It is true that in day trading the chances of losing money is more than gaining money.
Like all money making trades, no one can teach in absolute terms all the tricks to be always successful, or no one or institute can teach all the finest sure shot indicators a powerful software can offer.
It is similar to a fresh but highly qualified law graduate entering into practice and feeling not successful immediately. But when seen the progress of the senior and successful advocates, he will find that other than high qualifications, staying in practice continuously, allowing time to teach its lessons are best inputs, that will help to be successful.
I dont discourage academic qualification, and reading and gaining knowledge from books. The point is that author who has put his experiences in the books, are exposed to a certain kind of environment that existed at that country. for example many of the books on technical analysis, market analysis, trading softwares, etc, are with reference to markets that are highly developed, and exist in uncontrolled market economies, like US, UK, JAPAN, TAIWAN, and AUSTRALIA. One must have the patience and knowledge to indianise these situations and test.
I am a novice, I got interested in the stock market, during 1980's and was dealing through brokers for buying and selling. Surprisingly during those days I remember to have come across lots of two page magazines on the share market. I wonder where they all have gone. After 1993 I had given up.
Now after the internet revolution, and online trading facilities, I got interested
and feel good. I am new to this kind of trading, though my fundamental knowledge about stock markets are adequate.
1. I have become member with an online trading facility providing broker.
There are lots of brokers and bankers providing online trading facilties. They themselves provide the software which displays in realtime all the NSE trading.
This trading terminal is provided with some technical ananlysis software, which could be used as it draws data from the nse servers and the brokers own data base.
2. NSE website itself offers so much information, free of cost and one has to open the site and read.
3. Other than the online broker website, i browse, traderji, moneycontrol, traders edge, capital market, icicidirect etc.,
4. I read outlook money, capital market, business line etc, magazines too.
5. I have prepared a list of scrips which I feel are good and active. This list is nothing but shortlisted one from the top gainers, top losers, highly traded share, volume breakers, etc. This list I keep pruning once in a week. I study their movements in the real trading. I select only 4 scrips and trade.
I read the comments in traderji forum where senior members share their views on many active scrips.
6.I dont trade on all the 5 days of the trading. I avoid last 25 mins and the first 30mins. I learnt that these timings are meant for real pros. There could be real stampede. Once I was lucky to make Rs.4,000 in 2mins. flat in the first 30 mins of the opening, but when I saw my profits soaring at such fast rate my hands began to tremble before I booked profit. For the next 5 hours I could not regain my composure. That is my experience.
7. As mentioned by all the elders in the field, it is very helpful to have a target for booking profit. once reached quit. relax and watch the market.
8. One senior experienced person, told me to read the highly successful mutual fund companies portfolios. There is something to learn about their selecting the investment portfolios.
9.Finally staying interested in the chosen field always helps to be successful.
In our country now only government is liberalising the economy and the stock market is slowly evolving.
10. The saying "Enterprise with Caution" holds good for intraday trading too.
wishing you all a successful and prosperous new year.
stpmds
