Hi karthik, please enlighten us regarding simple strategies which even a newbie can get benefited with while trading intraday.
I m not asking about doing detailed technical analysis. All I want is if you can guide everyone of us regarding some basic strategies (if any), which can reward a trader with decent profitable rate.
Majority of the time, I don’t trust or rely solely on Technical analysis. I have seen indicators going wrong. I have seen stocks giving false breakouts only to trap the traders in the end.
I have seen huge bidders comparatively to sellers & still price going down and vice versa.
I have seen despite all the fundamentals, technicals in place, its always a 50- 50 chance. Either you win or you make a loss.
To add more, despite the odds being 1/2, the success ratio as told by many intraday traders who are obsessed with chart patterns, indicators, etc etc, is not even upto 50%.
I m sharing the experience(s) of many traders including this forum & other than this forum who have shared this.
Yes I know about what matters is as long as you make big percentage gains comparatively to minimal stop losses. Even at an overall success rate of 40%, you are profitable in the end & you make money.
But I m not happy with 40 - 50% success rate as told by many full-time traders who duly practice technical analysis.
Disclosure - I m not a fan of technical analysis & only apply it minimally. But I have been more than successful. My success rate has remained 70 - 80%.
I do make nominal losses too. Its impossible to not make losses. But still the overall success rate which I hear from others is extremely discouraging.