A new Life, A new Career, A new Dream - I am a Trader
- Thread starter Taiki
- Start date
Taiki,
So hows your journey been since you left your job ? Are you in net profits ?
every few days i try to make it to this thread to see whats happening here
,
So hows your journey been since you left your job ? Are you in net profits ?
every few days i try to make it to this thread to see whats happening here
,
It has been a great learning opportunity so far. I am quite enjoying my trading hours. Need to stay more focused, and disciplined.
I am down a little on profit part, due to this week's loss. But today recovered more than half of that. Thanks to you, and Thanks to all of those who are visiting this thread, and supporting and guiding me. Specially I want to say thanks to Timepass bhai and Dan bro.
Nice to hear that Taiki, I am too quitting my job may be in a month or two to start full time trading. Thanks to you and this thread to keep up the motivation in me. I trade mainly commodities and less of nf and bnf. I think you should give a shot trading commodities they are much more easier to trade technically. My point of view though.
EOD Summary
A good day, but again finding difficulties on overcoming of some old mistakes.
I got a buy signal at 5790(Nifty spot), My 1st order to buy NF @5790 did not get executed, and entered in trade at 5797. Stop loss was 5780, Target = 5840.
But during intraday ups/down trailing stop loss got hit and I was out of the trade at 5817.
Trade
1. Bought Nifty FUT @5797, Target = 5840, Out @ 5817. Gain of +20 Points
Thoughts and Lessons
1. Need to be a bit faster while executing the trade.
2. Do not give any second thought when you get a buy/sell signal. Stop loss is there to protect you if market goes against you (Main reason why I could not enter at 5790)
3. Need to check my Trailing stop loss rule. May be today the TSL was too tight.
4. Again my exit was based on the candle's closing from a smaller time frame, After the weekend's analysis now i have finalised 10 min TF with 60 min TF. So in case TSL gets hit need to look for re-entering opportunity if market resumes its trend.
A good day, but again finding difficulties on overcoming of some old mistakes.
I got a buy signal at 5790(Nifty spot), My 1st order to buy NF @5790 did not get executed, and entered in trade at 5797. Stop loss was 5780, Target = 5840.
But during intraday ups/down trailing stop loss got hit and I was out of the trade at 5817.
Trade
1. Bought Nifty FUT @5797, Target = 5840, Out @ 5817. Gain of +20 Points
Thoughts and Lessons
1. Need to be a bit faster while executing the trade.
2. Do not give any second thought when you get a buy/sell signal. Stop loss is there to protect you if market goes against you (Main reason why I could not enter at 5790)
3. Need to check my Trailing stop loss rule. May be today the TSL was too tight.
4. Again my exit was based on the candle's closing from a smaller time frame, After the weekend's analysis now i have finalised 10 min TF with 60 min TF. So in case TSL gets hit need to look for re-entering opportunity if market resumes its trend.
Thank you trade2411,
Yes I have thought about it, and i am considering of changing my current broker and going for some discount broker, and in a month i will be ready with my commodity account too. But I will spend my time in observing/learning commodity markets, and creating a system for that in my first 2/3 months before i start real commodity trading.
Best of luck to you dear if you too are going to be a full time trader. Good luck :thumb:
Yes I have thought about it, and i am considering of changing my current broker and going for some discount broker, and in a month i will be ready with my commodity account too. But I will spend my time in observing/learning commodity markets, and creating a system for that in my first 2/3 months before i start real commodity trading.
Best of luck to you dear if you too are going to be a full time trader. Good luck
:thumb:Good trade - Keep going .
That bar was a quick one.
1) Coinciding with a breakout of 200 MA resistance in the 1M chart.
2) Low of the 15 Minute Opening Range.
Unless u placed a limit buy order I doubt u could have bought at 5790.
Its okay that you bought above the daily pivot + 200 MA resistance + low of the 15 Minute opening range.
With a stop of 17 points -- consider reviewing this.
Keep your risk less.
But not sure about your trailing stop loss logic.
Unless u had a rigid tsl of 10 points your tsl wouldn't be hit.
Give more room for the price to move.
.That bar was a quick one.
1) Coinciding with a breakout of 200 MA resistance in the 1M chart.
2) Low of the 15 Minute Opening Range.
Unless u placed a limit buy order I doubt u could have bought at 5790.
Its okay that you bought above the daily pivot + 200 MA resistance + low of the 15 Minute opening range.
