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

[Taiki]

EOD Summary

A bad day. Missed the early opportunity to initiate my option strategy for a short call. Did not want to chase the market and did not want to initiate position afterwards with a high risk reward ratio.

When market made the low at 5780, felt frustrated for missing out such a good move. And dont know why I initiated a long strategy around 5810 level, targeting a recovery to 5840 without any confirmation. This was silly. And I paid the price to market.

Loss occurred today is 1150.00

Thoughts and Lessons

- Need tremendous discipline to do what is right when something goes out of hand (Missed opportunity / Wrong trade etc).
- Need to act as per the system rather than listening to heart and mind.
- Repeating the same mistake from lack of discipline is not excusable.

 

[DanPickUp]

Hi Taiki

You may post once a chart or two and explain on them why you got in there or there. So members here can have a look at that and may give you some information what you have to change. I do not talk about hounderts of indicators, as this is not needed. I talk about ranges and Support and Resistance levels which you may have to look at in a different way.

Just some thought which came up after reading your above post. Maybe TP also has some inputs to that.

Take care / DanPickUp

 

[timepass]

Hi Taiki

You may post once a chart or two and explain on them why you got in there or there. So members here can have a look at that and may give you some information what you have to change. I do not talk about hounderts of indicators, as this is not needed. I talk about ranges and Support and Resistance levels which you may have to look at in a different way.

Just some thought which came up after reading your above post. Maybe TP also has some inputs to that.

Take care / DanPickUp

Actually I kept quiet because Taiki has done a good job of self-analysis. Not many can be as honest about one's mistakes as (s)he has been (certainly not me ).

I am sure that it's only a matter of time before Taiki will become a mature trader.

 

[Taiki]

Hi Taiki

You may post once a chart or two and explain on them why you got in there or there. So members here can have a look at that and may give you some information what you have to change. I do not talk about hounderts of indicators, as this is not needed. I talk about ranges and Support and Resistance levels which you may have to look at in a different way.

Just some thought which came up after reading your above post. Maybe TP also has some inputs to that.

Take care / DanPickUp

Thank you Dan Bhai,

It is surely a great idea, and it will help me learning from you and from other senior and experienced members of TJ as well. I will post charts marked with my entry, exit and stop loss levels.

 

[SaravananKS]

EOD Summary

A bad day. Missed the early opportunity to initiate my option strategy for a short call. Did not want to chase the market and did not want to initiate position afterwards with a high risk reward ratio.

When market made the low at 5780, felt frustrated for missing out such a good move. And dont know why I initiated a long strategy around 5810 level, targeting a recovery to 5840 without any confirmation. This was silly. And I paid the price to market.

Loss occurred today is 1150.00

Thoughts and Lessons

- Need tremendous discipline to do what is right when something goes out of hand (Missed opportunity / Wrong trade etc).
- Need to act as per the system rather than listening to heart and mind.
- Repeating the same mistake from lack of discipline is not excusable.

Good work Taiki,

I am not saying based on results. I appreciate your transparent on your trades. Most of Traders enjoys to share successful Trades Only Few people share failure.

it is good sign for you to become good trader :thumb:

 

[Taiki]

Actually I kept quiet because Taiki has done a good job of self-analysis. Not many can be as honest about one's mistakes as (s)he has been (certainly not me ).

I am sure that it's only a matter of time before Taiki will become a mature trader.

Thanks TP bro,

Analysing self mistakes, being aware of them is certainly a good thing, but avoiding them in real time (particularly in market hours) is becoming a challenge for me. As i told doing the right thing when situation becomes wrong is really tough. And this is what differentiate professional traders from beginners. Still need to learn a lot of things..

Not many can be as honest about one's mistakes as (s)he has been

By the way, it is he.

 

[timepass]

Analysing self mistakes, being aware of them is certainly a good thing, but avoiding them in real time (particularly in market hours) is becoming a challenge for me. As i told doing the right thing when situation becomes wrong is really tough. And this is what differentiate professional traders from beginners. Still need to learn a lot of things..

Yeah. Doing the right thing at right time is the key. But again there are many false starts/stops. It's a big maze - mayajaal/ matrix. 100 times a day I see the trades I should've taken because my gut instinct or analysis told me to. Also, 100 times I end up exiting at wrong time or not exiting at right time because I hoped for the price to move in my favor

 

[DSM]

TP, just a suggestion. If you think/feel you should take a trade, go for it. Keep a small SL as per level of comfort. Try it for about 10 trades. If you trade with a discount broker, it will help and you will never have doubt/uncertainty about trades taken or not. All trades are taken, and you can do an analysis after x no. of trades. Atleast this helped me to get over my hesitation to enter a trade and now, it's not an issue anymore. My 2C. Good luck.

Yeah. Doing the right thing at right time is the key. But again there are many false starts/stops. It's a big maze - mayajaal/ matrix. 100 times a day I see the trades I should've taken because my gut instinct or analysis told me to. Also, 100 times I end up exiting at wrong time or not exiting at right time because I hoped for the price to move in my favor

 

[prabhsingh]

Thanks TP bro,

Analysing self mistakes, being aware of them is certainly a good thing, but avoiding them in real time (particularly in market hours) is becoming a challenge for me. As i told doing the right thing when situation becomes wrong is really tough. And this is what differentiate professional traders from beginners. Still need to learn a lot of things..



By the way, it is he.

Taiki,

Just felt to post some Nifty projection for you.Please note this is my own observation hence you to have to perform analysis at your own end for any trading.Will appreciate seniors to give their views for same.

Above image shows formation of Diagonal Triangle and hence it has to complete its last Wave which is coming close to 5600.In order to achive this it has to break today's low which was 5780 which was support level 1 (Big Horizontal line).If it breaks that tomorrow then chances of Nifty approaching 5600 would brighten.

 

[Smart_trade]

Yeah. Doing the right thing at right time is the key. But again there are many false starts/stops. It's a big maze - mayajaal/ matrix. 100 times a day I see the trades I should've taken because my gut instinct or analysis told me to. Also, 100 times I end up exiting at wrong time or not exiting at right time because I hoped for the price to move in my favor

Entries are relatively simple and mechanical...but proper exits which are not too early, not too late are very important in daytrading. But there are some techniques which help us achieve "just in time" exits. Techniques like TDST,Power of 9,earlier S/R and VWAP bands will give us perfect exits 80-85 % of the time.

Smart_trade