Words of Wisdom from our experience...

#1
Dear friends,

The idea to start this thread is to share with you what I have learnt in this market on my own. And what ever I write here is of my firsthand experience in the market.

i also invite all of you to add you favorites takeaways.

1. Don't buy options but sell options whatever your view is i.e sell put/call

2.Trade only in index i.e Nifty as it is not easy to manipulate and you have a normal playing field. you are not dependent on tips, insider information etc. Moreover people like us are likely to be the last one in the queue to get these kind of information. By the time it reaches us these tips will be useless.

3. Bargain with your broker and get a good brokerage plan.

4. There are no successful day trader. PLS remember only way to make a profit in the market is through positional trades.

5.Google search for the TURTLE TRADERS. Understand their techniques.
 

umeshmandal

Well-Known Member
#2
Do not take positional trades if it affects your "sleep"!!!

Day trading done with "discipline" works. It works for me!!

Do not trade without a SL and Target.

Do not keep your SL in your mind but place trade accordingly!!

Always have your "trading rules" written on a paper and handy for ready reference while trading.
 
#3
Some other points are

1. Don't see each day as a trading opportunity. Trading is not a Job where we get paid very day.

2.Once we have money in our account its very difficult to stop ourselves from trading and we often get into positions early. Patience is the key.

3.There are three kind of markets one that go up, one that come down and the most important one that does nothing or is flat.

4.Its possible to make money in the markets. I have been able to do so after 2 years of net deficit.

So have faith....
 

anuragmunjal

Well-Known Member
#5
some very good thoughts along with few confusing statements..
highlighting the ones I found confusing..

Don't buy options but sell options whatever your view is i.e sell put/call
though I am no expert on this..but I am sure selling options is not the only way..there definitly are good oppertunities where u can buy options n make money.

There are no successful day trader. PLS remember only way to make a profit in the market is through positional trades

if I have not seen the pyramids does not mean that pyramids do not exist..

regards
 

SexyTrader

Well-Known Member
#6
Dear friends,

The idea to start this thread is to share with you what I have learnt in this market on my own. And what ever I write here is of my firsthand experience in the market.

i also invite all of you to add you favorites takeaways.

1. Don't buy options but sell options whatever your view is i.e sell put/call

2.Trade only in index i.e Nifty as it is not easy to manipulate and you have a normal playing field. you are not dependent on tips, insider information etc. Moreover people like us are likely to be the last one in the queue to get these kind of information. By the time it reaches us these tips will be useless.

3. Bargain with your broker and get a good brokerage plan.

4. There are no successful day trader. PLS remember only way to make a profit in the market is through positional trades.

5.Google search for the TURTLE TRADERS. Understand their techniques.

I make 3-4 lakhs just off daytrades - infact I do not know much of positional trades, but daytrades work for me...I work on instinct, and positions as I know never work on instinct !

Just my experience being shared, I know people who may have lost money on daytrades but not myself...coz I happen to get affected by positional trades but daytrades saved me :p

Rest, I agree with all you say :thumb:
 

EagleOne

Well-Known Member
#7
Dear friends,

The idea to start this thread is to share with you what I have learnt in this market on my own. And what ever I write here is of my firsthand experience in the market.

i also invite all of you to add you favorites takeaways.

1. Don't buy options but sell options whatever your view is i.e sell put/call

In a way, yes. If only you are daytrading and/or you are dead sure what you are doing. Otherwise you will have nightmares - more so, if the option is not that liquid. Anuragmunjal's response is more practical.

2.Trade only in index i.e Nifty as it is not easy to manipulate and you have a normal playing field. you are not dependent on tips, insider information etc. Moreover people like us are likely to be the last one in the queue to get these kind of information. By the time it reaches us these tips will be useless.

Bullsh*t! Index is the most easily manipulated thing! It takes only a couple of heavy weight scrips to do the trick. what you wrote is a 1980s crap when evey tom, dick and harry was not into trading. Suggest you stop believing what you read, and start watching market live!