With a stop of 17 points -- consider reviewing this.
Keep your risk less.
But not sure about your trailing stop loss logic.
Unless u had a rigid tsl of 10 points your tsl wouldn't be hit.
Give more room for the price to move.
Good trade - Keep going .
That bar was a quick one.
1) Coinciding with a breakout of 200 MA resistance in the 1M chart.
2) Low of the 15 Minute Opening Range.
Unless u placed a limit buy order I doubt u could have bought at 5790.
Its okay that you bought above the daily pivot + 200 MA resistance + low of the 15 Minute opening range.
With a stop of 17 points -- consider reviewing this.
Keep your risk less.
But not sure about your trailing stop loss logic.
Unless u had a rigid tsl of 10 points your tsl wouldn't be hit.
Give more room for the price to move.
.That bar was a quick one.
1) Coinciding with a breakout of 200 MA resistance in the 1M chart.
2) Low of the 15 Minute Opening Range.
Unless u placed a limit buy order I doubt u could have bought at 5790.
Its okay that you bought above the daily pivot + 200 MA resistance + low of the 15 Minute opening range.
With a stop of 17 points -- consider reviewing this.
Keep your risk less.
But not sure about your trailing stop loss logic.
Unless u had a rigid tsl of 10 points your tsl wouldn't be hit.
Give more room for the price to move.
I am glad you came up with your suggestions.
Yes, i had plan for entering at 5790, and the Stop loss was at 5780, a Risk of 10 points. But As i have mentioned about my thoughts and lessons, it is secondary thought that kept me away from executing the trade, and once the price move got confirmed above 5790, i could enter only at 5797.
And regarding stop loss, I have one question. That is -
"Be it initial stop loss or Trailing stop loss, Lets say my stop loss level is at 5780, and the next candle after i entered long started falling, and it went below 5780. So shall i exit from the trade as soon the price falls below 5780 or should i wait for the candle's close ??
And
This is the most valuable lessons i have got today.
Thank you again
Thank you Mr. Jagan,
I am glad you came up with your suggestions.
Yes, i had plan for entering at 5790, and the Stop loss was at 5780, a Risk of 10 points. But As i have mentioned about my thoughts and lessons, it is secondary thought that kept me away from executing the trade, and once the price move got confirmed above 5790, i could enter only at 5797.
And regarding stop loss, I have one question. That is -
"Be it initial stop loss or Trailing stop loss, Lets say my stop loss level is at 5780, and the next candle after i entered long started falling, and it went below 5780. So shall i exit from the trade as soon the price falls below 5780 or should i wait for the candle's close ??
And
This is the most valuable lessons i have got today.
Thank you again
I am glad you came up with your suggestions.
Yes, i had plan for entering at 5790, and the Stop loss was at 5780, a Risk of 10 points. But As i have mentioned about my thoughts and lessons, it is secondary thought that kept me away from executing the trade, and once the price move got confirmed above 5790, i could enter only at 5797.
And regarding stop loss, I have one question. That is -
"Be it initial stop loss or Trailing stop loss, Lets say my stop loss level is at 5780, and the next candle after i entered long started falling, and it went below 5780. So shall i exit from the trade as soon the price falls below 5780 or should i wait for the candle's close ??
And
This is the most valuable lessons i have got today.
Thank you again
You are welcome
.Initial Stop loss is a stop loss.
No changing or re thinking or waiting for the candle close etc.
Personally I don't wait for candle close.
It depends upon your trading style and TF you trade.
I trade 1Min charts.
Hence I would again re enter in the same direction with a further more closer tight stop if the markets fails my stop and moves in the original direction to check the real intentions of the markets.
Also I would make a couple of trades with very small stops and take hits to get in to the right direction of the markets and then increase the size aggressively.
That's the adv of trading smaller tf charts.
And most of the day traders here don't trade any TF above 5 Minutes.
Regarding TSL pivot lows or pivot highs for long and stop + 1 or 2 points filter.
In your case 5790 was your pivot low.
Hope this answer your questions.
Taiki,
Again I am reluctantly sharing my experience.
Because I don't want to clutter your thought process.
But writing since you have left your job to become a full time trader.So the urge to share my mistakes are more than my reluctance.
No more writings from me reg the psychology part.Bear with me this time alone.
Wanted to add few more things so that one don't repeat the same mistakes as i did before.
