A new Life, A new Career, A new Dream - I am a Trader
- Thread starter Taiki
- Start date
every day i spend 3 to 4 hours for new system and learning new things. ur sentence, it just click me. now its time to think on it. thanks.. 
Trading is some thing has to be learn't by negation.That is the most difficult and painful part. Nethi Nethi
.You will never regret the efforts once you get the knack and the rewards will compensate the efforts you have made multi fold.
My best wishes.
every day i spend 3 to 4 hours for new system and learning new things. ur sentence, it just click me. now its time to think on it. thanks..
You may also include the following sentence from JK in your moving thoughts, as this is for many beginners, which have no mentor, a big moat:
No matter what ever amount of rules of confirmation you add, there will be in the corner of mind a slight doubt to pull the trigger.
Be very clear about that and handle it very well.
@JK: Very nicely explained. :thumb:
As a further thought you may also put the next post/thread in your mind, which is posted from an other member I respect very much, as he is also is a very helpful person:
http://www.traderji.com/futures/772...style-day-trading-strategy-42.html#post819604
All the best and take care / DanPickUp
@Taiki
After all that very informative post's, you should be full of psychological power to take your next trade on Monday. You should now be able to select what is noise and what is relevant in your head and for your trading.
Use the following hours until Monday in private and do not post again. Relax, as you have now all the tools. Just fine tune them when needed. As told in the past: There is not too much between sky and earth.
Do not get greedy and stay calm when ever you have success.
DanPickUp
After all that very informative post's, you should be full of psychological power to take your next trade on Monday. You should now be able to select what is noise and what is relevant in your head and for your trading.
Use the following hours until Monday in private and do not post again. Relax, as you have now all the tools. Just fine tune them when needed. As told in the past: There is not too much between sky and earth.
Do not get greedy and stay calm when ever you have success.
DanPickUp
Taiki,
Sorry for discouraging.
Every thing is from my past painful experiences.
What ever I believe need not be the same for you.You could even do better tracking mutiple scripts/stocks.
Just my views below.It is you who has to take the call.
Nothing is right or wrong.
Different traders have different style,rules,financial edge and psychological edges,SW edges,News related edges,Insider infos etc.
Just few questions to your thoughts.
What are the advantages,disadvantages of tracking multiple stocks,
and totally a different currency segment ?
What is there in currency to learn ?
Do you plan to trade all of them simultaneously ?
Will it help in making decisions to trade Nifty confidently ? or will add to the noise and more distraction ? or will help you to keep yourself more focused ?
Will it be possible to manage the all trades of them ?
Will you trade the stocks which that are trending with Nifty or case to case ?
If Nifty is moving up and currency is also moving up what will be your plan ?
Already you are having problems in placing orders.
Pls convince me in what way the above are going to help you.
Just few more questions ? - Pls answer them.
What where your problems while trading 5 minutes charts ?
1 M chart - 375 candles.
5M chart - 75 candles.
15M Chart - 25 candles.
60 M chart - 6 1/4 candles.
Why trading higher time frame alone - you are comfortable ?
What are the emotional short comings in trading lower time frames ?
What steps you have taken to over come this ?
(Remember traders are not born on a day - it requires practice practice - its a long journey).
Why one has to wait for trades ? Is it not possible to enter a trade and manage it at any point of the chart ?
Is anticipation good or bad ? or just follow the price ????
Assuming You have sufficient capital and you aim to capture 40 points a day trading Nifty options.ie. to make 2000 rs a day.
Pls choose the best answer below (Nothing is right or wrong).
1 Trade - 20 lots - 2 points a day.
1 Trade - 1lot- 40 points a day.Sit for the target.
2 Trades -4lots - 5 points a trade.(No scaling in - fixed).
4 Trades -2lots - 5 points a trade.(No scaling in - fixed).
1 Trade - 4 lots - with scaling - ie add position when in profit).
20 trades - 2 lots - 1 point a trade (Aughu bai style - I am referring to the trade size)
The initial success will tempt you to jump to multiple stocks,currencies,commodities etc pls stop refraining in doing so.
