What are your suggestions for someone who is new to trading?

I have made loss of 7k in one month of trading. Which includes 3.5 k of brokerage, almost half. I have stopped intraday just watching.
Problem is when I think price will go up it goes down and when I think it will go down it goes up. I am using RSI, MACD and EMA50, EMA10 and EMA200 to decide entry. It seems like there is something fundamentally wrong in what I am doing.

I wish I had a duplicate of me who traded like me and I took the position opposite to him.

I think the values that I have put in these indicators are wrong. What all indicators you guys use. Please share your trading strategy and advice for someone new like me.

Bro, Do intraday on Top gainers/Losers of Nifty 50 and you may get a better result with indicators.

Intraday is very difficult to be a success for anyone.

You may be 100% sure this stock will go up, you may have reasons and patterns you think, but nothing will happen.

Only thing I can say is - minimize losses by using lower enter quantities, and keeping strict stop losses.

Dont consider anything for granted, sometimes we think definitely this stock has to go up and dont put stop loss even if it goes down.

Third - Dont do revenge trading, if u get loss in one trade, dont try to increase quantity in next one to get more profit.

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Strict stop. Loss limited to. 1% of ur capital

stay calm and give yourself a try in positional, it’s possible your body is not ready for intraday and chooses incorrect trades.

Try doing the opposite of what you are thinking ,for a month… Maybe it might work…

I thought of doing what you mentioned but I stopped myself from entering for now. I know I have made losses and even if takes 1-2 years to recover I will remain patient. Won’t go into intraday untill I have learnt in and out of market.

Thanks for all the advises.

I will follow this advice strictly. I still have got lot to learn.

Possibility of choosing incorrect trade is high. You have rightly mentioned. I was going though previous trades and realized some of the blunders.

I was thinking of the same but that will not work I am pretty much sure.

Look, glad my advise helped.

Takes time to understand mkts and develop ur strategy etc.

Until then, protecting capital is more important than making profits.
Hence, strict rule to have SL limited to 1% of ur trading capital (for every trade u take,1% trading capital)

U can tweak to 1.3%, 1.5% or 2% if the trade is really good.

But not more.
Even if the trades gives u crores overnight, don’t go for bigger stops. Bcoz if u lose more $, the pressure to earn $ increases and that distorts ur thinking, and that leads to more bad trades, which further increases mental pressure to make $ etc etc.

Also, no revenge trading.
Mkt is a force of nature. Respect it as such.

If a rock rolls onto your foot, it’ll hurt you.
But if u roll onto the rock for revenge, even then, it’ll still hurt you!!! :smiley: :smiley: :smiley:

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I followed some of the advises given by members here. Made a profit of 535. I am done for today. Thank you all for guiding novices like us.
Thanks again.