3. Bargain with your broker and get a good brokerage plan.

Have you heard of brokers like Zerodha? What would you like to bargain with them? Take their knickers off? :D

4. There are no successful day trader. PLS remember only way to make a profit in the market is through positional trades.

1944-1980 blah-blah! Move in to 21st century, please! :)

5.Google search for the TURTLE TRADERS. Understand their techniques.

TURTLES are dead. They killed themselves by going public in a big way. They forgot that trading edges become ineffective when everyone knows about them.
Mr. Dixit, if you mind my language then I don't care. Point is, if you want to write something, write something that is your experience - not something that is available on every damn trading site on the Net. Otherwise you will be just another copy-n-paste guy like so many on TJ who think they are genius. Choice is yours. Good luck.

By the way, don't bother arguing on what I said. Just think.
 
#8
I am not writing for the sake of arguments but to put things in right perspective.

1.When we sell options there are various techniques and you can hedge your self even while selling options. Like If you are short in the market you can sell in the money and hedge yourself buying out of the money options. I Hope its not too difficult for you to understand, or may be?

2.When I say nifty is difficult to manipulate its said in comparative terms. The chances are high that you will get swamped by an 'irrrational' trader if you trade in a stock. It will be more difficult to manipulate a 3-4 stock then 1 stock only. In 1980's 5 was always a larger number then 4. Isn't it today?. May be too difficult for you to undertand ??

3.Zeodha Is the right way to go.

4.I made this statement from my own experience I lost a lot during making day trades and only made money after I moved to positional trades. I have 'mentioned My Experienece' in the thread, Hope you read it. Of course people make money through day trades. Its about percentages silly i.e what percentage of day traders are successful compared to positional traders.

5.Have you read about the tutles rules ??? Of course not. They talk about 20 day breakouts. Its more like 20 days ema crossovers. They made money following a simple trend technique and it works now too. But to understand this you will need to increase the size of your brain from the peanut sized its now. Where they went wrong was when they compromised on their money management policies. In fact they were sued by their investors of not following their rules themselves.

I am sorry to be so strong with you, but its for your good only.
 

PGDIMES

Well-Known Member
#9
Nirbhay,

Would beg to differ on a few points of yours.

1. Don't buy options but sell options whatever your view is i.e sell put/call

Don't know how much you know about options.
If I'm trading intraday and see good opportunities in a stock to short or go long, I would like to buy just ITM or ATM options, if they are liquid than buying futures of the same. For overnight positions in the same stock, I will keep spreads open rather than naked shorts.
Selling naked options is one of the riskiest measure that can be taken in the market. I know a few friends of mine who want only 1.5-2% per month on their trading capital. They generally sell far OTM options, that too hedged (mostly delta neutral).



2.Trade only in index i.e Nifty as it is not easy to manipulate and you have a normal playing field. you are not dependent on tips, insider information etc. Moreover people like us are likely to be the last one in the queue to get these kind of information. By the time it reaches us these tips will be useless.

Very valid point.

3. Bargain with your broker and get a good brokerage plan.

True

4. There are no successful day trader. PLS remember only way to make a profit in the market is through positional trades.

It depends on your mentality. Day trading needs extreme concentration and nimbleness. Position trading needs more expertise and patience. May be you have the later qualities. But it doesn't mean all day traders are unsuccessful.
Everyone can't be a formula-one driver but most of us can drive our own car.
:)

5.Google search for the TURTLE TRADERS. Understand their techniques.

The system used by the turtle traders is basically a break-out system. Though the concept is still alive, but I would like to get a back-test report of using the system on a liquid scrip. :D
 
#10
Thanks true.

Even I have realised the points that you have mentioned are pretty true. I had just wanted to share that I became a winner after being a looser in the market for almost 2 years. And it happened after I moved to positional trades but I now a get a feel there are pretty many successful day traders here.

Do you day trade ?

And do you make Money ?

looking forwards to a fruitful discussion..
 

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