I Have Been Trading From Last 2 Years And I Have Studied That many New Comers Directly Start Big Quantity Trades And Do Intraday For Big Profit Quickly. But They End Up With Loss And lose Their Confidence And Everytime By That They Had Fear In Their Mind Of Losing Money Again.
What I Can Say Start With Positional Trades Or Do Intraday Trades With Small Quantity For Low Risk. See That Were Are You Getting Failed Or Why Getting Loss In Trades And Do At Least 100-200 Trades and see the mistakes and what needs to improvise.
everything needs practice and if done seriously its good thing to have a good profits.
all the best for the new comers and trade safe trade with stoploss.
3 most important things.
never trade without stoploss (by trading you will know how to put stoploss at right level)
Don’t see a trade continuously just remember you need risk to reward ratio and money management right you will able to get good profit just take and just forget it check it only after 5 min intervals. and always dont book early profit by fear.
have control on your emotions. emotions are your worst enemy in the market
Booking profits early are sometimes better when u r trader and want to remain in the game to play everyday. I personally have experienced it many times. Losing a handsome profit…in just few seconds…in front of ur eyes…and making a loss is very painful. I will rather prefer making small profit. Profit is profit small or big doesn’t matter.
Yes Sometimes Its Better To Book Profit Instead Of Having Greedy Nature. But If You Do It Every Time Thus It Can Harm You. Suppose You Play With 0.30% Target And 1% Stoploss Then If Your Stoploss Get Hit You Will Lose Your 3 Successful Trade Profit. That What i Am Trying To Say Booking Early Profit By Seeing The Market Trend Changing Is Good And Its Need To Be Done. But Not Everytime.
No matter what style u r familiar with. U have to wait patiently for the right opportunity. I use 5,10,20,50,200 EMA convergence along with VWAP and YTD AVWAP lvls. My entry: EMAs convergence near VWAP and price breakout or break down. Ride the tide until 5,10 ema cross over happens. Once this is done will take out 75% of total qty(doesn’t care what happens next) and will wait if price continues in my favor with a small pull back. In case, if 5,10 emas cross above 20 will take out the remaining qty’s been doing this in Intraday and positional trades and I could say this works for me.
Also, I dont trade every day, I only wait for the convergence to happen. Used to jump at every point earlier after loosing chunk of my money realized that this isn’t worth it. So wait for the convergence then take the trade. Works wonderfully when the market is trending. In the range bound market will not even look for trades.
TF: Intraday convergence in 15 Mins. Positional convergence on Daily.