How to Learn Day Trading

Replica from Nifty Nirvana. Thanks for the Guidance.

http://niftynirvana.blogspot.in/2012/02/how-to-learn-day-trading.html#comment-form

How to Learn Day Trading

If you are ready to take a little effort, you can learn it really fast.

I assume you have some basic knowledge.

First thing you have to do is selecting your time frame. If you cant stand the Formula 1 speed of 1M chart select 3M or 5M.

Now decide how many points of Nifty you need to capture. If it is 10 add another 5 points for commission and slippage. So you may need minimum 15 point move.

Next step is to open your historical chart. Mark all the 15 points or above moves on this chart. Note down or better mark on the chart the following

1. Location from where the move started ( HOD, LOD. PDH etc.}

2. Location where the move ended

3. Locations where the move paused

4. Notice and note down the pattern which triggered the move (BOF, TST, BPB etc)

5. Mark where you could have entered with the least risk. With a minimum RR of 1:1

6. Decide on your high probability patterns and high probability locations

Do it at least on 100 charts. The more the better.

Now go live with Mini Nifty. Stick to your locations and patterns. When in doubt stay out. Don’t chase. Maintain strict discipline. Slow and steady will win the race.

Don’t worry if you cannot invent  You can always do Reverse Engineering