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

[Taiki]

Well Dan,
I joined the forum long back, but am still a beginner as I cant find time to study TA or sit in front of screen watching markets. So as of now, I have no way of analyzing and taking trades. Now I seriously think that I should not ask too many questions until I start studying full time, as my asking questions based on incomplete knowledge might disturb the flow of the thread.
Btw, when I did have some time, I spent it in studying and applying some ideas here which I found out didnt work. Even you had commented on the quality.
But as Edison said, I only take it as:
"I have not failed 1,000 times. I have successfully discovered 1,000 ways to NOT make a light bulb."
So I say I only successfully discovered couple of ways not to trade the markets.
Regards
Krist.

Hey Krist,

You are welcome with your question
Never miss a chance to learn something new and never hesitate to ask your doubts.

Regards
Taiki

 

[4candles]

Hello Dan brother,

Nice to see you again
Truly a wise advice from a very wise trader

Before leaving my job i was also thinking the same that many successful systems are out there, just learn any one, and implement them and you are done. But only after dedicating my full time to trading I realised this - "No matter how sucessfull a system is, or no matter how much big profit other has made using that system, You have to make here your own path. You have to learn what suits best to your style"


Thanks again Dan bhai

Regards
Taiki

Hi Taiki

Everybody makes this mistake, you or I are no exception (we hesitate to accept that this happens to most). At times we feel dejected and end up doing more mistakes that are usually costly. It is during such times that we have to keep our composure and not be affected by failure.

They say “ When the going gets tough, the tough get going”.

We believe we have a best Trading System in place – a system that we have decided after giving considerable thought, by back testing (manual and or mechanical). If this has worked on the computer then technically speaking it should also work in real trades, but it fails. The compute lacks what we have – Brain (emotions). The back test results are outcome of the rules that we have formulated for them which they follow without giving any thought, where as we swing back and forth in our decision to take a trade and more often end up taking wrong trades. In other words we don’t follow our own rules. Reason: 1. Lack of time to enter. 2. We are hesitant to take next trade because of loss in previous trades. 3. We get carried away by profit in previous trades and possibly the next trade would be wrongly timed. 4. Because of Whiplashes that create fear…. Etc.

Only thing that comes between us and our trading is our emotions, because of which we fail to do what our back tested trading system did in first place.


"Defeat is a state of mind.
No one will be defeated unless the loss is accepted as a Reality."
- Bruce Lee



Wish you all the best.

 

[Taiki]

Hi Taiki

Everybody makes this mistake, you or I are no exception (we hesitate to accept that this happens to most). At times we feel dejected and end up doing more mistakes that are usually costly. It is during such times that we have to keep our composure and not be affected by failure.

They say “ When the going gets tough, the tough get going”.

We believe we have a best Trading System in place – a system that we have decided after giving considerable thought, by back testing (manual and or mechanical). If this has worked on the computer then technically speaking it should also work in real trades, but it fails. The compute lacks what we have – Brain (emotions). The back test results are outcome of the rules that we have formulated for them which they follow without giving any thought, where as we swing back and forth in our decision to take a trade and more often end up taking wrong trades. In other words we don’t follow our own rules. Reason: 1. Lack of time to enter. 2. We are hesitant to take next trade because of loss in previous trades. 3. We get carried away by profit in previous trades and possibly the next trade would be wrongly timed. 4. Because of Whiplashes that create fear…. Etc.

Only thing that comes between us and our trading is our emotions, because of which we fail to do what our back tested trading system did in first place.


"Defeat is a state of mind.
No one will be defeated unless the loss is accepted as a Reality."
- Bruce Lee



Wish you all the best.

Fully agreed with you brother, :thumb::thumb:

When people look for other's successful system/trading strategy and try to copy them they do not understand that it is not only the system rules that has given them profits, but it is their psychology, their control over the emotions and moreover their mastery over emotion when trade goes wrong/right. But new comers often overlook this aspects and try to implement the system rules blindly. Thats the reason why one people makes money by following the strategy and other loose money by using the same system.

