Click here to Download How to Make Money in Intraday Trading PDF Book by Ashwani Gujral and Rachana A. Vaidya having PDF Size 6.3 MB and No of Pages279.
I graduated as an engineer from Manipal Institute of Technology (MIT). My alma mater invited me on its diamond jubilee function. For anyone to be invited and honoured by the institution where he studied from, and be recognised and honoured for one’s achievements by the seniors, is a milestone to be really very proud of. In my speech there I set out in some detail what makes an entrepreneur.
How to Make Money in Intraday Trading PDF Book by Ashwani Gujral and Rachana A. Vaidya
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I highlighted that in states like Gujarat, engineers earned ` 12,000 as starting salary. Can you imagine the return on investment (ROI) on all the money that your parents spent over decades to educate you from the best of the institutes, giving you quality tuitions and coaching classes, spending on your curricular activities plus entertainment and grooming? What is the rate of return on all of it?
I added: “Getting a job is not a dream. Giving a job to ten people is a dream. Visualise repeatedly, with faith. Be in the zone.”* Trading is a very unique business. You decide your own salary. You decide your promotion and demotion. You don’t need to woo buyers. You don’t need to go seeking sellers. You require no marketing gimmicks. You need not worry about issues relating to supply chain or inventory.
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Nobody sits over your head every April doing your appraisal. You can work from a mountain top or from a beach-facing room, so long as you have power supply and an Internet connection available. You never face labour related issues. You need nobody’s permission to be by your family when they need you more than D-Street does.
On the other hand, if everything seems to be working in your favour then you should not be in any hurry to exit. Most traders underestimate how the really strong moves can overshoot all your targets and can surprise you with more gains than you can imagine. You do not want to later repent about premature exits, so take all precautions and have clear strategies for all situations formulated in your mind in advance.
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Stay logical, stay on edge, and stay sharp to all changes. This reminds us of a story. Some of you might know about Victoria’s Secret, the company that is into high-end lingerie wear for women. A Stanford MBA named Roy Raymond wanted to buy his wife some lingerie but was embarrassed to shop for it at a departmental store.
That’s how he saw a gap in the market and came up with the idea of a high-end store that didn’t make one feel awkward about shopping for innerwear. He borrowed funds from his in-laws and from a bank and opened a classy store, calling it Victoria’s Secret, with funds of about USD 80,000. The store made sales of half-amillion USD in its first year.
Raymond then started a catalogue, opened five more stores and began growing fast. Yes, there were business challenges but generally everything was falling in place and he was growing in a big way. But he didn’t stay with it despite everything in his favour. He soon sold the business to Leslie Wexner for one million dollars. He lived happily ever after, right? How to Make Money in Intraday Trading PDF Book
During periods of long consolidations, or in range bound markets, all the three moving average lines may start bunching together very close to one another and become almost flat. This is the contraction phase of the market we studied earlier, when the market is said to be ranging. If the market participants decide to let the trend resume, then the price will start moving higher, or lower.
At some point depending on the direction of the new move. You can see in Figure 1.14 how the 20MA and 50MA lines begin to slope up, and down, accordingly. Once all MA lines start lining up parallel again, the trend is said to be well in place. The 200MA line will take a longer time before it starts turning, and thus stays relatively flat but the trending move can still be decently large and tradeable.
And, yes, if the chart is a daily chart, the 20MA line would be coming from 20 days’ candles. If it is an hourly chart, the MA line would be created by the last 20 hourly candles. The market never accomplishes anything with a single price swing or a single candle. If a stock has started moving in one particular direction, and if the move is genuine and not a false alarm, then it will continue for some more time. How to Make Money in Intraday Trading PDF Book
A few more swings, or a few more candles. The story doesn’t end with a single candle whether on the up side or the down side. It is only when the market moves in one direction for a tradeable period of time that it makes sense to make a commitment. If the stock or index under study is making one green candle followed by a red one.
Which is again followed by a green candle and then another red one, the market may be lacking conviction — and this can make you miserable. If you keep seeing this phenomenon, it is a signal that you better stay out of that move. In other words, the longer moves are the ones which are more tradeable and every meaningful beginning in a longer move will give a good follow through.
We have learnt that markets move through phases of contraction and expansion. It is here that the secret of money making lies. Every phase of expansion is followed by a phase of contraction, and every contraction will, sooner or later, erupt into an explosion. Very often contraction phases are full of Lilliput candles, and new expansion phases often erupt from these small candles. How to Make Money in Intraday Trading PDF Book
If there are many Lilliput candles around, then there will hardly be any trending move and the stock or the market will move sideways, rather than go up or down and you’ll see more traders at the coffee machines and water coolers than on their trading desks. At such times, there is said to be a lack of institutional buying or selling, or any major action by any big players.
