I like to be a day trader, reason No overnight tension(avoid sleepless nights).
Q 1) What all are the parameter I should watch previous day( Internet , TV, RSS, news Paper etc…)
What all the precautions I should take before entering a trade. for eg( time frame in charts. stock preference, option strategies etc…). where I can get Information on these things.
What all are the web site I should visit before login to my terminal.
How can I enter or found a people with similarity( chatting, forums).
Where I can get success stories of Day traders with their experience that can benefit in future.
How can I overcome a sensation to hold my position to next day( not exiting position)
What should be My trade setup? eg (PC , Net, trading method.)
What should be My trade setup? eg (TA , charts , timeframe.)
Nothing is necessary. You can trade using pure technical analysis(TA).
Ensure that you use stop-loss and are reading the TA correctly.
Moneycontrol app gives you push notification about the stocks in news. These stocks most of the time are volitile and trend. Choosing trending and volatile stocks is important for day trading. It is better to avoid range bound stocks.
In zerodha use product code MIS. Your positions are auto squared of at 3.20 PM
Have a 2 GB ram pc, i3 processor, with 1 mbps speed.
Timeframe preferable 1, 3, 5 minutes for stocks. Avoid 1 minute unless you gain expertise in reading chart. Learn about candlestick patterns and dow patterns in addition to the indicators you use.
9&10) Avoid greed or taking unnecessary risks early on. Try to build your account and increase your margin. It is better to not trade than to lose money. Every week remove 50% of your profits to your personal account and use the remaining to increase your margin. Don’t use your entire margin amount in a single trade. It should be less than 10%. Don’t do multiple simultaneous trades initially. If you lose lot of money in a trade, don’t continue trading for rest of the day. If you are planning to trade on futures and options, make sure you have knowledge about it (check zerodha varisity)