Trader's Queries : Day trading!

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When you are a day trader, what things you need? Apart from the trading platform, chart, money and technical knowledge. You need a 1. trading plan/strategy. 2. Should know when to trade 3. Should know when not to trade. 4.Risk reward ratio. Trading plan/strategy depends on your trading style. Even I analyse/plan my trades, but in experience I have seen market moves in its own way wiping all my plans. So I always confirm my plan seeing the price movement of 15 or 30 mins after market opening. When the reward is more than the risk I enter trade. I wont trade when the risk is more than the reward, when I am confused and when I am sick. In positional trading, you can keep trail stop to protect your profit. In day trading if you sense a weakness in price action, it is better to book profit. I have seen traders who check the top gainers of the day and think, I should have traded on this stock today. Well, you should know one thing, it is not possible for anyone to trade on top gainers stock daily. Its a myth. Dont go after that. Stock selection is the another hurdle traders face. Any good stock wont give good movement daily. In a week 2 days there will be good movement, one day no entry day, and 2 days average movement days. In average movement day, if you are in the trade hoping for good movement you may lose the profit you got. So your trading plan should be suitable for good/average movement. It means your target should be based on average movement. Select few good stocks and stick with them till they have the characteristic of a good stock.

Note : Please share your views about day trading and spread your knowledge. Knowledge grows by
Comment: Dear friends, please share your views.
Join me in telegram to learn & earn. I also post my trades there.
Follow mw here to learn about system trading.
Please more describe & share some of more secret of day trading.
Great to know about day trading secrets! Thanks!
vanathi MoVishal
@MoVishal, Sure will write more. Thank you for the support...
there are lots of stocks how do you choose particular stock can anyone please explain ?
vanathi aniruddh135
@aniruddh135, You have to choose the stocks which has good movement. Can select the stocks based on volume, volatility etc...
@Anilkulkarni what will be the stoploss of this kind of trade???
Anilkulkarni biswapriyo90
@biswapriyo90, . I do not trade with stoploss in such trades. It is a momentum trade based on volume. But depending on risk appetite and share price one may decide.
Correctly said and lot of learning though. Keep it up Thanks heaps and appreciate
vanathi Subra1953
@Subra1953, Thank you for the encouragement...
I have observed many a times that volume plays a tricky role in that. My simple plan is like this. Chose four top gainers of course from A group which has high volume. Mark it's day high till 11 am. And enter the trade once it breaks it's day high with 500/1000 qnty. and exit at a two rupees move. The success rate is close to 85%.
vanathi Anilkulkarni
@Anilkulkarni, Very good plan. Thank you for sharing it here...
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