I always tried to be a perfectionist believing that I could create a best system.Not happy with any thing,just wanted to have system which will do wonders in all kind of market conditions.
I have blown couple of time my accounts.
Because of this egoistic nature.
Learning:
Be a specialist than a perfectionist.
At least to start with - Try to be a master of one than to be jack of all trades.
Never try to be a perfectionist and try to keep on fine tuning your system and rules.Remember just one good trade setup is enough for living and let it be little imperfect.
Fixed risk:reward system imo is the most simplest and best thing to start
with since one wont't have any ambiguity.
Risk and Reward are clear.
"Deciding a simple system and sticking to that" will be the greatest challenge in the beginning.Stop searching it is now and here.
Once the trade setup - entry exit rules are clear.
Just follow that rigidly.
Just move to stops to break evens if price moves 50% of the target.so that if at all reversal happens.So that one doesn't make loss in a winning trade.
Or enter with 2 lots and exit one when 50% target is reached and leave the next lot on the table.
Practice practice practice your system in your free time in demo trading systems till this becomes your nature.
Practice strictly only with one or two favorite instruments and trade.
Each instrument exhibits its own characteristics.
I often find you blaming yourself on patience but I see it the other way - it is a lack of clear cut exit rules. You always mention a target but also have a trailing stop loss.Again you don't re enter a trade.
So it cannot be the both ie fixed target as well as trailing stops - just my opinion.
Your MM and trade entries are robust.But ..........................
Both the days you exited early less than 50% of your target with your trailing stops and markets reached your targets.
Patience and Impatience equally are important in trading.
Patience while in profits .
Impatience while in loss.
Once a trader is successful and consistent in making money with the trade setup,it has become his second nature.No doubt and no stress - only then he can think of adding the next trade setup or system to his trading arsenal.
Markets - It is only about survival in the beginning.Live today to kill another day.
TA and reading books may be detrimental to one's trading in the initial stages.
Be like Arjuna.
Be focused and practice only one setup.
Close your eyes and ears to every thing else.
Again I am reluctantly sharing my experience.
Because I don't want to clutter your thought process.
But writing since you have left your job to become a full time trader
.So the urge to share my mistakes are more than my reluctance.No more writings from me reg the psychology part.Bear with me this time alone
.Wanted to add few more things so that one don't repeat the same mistakes as i did before.
I always tried to be a perfectionist believing that I could create a best system.Not happy with any thing,just wanted to have system which will do wonders in all kind of market conditions.
I have blown couple of time my accounts.
Because of this egoistic nature.
Learning:
Be a specialist than a perfectionist.
At least to start with - Try to be a master of one than to be jack of all trades.
Never try to be a perfectionist and try to keep on fine tuning your system and rules.Remember just one good trade setup is enough for living and let it be little imperfect
.Fixed risk:reward system imo is the most simplest and best thing to start
with since one wont't have any ambiguity.
Risk and Reward are clear.
"Deciding a simple system and sticking to that" will be the greatest challenge in the beginning.Stop searching it is now and here.
Once the trade setup - entry exit rules are clear.
Just follow that rigidly.
Just move to stops to break evens if price moves 50% of the target.so that if at all reversal happens.So that one doesn't make loss in a winning trade.
Or enter with 2 lots and exit one when 50% target is reached and leave the next lot on the table.
Practice practice practice your system in your free time in demo trading systems till this becomes your nature.
Practice strictly only with one or two favorite instruments and trade.
Each instrument exhibits its own characteristics.
I often find you blaming yourself on patience but I see it the other way - it is a lack of clear cut exit rules. You always mention a target but also have a trailing stop loss.Again you don't re enter a trade.
So it cannot be the both ie fixed target as well as trailing stops - just my opinion.
Your MM and trade entries are robust.But ..........................
Both the days you exited early less than 50% of your target with your trailing stops and markets reached your targets
.Patience and Impatience equally are important in trading.
Patience while in profits .
Impatience while in loss.
Once a trader is successful and consistent in making money with the trade setup,it has become his second nature.No doubt and no stress - only then he can think of adding the next trade setup or system to his trading arsenal.
Markets - It is only about survival in the beginning.Live today to kill another day.
TA and reading books may be detrimental to one's trading in the initial stages.
Be like Arjuna.
Be focused and practice only one setup.
Close your eyes and ears to every thing else.
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