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

[Taiki]

A bad day so far

BankNifty is down by 0.5% and Nifty is up by 0.6%
Got a Sell signal in Nifty at 5800-5805 level, Took the short call, Nifty came to 5790 level and then bounced back and hit my stops at 5815. Nifty came below 5800 for a second time and this time too my system was pointing a sell, So took the short trade but this time with a tight stop of 10 points. And now that stop got hit too. now my system is showing a sideways range :annoyed:

Loss of -25 poitns so far. I guess i am done for the day, Will take the trade once Nifty come out of the 5820-5790 range

 

[Happy_Singh]

A bad day so far

BankNifty is down by 0.5% and Nifty is up by 0.6%
Got a Sell signal in Nifty at 5800-5805 level, Took the short call, Nifty came to 5790 level and then bounced back and hit my stops at 5815. Nifty came below 5800 for a second time and this time too my system was pointing a sell, So took the short trade but this time with a tight stop of 10 points. And now that stop got hit too. now my system is showing a sideways range :annoyed:

Loss of -25 poitns so far. I guess i am done for the day, Will take the trade once Nifty come out of the 5820-5790 range

If instead of trading we were into business of selling shirts (or whatever)

We buy a shirt for rs x and try to sell it for x+y,

For a futures trader -ve days are the days when we buy that shirt, pay-out
The day we make profit are the days when we sell the shirt, pay-in

Now even in shirt business if we are stuck with some old stock we do sell it for rs x-y

ok fresh longs coming in both BNF/NF now


.

 

[jain.er]

Taiki biradar hope you are long now above 5820, me too made a loss in the early morning whip but loss and profit are like evil and good, demons and god both co exists in the world...

 

[Taiki]

Taiki biradar hope you are long now above 5820, me too made a loss in the early morning whip but loss and profit are like evil and good, demons and god both co exists in the world...

Yep, Jain Bro,

My long order in NF did not get executed at 5820, after a little chase entered at 5828, and came out now at 5840 with +12 points in hand. Will look for re-entering if Nifty sustains above 5820 as hourly trend has changed to up above this level. lets see

 

[Taiki]

If instead of trading we were into business of selling shirts (or whatever)

We buy a shirt for rs x and try to sell it for x+y,

For a futures trader -ve days are the days when we buy that shirt, pay-out
The day we make profit are the days when we sell the shirt, pay-in

Now even in shirt business if we are stuck with some old stock we do sell it for rs x-y

ok fresh longs coming in both BNF/NF now


.

Good analogy Happy ji,

Profit or Loss, It is just another day in a day trader's life :thumb:

 

[Taiki]

EOD Summary

Ended a highly volatile day with green though the start was shaken with 2 consecutive losses. But later with two profits recovered the losses and ended with slight green. Did total 4 trades today. Though a final long trade has been signalled but did not take that due to high volatility.

Trades

1. Shorted NF at 5800, Stop loss hit at 5815. Loss of -15 points
2. Shorted NF at 5800, Stop loss hit at 5810, Loss of -10 points.
3. Bought NF @ 5828, Stoploss = 5820, Target = 5850, Exited at 5840. Gain of +12 points
4. Shorted NF at 5810, Stop loss = 5820, Target = 5790, 5770. Exited at 5790. Gain of +20 points.

Net gain = +7 points

Still with this little profits and 4 trades, few rupees will be added to account. But if the similar incident would have happened with Ventura, I would have ended up with red after all the brokerages.

 

[xrtrader1]

Just my guess, you should still be in little red/breakeven considering taxes..

Question:
How many points do you need for breakeven for 1 contract. Mine it comes to 1.8 Points.

 

[Taiki]

Just my guess, you should still be in little red/breakeven considering taxes..

Question:
How many points do you need for breakeven for 1 contract. Mine it comes to 1.8 Points.

I am not worried about taxes now. It is just the beginning and have a long way to go

My breakeven is 1.14

 

[indianbank]

Taiki... better u do options writting...

selling call/put.. then brokerages and other charges will be very very less.

u will get max points which u earn...

 

[Taiki]

EOD Update for 5th July

It was a gap up day following strong asian market. I was ready again with my gap strategy. But market gave something new and I was confused. But this is the opportunity to learn something new. Guys please put your thoughts on this.

Nifty Spot

NIFTY FUT

After the gap up, when Nifty Spot falls below the hourly chart's low, I took the short trade in NF. But Nifty FUT has not breached the low by that time.
So I was confused with the short trade.

Trade
Took short position in NF @ 5880, target 5860 (hoping this will break the low in time). But Stoploss got hit at 5895. Loss of -15 points.

Then later in the day NIfty FUT broke the hourly Low and Nifty spot also broke its day's low of 5872. I could not take this trade. but this met with the target of 5860.

Net Loss for the day -15 points

Now question is was the 1st trade correct to take. Or should i follow NF as I trade in NF. So far i have been following Nifty spot and taking trades with NF ?