To successfully day trade in Indian Stocks, one has to learn and practice the following:
- Tick Chart, 1 Min. Chart, 5 Min. Chart Analysis with Volume
- Nuances of basic Chart Indicators like, RSI, MACD, EMAs
- Follow the basic principles of your personal life while trading
- Select the right Real Time Chart (I would recommend Falcon-Reliable)
- Break Even Calculation (Must)
- Determination, Conviction, Confidence and Consistency
- Plan expected profit before start working on losses
- Select the right broker with good trading software for faster order execution
- Avoid watching CNBC, NDTV TV and other distractions
- Avoid watching Int’l Markets
- Do not worry about what happens to Nifty traded in Singapore or ADRs/GDRs traded in US
- Completely avoid overnight positions
- Trade within the credit available in the account – no leveraging
- Invest 50% of your day trading profit in fundamentally strong stocks for medium to long term
Good
Please guide me where can I find chart indicators on your site.
Hi Harish,
Please follow this link.
http://sureba67.wordpress.com/2008/12/14/day-trading-indian-stocks-and-indices/
Healthy and Wealthy Trading