Is it not possible to make profits in Nifty alone if you are trading well than focusing multiple instruments. ?
If not have a mentor who can tell you when to go to the next step.
Just proove your success to yourself for say 100 trades or till double this capital and give the initial capital to your home.
When ever you make a very big profit in a trade be very careful and cautious.
Usually that will be turning point of markets in much speedier way in the opposite direction.
My humble suggestion once again - don't think of trading stocks,currencies etc for at least 6 months.Trade Nifty or Nifty options.Till you are successful and consistent with the results.Till you are consistent in following the process and treat profit and loss days alike.
Initial Trading success will give euphoria which deadliest enemy of a trader.
How successful traders counter their trading euphoria - a deadly enemy for a trader with.
My friend Swing King used give party to his traders on all loosing days and cheer up and enjoy.While on winning days nobody is allowed to cheer up in euphoria and no body is allowed to talk about the success.
Similarly Subhadeep Nandi a famous trader,SW vendor of charts and conduct paid trading sessions usually enters in bulk.Once the trade is successful and has made a good lot of money say (2-3 lakhs).Will stop trading for the next 3 to 4 days.
Pls Note : - - Take a second opinion from DAN,ST.
Sorry for discouraging.
Every thing is from my past painful experiences.
What ever I believe need not be the same for you.You could even do better tracking mutiple scripts/stocks.
Just my views below.It is you who has to take the call.
Nothing is right or wrong.
Different traders have different style,rules,financial edge and psychological edges,SW edges,News related edges,Insider infos etc.
Just few questions to your thoughts.
What are the advantages,disadvantages of tracking multiple stocks,
and totally a different currency segment ?
What is there in currency to learn ?
Do you plan to trade all of them simultaneously ?
Will it help in making decisions to trade Nifty confidently ? or will add to the noise and more distraction ? or will help you to keep yourself more focused ?
Will it be possible to manage the all trades of them ?
Will you trade the stocks which that are trending with Nifty or case to case ?
If Nifty is moving up and currency is also moving up what will be your plan ?
Already you are having problems in placing orders.
Pls convince me in what way the above are going to help you.
Just few more questions ? - Pls answer them.
What where your problems while trading 5 minutes charts ?
1 M chart - 375 candles.
5M chart - 75 candles.
15M Chart - 25 candles.
60 M chart - 6 1/4 candles.
Why trading higher time frame alone - you are comfortable ?
What are the emotional short comings in trading lower time frames ?
What steps you have taken to over come this ?
(Remember traders are not born on a day - it requires practice practice - its a long journey).
Why one has to wait for trades ? Is it not possible to enter a trade and manage it at any point of the chart ?
Is anticipation good or bad ? or just follow the price ????
Assuming You have sufficient capital and you aim to capture 40 points a day trading Nifty options.ie. to make 2000 rs a day.
Pls choose the best answer below (Nothing is right or wrong).
1 Trade - 20 lots - 2 points a day.
1 Trade - 1lot- 40 points a day.Sit for the target.
2 Trades -4lots - 5 points a trade.(No scaling in - fixed).
4 Trades -2lots - 5 points a trade.(No scaling in - fixed).
1 Trade - 4 lots - with scaling - ie add position when in profit).
20 trades - 2 lots - 1 point a trade (Aughu bai style
- I am referring to the trade size) The initial success will tempt you to jump to multiple stocks,currencies,commodities etc pls stop refraining in doing so.
Is it not possible to make profits in Nifty alone if you are trading well than focusing multiple instruments. ?
If not have a mentor who can tell you when to go to the next step.
Just proove your success to yourself for say 100 trades or till double this capital and give the initial capital to your home.
When ever you make a very big profit in a trade be very careful and cautious.
Usually that will be turning point of markets in much speedier way in the opposite direction.
