I was wondering if there are any active intraday traders here who are interested to connect with each other on google hangouts/whatsapp, share research, ideas, technical analysis etc and help each other make money. I am an amateur to intermediate (level)trader myself with around than 6 months experience in trading.
P. S : Typically looking for amateur to intermediate level traders who are in the process of evolving and refining their trading system.
I have been trading FNO for a while, and let me tell you, people who make money will be very reluctant to share their ideas with you. Its mostly the people who don’t make money that share their “ideas” with you and give tips. In this business, nobody would want you to make money, cause you will be their competition once you start making money. Its best to keep doing research, and instead of asking others for ideas, backtest your original ideas to see if they are valid or not. Once you have a valid methodology, you can trade full time. Just one piece of advise though, don’t bother trading with oscillators and complicated indicators, they are useless and will handicap you in trending markets. The best thing is to use price action, and a basic moving average for trend bias only. If you see anyone recommending a complex indicator to you, back test it for the suitable settings, and only use it in real time once is shows promise in back testing. Good luck.
Thanks for your advice. It does make sense. I understand if anyone has a working strategy and would be reluctant to share it, because I guess that is quite understandable. But there is lot of stuff apart from strategy in the market, which is common knowledge on which people can work together!
Secondly, allow me to elaborate on the reason behind my post: I find the market research a bit over-whelming to perform single-handedly and I was wondering if anyone could share a part of my load and in return, I could share any tasks they might find overwhelming. Also, my PI tradescript and Excel skills are refined to quite an extent so I could help people with this as well. I will be glad to be of help if I can help anybody with these.
This way, I belive we can mutually benefit and cover more ground than people slogging individually!
May be I am wrong or maybe not, but I think the market is a big ocean and there is plenty of fish for everyone!
Secondly, I find many F&O traders very sceptical of indicators and oscillators. Would you care to explain why this is so?
Zerodha traders are just a small chunk of the market and no one wants to discuss his particular trade but discussing about the overall view of the market can be beneficial for all of us. Discussion about the macro data and key events can be done and this can be really beneficial for all of us but in the end it’s up to us that we believe in those discussion and take our trade accordingly.
See, you can do all the market research you want, at the end of the day, its the price action that counts. Cause the interpretation of research can be more subjective than what you see on the chart. A good non-farm payroll number can be bullish if the market starts moving up, or it can be a “buy the rumor, sell the fact” type instance if the market goes down, or it can be totally irrelevant if something unexpected happens that overshadows it. Subjectivity is high when u start researching macros and fundamentals. Just trading based on charts takes out subjectivity to a great extent.
As far as oscillators go, firstly, most people who will use oscillators don’t even know how they work. I have seen people advocate the use of an MACD with a moving average, not even realizing that the MACD is just the difference of 2 moving averages, so using MA with MACD gives no edge. And some oscillators are so complicated, most people who will advocate it to you won’t even understand their formulae. Secondly, most oscillators will not tell you anything that’s different from what you see on the chart. Price goes up, oscillator will also go up, so there is no edge in that way of having an oscillator. Third point, using overbought and oversold zones to predict reversals is very deadly, most people will anyways ask you to reconfirm overbought oversold zones with a support resistance break. Hence your final filter in this setup is price action anyways, so it becomes inefficient to clutter your chart with a stochastic if you are relying on price action for your final decision. Lastly, I am not against you using an oscillator, if you are good at Pi, understand the formula of the oscillator properly and backtest it with good results, go ahead and good luck. But thru months and months of MANUAL BACKTESTING, I have realized that there is no point in oscillators, and I have personally lost a lot using indicators like ADX, RSI and stochastics. That’s just my perspective, if your research shows different results, go ahead and use the indicators that suit you.
Thanks for the valuable input Murtaza ji. Your depth of knowledge in the market is truly commendable!
I couldn’t agree more regarding the oscillators!
My point is we can maybe still use them as a confirmation signals?
I agree! There is a lot of information in the market that we cannot process individually, but discussing with each other, we can share the best of market data that is out there. We do not have to share our respective strategies, but there’s a LOT more that we CAN do!
I don’t think it will make a big difference at all if you use oscillators for confirmation. But you can back-test it and see, if it works for you, well and good.
Technical indicators are different ways of interpreting price actions. Price actions happens when somebody buys or sells. Somebody buys or sells based on his view of the stock/index/sector or market. Major reasons for price actions are some common fundamental events. So these indicators sometimes fails to clearly depict the direction of the movement and most importantly its time.
But still these indicators are helpful for trading intraday if you want to pick bottom or top or to check the strength of the ongoing trend and analyzing chart do helps.
In the end I want to conclude that you cannot blindly follow oscillators nor can you trade just by following news.
Broadly there are two types of indicators, one- Trend following and another one is for Trading range., If you use or apply the indicators specific to their intended purpose you will get better result. coming to Oscillators specifically is that , oscillators are for Trading range market
There is no way to tell when the market is gonna range and when it is gonna start trending. If you will go to implement a hybrid system, it will lead to a lot of confusion. Usually these kind of systems suffer from a lot of overtrading, and the risk reward ratios are not worth it in a sideways market. The best thing to do is to implement a trending system that has enough filters to keep you out of a sideways , trendless market. That’s what I have found in my experience.
How sharing a strategy affects the person shared
In my view following specific stocks on continuous basis and trading looks better instead of scanning for stocks daily. That will add to knowledge of fundamentals of sector.
I am ready to share my strategies ( I don’t think I am an expert) and views about market.
But can’t publish my contact details here.
I started in June 2015. Traded for one month and lost 65k. After that started again in June 2016 and continuing. My peak loss was 250k. I recovered every thing and now in 50k positive.
I am doing positional trading. If I achieve my target intraday I book profits else hold it till it gets.
Same watch list. Trading in equities and Futures.
I lost in options. Now I am not trading much in options. Some times I bet in options for 4k Max when events like budget.
My strategies are buy on dips and sell on rallies. RSI is the only indicator I am using.
Technical analysis I lost Faith.
https://groups.google.com/forum/#!forum/socialtraders
If you are interested in discusing and communicating then this is a google group that I have created you can either visit the link or email me to get the invitation to join the group. My mail address is [email protected]
Thanks for taking the initiative. I’ve joined from my personal id.
hello traders,
why create new ones, when there is already established ones like the Indian Market chatroom on in.tradingview.com for intraday traders.
Those places are heavily crowded and includes people from different area. A small group of Zerodha only traders who can be held reliable can be very good for us.
Thanks portfolioplus911! I will check it out as well.
and like harshendra said, a small focused group can have it’s own benefits too.