Mr. Sthitapragyan Pati who is of 23 years age has done his graduation in Electronics and Telecommunication engineering from IIIT Bhubaneswar. He has always been interested and fascinated by mathematics and started trading as a hobby as it involved statistics, probability and money when his college was shut down during COVID. He does intraday option selling and expiry strangling with maximum part of his capital and do experiments in short volume stock options and long term leap options. Find him on twitter- https://twitter.com/sthita1999 (@sthita1999)
IN CONVERSATION WITH
Mr. Vivek Bajaj
The passion for data, analytics and technology is what makes Vivek Bajaj a financial market survivor. The journey as a market participant started in 2002 when the first trade was executed in the options contract of ITC. Life was simpler and easier during that time. Since then technology and Big data have taken over totally. As an early adapter to the complex tools, Kredent was formed to capitalise on the opportunities. He is co-founder of StockEdge and is committed to bring simplicity in the complex world of market data. He is a Chartered Accountant, Company Secretary and an MBA from IIM Indore. He is a part of various committees of exchanges and regulator and he has been an active contributor in the evolution of Indian Derivatives Market.
About this Face2Face:
In this video, we dive into the story of a 23-year-old who made crores by analyzing candlestick patterns in trading. We explore how this individual used this simple yet effective method to generate significant wealth, and discuss the potential benefits and drawbacks of using technical analysis in trading.
Mr Sthitapragyan Pati discusses how to identify the bullish and bearish candlestick patterns when looking at the charts and trading with them. He discusses his trading setup and where to set stop-loss levels when trading with the candlestick patterns. He explains that a bullish candle is a candle whose close is near the high, and a bearish candle is a candle whose close is near the low.
If the length of the candle is more than 0.3%-0.4% of the asset value, we will ignore the candle as the stop loss will become too big, and the target will be more bigger, which might not be achieved on an intraday basis.
His trading strategy includes selling weekly expiry, NIFTY ATM CE or PE, depending upon the candlestick setup. The stop loss has to be kept on the spot chart, and the target has to be set at 1.5 times the stop loss value. He also discusses the position sizing criteria, which should be such that we don't lose more than 1% of our capital on a single trade.
Watch the video to understand further the profitable trading strategy used by Mr Sthitapragyan Pati with the help of candlestick charts and his intraday trading strategy and to uncover the secrets behind this young trader's success and gain insights into the world of candlestick pattern analysis.
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By applying candlestick analysis, a 23-year-old generated crores!