Profitwala

TODAY TRADING

www.todaytrading.com

Recommendations for 21 July 2008

Day Trading Rules

Today Trading Trading rules' that consists of a set of rules and a clearly-defined step-by-step procedure that tells you

a) how and when to enter a trade,
b) how to exit at each target level,
c) what to do if a target level is not reached till closing time and
d) how to exit at stop loss level and
e) how to offset losses with overall profits. Please DO NOT commence trading before you have thoroughly read and understood the rules. Please follow the rules strictly. We do not want you to undergo losses on unprofitable trades which could often be avoided by following the rules. 

1. Intra rule : These recommendations are for intra-day trading only - do not carry the positions overnight. 

2. 5-minute rule : When the trigger condition is fulfilled, wait for 5 minutes, confirm that the trigger condition continues to be fulfilled and then take the advised action. Do not fear that you will lose the best entry price - more often than not, you will get the price again at the advised entry price. 

However, you should not enter the trade if
a) in the 5 minutes, the price has already gone near the 1st target or
b) the scrip price is too wide apart from the advised entry price.

For 'SELL AT HIGHER LEVEL', 'BUY AT LOWER LEVEL' type of recommendations, when the trigger condition is fulfilled, take the advised action without waiting for 5 minutes. 

3. 1st target rule : When the scrip price is around the 1st target , square off
50% of your position.

4. 2nd target rule : When the scrip price is around the 2nd target , square off the remaining 50% quantity; however, if the scrip price does not get near the 2nd target throughout the day, square off at 3.15 pm . 

5. Stoploss rule : When the scrip price breaks the stoploss level, exit whatever quantity you have, without waiting further. Adhere to the stop loss tenaciously. STOP LOSS IS PARAMOUNT .

6. Trade-all rule : [This rule is applicable only to subscribers who have access to all the recommendations]. Since the number of recommendations is small and manageable, trade all the recommendations instead of just one or two. This way, even if one or two scrips hit the stop loss, it is most likely that the profits from the other successful trades will more than offset the losses from the stopped-out trades.