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

[Taiki]

EOD Summary

No trades were done yesterday as was busy with other stuff. Luckily no significant movement was seen in Nifty and nifty stayed in the range of 5560 to 5660. One short signal had come in closing hour at 5610, with a target of 5580, 5560.

Will follow a cautious approach today following Raj bhai's suggestion of avoiding market during expiry day.

 

[Taiki]

EOD Summary

A good day to end the June series. Got 3 signal, Got breakeven in 1st trade, good profit on the 2nd and missed the 3rd. My entries (Yellow upward arrow) and exit (Yellow straight lines) are marked on the Nifty Jul FUT 10 min charts.

Trades

1. Buy set up has formed around 5640-5645 level with a target of 5680. And Nifty opened at 5647 with a gap of 60 points confirming the +ve sentiment. Put the buy order at NF around 5650 which did not get executed and entered at 5655 with a stop at 5640. But Nifty took resistance at 5658 and started falling. Though NF had made a high of 5665, I exited at 5655.

2. 2nd Buy got confirmed around 1PM, Bought NF at 5655, Stoploss = 5645, Target = 5690. Exited at 5692. Gain of +37 points

3. 3rd signal came around 2PM, but I was relaxed after the profit of 2nd trades, and that is why could not take this trade. :annoyed:
It was a quick trade of 20 points only.

Net Gain = +37 points (Brokerage is to be cut)

Thoughts and Lessons

- Need to be alert through out the market hours. I was not for which missed 20 points in the 3rd trade.

 

[Taiki]

Performance analysis for June 2013

With this June series I finished my 1st month of full time trading career. 1st week was breakeven, 2nd week made loss, on 3rd week recovered 2nd week's loss and was in little green, And in last week (This week) only today was a green day. So ending my first month of little profit only (2%). Counting this month as a break even month as 2% is not a profit to mention about.

Before the month I had not kept any specific goal for the month, as i just wanted to get a taste of this new phase. Did some trial with options initial days, and then things are looking bit smooth with FUT and hourly chart.

Plan for July Series

- Will keep trading in Nifty FUT, with Hourly time frame.
- Setting a goal as 7%-10% (min-max). And will stop trading for the month after maximum target is met. (Following Raj bhai's advice here with a target in mind. Do not know if i really can stop after that, but will pick only High probable trades rather than picking all the signals)
- Do not know if the target is a realistic one or not, but will give it a try.

 

[DanPickUp]

And will stop trading for the month after maximum target is met.

Don't fall in that trap. I do not know the person which posted such rub..... NO NO.

You can reach that target after one week. So what about the next three weeks?

Never start to think like that. Sorry to tell r.b..., but out of question. Never, ever meet any successful trader which would behave like that, as there is no reason to behave like that. And this specially in your situation. Maybe yes when you made your money and no more need any for your future, but in your situation: NO.

But as always: Your choice, your live, your money.

Take care / DanPickUp

 

[Taiki]

Don't fall in that trap. I do not know the person which posted such rub..... NO NO.

You can reach that target after one week. So what about the next three weeks?

Never start to think like that. Sorry to tell r.b..., but out of question. Never, ever meet any successful trader which would behave like that, as there is no reason to behave like that. And this specially in your situation. Maybe yes when you made your money and no more need any for your future, but in your situation: NO.

But as always: Your choice, your live, your money.

Take care / DanPickUp

Thank you Dan bro, for making me realize this, I think now i can understand what Raj bro intended to say with that line. May be we can stop when we dont need no more for the month, which is clearly a No in my case..

Thank you again for making picture clear.

 

[jagankris]

Don't fall in that trap. I do not know the person which posted such rub..... NO NO.

You can reach that target after one week. So what about the next three weeks?

Never start to think like that. Sorry to tell r.b..., but out of question. Never, ever meet any successful trader which would behave like that, as there is no reason to behave like that. And this specially in your situation. Maybe yes when you made your money and no more need any for your future, but in your situation: NO.

But as always: Your choice, your live, your money.

Take care / DanPickUp

I definitely knew this would come.But I was waiting for Taiki to come out with his thoughts.

I second Raj's advice on over trading.
But not in fixing a % goal like 7 or 10 %.

Raj's intention is control the euphoria of winning - over confidence etc.

Taiki Markets doesn't always give big opportunities.
If you are having a fixed goal say 10% - if you are in a loosing streak it will press you to over trade and commit more mistakes.

Say if you have reached 10% goal and if markets move in a big way you would have missed an excellent opportunity.

Have a system/setup/strategy what ever you call it.
Let the markets/system decides the no of trades you take and profit and loss.

Never have money oriented goals have performance based goals.
Money oriented goals always creates stress and psychological frustrations.

Check if your thoughts and System are in sync ???
And if you are obeying your system even if it contradicts your thoughts.

Say for example - today I never couldn't or digest market moving in the positive direction.I was expecting markets going down.I was expecting markets close at 5600 or near the low.I was expecting to gap down but to my shock gap up.Now only 1 short trade as per my system.Rest 3 longs.
A psychological war was happening in my mind.Even now as i write it is happening.

If you are placing you stops immediately after your trades.
If you are sticking to stops.
If you are trailing your stops as per your system.
Patiently giving more room for the price to move in your favour etc.
If you are ruthlessly cutting loosing positions.
If you re entering properly after markets hitting your stop.

etc etc.

Next regarding stop trading expiry week - I would prefer to trade expiry weeks because options will be very cheap with less premium.Why should one miss that opportunity ?

One catch - definitely there will be sideways - so be prepared to face that if you are trading options there.

News days - Probably I would prefer to sit out because I don't have an edge over that.If you have a Reuter's or Bloomberg Terminal then trade news days also .

 

[Taiki]

- Let the markets/system decides the no of trades you take and profit and loss.
- Never have money oriented goals have performance based goals.
- Money oriented goals always creates stress and psychological frustrations.

Wow, Jagan Bhai,

Thanks a lot. Got few million dollar advices to be added in my rule book. Point noted down

 

[jagankris]

Dear Dan,

Could you please enable your PM for me ?
Thanks in advance.

 

[The Disciplined Trader]

Beginners & Newbies dont waste ur time to read big trading books. just read this thread and it will be more than enough. :thumb:

 

[rajgreenpeace]

Don't fall in that trap. I do not know the person which posted such rub..... NO NO.

You can reach that target after one week. So what about the next three weeks?

Never start to think like that. Sorry to tell r.b..., but out of question. Never, ever meet any successful trader which would behave like that, as there is no reason to behave like that. And this specially in your situation. Maybe yes when you made your money and no more need any for your future, but in your situation: NO.

But as always: Your choice, your live, your money.

Take care / DanPickUp

Dear ,
Dan I know you are good person and I like your debate......I told Taiki to stop trading after reach his tgt.....you never forget this Gentlemen Just left job..for....... trading.......he will lose his confident..if he beat early in his trading life ......"A new Life, A new Career, A new Dream - I am a Trader" lot's of emotion behind this sentence ........ I want to increase his confident...its psychological.....He is new...if he earn money....first six ....month...confidently......then.....he will get more confident.....You never forget....this post only for newbies....seniors traders like u don't need to follow this.....for newbies its like TEST cricket match.....first..10 overs is very important....pitch pe jam gaya tu run aise he ayega...........Now tell me what is your monthly target? Mine is 3 lacs...then...what is the problem if I stop trading after get this huge amount.....if I achieved my target with in 1 week.........next 3 week will be time pass and learning trading.....:thumb::thumb::thumb::thumb: