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

[Tlahuicole]

Yup buddy, you are so right. But currently I am trading with single lot only

Regards
Taiki

Single lot will work on different rules I guess , and also profit booking part, Linkon also used to exit like you instead of trailing the SL with market direction. I was going through a thread where he tried to double the money in 20 days and saw his exits which were good enough to realize his goal.

Awesome guys and awesome threads around traderji, happy to be a part of it

 

[DanPickUp]

Hi Danbhai,

As you have said adds are very important to any system rather than bulk entry, but what I usually do is, if my two systems give entry signal on the same time, I go in with all the lots at once, instead of making adds. This has back fired sometimes, but the rewards are believe me extremely awesome. If it back fires I will only be a little upset because its like getting my two trades stopped out at the same day and has happened many times before. But If SL is not hit and market moves in my direction, then I make partial exits with TSL, if the market is extremely bullish or bearish, this is very useful and extremely rewarding, I will be able to gain around 9R that day, if its not extremely bullish or bearish anyway TSL will be taken out because I keep a wider range for TSL getting triggered. Usually, adds are best as per my humble opinion because as you have said they let us avoid the initial risk and increase the final reward and I guess any method should have adds within it and partial profit booking within it to get good returns in the long time, just my humble opinion.

I was ignoring adds and partial profiting in my initial strategy and It was even difficult to break even, now I have added a rule for taking adds which is like pyramiding style, If I take 10 lots initially then on first add signal I will add 5 lots and next add signal 3 lots and final add signal 2 lots. Even, after making add rule, I found that I was giving away profits to the market because of absence of rule for partial booking of profits in my system, So , now I exit as per TSL based on 15 min charts for 0.6X of my initialy X entries and TSL based on 30 min charts for 0.4X of my entries. This, I have done for only one week, so lots of refinement in queue

I also found out most of the times I guess market movement correctly, but my stops get taken out and market reverses, so I need to find a re entry rule which will work on all market conditions and timings. Working on this part very hard for past few days, still seeing the skies and no clue yet

Thanks for that nice post. :clapping:

May I ask: Why do you search for a rule which works on all/in all market conditions?

Yes I know, that would make the thing much more simple. But that is just not possible. If you set your stop loss the same way you do in a high volatile market compare to a low volatile market, you do it wrong. So, the: All market approach is lost time. Better specifiy at least between those two kind of markets and you are one step more by the result you want.

An other thing which you could do: Place in all markets you want to trade limit buy orders with stop losses and the once which are filled and market moves in your way, you trade with little amounts of lots. Just an other way beside a few others you can enter your positions with stop losses and trade them and still have a few lots which work for you.

Good luck and of course: Good trades / DanPickUp

 

[Tlahuicole]

[/B]
Thanks for that nice post. :clapping:

May I ask: Why do you search for a rule which works on all/in all market conditions?

Yes I know, that would make the thing much more simple. But that is just not possible. If you set your stop loss the same way you do in a high volatile market compare to a low volatile market, you do it wrong. So, the: All market approach is lost time. Better specifiy at least between those two kind of markets and you are one step more by the result you want.

An other thing which you could do: Place in all markets you want to trade limit buy orders with stop losses and the once which are filled and market moves in your way, you trade with little amounts of lots. Just an other way beside a few others you can enter your positions with stop losses and trade them and still have a few lots which work for you.

Good luck and of course: Good trades / DanPickUp

Thanks Danbhai for this beautiful post of yours. I really didn't face the two kinds of market as you had said high and low volatile since I was trading only in NF and BNF since last year after my system had been designed, but what you had said is true and markets always keep changing and those who change w.r.t market earn others get burned. I should really work on the way you had said, I have copied your entire post to my trading log that I maintain to improve myself. I will keep on reading this post until I am satisfied with my two systems. I have read from an article of Van Tharp and as per his saying, a trader needs three systems to become super trader,
1)a system that works in respect to big picture.
2)another system that works in respect to big picture.
3)a system that will work when big picture changes.

I guess I have first two at least designed 80% some more refinement needed and I need to design a third system. Your post is really valuable, especially,

"An other thing which you could do: Place in all markets you want to trade limit buy orders with stop losses and the once which are filled and market moves in your way, you trade with little amounts of lots. Just an other way beside a few others you can enter your positions with stop losses and trade them and still have a few lots which work for you."

the above lines are very new to me, I have never tried like that, every time I think I am a good trader, some one comes over and humbles me, thank you GOD for giving me chance to be humbled by successful traders rather than market. See how lucky I am

 

[Taiki]

Trade Setup for 19 Aug 2013

30M Chart (S/R Levels)

On upside resistance lines are at 5550, 5600, 5660
On downside support lines are at 5500, 5480, 5420-5430

3 Min Chart

IN 3 min chart, price was in clear downtrend on friday, with clear bearish projection and very weak bullish strength. Price went on accelerating on downside. Now below 5500, 5480 is expected to give little support.

