Will you please help me to be a day trader, you knowledgeble people?
U
Dear Asish,
Thanks for your concern! But I am not trying to have unrealistic goal. Is it not possible to earn @Rs. 1000/per day from day trading? I believe it is. So let us help each other to achieve our goals.
By the way I am also a Cottonian. Where are u located presently?
Regards,
Nick
Thanks for your concern! But I am not trying to have unrealistic goal. Is it not possible to earn @Rs. 1000/per day from day trading? I believe it is. So let us help each other to achieve our goals.
By the way I am also a Cottonian. Where are u located presently?
Regards,
Nick
This is my post in the thread "Is Day Trading Dang....."
{{{Out of 10 trades ,sucessful peopl's loose 7 out of 10 times in Day Trading.
Here money mgmts teps in ,to wriggle you out of loss.How ? Entry at support
points with SL paced below .5 % now REWARD has to be 4 times that means prior to entry the
resistance point has to be above 2% of support (otherwise forget that scrip).
Now after entry if stock rises 1% ,incresae your SL by + 0.1%,make this a habit,continuously modify .When Tgt achvied (bid price not offer price) get out in mkt order,cancell the SL also.
So your loss in 100 trades .5 * 70 =(-) 35 %
win in 100 trdes 2* 30 = 60%
Now empherically all your 1st 70 trades can go wrong & remaining 30 % right.
So initiate 20 % of your CASH capital not EXPOSURE capital,now the equation is
Say 100/= my Cash.
20/- 70 times loss = - 35% of 20 = (-)7/
20/ - 30 times profit = 60% of 20/ =+ 12/-
So 5/ = 5 % in a month (100 trades in a month = 4 trades *25 days.
After minimum 10 months ,you lift the self imposed embargo of only 20% of your capital to 30 % .
Never take overnight delivery while doing Intraday(99 % falls in this trap),even if your stock is
going Gr8 guns,remember tommorrow we may get it below your todays exit price(exited at 3.28pm)at next day opening bell (70% times),so why pay extra brokerage.
This is my suggestion to all new Day Traders otherwise all of us will become
fodder in this mkt.Earning consistently 5% per month is far far better than be a member of extinct specis.}}}
To achieve your goal you must go thru a process of learning & survive,but before a single step is taken "First Put The Money Management Module fixed in your brain" .Your goal is possible but be a dedicated Shaolin Temple Monk
with a pinpoint focus for few long months,then slowly promote to higher degrees.However i am a Bengali from Kolkata went to Akhom in end sixties ,when due to Naxalite movement at calcutta educational enviuorment
was tosy turvy,so got myself admitted at Cotton & was residing in 2nd Mess.
Asish
U
A Ma is just a smoothing of the price line , and has no bearing on future prices . So as I have said earlier dump it.
In the thread "Idex with negative bias" my views about MA posted there:
{{{2)After an actual crossover of any kind of MA it is late.I have my own variety
of MA.Each individual's style is different,somebody prefer Median MA etc etc.
Next is the period,which varies from individual style or comfort level.But this
i have seen each individual Stock has its own inflexion point unique.As in Spot Nifty any multiple of 13 period is the best.Try Dabur with SMA it will react better than EMA.For this reason my own coded MA is different which is constantly being optimized.Hence this cannot be standardized,however try tweaking with different type & period of MA on your favourite stock's past data you will understand my logic.}}}
Asish
Nick,
This is my post in the thread "Is Day Trading Dang....."
{{{Out of 10 trades ,sucessful peopl's loose 7 out of 10 times in Day Trading.
Here money mgmts teps in ,to wriggle you out of loss.How ? Entry at support
points with SL paced below .5 % now REWARD has to be 4 times that means prior to entry the
resistance point has to be above 2% of support (otherwise forget that scrip).
Now after entry if stock rises 1% ,incresae your SL by + 0.1%,make this a habit,continuously modify .When Tgt achvied (bid price not offer price) get out in mkt order,cancell the SL also.
So your loss in 100 trades .5 * 70 =(-) 35 %
win in 100 trdes 2* 30 = 60%
Now empherically all your 1st 70 trades can go wrong & remaining 30 % right.
So initiate 20 % of your CASH capital not EXPOSURE capital,now the equation is
Say 100/= my Cash.
