose money. You take a call, then the market moves a little in the opposite direction and you forget your original plan. One person told me that when he sits in front of the screen he wants to throw up. If that's the case, then why daytrade at all? Another mistake that most people make is that they think they might make more money trading in a shorter time frame. that is not true. Money can be made in any timeframe, intraday, daily, monthly, weekly etc. The point is the best traders book their profits when the time comes, but they are absolutely sure of when they will get out of a position.

Dear Jaideep, the whole market is a lottery if you dont have a plan. But I can assure you that the Indian Stock Exchanges are now more robust, and a manipulator cannot wreck havoc in liquid stocks. So stick to strong companies while you trade.

sandip
 
#7
Hi all,

Day trading is the quickest way to make money, Just imagin there is more than 1 lakhs trades done in just between 9.55 to 10. Do u think all of them are loosers. It is just our knowledge to the market.

For example if u want to go to PLACE A to PLACE B, first you make mistake and after few times going same route, you say THATS SIMPLE.

All it takes a small learning curve. We also have to admit that we make consistant loss for years, what is the curve we need, let us all find it. What i assume all profit makers are in the making money, we loosers are still findin the way and held up in the internet.

So dont say that day trading or swing trading or investment is wrong. My question to myself is why there is shares being traded every day.......... Let us hope one day we find the how to make money........
 
#9
Hello everyone
I am just attracted by this topic.There can be any number of points in favour or against daytrading.And also this is the most abused word in trading.The reason is very simple.Those who have done daytrading have lost miserably.Instead of analysing their faults and weaknesses,they just abuse the system.First and foremost daytrading is different in totality in comparison to the other forms of trading.But no one wants to accept this fact.People invest and buy a few shares and forget for 6-24 months,somewhere in between they remember they own some shares or some one informs them that the market has gone up.Now they wake up,sell the shares and make some profits.If these people want to indulge in daytrading,the results are obvious.
One can not sit in the brokers office and daytrade,for the simple reason that a brokers office does not have the facilities which are a prerequisit for daytrading.So one should have his own infrastructure for daytrading.A daytrader should be familiar with the basics of technical analysis,should devote a lot of time,should have patience,should have sufficient money to burn.
Infrastructure includes a computer,good internet connection,technical analysis software,a good anti virus,a power backup for atleast 6-7 hours.
A daytrader should do lots of home work,and before the market starts should have prepared a list of shares for long and short positions including their entry,exit and stoploss levels.
A daytrader must spend the entire trading schedule from 9-45 to 3-30 before his system,and spend atleast about 2 hours in the evening doing home work for next days trading.
If a person does not have the necessary infrastructure in place and can not spend 7-8 hours for daytrading then it is but natural he will be poorer at the end of day.
A lot can be written on this topic,but I wish to end here,lest I am accused of boring or irritating others members.Thank you,and I wish all the best to all members.daytrader
 
#10
daytrader said:
......................A lot can be written on this topic,but I wish to end here,lest I am accused of boring or irritating others members.Thank you,and I wish all the best to all members.daytrader
No, I will not acuse you of anything my friend. I am in total agreement with whatever you had to say about day-trading & like you, I too have plenty more to add to what's been said already. I will reserve it for another day perhaps. It would suffice to just say that day-trading is a totally different ball game altogether with specific requirements. Tactics may differ from trader to trader but the essential requirements don't change.

Cheers & happy trading all.
 

Similar threads

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Name:Phone:
Email:City:
State:
Are you a day trader?