The gap (from 13th Sept) is yet to be filled which is at 5450, and below this 5420-5430 is a strong support zone. Need to watch the price behaviour at this level.

Global Index Update

US markets were mixed to flat where UK market gave positive closing on friday, Asian markets are mixed. SGX Nifty is trading at 0.9% down. So a gap down is expected.

Trade Area

1. BOF/TST at 5500
2. BPB/BOF/TST at 5430

Regards
Taiki

 

[Tlahuicole]

Trade Setup for 19 Aug 2013

30M Chart (S/R Levels)

On upside resistance lines are at 5550, 5600, 5660
On downside support lines are at 5500, 5480, 5420-5430

3 Min Chart

IN 3 min chart, price was in clear downtrend on friday, with clear bearish projection and very weak bullish strength. Price went on accelerating on downside. Now below 5500, 5480 is expected to give little support.

The gap (from 13th Sept) is yet to be filled which is at 5450, and below this 5420-5430 is a strong support zone. Need to watch the price behaviour at this level.

Global Index Update

US markets were mixed to flat where UK market gave positive closing on friday, Asian markets are mixed. SGX Nifty is trading at 0.9% down. So a gap down is expected.

Trade Area

1. BOF/TST at 5500
2. BPB/BOF/TST at 5430

Regards
Taiki

Today I did not get any entry signal as per my method

 

[Taiki]

EOD Summary

SGX Nifty was down 0.9% and Nifty opened near 5480, down by 0.2-0.3%. And fell suddenly to 5420. Does this happen always ?? When SGX is down but NF opens near yesterday's close or just little down, can we short NF simple at the opening price ?? Need to observe such pattern in coming days..

Trade in 3M chart

Trade 1
NF fell to 5420 and formed my TST setup near 5420. Took first long trade above 5435, SL was below 5425. I was thinking of exiting it at a fixed 20 points as it was counter trend setup. But it pushed NF nearly to opening price. But as it failed to sustain at higher level, I exited at 5467.

Trade 2
2nd trade was when the breakout failed at 5420, Took long above 5425 and SL was below 5415. Target 1 was 5455, But NF failed to cross 5450 which was a lowe high. So at the sight of weakness in bulls Exited the trade at 5442 with 17 points in hand.

Entry/Exit/SL in 1m Chart

After the 2nd trade had to close the terminal for some health related issue, so closed the day. But came back after a break during 2:30. NF finally broke the 5420 level and the BPB setup near 5420 had given a handsome 40+ profit. But my bad luck I could not take this. Else even today the profit would have been like firday

Anyway a good day, Did 2 trades, Net gain = +49 points

Regards
Taiki

 

[jain.er]

Taiki Can any reasons for taking long trades on such a bearish day...Is it possible for you to explain that in detail

 

[Taiki]

Taiki Can any reasons for taking long trades on such a bearish day...Is it possible for you to explain that in detail

The longs were initiated near 5420 which was a S/R line for today's trade setup. And BPB/BOF/TST at 5420 was one of my pre-planned trade setup near 5420. I try to take a neutral stand near all the S/R lines and observe the price action for a breakout or test of the support/resistance.

My 1st long trade was a TST setup where price took support near 5425 and reversed before even touching 5420, and the 2nd long trade was initiated after the breakout failed at 5420.

Yes I have to keep in mind if the trade is along with the trend direction or against it. And if the trade is against the trend direction and I am taking it for some setup reasons, then extra care need to be taken for managing the trade as well as need to stay alert and ready to close the position at a sign of weakness.

You can see after my 2nd trade price fell back to 5420 and took support near 5425. So this was again a TST setup in play. But I did not take the long here as the previous setup had failed to show strength in bulls and trend was down too. So overall, a proper setup, entry and SL are not enough for making profit. A proper trade management is very much required for realizing the profits.

Regards
Taiki

 

[Taiki]

Today I did not get any entry signal as per my method

So you have done a great job and followed your system strictly and stayed in sideline. You did not attempt trades randomly after looking falling market and with no signals from your system. So cheer up brother.. :thumb:

Regards
taiki

 

[Mr.Perfect]

Hi Taiki, I am in the process of learning TA and setting up a system for me.. becoming a full time trader is my dream.. may i know how is your career as a full time trader (in terms of profit and loss, work pressure and feeling of being your own boss etc..)?