20/- 70 times loss = - 35% of 20 = (-)7/
20/ - 30 times profit = 60% of 20/ =+ 12/-
So 5/ = 5 % in a month (100 trades in a month = 4 trades *25 days.
After minimum 10 months ,you lift the self imposed embargo of only 20% of your capital to 30 % .
Never take overnight delivery while doing Intraday(99 % falls in this trap),even if your stock is
going Gr8 guns,remember tommorrow we may get it below your todays exit price(exited at 3.28pm)at next day opening bell (70% times),so why pay extra brokerage.
This is my suggestion to all new Day Traders otherwise all of us will become
fodder in this mkt.Earning consistently 5% per month is far far better than be a member of extinct specis.}}}
To achieve your goal you must go thru a process of learning & survive,but before a single step is taken "First Put The Money Management Module fixed in your brain" .Your goal is possible but be a dedicated Shaolin Temple Monk
with a pinpoint focus for few long months,then slowly promote to higher degrees.However i am a Bengali from Kolkata went to Akhom in end sixties ,when due to Naxalite movement at calcutta educational enviuorment
was tosy turvy,so got myself admitted at Cotton & was residing in 2nd Mess.
Asish
This is my post in the thread "Is Day Trading Dang....."
{{{Out of 10 trades ,sucessful peopl's loose 7 out of 10 times in Day Trading.
Here money mgmts teps in ,to wriggle you out of loss.How ? Entry at support
points with SL paced below .5 % now REWARD has to be 4 times that means prior to entry the
resistance point has to be above 2% of support (otherwise forget that scrip).
Now after entry if stock rises 1% ,incresae your SL by + 0.1%,make this a habit,continuously modify .When Tgt achvied (bid price not offer price) get out in mkt order,cancell the SL also.
So your loss in 100 trades .5 * 70 =(-) 35 %
win in 100 trdes 2* 30 = 60%
Now empherically all your 1st 70 trades can go wrong & remaining 30 % right.
So initiate 20 % of your CASH capital not EXPOSURE capital,now the equation is
Say 100/= my Cash.
20/- 70 times loss = - 35% of 20 = (-)7/
20/ - 30 times profit = 60% of 20/ =+ 12/-
So 5/ = 5 % in a month (100 trades in a month = 4 trades *25 days.
After minimum 10 months ,you lift the self imposed embargo of only 20% of your capital to 30 % .
Never take overnight delivery while doing Intraday(99 % falls in this trap),even if your stock is
going Gr8 guns,remember tommorrow we may get it below your todays exit price(exited at 3.28pm)at next day opening bell (70% times),so why pay extra brokerage.
This is my suggestion to all new Day Traders otherwise all of us will become
fodder in this mkt.Earning consistently 5% per month is far far better than be a member of extinct specis.}}}
To achieve your goal you must go thru a process of learning & survive,but before a single step is taken "First Put The Money Management Module fixed in your brain" .Your goal is possible but be a dedicated Shaolin Temple Monk
with a pinpoint focus for few long months,then slowly promote to higher degrees.However i am a Bengali from Kolkata went to Akhom in end sixties ,when due to Naxalite movement at calcutta educational enviuorment
was tosy turvy,so got myself admitted at Cotton & was residing in 2nd Mess.
Asish
Thanks again for your valuable suggestion and teaching. I shall try to follow your technique.
As I am very new to trading, I would like to from you the following,
1) Does TA help in day trading ? If so, how far?
2) Which are the indicators to be mostly used for Day trading?
3) Can you tell me of any site that gives live real-time data for indian stocks?
4) How to select good stocks for day trading?
I am from Guwahati. It is nice to come accrossomeone like you. I have alot to learn from you.
Regards,
Nick
Well Nick,I am trying to clear some of your queries with my little knowledge.
1.EOD data> When one is to cool some water,what he will do? He will buy a refrigerator.But then,the refrigerator alone cannot cool it,beacause it needs power for that. Electricity along with the refrigerator will solve the matter of cooling the water,right?
Now compare it with charting or analysis technically of stocks. You need a software for charting and making a system of profitable trading.Like Metastock,Amibroker etc.These softwares alone cannot make the charts of the stocks - data about the stocks are needed,like volume,price,high,low etc. This data is like electricity in our previous example and the software is like the refrigerator. Without the data the softwares are not going to do anything!
Now there are two types of data. One is that which is collected after the trading session or day. Like the total volume of the day,opening and closing,highs and lows of the day etc.This data is called EOD data - i.e. End Of Day data.
