From last one week i am doing paper trades in stocks (i have picked around 20 into my watch list)
Today i wanted to pen down the process i am following so far. If you find any thing useful, i am glad.. This post is basically for documenting my own thought process
IDEA
I have tried different ways like PDH/PDL Cross, EMA Cross, Golden Ratio trades etc.. found none of them to my satisfaction. I am ending up too much of time spent in monitoring and analyzing rather than trading.. during market hours. Also data feed issues and AFL run's gave me extra trouble.
Then i have decided to stick with EOD analysis.. and come up with Levels to monitor for next day for each of stock.
Steps
Step 1: Out of 20 stocks in my list, i am manually going through each of them EOD and identifying the one's trading in range recently.. Marking RH and RL levels in Chart and in an Excel.
Step 2: Next day morning put ALERT's in Fyers One desktop software for all stocks filtered for the day.
Step 3: Once you get Alert pop up notification window (with sound), Open Chart and see how price behaving once broke out... Adding to our existing DP knowledge we can take trade decisions.
i.e. BPB Long (Or) BOF Short.
Pro's
1. No extra time spent during market hours
2. If Nifty not offering any good trades,, we can still look to gain by trading in stocks
3. Chosen stocks are picked from Top 25 weight age stocks in Nifty index. Slippage should be less compared to other stocks.
Con's
1. As of now i am not monitoring stocks in Trend mode,, might be missing some good picks.
Example:
BHARTIARTL Trading in a RANGE for last 3 Days
Today after breaking RH.. there was good BOF setup formed with Fluid below.. which moved well
PS: Suggestions are welcome.
