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

[trade2411]

EOD Summary

A bad day, I messed with my discipline and paid the price for that. I broke one of my rule which I had followed religiously last week, that is I did not wait for price to enter into my setup area. I tried to trade in between the setup and got whipsawed.

The psychology behind this activity were

- To be in a position, Trading for the sake of trading :annoyed:
- Trying to make early profit, Did the reverse :annoyed:

Did two trades, both went for stop loss, loss of -10 points

Then Missed the short entry at 1PM from 5910 level, As was not before the terminal at that time.

Now while replaying the candles for the day I can see how the two loosing trades setup got unfolded properly inside the setup area. One went for breakeven and the other went for a 10 point profit.

Need to be extra cautious at this stage.

Regards
Taiki

Taiki,

Just wanted to understand some things about your trading style. When you say 2 Stop losses for 10 points it means you have pretty tight stop losses .. What time frame are you trading ?
If you keep stop losses so low, what is your typical target and what R:R are you targeting. I am new to trading nifty futures and i find for my style of trading a stop loss of less than 10 points too low conidering the noise levels , SL can trigger anytime.

 

[trade2411]

I'm a silent observer of this thread. Taiki, from the first post in this thread, I can resonate how you felt when you quit your job. Trust me, I am longing to take the same path as you, just too afraid to take the plunge right now.

Anyway, looking forward to your trades for today.

Hi Needless101,

I am in the same boat as you are, Where do you work and how long have you been working ? Also how many years have you been trading .

 

[suri112000]

I too following this thread silently watching how Taiki could cope up with the pressure of trading by quitting his job. I am sitting on wall thinking to take a leap or not. Taiki's success may show me the way to follow. Before that I would be grateful if Taiki take his time to elaborate his trading system and how he is making adjustments to it.

All the best Taiki.

 

[Taiki]

Taiki,

Just wanted to understand some things about your trading style. When you say 2 Stop losses for 10 points it means you have pretty tight stop losses .. What time frame are you trading ?
If you keep stop losses so low, what is your typical target and what R:R are you targeting. I am new to trading nifty futures and i find for my style of trading a stop loss of less than 10 points too low considering the noise levels , SL can trigger anytime.

Hey Brother,

I am trading in 3 min timeframe. Yes my stop loss are tight and short, ranging in 4-6 points, but for this the entry should be perfect and one should wait patiently for the trade setup to develop. I am lacking in this skill some time, and some times entries are becoming perfect. A perfect entry, taken in right setup can give you good rewards even for small SL

The other part is exit rule, I always try to trail the SL and exit when market will make me exit. But 99% time I exit just because I have achieved few points or out of fear. So here emotion is playing the picture.

Regards
Taiki

 

[Taiki]

I too following this thread silently watching how Taiki could cope up with the pressure of trading by quitting his job. I am sitting on wall thinking to take a leap or not. Taiki's success may show me the way to follow. Before that I would be grateful if Taiki take his time to elaborate his trading system and how he is making adjustments to it.

All the best Taiki.

Hello Suri bro,,

I have been seeing many aspects of this career, and one thing i can say is that there are many differences between the things that I had thought before leaving the job, and things in reality. I will surely describe my strategies and system, but right now I am not in a position of doing that as I am still learning a lot of things and need to to tackle the big horse "EMOTION" which is a must for any trader.

All the time before leaving the job, i had spent in learning new strategy, reading various books, learning technicals etc, but then after leaving the job i realised it only fills the 10% and the rest 90% gap between you and a successful trader will be fills with mastering and controlling the emotion.

But one thing I am loving my new career and my new life

Regards
Taiki

 

[arcus]

In trading, its essential to remember that the amount of time one spends before the screen and the number of trades one takes have no correlation to the profit one generates.

The irony in trading is that the harder you try to make money, the lesser money you will make.

Sit back, look at the bigger macro picture. Gain a perspective and flow with the swings of the market. Swing trading is as rewarding as day trading and much less time consuming.

If you have read Market Wizards by Jack Schwager, you will notice that each trader has a personality. A personality suited for swing trading would be a horrible day trader and vice versa.

Try all possible combinations. Its possible that your personality is more suited for swing trading or maybe even more longer term positional trading which are as rewarding as day trading.

 

[Gaur_Krishna]

One is HPT and which is other one? Can you post link for same?

Regards,
Gaur_Krishna

Both the books that I have mentioned are about trading with mutliple time framework, selecting a bigger time frame, and trading in the direction of that trend, plus about other trading psychology, MM, RR, probability of trading turning in to profit etc.

Yes My system is based on combined strategy by both those books.

Regards
Taiki

 

[needless101]

Hi Needless101,

I am in the same boat as you are, Where do you work and how long have you been working ? Also how many years have you been trading .

I've been working for over 6 years now, and I'm currently with a large FMCG organisation. I have been trading for 8 years on and off now, but I wouldn't call the first 4 years as trading, it was random and I was mostly into positional trades. I took heavy losses and was moved by silly emotions. I realised I had to take a break from trading, it was essential.

I've only recently started trading again, and it's been a year now since I am trading actively.

As someone rightly pointed out, each one of us has a personality, and we should all test what style suits us best. I'm testing the waters for day trading in purely options. It's difficult to manage a job and day trade, but so far so good.

Do I see myself taking the plunge eventually? Maybe, after 3-4 years, if I'm able to create enough passive income sources to ensure that I do not depend on my trading income for subsistence(atleast when I finally set sail). Till then, I hope I find inspiration from people like Taiki and several others :thumb:

 

[needless101]

I too following this thread silently watching how Taiki could cope up with the pressure of trading by quitting his job. I am sitting on wall thinking to take a leap or not. Taiki's success may show me the way to follow. Before that I would be grateful if Taiki take his time to elaborate his trading system and how he is making adjustments to it.

All the best Taiki.

I urge you to go through the 'words of wisdom' thread thoroughly. It will put a lot of things in perspective for you. Also, before you do decide to take the plunge, ensure that you have 3 things

a) A career to fall back on just in case (atleast a qualification) - Taiki would probably disagree
b) Enough funds to take care of basic expenses for 6-8 months
c) Family buy-in (most important in my books)

 

[quant_himanshu]

Hi,

I work in a hedge fund based in delhi.....i'm looking forward to expand my team of traders....any1 with passion for workin in markets(F&O)...send me your resume at [email protected]