Another one is real time data,which is the current price and volume movements etc. tick by tick.
Eod data can be used for positional delivery trading,short to midterm and even day trading! and real time data is used chiefly for daytrading.
2. Book> I am recommending "Technical Analysis of Stock Trends" - by Edwards & Magee.All time classic.This is by far the best book for anyone-beginner or experienced,to clear the basics of technicals.Indian edition of this book is available from Vision Books publishers of New Delhi. The latest eighth edition is superb. The price written on the back of it is Rs. 595/- . But a good shopkeeper should give you around 15% less as rebate,so that will make it around 510/-. I bought it from Kolkata and they took around 505/- .
Now the problem is you are not in big cities,right? No problem. I am giving you the phone numbers and site address from where you can contact the publishers and may be order it by post.
Phone: (+91-11)29836470
Email: [email protected].
Hari om!
1.EOD data> When one is to cool some water,what he will do? He will buy a refrigerator.But then,the refrigerator alone cannot cool it,beacause it needs power for that. Electricity along with the refrigerator will solve the matter of cooling the water,right?
Now compare it with charting or analysis technically of stocks. You need a software for charting and making a system of profitable trading.Like Metastock,Amibroker etc.These softwares alone cannot make the charts of the stocks - data about the stocks are needed,like volume,price,high,low etc. This data is like electricity in our previous example and the software is like the refrigerator. Without the data the softwares are not going to do anything!
Now there are two types of data. One is that which is collected after the trading session or day. Like the total volume of the day,opening and closing,highs and lows of the day etc.This data is called EOD data - i.e. End Of Day data.
Another one is real time data,which is the current price and volume movements etc. tick by tick.
Eod data can be used for positional delivery trading,short to midterm and even day trading! and real time data is used chiefly for daytrading.
2. Book> I am recommending "Technical Analysis of Stock Trends" - by Edwards & Magee.All time classic.This is by far the best book for anyone-beginner or experienced,to clear the basics of technicals.Indian edition of this book is available from Vision Books publishers of New Delhi. The latest eighth edition is superb. The price written on the back of it is Rs. 595/- . But a good shopkeeper should give you around 15% less as rebate,so that will make it around 510/-. I bought it from Kolkata and they took around 505/- .
Now the problem is you are not in big cities,right? No problem. I am giving you the phone numbers and site address from where you can contact the publishers and may be order it by post.
Phone: (+91-11)29836470
Email: [email protected].
Hari om!
Thanks for reply. Now I have understood the use of EOD data for position trading. Similarly, for day trading, IEOD data is collected and used with some software to get different chart patterns. Then whatever information derived from these chart patterns are used next day for day trading. Am I right? Please correct if I wrong.
Thanks for the link of Mr. Saint. I am going through it and learning gradually. I have come across Trend lines there. I have understood the basic use of Trend lines. But I have some confusions about it. Hope you will clarify them.
Firstly, how to draw them correctly on a chart? Say, I have a candle stick chart of a particular stock. Now to draw the UP Trend lines, should we let it touch the bottom of real body of a candle stick on the chart or the lowest end of the shadow(stick) of the real body! Which one is more accurate?
Secondly, I am using www.bseindia.com for drawing Trend lines on a chart. However, I am not able to save the chart along with the Trend line. That is why everyday I encounter new Pivot Points for the same script and end up drawing new Trend line because of which Trend line break point is never achieved. How to save the chart along with the Trend line?
Thirdly, say I am able to save the chart along with the Trend line. How to derive required information from it? Is it that everyday, a new chart is drawn with recent data on which exactly previous days Trend line is drawn to find out the break point of the Trend line? Please correct if I am wrong or is there any other method to find it (Break point) out?
Thanking you.
Regards,
Nick
H
Hari om!
Nothing suceeds like success! I'm searching for a system which is not very much difficult to understand but can give returns in most of the occassions. It's all about money management. I was a customer,for three months only, of an expert who used to give calls on markets,and found that only his calls succeeded in almost 80% cases! What was the reason?
Well,he would give calls when he will feel that it's worth giving and not giving calls everyday,just for the sake of giving it! He may give one positional call in one week and may be more or no call at all. But the reason behind his success is that - he used to give calls when a stock is just a few rupee above its major support and the potential upsides left in the scrips are somewhere near to four times the difference to its stoploss level. So the risk reward ratio becomes 1:4 almost! If you take five calls in one month and lose one trade,the gain will make up handsomely the losses.
