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

[musicjunkie]

Always look at the chart of the instrument you trade.

Trade nifty futures and look at nifty futures charts.
You will have to completely ignore spot futures unless it is a major part of the strategy itself.

 

[anuragmunjal]

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.

hi Taiki

were these your normal trades, or did you make a mistake somewhere..or were these trades part of a larger plan ?

regards

 

[Taiki]

EOD Summary

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

hi Taiki

were these your normal trades, or did you make a mistake somewhere..or were these trades part of a larger plan ?

regards

Hi Anurag,

yes those trades were normal, and was coming from hourly time frame. It was unusual to get so many trades in a single day in hourly chart. But that day Nifty was moving around a common point range 5800-5810 with high volatility and breaking both of its range.

Regards
Taiki

 

[anuragmunjal]

Hi Anurag,

yes those trades were normal, and was coming from hourly time frame. It was unusual to get so many trades in a single day in hourly chart. But that day Nifty was moving around a common point range 5800-5810 with high volatility and breaking both of its range.

Regards
Taiki

Trading NF on an hourly Tf.. with the kind of sls and targets you have.. you would require a very high %age of winners, considering the costs involved and slippage too in the long run,to make any meaningful amount. at best you would remain a breakeven trader in the long run.. I do not see any edge in your trades.

regards

 

[Taiki]

Trading NF on an hourly Tf.. with the kind of sls and targets you have.. you would require a very high %age of winners, considering the costs involved and slippage too in the long run,to make any meaningful amount. at best you would remain a breakeven trader in the long run.. I do not see any edge in your trades.

regards

Am still working on sharpening that edge,and I too feel the same that you have posted.

 

[DanPickUp]

Amounts of traded markets will solve that problem. (Was posted in the past but may not understood properly)

 

[jagankris]

Dear Taiki,

Posting a sample trading plan.
Which I found in my system.Not sure where and when I downloaded after modifying.

Change according to your beliefs,system and style.May be Dan,Anurag ji and other friends will help us to improve this.

Trading plan

Trading Objective:

My object is to become one of the best professional day trader and make a living from trading.

Trading Beliefs:

I believe in classical TA.
I believe that discretionary trading is better than system trading.
All the trading decision is taken by the set of rules which are discretionary and hence has some human emotion element in trading. Sometimes I exit discretionarily which needs improvement.
Intention is to have intraday system, where I square off the trades at the target.

I prefer to wait for the trades than aggressively chasing the markets.

My Strengths

My weakness


System Display for Easy decision making:

I intend to use Amibroker for this.
The system should be helpful to make decision making with out much noise.

I prefer to use fixed Volume based bars to eliminate the candle stick price noise.

System should display only the trade in progress, long or short., entry price, stoploss, Quantity that is traded.No scaling in the initial periods till I achieve my first milestone.
.
Support Resistances,Trade location, price bar on which trade occurred target(s), stoploss need to be plotted.

Trade Setup

Structure provides us the support and resistance (or turning point) of nifty.
Trading time frame provides us direction of trade.
Timing time frame provides us the entry / exit signal.

Trading time frame : 10 minute
Timing time frame : 2 minute

Stop loss is a fixed percentage or trading time frame pivot + filter.
No mental stop loss.
Place the Stop loss immediately after placing the order.

Structure time frame:60 minutes

Pivots on 60 min time frame gives us a good Entry/exit location.
I define the trend by MA's.
Candle stick analysis is a good health indicator of the trade in progress.

Trading time frame : 10 min

Trend is defined on this time frame.
A series of higher visual pivot indicates Up Trend.
A series of Lower visual pivot indicates Down Trend.


Rules for trading Choppy Days

Rules for trading Gap Days

Rules for trading Trending Days

Rules of the trade when momentum/volatility is very high

Rules for the trade on a news day

Rules for the trade on Expiry

Rules for Re entry of trade if stop is hit

MoneyManagement

My system has a historical statistical RR ratio of 1:3 and win rate of 65 %.
And hence I am able to trade with confidence and without Fear.

