successful daytrading

[rangarajan]

Dear friends,
I often get a reminder from Traderji that i donot actively participate in the discussion & encourages me to do so.
I am reasonably a successful day trader though very small.
I fully agree with the points raised by my friend Day Trader to be successful & i follow the same route.So,why not others try it.
I have the following shares for short term investment say 3-6 months.
Shyam telecom,JK paper,South bank,Sri Rama Multi pack,Ankur Drugs,ICSA
Happy Trading,
Ranga,Chennai

 

[Saint]

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

Great stuff,daytrader........and keep em coming.Not boring or irritating at all.Looking forward to many more great posts from you.......

Saint

 

[sachin divase]

While trading in stock markets or in any other markets one should always remember that losses are part of the system, so take them as part of your business of stock trading. Take small losses objectively and you should not be emotional about them. Try to have a stop loss in your mind before you enter a position even if it is shorting the stock. If you are not disciplined to take small losses, don't be in trading. Remember that staying with a losing position is punishing yourself psychologically as the opportunity to trade in another stock is lost. 70% of your trading is testing of your psychological skills. The markets test your psychological nerves to make you out of the main trend of the stock market. The stock price stays where it is, but people either give losses and leave or are unable to trade without a strategy.
While trading there are two types of capital namely -
Psychological capital and
Money capital
Psychological capital if once lost, then the money capital soon follows. (Psychological capital has more to do with one's mental make up and control over himself)
Try to do a partial profit taking by booking a profit in 25% of your position once it reaches a certain level and then again do a profit taking of next 25% once it reaches your next level. Similarly take your stop loss higher

 

[pradeep]

The best thing judge the market half period till afternoon till 1pm to 1.30pm you will get an idea of a share day circuit going up and down.The fluctuation in trade is 10to 10.30. then 12 to 12.30pm then 2 to 2.30pm then 3 to 3.30pm.In between market is slow u select particular stock with the less price u will definately will get high profit.But yes keep the stoploss if market is volatile, or market is not showing bullish trend.
play buy when market is bullish.play short when market is bearish
thanks

 

[zen_monk]

hi daytrader,

A nice article and practicle things you have posted. Keep it up.

Zen

 

[bapugkm]

hi to all my trademates.i am also very much agree with all above my trademate's remarks,coz everyone things that by delivery trading proffit is sure & more but in my experience this is wrong coz suppoe in delivery trading in a weak one take a proffit of 1000 but in intraday that 1000 can be 5000.coz in one weak there is only 1 chance to gain but in a 1 weak there is 5 days to do intraday means 5 chances to gain.thanks to all for reading my messages .stopping with this.

 

[subratabera]

Thankyou "daytrader" for your valuable advice. You are right, but many of us don't get the required setup for daytrading. If one take it as another business and invest some amount and brain in creating the infrastructure for daytrading then I think it will be lot more profitable than any other business.

Subrata Bera

 

[ravijain_143]

Hi All,

This is very good disscussion thread to spread knoledge. Thanks a lot everyone.Can we have Daily tip for intraday in the morning through sms..
if you have any idea about this who provide sms tips for intraday then plz let me know.

 

[mercm]

BUY LOW ..SELL HIGH..Tats all !! thats the simplicity of trading...

 

[shrinivas]

BUY LOW ..SELL HIGH..Tats all !! thats the simplicity of trading...

fantastic idea...but life is not so easy...a lot of times, I bought at lows and sold it out even lower....catch the momentum baby....buy only upward moving stocks...don't repeat the story that has been repeated in this market for so long...

ganeshhity