One of the skills I always wanted to master was to make successive profits in 'Day Trading' aka 'Intraday Trading' in the equity market. I have been religiously learning Technical and Fundamental analysis by watching a lot of youtube videos during this lockdown period. Although nothing can be predicted 100% in day trading, we can still make the use of different parameters available to take the most probable trade which would go right over 70% of the times.
The first and foremost thing one must be sure about is stock selection. This step requires a lot of homework. We should add several symbols into our watchlist and look for trades that might give a breakout in the upcoming day by analysing the charts and reading news articles. This process will eat up a lot of your time if you are new to the market.
The second thing is choosing the right points to enter and exit. I have been making this mistake of not having a prior plan about the trade I take. Most of the time, I ended up losing my hard-earned money.
Third thing is to stick with your pre-planned points no matter where the market moves. Some times we will get to see that soon after squaring off a position thinking we have made enough, market will rise up to touch the moon! The depression we go through at this point can't be expressed with words! It is more painful than losing some money. Contradiction, isn't it? This is how human psychology works.
Coming back to my story, After watching a lot of research on the internet I did my own technical analysis on tradingview.com using several indicators and finally, I succeeded in my prediction in 4 different equities. The shares that gave me profits are Britannia, Reliance Industries, HDFC, and the share that gave me lose is STAR.
I'm extremely happy to be able to understand different terminologies used in the market and am learning new things every day!
Do you have an interesting story to share about Day Trading?
Super bro 😃
Nandri.
I've tried to learn it, eventually I understood that it needs somebhard work and patience. So I put that to an another time, So I can first learn the basics and then start a trade
Hmm.. learning is important. I'm still learning and to become a professional trader it might take years for me.
Well, the most important skillset one need in this era is not trading, it is coding. Having a sound knowledge of any coding language is essential in any field. I have set it as my next target.
Yeah I have also some experience in it. started any language?
Yeah.. Python.. The easiest language out there. And javascript is there in my list as I have been Learning web development.
Do some analysis on crypto and tell us when to buy and when to sell 😀
😀 yes... we are waiting...😀 tell us.
I will share NSE and BSE trade ideas. If you believe me on cryptos you might even lose all your money 😜
Crypto analysis is very hard, though out here there are lot of PUMP and DUMP happens and thus make it even worse.
Crypto markets are very difficult to predict. There are many fake trades in the crypto market. There are a few discord groups especially for pumping the prices and making profit. So it is tough to predict.
For that we have @haejin out there 😀.
Still I don't know the way of working of crypto market yet. I have no clue if we can couple TA of share market with cryptos or not. All the gain I made here is solely due to blind luck.
Since we own some cryptos, we must spend some time and learn more about this market.
Are you using any TA for cryptos?
Thank you friends for sharing incredible tips about your experience.
Maybe I will try it.
to be honest, during the Corona ependemic, I spent a lot of time with my child, and read books.
I rarely open social media, especially watching YouTube.
I am not too updated about what is trending right now, maybe what has become a trend for me is my life with children
Nowadays I and my wife get a lot of free time to do whatever we want as we don't have children yet. Once we produce them, I think, they will be occupying all our time. 😀
Cool brother 👌
I have had a multiple day trade stories with penny stocks lol,. Luckily was good at taking risk. And when I started intraday options, I lot it completely. Have stopped options after that 😊
Would be great of you share your experiences with us.
I use to make a list of penny sticks and the trade volume they have, would often buy at sudden dip. And was lucky every time.
And then started the options with Tesla.
Initially had 8 successful quick trades, and Mr Musk have a statement of share price reaching 400 and he would privatize, that's when I took a higher risk of putting $10k on Options Call. Very moment ther was case against Musk to step down and with in seconds I came down to $2k 🙃🙃
happy for you that you made money..but I'll caution you to be very careful.. trading is very risky..you might be knowing it..but still thought of calling it out. take care.
Thank you. It is risky. But not risky as compared to our crypto market.
absolutely, until we can afford to lose it..all should be fine.. As with higher the RISK.. HIGHER is the profit. Cheers
Wow that's great. I have been sitting on -20% loss but for me it's ok because I am not gonna touch that money for 5 years atleast. I am expecting HDFC Bank, SBI and SBI Card will give me 50% rise in coming future.
SBI is at its 52 week low. As of now its future is unpredictable as NPA is likely to grow alarmingly after the lockdown period ends. Public sector banks are going to be affected heavily.
Experts say that government should announce atleast a 15 lakh crore relief package to bring our economy back in the track.
Manufacturing sector is all set to witness a big drop in number of jobs.
Yeah, But in 5 years from now, your stocks will be highly valuable.
Yes that's what I am thinking, banking sector is just for long term. I will bet on FMCG is the short term, ITC looks good.
Super bro. I mostly go with mid cap stocks. All the three points that you have mentioned are perfect and valuable points. All the best for your trading bro. 😀
Thanks. Trading and Coding are the two things on my watchlist.
Good luck with that bro. Give me some good news about your progress.
Do you think your skill would equally apply to crypto?
Never. Crypto is different.