Trading World is filled with lots of exciting stories and not everyone in this world are successful. There is a saying that “95% of the traders loose money“. And everyone of us want to be a part of the remaining 5% and every trader takes necessary steps to ensure that he moves towards that remaining 5%. A common man learns from his own experiences while the sharper and wise men learn from the front runners.
So to help my very enthusiastic followers take a step ahead of others, I plan to interview successful traders across the globe so that we get to know the path they have traveled to reach that successful trader position. In this interview series, you can be assured to get an insight of their trading styles, discipline and models. I hope that this question answer session with successful traders will benefit my readers.[wp_ad_camp_5]
This time I am going to interview Mr.Jay Chandran (aka niftywizard) one of the top successful Market Profile trader from South India. He is a pure intraday trader and a very active person in social networking sites like Facebook and Twitter and people love him because of his information sharing nature.
Here is the question and answer series with him.
Jay Chandran, first of all I would like to say warm welcome on Marketcalls.
Rajandran, Its my pleasure to get interviewed on Marketcalls.
What makes you to get into the trading career. I know you are from engineering Background
Yes I did Btech Bioinformatics in Satyabama University and Iam a 2006 Passed out. I worked in a MNC Company as a test Engineer and later by 2008 I left my job to start trading as my full time career.
During my college days I used to stay in my cousins home here in Chennai where I met couple of my cousins friend who talks about stocks and stock markets which rose / fall that day.
I was little eager in understanding how to trade/invest in stock market. My cousins friend given me the profit/loss statements and he explained a little brief about how the stock market functions. So I was following him for couple of days to understand things better.
Did you started your trading during college days? When was your first trade?
During my college days I was just watching my cousin friend trading. Once he left the room I didn’t had a chance to see markets so left that time !!
After my college I was recruited by MNC Company as a test engineer . That time everyone in office used to trade. so I thought to put old learning now. During 2007 End I started my first trading.
For every trader their first trade set the tone for their career for me same thing happened. It was a CE option (I didn’t remembered which strike price) where my colleague asked me to buy . Without doing any analysis I bought that option for 10000 rs premium. During that time I even even dont know where to keep a stoploss or where to book the profits.
My Colleague told to buy I just bought . Later two days the total Rs10000 premium gone down to Rs900. Then I asked him “what to do now” as the value of my account gone to 900. he said “it not worked book your losses”. I booked @ loss with Rs900 left in account.
Then my brother told me to buy a Put option for that remaining Rs900 which was trading around Rs15. After taking the trade my trading account reached Rs8000. That was the sparking moment in my trading career this is where I thought to leave my job and start digging markets little more deeper. Its started all here after this trade.
And I had taken a payout of Rs8000 and left 500 in account which I bought a stock named Visu international around 9 rs and left it.
What make you to turn as a professional trader?
Passion first , then the profitable factor in trading ! Everyday market puts you in test only a trader with good mindset and continuous learning can overcome day to day test. I feel my passion towards trading and Learning new stuff every day put me at this place.
And What are the Tools/Studies you are using currently? How much you are spending on your trading infrastructure
I am currently using Market delta & Amibroker right now for my Market profile studies and Esignal for Datafeeds. Every month i use to spend merely around Rs20,000 rupees (includes Software, Datafeed, Internet) as i feel right tools are the key to run your trading as a business. Currently most of the Software, Datafeeed cost is paid in USD. And the pricing is highly volatile due to USD-INR movement. And there is not good datafeed provider in India with eSignal quailty. It would be great boon for traders like me if people in India are coming up with such solutions.
What are the tools you initially adopted in Trading and Why you shifted your studies to Market Profile?
As every trader at initial stage of my career I ran for so called readymade Afl Trading systems and day by day used to jump from one system to system. Then I thought by this way I am not going to make anything in trading. only it can lead to collection of fancy afl’s 🙂 There are tons of ready made trading systems which have simple concepts but sold for higher price.
Those days I used to register in every trading forum. Int the Trading Laboratory forum I found a thread named market profile where everyone giving their interest. there was a stmt ” Market profile is been used by institutions “ which pulled my interest towards it. Then I started digging deeper into market profile. Thats how my professional career in trading starts.
Apart from Market Profile do you use any other studies for your Buy or Sell Decision?
I generally stick to price action studies as my secondary confirmation for any trigger which Market profile throws.
Did you tried fundamental analysis in your trading career?
yep I traded one fundamental call with my own self analysis. Don’t laugh it was just too fundamental when I picked it. The stock was Jublilant foodworks and it was trading around Rs400. By that time lot of pizzas where consumed and lot pizza shops where setting up all over the country. Then I thought this stock will hit 1000 plus in next 2 years due to their sales. I bought it around 430. but luckily it went to Rs1000 in just few months and where i sold the stock. I should say, I am lucky as move happened very quick.
As a Professional Intraday trader how do you manage risk in your trades?
I give more weightage to index trades on my trading. Always I go for intra trades which have 1:1 Risk reward. what I do usually is I always book partial profits i.e 50% on my intial quantity for 1:1 reward. Then ride the rest with moving trailing stoploss to cost. By that way ensure that I am not gonna give anything back to markets as well as to my broker.
