A new Life, A new Career, A new Dream - I am a Trader
- Thread starter Taiki
- Start date
EOD Summary
The WORST ever day in my trading career. Did 5 trades today and all went into loss costing me a loss of -16 points and 22 points after brokerage deduction.
Analysed my trades and chart after market hour, 2 out of 5 trades came out to be genuine loss but rest 3 loss could have been avoided. And after 5 initial losses it was time for me to take a break for the day and re-access myself and my approach. So missed the rally in last hour.
Net loss = -22.8 points (After brokerage)
Mistakes seen
- Lack of patience while taking the trade. For all those 3 trades I have entered at point much before the trade setup gets developed.
- 2 revenge trades were done, and I was getting more and more desperate after 4 losses, so called off the day after 5th loss.
- Major issue is accepting any price level. It is also related to lack of patience. As per my rule I should take trade only at my desired level but today thrice I entered at the market price only for the sake of trading.
Overall made the day terrible. All my decision went wrong and even staying away from the market proved wrong and market rallied for 50+ points.
I need to be a better ME before being a better trader
Regards
Taiki
The WORST ever day in my trading career. Did 5 trades today and all went into loss costing me a loss of -16 points and 22 points after brokerage deduction.
Analysed my trades and chart after market hour, 2 out of 5 trades came out to be genuine loss but rest 3 loss could have been avoided. And after 5 initial losses it was time for me to take a break for the day and re-access myself and my approach. So missed the rally in last hour.
Net loss = -22.8 points (After brokerage)
Mistakes seen
- Lack of patience while taking the trade. For all those 3 trades I have entered at point much before the trade setup gets developed.
- 2 revenge trades were done, and I was getting more and more desperate after 4 losses, so called off the day after 5th loss.
- Major issue is accepting any price level. It is also related to lack of patience. As per my rule I should take trade only at my desired level but today thrice I entered at the market price only for the sake of trading.
Overall made the day terrible. All my decision went wrong and even staying away from the market proved wrong and market rallied for 50+ points.
I need to be a better ME before being a better trader
Regards
Taiki
EOD Summary
The WORST ever day in my trading career. Did 5 trades today and all went into loss costing me a loss of -16 points and 22 points after brokerage deduction.
Analysed my trades and chart after market hour, 2 out of 5 trades came out to be genuine loss but rest 3 loss could have been avoided. And after 5 initial losses it was time for me to take a break for the day and re-access myself and my approach. So missed the rally in last hour.
Net loss = -22.8 points (After brokerage)
Mistakes seen
- Lack of patience while taking the trade. For all those 3 trades I have entered at point much before the trade setup gets developed.
- 2 revenge trades were done, and I was getting more and more desperate after 4 losses, so called off the day after 5th loss.
- Major issue is accepting any price level. It is also related to lack of patience. As per my rule I should take trade only at my desired level but today thrice I entered at the market price only for the sake of trading.
Overall made the day terrible. All my decision went wrong and even staying away from the market proved wrong and market rallied for 50+ points.
I need to be a better ME before being a better trader
Regards
Taiki
The WORST ever day in my trading career. Did 5 trades today and all went into loss costing me a loss of -16 points and 22 points after brokerage deduction.
Analysed my trades and chart after market hour, 2 out of 5 trades came out to be genuine loss but rest 3 loss could have been avoided. And after 5 initial losses it was time for me to take a break for the day and re-access myself and my approach. So missed the rally in last hour.
Net loss = -22.8 points (After brokerage)
Mistakes seen
- Lack of patience while taking the trade. For all those 3 trades I have entered at point much before the trade setup gets developed.
- 2 revenge trades were done, and I was getting more and more desperate after 4 losses, so called off the day after 5th loss.
- Major issue is accepting any price level. It is also related to lack of patience. As per my rule I should take trade only at my desired level but today thrice I entered at the market price only for the sake of trading.
Overall made the day terrible. All my decision went wrong and even staying away from the market proved wrong and market rallied for 50+ points.
I need to be a better ME before being a better trader
Regards
Taiki
EOD Summary
The WORST ever day in my trading career. Did 5 trades today and all went into loss costing me a loss of -16 points and 22 points after brokerage deduction.
Analysed my trades and chart after market hour, 2 out of 5 trades came out to be genuine loss but rest 3 loss could have been avoided. And after 5 initial losses it was time for me to take a break for the day and re-access myself and my approach. So missed the rally in last hour.
Net loss = -22.8 points (After brokerage)
Mistakes seen
- Lack of patience while taking the trade. For all those 3 trades I have entered at point much before the trade setup gets developed.
- 2 revenge trades were done, and I was getting more and more desperate after 4 losses, so called off the day after 5th loss.
- Major issue is accepting any price level. It is also related to lack of patience. As per my rule I should take trade only at my desired level but today thrice I entered at the market price only for the sake of trading.
Overall made the day terrible. All my decision went wrong and even staying away from the market proved wrong and market rallied for 50+ points.
I need to be a better ME before being a better trader
Regards
Taiki
The WORST ever day in my trading career. Did 5 trades today and all went into loss costing me a loss of -16 points and 22 points after brokerage deduction.
Analysed my trades and chart after market hour, 2 out of 5 trades came out to be genuine loss but rest 3 loss could have been avoided. And after 5 initial losses it was time for me to take a break for the day and re-access myself and my approach. So missed the rally in last hour.
Net loss = -22.8 points (After brokerage)
Mistakes seen
- Lack of patience while taking the trade. For all those 3 trades I have entered at point much before the trade setup gets developed.
- 2 revenge trades were done, and I was getting more and more desperate after 4 losses, so called off the day after 5th loss.
- Major issue is accepting any price level. It is also related to lack of patience. As per my rule I should take trade only at my desired level but today thrice I entered at the market price only for the sake of trading.
Overall made the day terrible. All my decision went wrong and even staying away from the market proved wrong and market rallied for 50+ points.
I need to be a better ME before being a better trader
Regards
Taiki
Market was sideways ....it was making lower tops and higher bottoms in the sideways range indicated by black boundries....wait for breakout in some direction and then trade.
Smart_trade
ST sir why can't we make an entry at the break of low of 6/7 candle approx at 16/17th candle (i did and made a loss) my next entry was above 6000 a nice round no and above the high of that mid day rectangle; mean while I was also ready to trade short in case low of the day cracked...
Also the entry which you marked above blue may not materialize some other day because market may move quickly above the WRB candle rather giving a slight pull back as it did today.
Please let me know if my thinking makes sense...
Also the entry which you marked above blue may not materialize some other day because market may move quickly above the WRB candle rather giving a slight pull back as it did today.
Please let me know if my thinking makes sense...
Why entry not possible ? Buy above the blue line and in case it closes below the blue line indicating breakout failure, then get out of long positions....and it it works as it did today , ride it.
Alternate way of entry was buy when a bar closes above the blue line with a stoploss of low of that bar.....many such combinations can be used.
ST
Alternate way of entry was buy when a bar closes above the blue line with a stoploss of low of that bar.....many such combinations can be used.
ST
Last edited:
Market was sideways ....it was making lower tops and higher bottoms in the sideways range indicated by black boundries....wait for breakout in some direction and then trade.
Smart_trade
Dear Mr.Smart_trade,
Thank you for the chart and explanations.
Can I post a chart and ask my doubts, in this thread ?
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