I'm a great fan of the concept of focussed work where a man should know what's for he is working. I'm in the stock market for money,and my defensive target is 10% earning per month from cash market firstly and no leveraging. I'm experimenting with various positional trades.Day trading is far more unrealistic just now.Firstly I have to make sure of the money inflow from positional trading.
For understanding the subject from a group of professional traders,I joined a technical analysis class,where there are few students and a group of renowned traders and market analysts as teachers in my city(who used to come in the channels too for analysing!). The course is two months duration. Now as my classses are ongoing,my knowledge is widening and its some real learning now.
But I'm still not very smart with the software - Metastock.If any one of you knows how to find the different explorers of my choice(like 52 week low,high or any other choice),instead of the ones given in the explorer list,and add anything in the metastock except the ones given there,please contribute your knowledge and help.
And lastly,Credit violet, I haven't given any assurance of using indicators or any recommendation or misguidance to any "serious beginner",neither I believe these indicators are good "indicative",only what I had found so far was written,because this is the spirit of the thread,and I'm not claiming that I'm a beginner,but I'm. The link of Dr. Brett was a good one by you,but nothing new!Now I can say that,you are one of the very few,who have nothing to contribute except only making some noise! By then you would have answered some of the questions asked here and which are still unanswered.But I don't complain neither,carry on......
Nothing suceeds like success! I'm searching for a system which is not very much difficult to understand but can give returns in most of the occassions. It's all about money management. I was a customer,for three months only, of an expert who used to give calls on markets,and found that only his calls succeeded in almost 80% cases! What was the reason?
Well,he would give calls when he will feel that it's worth giving and not giving calls everyday,just for the sake of giving it! He may give one positional call in one week and may be more or no call at all. But the reason behind his success is that - he used to give calls when a stock is just a few rupee above its major support and the potential upsides left in the scrips are somewhere near to four times the difference to its stoploss level. So the risk reward ratio becomes 1:4 almost! If you take five calls in one month and lose one trade,the gain will make up handsomely the losses.
I'm a great fan of the concept of focussed work where a man should know what's for he is working. I'm in the stock market for money,and my defensive target is 10% earning per month from cash market firstly and no leveraging. I'm experimenting with various positional trades.Day trading is far more unrealistic just now.Firstly I have to make sure of the money inflow from positional trading.
For understanding the subject from a group of professional traders,I joined a technical analysis class,where there are few students and a group of renowned traders and market analysts as teachers in my city(who used to come in the channels too for analysing!). The course is two months duration. Now as my classses are ongoing,my knowledge is widening and its some real learning now.
But I'm still not very smart with the software - Metastock.If any one of you knows how to find the different explorers of my choice(like 52 week low,high or any other choice),instead of the ones given in the explorer list,and add anything in the metastock except the ones given there,please contribute your knowledge and help.
And lastly,Credit violet, I haven't given any assurance of using indicators or any recommendation or misguidance to any "serious beginner",neither I believe these indicators are good "indicative",only what I had found so far was written,because this is the spirit of the thread,and I'm not claiming that I'm a beginner,but I'm. The link of Dr. Brett was a good one by you,but nothing new!Now I can say that,you are one of the very few,who have nothing to contribute except only making some noise! By then you would have answered some of the questions asked here and which are still unanswered.But I don't complain neither,carry on......
Last edited by a moderator:
H
So,day by day....hour by hour.....minute by minute,and.......as I am more and more into this business of understanding markets,I am noticing that its far more than what is written in books. In books,or in mock trading,the "most" important things are missed .....by which this capital market is driven - "fear and greed". So if someone is trading profitably in mock or paper trading,then the same trades can make for losses in real time. I am speaking of my experience. So I decided to carry my trading with a very few captal,rather than nothing,to trade.
I am now to say a few thing.......meanwhile,you guys keep on telling your trading experiences and seniors please help.....Hari om.
I am now to say a few thing.......meanwhile,you guys keep on telling your trading experiences and seniors please help.....Hari om.
Similar threads
-
-
ninjatrader data from shareguru-problems can anybody help please
- Started by rvlv
- Replies: 4
-
-
Please can anybody help in converting this metatrader code into afl code
- Started by pnaphade
- Replies: 8
-