Intraday trading suggestions

I am a 22 year intraday trader i am in this since two years i have lost nearly 25k . Usually i make money but single big loss wipes out my account . I always put 2k-3k and then it takes 15-20 days to wipe my account what suggestions can some one give me😢. I want to be consistent

do u trade in options or futures or cash equity or commodity or currency ?

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I trade cash equities…

In 2 years you only lost 25K !!. That’s not bad. I can confidently say that you did far better than 90% of the starters. The only thing you need to work on is your Risk Management and confidence. And you only traded in Equity and that is even better. Don’t touch Futures and Options until you become consistent in trading equities. You are young and you got time on your side to improve and become better. Stock Market is not going to run off to any where.Take it easy . Slow and Steady wins in the Market.

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Every time I lose big after exiting the trade i feel that I will do better next time but as the market opens next day there is same feeling that I had when I started it on first day how can I change my thinking process…

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Discipline! Only Trade once a day whether profit or loss. One single Trade with Strict stop loss. If Stop Loss hits no trade for the rest of the day. Stock Market is not going to run off to any where. Trend is a friend. Don’t Trade against the market, Go with the flow. One way to find out the direction of the market is not trading in the first 2 hours. Watch the market for the first two hours. Find the resistance and support zones. Use FIbonacci. Trade accordingly. Remember you are only 22. You got time on your side. Patience and Discipline are the Key!!

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Taking small losses seriously is also difficult

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You made my confidence Even bigger than my biggest winning trade thank you so much😊

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You can also give this a read, will help you.

Also, do read the Mind Over Markets module on Varsity, the stuff there is really interesting.

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Thanks it’s my first day on tradingqna it’s great platform and surely it will help me do do better😊

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I was facing this issue in the beginning. I used to get good profits but very rarely and the losses used to wipe out my profits and with the brokerage, the net would be negative. So I thought since I am still learning why to bear a huge loss and started working with only 1 quantity. Even though the profits will not make a huge impact but you’ll be able to learn with low risk. Then after understanding everything you can move to bigger quantities. You can also learn through youtube, read books, and get a good mentor as well. The amount of loss you have made till now, you could have given that money to a course or mentor only and you would have made back the money within a few trades.

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Losses and that too the huge one’s which wipe the account’s occur when :

  1. We deviate from our rules,
  2. Give in to our emotions,
  3. Consequently stick to our loosing trade,
  4. End loosing it all.

Let me recount my trading day, three day’s earlier. I took just three trades (leveraged CO trades) and made around 9-10k then I thought it was enough for the day but then I saw an opportunity then entered in normal CNC mode, hoping for just 1-2k without any SL. Since the market was very bad that day (I didn’t knew it was going to be that bad when I had entered) and ultimately by EOD all my gains were gone and I rarely carry overnight positions I exited and finally was sitting at over 2-3k loss. :sweat_smile:

So no matter what always have a definitive SL, in the longer run it is always beneficial in protecting the capital and if possible even after you have entered the trade and the trade setup doesn’t feel right, the market conditions doesn’t feel right, don’t wait for the SL, just GET THE HELL OUT… If your SL was meant to lose you 10k and you exited earlier with just 1-2k loss, you are making a very wise decision. Same goes for the profits, a bird in hand is better than two in the bush.

Cut the losses short, if you want to be in the game in the longer run.

सावधानी हटी, दुर्घटना घटी |

So, Make some rules and stick to them…

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For heaven sake stop trading and invest ur hard earned money in good stocks like nestle kotak bank or a tcs

Dont regret after losing huge. Trading is injurious to financial health

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Bhai abhi bhi trading nahi jum rahi hai na tere ko?
My condolences.
Just don’t eat too many sour grapes, Acidity ho jayegi!

:laughing: :laughing: :laughing: :laughing:

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Old Gem!
At least couple of them are still “trading for a living” full time.
So yes, you can trade for a living.

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Trading and Investing both are opposite side of the same coin. If you can do investing, you can do trading as well. Just apply the same approach/methodology of long term investing to trading, thinking it to be a very short term investment.

And with the amount of capital I still have I don’t think I can survive with investing or to better elucidate take care of the day to day needs and most importantly amass capital for “INVESTING”. :joy:

@maddy_Des profitable traders like u will not get moved by my views

But as this guy in below video states many innocent middle class people are lured by twitter screenshots and come to money eating machine.

https://youtu.be/Nnyq6LIrLo0

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@Gautam it is not easy to do full time trading and build capital. Exceptions like u are not norms

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Many children waste there school days in hopes of becoming Tendulkar, Dhoni & Kohli. They study less and then they fare poorly in academics and then live “not so good” life. I personally know a friend of mine who had passion for cricket and was literally thrashed by his father and forced to quit cricket.
When millions “waste” time in net practice only 11 play for India.

Literally thousands of youngsters go to Mumbai to become next “superstar”. Only 1-2 succeed. Rest spend there life being extras, junior artists or broke.

In Business sector, ask any budding Engineer or MBA or even others who wanna go for a start up. 9 out of 10 startups fail. And fail miserably. You have wasted your valuable 20s & 30s in building a business which ultimately failed. You are broke and nobody is willing to hire a 40s guy with zero work experience.
Go on the TL of udemy founder for some perspective.

Moral is that you just dont dismiss young talents, scaring them about failures.
If you see my replies here. I have always mocked newbies who start trading without even understanding basics and I have asked them to first do hard work in studying first.

You can always warn them, inform them. But instead you discourage them. You out rightly reject the idea that trading can be career or profitable business. Worse, then you start advocating value investing w/o giving ample warnings regarding the hardships and pitfalls that one face in LT investing.
To be honest the rate of wealth destruction & failures are almost equal in Value investing and swing trading.
Intraday & Scalping have little higher failure rates.

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:sweat_smile: It’s not easy, I have to admit, because if it so had been the case I wouldn’t have wasted over 4 years of sleepless, agony filled night’s and days. I have lost over 5X the capital I have initially brought to the market with, how? Because I have lost, made, made again and then lost again for a couple of endless cycles. I can’t sleep since the past few months, why? Because I just can’t make enough or to be more precise can’t make too much despite being correct in my analysis and I am not talking about intraday but the 1-2 trade/opportunities to make at least over 50% of the capital, with high probability trades which present themselves a few times a month.

Even I have come to terms that long term capital (too much to be precise) can’t be made with just intraday. Why? Because assuming one has about 10L and he makes say 10k per day (on most days) but intraday is all about chances and once in a while when you are not at your best, just one rogue trade with a lousy SL or over leverage is enough to wipe out the gains of a few weeks. So essentially very very high probability trades which could be intraday to a couple of days are a must if one were to substantially increase his capital.

And as I have said earlier, with capital constraints or even with a few lakhs how can one sustain his day to day life with investing? Investing is a dead end, unless one has at least a few crores and get’s dividend worth over 5 lakhs in a year. Investing is prudent is one makes abundant money or has a decent job that pays over six figures a month.

Hardly and I have yet to make any “decent” money in my terms. Yes, I can make a decent living right now but it would require a few years more to get to the “extremely Comfortable” zone. And I am hardly an exception, there are thousands of people out there who do full time trading and make decent money.

Trading is not at all easy but so is running and people wanting to to be cross country runners, participate in relay races etc etc despite not being able to walk or invest enough time to be able to properly stand first are just day dreaming. In trading there’s no finish line or more importantly there’s no limit to the end goal, just focus and keep going and I am sure you wouldn’t be standing at the starting line. :pray: :joy:

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