My humble suggestion once again - don't think of trading stocks,currencies etc for at least 6 months.Trade Nifty or Nifty options.Till you are successful and consistent with the results.Till you are consistent in following the process and treat profit and loss days alike.
Initial Trading success will give euphoria which deadliest enemy of a trader.
How successful traders counter their trading euphoria - a deadly enemy for a trader with.
My friend Swing King used give party to his traders on all loosing days and cheer up and enjoy.While on winning days nobody is allowed to cheer up in euphoria and no body is allowed to talk about the success.
Similarly Subhadeep Nandi a famous trader,SW vendor of charts and conduct paid trading sessions usually enters in bulk.Once the trade is successful and has made a good lot of money say (2-3 lakhs).Will stop trading for the next 3 to 4 days.
Pls Note : - - Take a second opinion from DAN,ST.
More things to be considered as a trader ...
1. fear of missing out - when we are in trading journal many times we take trade because some trade setups excited for us ...we are in situation where we feel sometime that trade defiantly will go in our favor so at that time we want to get ourselves into that trades as soon as possible , we think if we over-analyze this time ..we can miss this trade in other words we don't want to miss those trades . .. & this become very silly mistake often ...when we see a trade setup looks easy to trade can lead southwards to our expectation 90% of time . so never hurry in taking trade , take only those trade which qualify our trading rules - if we miss one we can get another , market will always move like this only , its not going anywhere .
2. We want little space every time ,we want bit relaxation every time , we want escape from following rules while trading just for one time , we say often only this time without stoploss , next time I will follow all rules . in that scenario when we don't follow rules & trade ends up being a winner . after that when we win a trade without following rules we likely not to follow rules in next trade and this is really a terrible mistake .. we will end with some huge losses . worst thing is it's so tempting not to follow rules only this time but my friends we must remember there can't be this one time .we have to follow our rules every time .
3. we want revenge from market because we don't take responsibility of our trade . we are in thoughts always that market is doing something wrong with us ...we can't be wrong every time & this is market which is playing against us . so we want to teach a lesson to market & are eager to take revenge from market after every bad trade .so in that case we take trade without much thinking because we are filled with aggression towards market & most likely that trade ends with one more big loss because in reality there is no connection between 2 trades . this is our emotions which make us to co-relate these 2 trades . so after a bad trade stay away from market for sometime .
These are some feedback which may help you in your trading but there can be many others too . Happy trading .:clapping::clapping::clapping:
1. fear of missing out - when we are in trading journal many times we take trade because some trade setups excited for us ...we are in situation where we feel sometime that trade defiantly will go in our favor so at that time we want to get ourselves into that trades as soon as possible , we think if we over-analyze this time ..we can miss this trade in other words we don't want to miss those trades . .. & this become very silly mistake often ...when we see a trade setup looks easy to trade can lead southwards to our expectation 90% of time . so never hurry in taking trade , take only those trade which qualify our trading rules - if we miss one we can get another , market will always move like this only , its not going anywhere .
2. We want little space every time ,we want bit relaxation every time , we want escape from following rules while trading just for one time , we say often only this time without stoploss , next time I will follow all rules . in that scenario when we don't follow rules & trade ends up being a winner . after that when we win a trade without following rules we likely not to follow rules in next trade and this is really a terrible mistake .. we will end with some huge losses . worst thing is it's so tempting not to follow rules only this time but my friends we must remember there can't be this one time .we have to follow our rules every time .
3. we want revenge from market because we don't take responsibility of our trade . we are in thoughts always that market is doing something wrong with us ...we can't be wrong every time & this is market which is playing against us . so we want to teach a lesson to market & are eager to take revenge from market after every bad trade .so in that case we take trade without much thinking because we are filled with aggression towards market & most likely that trade ends with one more big loss because in reality there is no connection between 2 trades . this is our emotions which make us to co-relate these 2 trades . so after a bad trade stay away from market for sometime .
These are some feedback which may help you in your trading but there can be many others too . Happy trading .:clapping::clapping::clapping:
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