happy hours in Bangeraleru i have heard......but happy days?If you have a relative/friend in India trade it through his account.
IB provides direct buy/sell from the NSE for stocks, futures and options. Check with IB cc.
https://interactivebrokers.com/en/index.php?f=1323
Banknifty runs like a mad horse, on a trend day it is a money printer.
On swing trades or before a crash then........
Bank Nifty Option Buyer using Al Brooks approach
- Thread starter sridhga
- Start date
not directly......but foreign entities have a huge exposure...i am not sure how that is made possible
For retailers, the answer is no.
In China, there is some special program (QFII or whatever) for those with millions of dollars to trade their products.
Most likely India has a similar program.
you are probably right.
the only nice thing about Indian government is that they are not predjudiced......they screw everyone
I checked on this, there is something called a Qualified foreign investor(threshold is 50 million) who can have direct access to NSE.
For others. as I said earlier, contact IB cc to find out.
Those who want to trade Banknifty legally can still do it the way I posted.
If a trader is really good then Banknifty is the only route forward.
Many of the broker employees use it as a lottery buying hundreds of lots of calls and puts on expiry day. I've seen guys doing 40 times on swing trades, and in the current market uncertainty with covid there are going to be some massive opportunities for good traders.
ok. so QFII program is available in India, China ...
My goal on this thread is not about investing in India. My goal is to discuss how Al Brooks approach is being used trade index options. Let us please stick to that conversation. When I read Al Brooks, he was mostly discussing S&P e-mini and sometimes shares like Apple etc. That did not deter me from learning through his books despite my not being able to trade in those instruments. Bank Nifty is an index and is comparable to several global stock indices. Here my goal is to make a living out of it trading options intra-day. I use current month BN Futures for chart reading and current week options for trading.
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Today is a very interesting day. BN futures gapped up at open and then crashed in the first minute. The crash was too large so as to push it into the red. 2nd bar on the 5 minute chart arrested the slide. This resulted in an opening range of 550 points. 3rd bar shot up to recover back to the opening price. This was a strong fBO on the downside. Some of my friends traded successfully this fBO. Later it made a new high for the day. The first 3 bars (more precisely, the first bar) being long, confirmed that it is going to be a TR day. This gave traders opportunities to trade in both the directions at the extremes of the range.
In a way, such a Wide TR day is even better than a trend day because, on a trend day you do not know where the trend could stop. But on wide TR days, you know the direction as well as the target.
I still faced some problems trading options on such day. For example at the higher end of the TR, the price lingered for sometime and it did go against my position when I purchased puts. This can cause some loss because I buy weekly options and they lose value fast.
In a way, such a Wide TR day is even better than a trend day because, on a trend day you do not know where the trend could stop. But on wide TR days, you know the direction as well as the target.
I still faced some problems trading options on such day. For example at the higher end of the TR, the price lingered for sometime and it did go against my position when I purchased puts. This can cause some loss because I buy weekly options and they lose value fast.
I can't trade Bank Nifty due to restrictions.
I trade India Nifty every day. Both futures are rather intercorrelated.
India Nifty day range has been very huge since Dec 2020.
it is one of the best futures for day trading.
Be careful following the trading books.
most professional writers spent far too little time
staring at the charts.
happy trading.
Has it been confirmed that Brooks actually made good money trading? Not just selling trading courses and materials and what not, but from actual trading? I know nothing about the guy, but he sure gets talked about a TON on this forum, mostly by padu I guess lo. I guess I should read some of his stuff or watch his videos, if he is legit.
Thanks!!!
Thanks!!!