Where do you spend more time? Reasearch or Dealing room/software

[bunny]

Hi guys,
I have almost done with the basics of technical analysis. In the last 1 month, I could find a lot profitable trading opportunities - enough to improve my confidence. However, I find that lack of time is a major hurdle for me. Yesterday, after analyzing 50 charts, I got 20 picks for today's and next 2 days' sessions. But this chart research has consumed almost 6 hrs. Add to this, 6 hrs in the session. Thus, I am spending almost 12 to 13 hrs a day on trading and this obviously leave me no time for anything else in the day. Only 50 charts consumed 6 hrs, and I am planning to scan all 200 BSE A group scrips!

So now I have decided to devote more time for research and identifying profitable points and reduce time on the dealing screen. Ofcourse, my mom(trading since last 4 yrs) will be helping me in placing the orders, watching over them and exiting them at SL or TGT.

Do you think this is an acceptable way to do it? Also, let know how you manage your time with research.

Thanks,
-Bunny

 

[munde_77]

Hi guys,
I have almost done with the basics of technical analysis. In the last 1 month, I could find a lot profitable trading opportunities - enough to improve my confidence. However, I find that lack of time is a major hurdle for me. Yesterday, after analyzing 50 charts, I got 20 picks for today's and next 2 days' sessions. But this chart research has consumed almost 6 hrs. Add to this, 6 hrs in the session. Thus, I am spending almost 12 to 13 hrs a day on trading and this obviously leave me no time for anything else in the day. Only 50 charts consumed 6 hrs, and I am planning to scan all 200 BSE A group scrips!

So now I have decided to devote more time for research and identifying profitable points and reduce time on the dealing screen. Ofcourse, my mom(trading since last 4 yrs) will be helping me in placing the orders, watching over them and exiting them at SL or TGT.

Do you think this is an acceptable way to do it? Also, let know how you manage your time with research.

Thanks,
-Bunny

It is better to concentrate on nifty so you need not spend 12 to 13 hours daily.

 

[bunny]

Thanks Munde. But since I am beginner, I don't want to step into futures so soon. Nice advice though.

 

[AW10]

Limit your basket of stocks and focus on few.
Set some criteria to select this basket. (say increase in volume today, hit new 20day high today etc).
Invest time in establishing a system that helps u in this prelimiary scan.
and then focus on selected stocks.

You can make money by trading just 1 instrument. You don't need to jump at too many stocks.
Once you have enough capital, then plan to invest in a good Technical Analysis software where u can customise your scan and include many other indicators to filter the stocks.

---------another approach could be
1) Scan sector index chart first and identify the sector that looks good to trade
2) Scan the charts of the constituents stocks of selected sectors only.
3) Ignore all other stocks.. or scan then if you are still have time available to you.
Over a period of time, you will be able to shortlist the stocks that show good moves for intraday trading within a sector..This will help u further focus on stock selection.

Happy Trading.