When i entered in the world of stock market trading, I have wasted my precious time to read moneycontrrol, investing.com news,& similar websites and by watching cnbc pre market programs.
After market also same thing was repeated. But there was no improvement. Fundamental study worked with some limits.
after that I have focused on technical study. Now I don’t see any news or TV channel or any epaper, just follow the technical signals either with hedge or with strict SL.
As per my experience, one can be successful in day/positional trading, simply by following technicals.
@GB26 whatever i wanted to say has been said by @eaglem. its 100% true, these websites are like indicators only after trend is almost over it shows signal, similarly by 5.30pm they all will tell what we need to know by 9am or 11am.
It won’t go anywhere. I don’t listen to take my decision based on it. It’s just for informative purpose to know which company is declaring results, how are the results, how is FII/DII data, what’s going on in global markets, what are central banks around the world doing etc.
Just like people check General news channels to just know what’s happening in India and world.
I meant I need a small lead into the direction, so that I can take the decision of not taking the trades that day. For example, sometimes in minutes the market goes into red, there will be a 1% fall in the indices within minutes, so obviously that day, at least for the 1 hour or is for shorting. This is what I need, but not after the market opens, but before. Something like SGX is not up or down by many points, so that day market could be directionless.
I am not a day trader, I am a delivery trader, so even if I carefully select stocks to buy, the market’s direction will have some effect on my trades, and I scalp with a strict stop loss, so sometimes even before I take the delivery I may hit my stop loss that very day, and if I can avoid this, I want to.
only thing I can advice you is, you have mentioned as delivery trader, if your delivery position is less than 1 month use 1hr time frame. Your Stoploss should also be on 1hr time frame. (bigger TF bigger SL). If you keep Stoploss based on 5 min TF or small stoploss then there is no meaning in delivery.
I cannot say what my position could be, because as I am trying to follow momentum, I may enter after some upward movement, and the price will consolidate before going some more up, and while in consolidation, my target will not be reached or stop loss will also be not hit, so I will stay in the trade as long as the TP or SL happens.
I was thinking of 3 hours time frame, I will look into 1 hour time frame too, thank you.
one of my friend infact only friend who introduced me to market is doing only swing trading, his holding period is less than a month. he was using 1d TF which is too big for a holding period of less than 1 month. So I have adviced him to use 1hr timeframe. I advice you the same. If am doing swing I’ll use 1hr only, not less than that and not more than that. why 1hr TF? I do all the back testing for my friend who asks me suggesion before entering the stock. So I have used all TF for swing trade holding period less than a month and I felt 1hr is the ideal TF.
If you manage stop loss well, you don’t need to worry yourself by checking different channels for updates. Time you trade right and set a structural time frame so you understand the sentiment and move with it.