Confused day trader

[anuragmunjal]

as i said pure intraday trading is disastrous no one and i mean no one can predict price movements. no charts no resitance no crap can predict price movements in a scrip.
i suggest think on the lines of long term investments.

hi...

I believe u r correct when u say that there is no way of predicting price movement but why do u assume that correct prediction of price movement is important for trading successfully. I do not think that the two are correlated in any manner whatsoever.(ie. predicting prices correctly & making money)
pure intrady trading maybe disastrous for many but there are definitely a 'few' who have made a lot of money trading intraday.

regards

 

[gnsrikanth1986]

hi...

I believe u r correct when u say that there is no way of predicting price movement but why do u assume that correct prediction of price movement is important for trading successfully. I do not think that the two are correlated in any manner whatsoever.(ie. predicting prices correctly & making money)
pure intrady trading maybe disastrous for many but there are definitely a 'few' who have made a lot of money trading intraday.

regards

@ anurag,

don't you think it is obvious that price prediction and making money on intraday are co-related.

 

[jagankris]

@ anurag,

don't you think it is obvious that price prediction and making money on intraday are co-related.

Guys I think we are deviating from the objective of this thread.
There are people who believe that people can make money from Intraday.
This thread is not to discuss if it is prudent to do intraday trading.
Pls suggest any thing constructive regarding intraday trading.

 

[jagankris]

@ anurag,

don't you think it is obvious that price prediction and making money on intraday are co-related.

Srikanth,

Trading is different from long term Investment.
The objective of trading is to en cash from this short term price fluctuations because of its speculative nature.
Or in other words as traders we don't advocate to the "buy and hold" strategy.
Investment in real estate has yielded several times much better and safer returns than Share markets.

There are people who are consistently making money in day trading even with in the forum and we want to join that elite traders club.

There are several high probability day trading set ups which help the traders to predict the price directions.

Request you to contribute in those lines.

Thanks for your suggestion that day trading is risky.

 

[deadbrain]

As per Resistance Support method

Nifty supports are 5467.333333---5448.666667---5425.333333

and

Resistances are 5509.333333---5532.666667---5551.333333

Can anyone please confirm if these calculations hold true?

If yes, as per 2652 theory

I plan to short NF at 5467 and long at 5414.

Will this be correct as well?

 

[anuragmunjal]

@ anurag,

don't you think it is obvious that price prediction and making money on intraday are co-related.

hi Srikanth

no dear friend I do not think that price prediction has any corelation with making money. as a matter of fact I feel that it can be counter productive.

regards

 

[deadbrain]

Seniors!

Last few questions which could help me and other newbies on board are still unanswered.

Please suggest if I am on the right track in terms of the targets that I have been using (with the help of resistance-support method and 2652 theory) in the last post and one question regarding SMAs in a few posts back regarding charts in correlation with Pride's theory?

 

[jagankris]

IMO 2652 theory is different from Support/Resistance method.
Don't combine two methods.
S/R aims to buy low and sell high.
2652 aims to sell low and buy even lower.Which is more of a volatility breakout scalping with small profit target.

Allow Nifty to break 5467 and buy Nifty if only Nifty raises from below 5467 keeping the low as stoploss.Look out for volume at the support levels before entering the trade.

Today being the Friday be cautious before taking positions.

Happy Trading.

 

[deadbrain]

IMO 2652 theory is different from Support/Resistance method.
Don't combine two methods.
S/R aims to buy low and sell high.
2652 aims to sell low and buy even lower.Which is more of a volatility breakout scalping with small profit target.

Allow Nifty to break 5467 and buy Nifty if only Nifty raises from below 5467 keeping the low as stoploss.Look out for volume at the support levels before entering the trade.

Today being the Friday be cautious before taking positions.

Happy Trading.

These are the words of experience. Thanks, I would definitely keep a note of it. Could you please look at chart and let me know if SMA can be used instead of EMA?

Also, in TT, 5-min chart shows good crossovers with SMA but in 30-min chart, nothing is showing up except big candlesticks.

 

[Smart_trade]

Daytrading is definately profitable, no question about it. We dont have to have any predictive powers to be successful in daytrading.

Some of the points which will help to daytrade successfully are as under :

1) Trade in the direction of longer term trend ie if we are trading 10 min bars, see what is the trend on 30 min bars...it will definately give more winners than loosers.

2) Add in profitable positions....dont be too eager to book profits at the earliest opportunity......but in case the trend is reversed....get out of the position and take reverse positions.Your profits should be much larger than your losses.

3) Have a strict stoplosses and money management position sizing in your trading.

4) Have a simple method...backtest it thoroughly so that your subconcious mind is fully convinced that the method works.....

5) Daytrading requires good understanding of market behaviour bar by bar....develop that with studying various set ups ( like breakouts/breakdowns after sideways movement,volumes , wide range bars,various failure patterns ...)

Hope the above helps.

Best wishes,

Smart_trade