vanathi

Newbie's Corner!

NSE:BANKNIFTY   NIFTY BANK
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One of my regular reader had this query. Usually I dont write about myself. Since it is trading related query, I answered it in a simple way.
Query : I request you to post your daily routine of trading. This will be very helpful for new traders like us.
Answer : After the trading session I note down open, high, low and close value of the scripts I follow from the NSE website, Market is full of surprises. When we have trading plan we can reduce the surprises. I plan my trading for the next session, using the data and the chart. This helps me to overcome random trading. Keeping a journal for data and trading plan helps me to know how many times I modified my trading strategy and what modifications I have made.
Now what scripts shoud be there in your trading terminal? For example if I follow 10 scripts for day trade, and I get trading plan for 5 scripts, then I will be having these 5 scripts only in my trading terminal. This helps to avoid impulsive trading.
If for more than two days, my trades are hitting stoploss, next day I wont trade. I watch the market and do paper trade and check my trading strategy.
The key points to note : 1. Keep journal for data and trading plan 2. Plan your trade before market opening. 3. Arrange your trading terminal as per your trading plan. 4. Dont trade when your mind is not ready for trading.
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