This could, however, well be the calm before the storm. We must keenly observe these range bound markets and we can even trade them provided the range is wide enough. At other times, we will wait for such a phase to dissolve and look for the next phase of expansion to take over. Erupting after a contraction, an expansion phase can give us a big directional move.
The uttar (answer) that the Modi government gave to the entire desh (country) by its landslide victory in Uttar Pradesh elections in mid-March 2017 had started the run that was not going to stop so easily. So the thing to do was to stay with the trend till it stayed with you. Midway corrections like the one mentioned above shouldn’t be taken as a change of trend, and one must stay alert to any signs of trend resumption and be thankful for a lower level entry. How to Make Money in Intraday Trading PDF Book Download
Those who failed to read this on the charts were the ones who got trapped. Well, all the traps may not necessarily arise from a sideways range. In April 2017, for example, the market had been surging higher and it was clearly a trending period as can be see in Figure 10.6. After a minor correction in the previous two days, Nifty opened gap down early morning on 7 April, and went even lower as well.
It then found support at an important location and resumed its move. When you look left, and trade right, you will really trade right. Always also focus on the context or the larger picture. A confluence of factors is said to occur when more than one tool, or more than one time frame chart, show nearly the same price levels as being key areas of support or resistance.
When nearly the same price levels are seen as key areas, the strength of those levels gets hugely magnified. If those levels hold, any resultant move starting from there may really be a big one. Should those levels be broken, on the other hand, the results could be equally shattering. How to Make Money in Intraday Trading PDF Book Download
In case the levels are emerging from varying time frames, as well as from various tools, that’s still better because then it’s an even stronger confluence. So there can be a confluence of multiple tools, of multiple time frames, between news events and candle patterns, or between locations and events, etc. Say, the moving averages and pivots show resistance at a similar level.
Or, say, intraday pivots and weekly or monthly pivots show support at similar levels. In either case, you can expect more action or participation from around those levels. If you are lucky, you may also get the backing of a news event that acts as a catalyst and adds to the significance of those levels; that, then, is icing on the cake. You may often get to see rocketing moves from such levels, and at such times.
In trading parlance, that’s the time to go full throttle and make the most of the opportunities on offer. The stock consolidates for a good part of the day, a healthy sign after the previous day’s strong move. But the price doesn’t yield and the move remains sideways, showing that all the selling is getting absorbed. On this day, too, the entire real estate sector was abuzz. How to Make Money in Intraday Trading PDF Book Download
The previous day the price had closed in the upper end of the day’s range. On the day in question, i.e. 3 May, the price action stayed above the day’s pivot. Both these factors point to strength. As the price moves sideways, it also catches up with the 20MA line, and even the 50MA line. Also, this happens exactly around the previous closing level of 395, which is also the weekly pivot level as noted above.
The trade setup again looks perfect for another leg of up move. Sure enough, the stock fires up 6% in the second half. As it moves above 403, which was the level around where it had consolidated the previous day, it picks up more pace. As it rises above the weekly R1, the next target on the daily chart and weekly pivots would be around 420 (as shown in the chart), and that’s exactly where the stock ended the second day of its up move.
Isn’t it magical? If this doesn’t mesmerise you, then perhaps trading itself doesn’t excite you. Let’s now review the power drivers in this trade. The confluence here is of a news event, plus the context of the previous few weeks, plus sectoral strength, the higher time frame MA support, the higher time frame pivot support, the previous day’s close at the top end of the range, and the intraday pivot on Day 2. How to Make Money in Intraday Trading PDF Book Free
The more positives there are to a move, the merrier it is for us. At such times you can go full volume and make the most of a benevolent market. Basically, when you get a synergy of more and more factors capable of creating a high impact, that’s the time you can expect to see amplified moves.
There is another kind of confluence which gives a trade in the reverse direction. By reverse, we don’t mean necessarily counter trend here. What is meant is that the stock may seemingly be showing signs of going higher but then there comes along some confluence of resistances which provides a good shorting opportunity.
Or, when a stock seems to be going lower but meets some confluence of supports that reverses the direction and gives us a long trade. This could even be in the direction of the main trend. If so, it becomes an even stronger trade. Such a confluence can also occur in range bound markets. This can be called as a confluence of aligning indicators, and which can be a trap setup during a corrective move. How to Make Money in Intraday Trading PDF Book Free
The day may begin with the opening range getting created in a way that keeps the price within a narrow band. The price then halts at one of the extreme ends of this opening range. If this level also happens to be a resistance, or support, on higher time frames, then it may prove more difficult and may not get crossed.
The stock then temporarily makes an effort to break out of the opening range, but without much success. It may immediately and forcefully retrace within the range. Or, it may also move strongly towards the other end of the range.