What is the worst case scenario you face so far in your trading career?
The worst case was the first trade that gave me all the lesson what I should not do being a trader. Its rather good to focus on your studies and take a decision rather than depending on someone else.
When I started trading full time few years ago there was sudden dip during intraday where I was just freeze & not able to take decision to cut down my position or not. I could be a severe loss if i booked it out but luckily market bounced back from the lows. Then I noted in my trading diary take positions till it doesn’t hurt your trading capital even in a worst case scenario.
Also from that day I started book partial profits.
What are your future plans?
To trade for an institution and help newbie traders what not to do in this markets.
What is the general mindset of today’s newbie traders?
They want very quick money. They want a black box system which they think it should be an ATM for them . Worst thing is they go broke in their mindset when they saw some loss.
What advice would you give to non-professionals who would like to start trading?
If you dont have a family business don’t leave your job . Just start learning trading after office hrs . Try to start trading higher time frame signals initially then you can learn to trade lower timeframe signals. Learn how not to make losses rather than how to make profit.
Before finishing this interview i would like to add a quote “If you cannot make money with $100 what in the world makes you think you can with $100,000. it will only be 1000 times worse.”
Thanks Jay for your Brief interview. My Best wishes for your future plans and Would like to do a deep interview in the future.
28 Replies to “Little Market Wizards : Jay Chandran – Market Profile…”
Congrats! Cud I know what exactly is Market Delta and how u use it? second, r u a trend follower?
Thanks. Market Delta is an trading s/w which is best to plot Market profile charts. I has some advanced features to track orderflow.
Coming to your last question. I am not a complete trend follower being a shortterm trader I adapt to market change.
Please do let me know if you have any training classes on market profile trading tips. Thanks.
Thanks a lot Rajandranji for the interview. Most of traders start like Jay ..but the difference comes later.
Would love to know lot more about MP SYSTEM which Jay follows and how can we get the training. Data feeds at a reasonable price ?
Best wishes to Jay Chandran in all his endeavors. Wishing him MOST & MORE…today n always !!
Hi Amitabh ,
Thanks for the wishes. Soon will start some write on basic MP stuff for beginners .
Sir, It was very nice interview.
You said jay is very active on facebook and twitter, can we have link so that we can also start following??
You can follow jay here
Facebook Profile : http://www.facebook.com/jay.chandran.58
Twitter Profile : http://twitter.com/niftywizard
Jay is doing a wonderful job. I wish him all the best in his career and in the days to come. And lovely quote towards the end
“Before finishing this interview i would like to add a quote “If you cannot make money with $100 what in the world makes you think you can with $100,000. it will only be 1000 times worse.”
Thanks for the comments. Remember the quote always 🙂
jay is just awesome, he is Indian Paul tudor jones.
Hi Trend trader,
Thanks. Still need to learn a lot from markets.
Great going Jay. All the best to your. Rajandran thanks for the initiative.
Feedback: Please get the content proof read by someone who can correct grammatical mistakes and then upload the content.
Dear Mr Rajendran and Mr Jay,
How Market Delta is interfaced with Amibroker ? Can you please elaborate ?
Thanks in advance
Market Delta is a standalone software similar to Amibroker. However if you are having esignal datafeed you can feed the data to both Market Delta and Amibroker simultaneously.
Thanks for the interview. Was a nice to share my trading experience with marketcalls and glad traders liked it.
Congrats Jay…All the Best
How to read Market profile ? Can I get market profile in Amibroker ?
First you have to be familiar with Market Profile. It is a study not just a indicator. Start with the book Mind over Markets and get familiar with Auction Theory , Market Profile, Volume Profile Concepts.
Dear Jay …Iam following you in twitter from last 4 days.awesome work you are doing.your last quote is superb.thanks Rajendran for interviewing Mr.jay. all the best Jay ….Happy trading.
I would like to know how could i contact Jay. as its said he is a trader who has successful trading . And his intentions are to trade for a financial institution. I represent a institutional fund which is seeking interest in INDIAN STOCK MARKETS.
If there is way we can talk. do let me know my email id is [email protected]
Dear Jay and Rajendran,
aapne to meri aankhen khol di
thank you and god bless
Wish to trade for institution!?! But why, man! You may be one man walking institution the way u going currently!
I want to be a trader.I am reading all sorts of Foreign Books u know like intelligent investors,one up on wall street…etc Will these help when it comes to the Indian Markets??
I wud really want to know Do i really have to buy all the expensive softwares Now when iam starting ??& if i do How wud i know what softwares to buy is there some books??
Do i need to go for a course cause already i am doing CA
Please A help in these regard will highly appreciated
Dear sir I want to join with you so pl send me details how I joined
Hi Jay pls give me some tips for how to buy the stocks for intraday trading
I wish to learn from u. How can i. My email is [email protected]. i would also like to talk to u.
Hi Jay Chandran,
Its a nice interview and its worth reading. I would like to have some lessons from you for trading shares for short term duration as I don’t know any other ways (as you are doing) to trade in the market.
Thanks in advance and best regards,
Please please please Guide me from where shall I get the Market profile training?
I couldn’t find a single course on Market profile for Indian market.