Regards
Taiki

 

[Taiki]

Hi Taiki, Excellent Summary, are you from Delhi?

Nope brother

 

[Vertigo_1985]

Hello Gaur Krishna,

Here is my rule book -

1. I use the 30 min timeframe to check the major S/R levels. They are the levels where price had changed the directions, Swing high/Sing low etc.
2. 3 min chart is my trading frame, where I check the price trend. Up trend (higher swing high, higher swing low) and vice versa for a down trend.
3. Next I try to find out the strength/weakness, projection/depth, acceleration/deceleration in price with in the S/R levels or as it is approaching the S/R levels.
4. Then I look for possible trade setups, assume the future price movement and make my plans to trade each of those assumptions.
5. My trade setups are basically
- Breakout Pullback/Breakout failure near S/R lines
- Pullback/Complex pullback (1-2-3 pattern) - If price is trending in 3 min
- Testing of sideways range
6. 50m EMA is there to give me a visual indication of long term trend. Recently I have added 200 EMA. They are telling me the hourly/daily trend respectively.


So to summarize

- I define my setup areas and wait for price to come in and develop the setups, I try to idenify the weakness in the trend and trade against the weakness.

Regards
Taiki

Lance Begg ....it is...

 

[Taiki]

Lance Begg ....it is...

Yep.. :thumb:

 

[Mr.G]

Hey check out my thread! http://www.traderji.com/technical-a...chastic-double-cross-strategy.html#post844134

 

[Taiki]

Trade Setup for 12 August 2013

30 min chart

From 30 min chart, the S/R lines are as follows -
On upside resistances are at 5600, 5620, 5680
On downside supports are at 5550, 5515, 5480

3 min chart

From 3 min chart -
NF was in an uptrend for last 2 sessions. It crossed 5550 and moved up to 5600 making higher high and higher low. Strength lies in bulls, though the bullish projection has decreased as it approached 5600 (S/R lines). Above 5600, 5620 is expected to give resistance. But above 5620 I expect it to go 5650, 5680. On downside 5515, 5550 are two major support lines, NF has managed to stay above them for 2 sessions. So buying actions are also expected from these levels

GLoabl Markets
Overnight US market ended red while Asian markets are up today. SGX Nifty is up by 0.67 %. So I expect a test of 5600, 5620 today. Lets see

Trade Areas

1. Breakout/Breakout failure at 5600
2. Breakout/Breakout failure at 5620
3. Test for support/Breakout at 5550

Hoping for a good start of the week

Regards
Taiki

 

[Gaur_Krishna]

He lives in PRESNT

Regards,
Gaur_Krishna

Nope brother

 

[Gaur_Krishna]

HI Taiki,

Thanks for your posts. You have a good trading system, closely following HPT
All the very best :thumb:

Regards,
Gaur_Krishna

Hello Gaur Krishna,

Here is my rule book -

1. I use the 30 min timeframe to check the major S/R levels. They are the levels where price had changed the directions, Swing high/Sing low etc.
2. 3 min chart is my trading frame, where I check the price trend. Up trend (higher swing high, higher swing low) and vice versa for a down trend.
3. Next I try to find out the strength/weakness, projection/depth, acceleration/deceleration in price with in the S/R levels or as it is approaching the S/R levels.
4. Then I look for possible trade setups, assume the future price movement and make my plans to trade each of those assumptions.
5. My trade setups are basically
- Breakout Pullback/Breakout failure near S/R lines
- Pullback/Complex pullback (1-2-3 pattern) - If price is trending in 3 min
- Testing of sideways range
6. 50m EMA is there to give me a visual indication of long term trend. Recently I have added 200 EMA. They are telling me the hourly/daily trend respectively.


So to summarize

- I define my setup areas and wait for price to come in and develop the setups, I try to idenify the weakness in the trend and trade against the weakness.

Regards
Taiki