A new Life, A new Career, A new Dream - I am a Trader

DanPickUp

Well-Known Member
#91
Dear Dan
And I have read her somewhere,I don't remember exactly where,saying ”SCALP YOUR FIRST TRADE IN A A SMALL PROFIT SO THAT YOUR TRADING PSYCHOLOGY REMAIN INTACT AND HEALTHY FOR THE REST OF THE DAY".
Don't these statements looks contradictory,that too from the same person?
Hi and thanks for your post. There are various ways to interpret what you posted. So I can only give you an answer to your comment from my side.

I have read some where something like that, posted from hear, but I do interpret, understand it in an other way and use it in an other way as you critically show.

Let me give an example which is related to sports and I guess most will even feel it in there body's when reading the example.

To warm up our self's for the trading day, you place a so called "Warm up trade". You can do that electronically or by taking your phone and get again in contact with your broker. What ever you prefer.

This trade should give you confidence to be again with the market and not with your private live. I look at it like going swimming. Not in the sense to not know what we do but in the sense you put your feed first in the water to see how hot or warm it is and your whole body knows: Aha, now I go into the water to take a swim. How do I feel? Are I am feeling fit to go?

It just remembers me: Aha I am back again. I am in the water again. My senses are now open and are now absolutely focused on swimming/trading and all the danger which can happen during the cross over of the lake/trade.

That is the first part and that is how I interpret and use what you have posted from hear. Coming to the next part: It is not that I now have already to feel to cross the lake as I did many times before. I am just back and I have the feeling back to the sea/market. Here I can swim a bit to warm up my body / I can take some decent profit on the first trade I placed to be there / in the market.

Moving on with what I posted: After being on the other side of the lake, the danger starts to be lulled into to the feeling to swim back to the other side as quick as possible, as I made the first part/trade successfully.

Hope you recognize the different between just testing the water/scalping your first trade with a small profit, and having been in the water and succeed to cross the lake/ trade with huge profit. Now comes the lull in part.

If the weather now has changed, I may will get in danger in the middle of the lake by an upcoming storm. If I lulled into the feeling as mentioned, then I will not realize the warnings that are given before an upcoming storm and I will jump in the water with the feeling to be back soon on the other side, as I made the first part of it. (Lulled into to the next big trade as I made the first one).

Take care and all the best / DanPickUp
 
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Taiki

Well-Known Member
#92
Hi and thanks for your post. There are various ways to interpret what you posted. So I can only give you an answer to your comment from my side.

I have read some where something like that, posted from hear, but I do interpret, understand it in an other way and use it in an other way as you critically show.

Let me give an example which is related to sports and I guess most will even feel it in there body's when reading the example.

To warm up our self's for the trading day, you place a so called "Warm up trade". You can do that electronically or by taking your phone and get again in contact with your broker. What ever you prefer.

This trade should give you confidence to be again with the market and not with your private live. I look at it like going swimming. Not in the sense to not know what we do but in the sense you put your feed first in the water to see how hot or warm it is and your whole body knows: Aha, now I go into the water to take a swim. How do I feel? Are I am feeling fit to go?

It just remembers me: Aha I am back again. I am in the water again. My senses are now open and are now absolutely focused on swimming/trading and all the danger which can happen during the cross over of the lake/trade.

That is the first part and that is how I interpret and use what you have posted from hear. Coming to the next part: It is not that I now have already to feel to cross the lake as I did many times before. I am just back and I have the feeling back to the sea/market. Here I can swim a bit to warm up my body / I can take some decent profit on the first trade I placed to be there / in the market.

Moving on with what I posted: After being on the other side of the lake, the danger starts to be lulled into to the feeling to swim back to the other side as quick as possible, as I made the first part/trade successfully.

Hope you recognize the different between just testing the water/scalping your first trade with a small profit, and having been in the water and succeed to cross the lake/ trade with huge profit. Now comes the lull in part.

If the weather now has changed, I may will get in danger in the middle of the lake by an upcoming storm. If I lulled into the feeling as mentioned, then I will not realize the warnings that are given before an upcoming storm and I will jump in the water with the feeling to be back soon on the other side, as I made the first part of it. (Lulled into to the next big trade as I made the first one).

Take care and all the best / DanPickUp

Awseome Dan bhai...:clapping::clapping:
 

Taiki

Well-Known Member
#93
I am on a travel plan today. So no trading :)
 

Taiki

Well-Known Member
#95
EOD Summary
I started strategy based intraday option trading today.

Good swings were seen in Nifty today. but sadly I could not catch the down leg of the swing which was much more profitable than the up move. And again for the upswing i exited my positions little early and missed a good part on profit.

Intraday Trades

1. 5600 CE Sold @320.15, Bought @345. -1242.5
2. 6200 CE Bought @12.8, Sold @15.95. +157.5
3. 5800 CE Bought @168.5, Sold @199.5. +1550.0
4. 6200 PE Sold @266.5, Bought @249. +875.0
5. 5800 PE Bought @11.7, Sold @10.15. -77.5

Net gain = +1262.5

Thoughts and Lessons

- Need patient to wait for my exit point to come, As per the strategy the profit on the upmove could have been +2500. But I got only half of that. (But I am happy for I recovered my loss of Wednesday's mistake)
- Again after the first profit, i was little scared to take the trade when down move got started. Need to remind myself again again, Profit and loss are part of the game.
 

Taiki

Well-Known Member
#96
EOD Summary

A decent day. And my 2nd day with strategy based intraday option trading. Need to learn and focus more on managing the trade. Today again I exited one trade early, and the second one was not initiated with proper timing.

Trading Log

1. Sold 5600 CE @334, Bought at 315, +950.00. [Exited this one early, Target was 295].
2. Bought 6200 CE @12.9, Sold @11.3, -80.00
3. Bought 6000 PE @148, Sold @140, -400.00 [Wrong entry]

Net gain for the day = +470.00

Thoughts and Lessons

1. When the bigger trend is pointing down, no need to worry about short bounce, no need to exit the position in panic. Be patient and manage the trade. Act as per the plan, Do not react
2. Be watchful while initiating the trades.
 

Taiki

Well-Known Member
#97
sir what about brokarage
Always say profit after deduction of borkarage
Beast luck sir
I am also try to go as like you
Sir you work hard and be ideal for me
So I can follow
My broker is ventura securities, and it charges 35 rs per lot in option (only on sell side). So for one round trip it costs me 40-44 rs. So in option, any trade above 50 rs is counted as profit.

I am planning to shift to some discount broker. But have not decided yet.

Dear Tushar,

My hard work will not give good result to you. Its up to you how you will make your own path. I am there to help you with my knowledge, but you need to take the first step towards your goal.

Good luck
Taiki
 

Taiki

Well-Known Member
#99
Taiki, One personal question if you feel answering here you can
How much you risk per trade and whats your target per month ?
My daily risk amount is 1.5%. If I loose more than this then no more trading will be done for the day. And my monthly target is 15%.