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

[Nifty_Punter]

EOD Summary

An Awesome day. I was feeling frustrated in the early hour as Nifty was moving up, and I was sitting quite with no trade as it was not a buy signal from my system. Believe me that was the most difficult time to watch Nifty riding, controlling my emotion. As per my strategy it was Sell on High, and I started doubting my strategy after seeing the hanging man in 1st hour, and the upmove after that.

But thankfully, I got a sell opportunity as Nifty faced resistance around 5685 as per my plan, Took a short position on NF at 5680, with a target of 5640. And booked at 5620.

Trade

1. Sold NF @ 5680, Stop loss = 5690, Target = 5640, Exited = 5620

Net gain = +60 Points

Thoughts and Lessons

- Need to put this in a practice - "Sit patiently till the market comes to your desired level rather than jumping into the trade straight away".

Hey Taiki,

First of all, All the best for your new career and I wish continuous success in this exciting trading career.

I have 2 questions for you (naive question alert!!!)

1. How do you come up with target at entry? Is it fixed or system generated? I really don't know how to fix a target at the entry stage itself.

2. Though your target was 5640, you exited on 5620. I know we have let the profit's run. But, isn't this indiscipline not to book on targets

 

[Taiki]

Hey Taiki,

First of all, All the best for your new career and I wish continuous success in this exciting trading career.

I have 2 questions for you (naive question alert!!!)

1. How do you come up with target at entry? Is it fixed or system generated? I really don't know how to fix a target at the entry stage itself.

2. Though your target was 5640, you exited on 5620. I know we have let the profit's run. But, isn't this indiscipline not to book on targets

Thanks you Nifty Punter,

I keep target based on the next support/resistance levels. And on smaller time frame, immediate support was at 5640 and next was at 5620. No support or signals of reversal were seen at 5640, so I stayed on the trade targeting 5620. But you can see, Nifty spot did not touch 5620 but NF went below 5620. So I came out of the trade when Nifty started taking profit around 5625.

I hope it is clear now

Regards
Taiki

 

[ravikchandran]

Hello friends,

Finally I am out of the corporate slavery and now I am a full time trader.. It was a tough decision but the tougher path is ahead where I will be working from now on. All my time and energy will be dedicated to trading, learning, being discipline and enjoying my new life..

Starting the new thread, new diary, new career from today.. Best of luck to all my friends here, wish me luck too :thumb::thumb::thumb:

best wisheses,a ship with best captain (like u ) wil be safe on both onshore &offshore.thank u.

 

[jagankris]

we have our augubhai , but this "bai" is female version ..........
BTW nice discussion going on..............:thumb:

Maaf karo ji.
Dhanyavad teek karne keliye .
Mujhe hindhi thoda thoda maalum.
islieye spelling mistake ho gaya.

Magar Augubhai usko maaf kiya tha na.

Huraaaaaaaaaah I stiill remember my school Hindi

 

[augubhai]

Maaf karo ji.
Dhanyavad teek karne keliye .
Mujhe hindhi thoda thoda maalum.
islieye spelling mistake ho gaya.

Magar Augubhai usko maaf kiya tha na.

Huraaaaaaaaaah I stiill remember my school Hindi

Jagan anna, Tamizhil bai-yum bhai-yum onnu thane?

 

[jagankris]

Jagan anna, Tamizhil bai-yum bhai-yum onnu thane?

Augubhai Thambhi ,

Tamilla there is no bai or bhai.
Bada Bhai - Anna.
Chotta Bhai - Thambhi.
People call muslim brothers as bhai.

 

[jain.er]

amma amma...

 

[Taiki]

EOD Update

No trades are done today. Did not get any signal. Short set up was formed around 5640-5650. But did not get any chance for a suitable entry.

 

[healthraj]

Good thread. And this thread seems to be everybody's thread rather than Taiki's thread. Something to learn from everybody.

 

[healthraj]

Hello friends,

Finally I am out of the corporate slavery and now I am a full time trader.. It was a tough decision but the tougher path is ahead where I will be working from now on. All my time and energy will be dedicated to trading, learning, being discipline and enjoying my new life..

Starting the new thread, new diary, new career from today.. Best of luck to all my friends here, wish me luck too :thumb::thumb::thumb:

All the best. Indeed a very tough decision.