• I will never risk more than 1% of my capital in any trade.
• I will never risk more than 5% of my trading capital in a week.
• I will never risk more than 10% of my trading capital in a month.

Milestone 1

To follow and execute my system flawlessly till I get full faith confidence and belief in my trading system.First 100 days of training.

Milestone 2

On successful achievement of milestone 1.
Add Scaling in and out rules for my system

Milestone 3

Add instruments to trading as per the system for first 2 milestones are achieved.

Daily routines

I will read my trading plan daily.
Check for important news events.
Check the Asian Markets opening daily.
........................
..........................

 

[VJAY]

Dear Taiki,

Posting a sample trading plan.
Which I found in my system.Not sure where and when I downloaded after modifying.

Change according to your beliefs,system and style.May be Dan,Anurag ji and other friends will help us to improve this.

Trading plan

Trading Objective:

My object is to become one of the best professional day trader and make a living from trading.

Trading Beliefs:

I believe in classical TA.
I believe that discretionary trading is better than system trading.
All the trading decision is taken by the set of rules which are discretionary and hence has some human emotion element in trading. Sometimes I exit discretionarily which needs improvement.
Intention is to have intraday system, where I square off the trades at the target.

I prefer to wait for the trades than aggressively chasing the markets.

My Strengths

My weakness


System Display for Easy decision making:

I intend to use Amibroker for this.
The system should be helpful to make decision making with out much noise.

I prefer to use fixed Volume based bars to eliminate the candle stick price noise.

System should display only the trade in progress, long or short., entry price, stoploss, Quantity that is traded.No scaling in the initial periods till I achieve my first milestone.
.
Support Resistances,Trade location, price bar on which trade occurred target(s), stoploss need to be plotted.

Trade Setup

Structure provides us the support and resistance (or turning point) of nifty.
Trading time frame provides us direction of trade.
Timing time frame provides us the entry / exit signal.

Trading time frame : 10 minute
Timing time frame : 2 minute

Stop loss is a fixed percentage or trading time frame pivot + filter.
No mental stop loss.
Place the Stop loss immediately after placing the order.

Structure time frame:60 minutes

Pivots on 60 min time frame gives us a good Entry/exit location.
I define the trend by MA's.
Candle stick analysis is a good health indicator of the trade in progress.

Trading time frame : 10 min

Trend is defined on this time frame.
A series of higher visual pivot indicates Up Trend.
A series of Lower visual pivot indicates Down Trend.


Rules for trading Choppy Days

Rules for trading Gap Days

Rules for trading Trending Days

Rules of the trade when momentum/volatility is very high

Rules for the trade on a news day

Rules for the trade on Expiry

Rules for Re entry of trade if stop is hit

MoneyManagement

My system has a historical statistical RR ratio of 1:3 and win rate of 65 %.
And hence I am able to trade with confidence and without Fear.

• I will never risk more than 1% of my capital in any trade.
• I will never risk more than 5% of my trading capital in a week.
• I will never risk more than 10% of my trading capital in a month.

Milestone 1

To follow and execute my system flawlessly till I get full faith confidence and belief in my trading system.First 100 days of training.

Milestone 2

On successful achievement of milestone 1.
Add Scaling in and out rules for my system

Milestone 3

Add instruments to trading as per the system for first 2 milestones are achieved.

Daily routines

I will read my trading plan daily.
Check for important news events.
Check the Asian Markets opening daily.
........................
..........................

Nice jagan....:thumb::clapping:

 

[TraderRavi]

Great writeup jagan..............:clapping::clapping:

 

[indianbank]

Mr Jagankrish i wish u share ur system with us too....

so that we can also make money.....

i humbly request you to teach us new ideas with ur real time live trading examples....

thanks you Jagan