June 6, 2019

How Tasneem Mithaiwala, a single mother, fought all odds to become a full-time trader

.......As far as my intraday trades are concerned I trade on the 1-minute chart as well as on the 15-minute chart. I basically am a price action trader and trade mainly around my support and resistance.

In case of a side market, I trade the 1-min chart but when it is a trending market I move to the higher timeframe and give the trade room to workout.

I always do my homework the previous day and have my support and resistances in place. I wait for the market to come to these zones before taking a trade. But I do not buy at the first instance, I wait for a retest to get in the trade.

There are days when I get an opportunity to take 5-6 trades, but in case of trending days, I sit throughout the day with one single trade. I look for a trade which gives a risk-reward of 1:3 but these trades are rare and have to mostly settle for a 1:2 trade.

Here I take trades with a 1:3 risk reward opportunity. I rarely carry my trades home unless it is a very strong trend and the closing is strong. I have averaged around six winners for every four losses in my intraday trades.

But my biggest gainers come from trading on the expiry days. Sometimes I think why to bother trading on other days when most money can be made on expiry day trading.

Here too the strategy more or less remains the same. Since I am always an option buyer I pick up a slightly out-of-the-money (OTM) option which is closer to a support or resistance which is where I feel the market can go. These trades are always taken in the post-lunch session when the market gives a sharp burst.

Read more at https://www.moneycontrol.com/news/business/markets/how-tasneem-mithaiwala-a-single-mother-fought-all-odds-to-become-a-full-time-trader-4065261.html

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