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

[Taiki]

Hello!
I want start an investment firm with one of my friend. We are going to form an LLP for that. But I am bit confused about the registration of this firm. I mean under what business nature we should register our firm. We are basically investing our own money in some ratio. Please enlighten us.

Sorry bro, I have no idea on this.. May be you can check the RBI or SEBI guidelines for the registration, and business nature.. But you gave me a good topic to search for in my free time.

You can update here on your findings. Thank you :thumb:

 

[Option.Trader]

EOD Summary

Today was a break even day. Nifty was range-bound, moving with a range of 30 points. Did only 4 trades today. My first trade gave me profit where the next two went into loss.

1. Bought 1 lot of 6400 PE at 310, Stop loss = 303. Exited at 325.
2. Bought 1 lot 5800 CE at 318, Stop loss = 310, Target = 326. (1:30 PM)
Exited at 315. As nifty formed a double top and started falling, I expected it to be range-bound in 6088 - 6075. So exited early.
3. Bought 1 lot 5800 CE at 320, Stop loss = 310, Target 330. (2:20 PM)
This time Nifty did second attempt to cross 6088, and did moved to 6092. But again failed back. This time i held onto my position and stoploss got hit.
4. Bought 1 lot 5800 CE at 325, Stop loss = 320, Target = 330. Exited at 330.


Total gain was 5 points, and this will go for brokerage.

isnt this more of scalping rather than any strategy... you took out your lots at 315, but bought it back at 325 . You have repeatedly executed a trade almost like a revenge to prove yourself right... sorry for the harsh words, but you need a better strategy than this if you are serious of being a full time trader... Scalper with less lots is good for broker

 

[Taiki]

isnt this more of scalping rather than any strategy... you took out your lots at 315, but bought it back at 325 . You have repeatedly executed a trade almost like a revenge to prove yourself right... sorry for the harsh words, but you need a better strategy than this if you are serious of being a full time trader... Scalper with less lots is good for broker

I have also mentioned the reason behind those entry and exit. May be you did not look at them.

For those two trades i have kept the risk reward 1:1, as nifty was in a tight range and i was not expecting a big move also. So just take your profit and get out was the idea.

And when i bought it back at 325, it was the 3rd trade, at that time Nifty had clearly broken the range. Please read the trade explanation well

 

[mskceg]

Hi Taiki,

All the very best for ur trading career. I appreciate ur decision on leaving slave kind of IT env. (I presume) and try something on ur own.

Some one told in this thread that we will be alone in trading job and corporate env will have lot of people around.

My idea on that is -- We can make people relationship in number of ways.

I have started trading for last two weeks. Have read some technical basics and doing. Please provide me the link if u know any website to monitor the intraday technical charts.

Thanks,
MSK

 

[timepass]

Taiki, in the words of DanPickUp "Scalping can provide a decent meal". So don't overlook scalping. It's ok.

 

[DataRam]

@ Taiki ,

Sorry to be late in wishing you luck . But still better late than never.

I really hope for your success as a full time trader and wish you all the best . :thumb:

Now being full time on this you will have all the more time at disposal to better your strategies.

 

[Taiki]

Hi Taiki,

All the very best for ur trading career. I appreciate ur decision on leaving slave kind of IT env. (I presume) and try something on ur own.

Some one told in this thread that we will be alone in trading job and corporate env will have lot of people around.

My idea on that is -- We can make people relationship in number of ways.

I have started trading for last two weeks. Have read some technical basics and doing. Please provide me the link if u know any website to monitor the intraday technical charts.

Thanks,
MSK

Thanks a lot MSKCEG,

Good luck to you too,
For monitoring live intraday chart with technicals, google finance will be very close to real time, and it has some very good technical tools too. For analysing EOD data you can check google finance, yahoo finance, NSE tame too. But the best will be open an account under some broker, and get the real time data.

Good luck

 

[Taiki]

Taiki, in the words of DanPickUp "Scalping can provide a decent meal". So don't overlook scalping. It's ok.

TP bro,

Did not get you, Are you trying to say to scalp sometime ?? If so,

Then yes it can be proved quite good sometime, but the problem is based on my money management rules, i will not risk more than 20% of my capital, and this allows me to buy only 1 lot if i am trading with deep in the money contract. And with 1 lot, scalping will be a little difficult. I think i can go for ATM and increase the lot size if i intend to go for scalping.

okay, i will give it a try for sure, let me build some confidence and little profit first, then one day i will give scalping a try.

 

[timepass]

TP bro,

Did not get you, Are you trying to say to scalp sometime ?? If so,

Then yes it can be proved quite good sometime, but the problem is based on my money management rules, i will not risk more than 20% of my capital, and this allows me to buy only 1 lot if i am trading with deep in the money contract. And with 1 lot, scalping will be a little difficult. I think i can go for ATM and increase the lot size if i intend to go for scalping.

okay, i will give it a try for sure, let me build some confidence and little profit first, then one day i will give scalping a try.

depending on your expenses, you could go for 5 lots of 40 rs. each (not in one go), rather than 1 lot of Rs. 200.

 

[Taiki]

Another range-bound day where Nifty gave a nice attempt for coming out of the range during the last 30 min of the day. Did 2 trades today, one went into loss while I was breakeven on the 2nd trade.

1. Bought 5800 CE at 335, Stop loss = 328, Target = 350.
It was when Nifty tried to take out the day's high around at 1:30 PM. Stop loss got hit.

2. Sold 5800 CE at 330. With a stop loss = 335, and target 320.
But immediately after this trade i realised this was unplanned, and i did it only for my 1st trade did not work out. I decided to get out in no time. Luckily I exited at 330.

So overall a loss of 7 points. Plus brokerage is to be cut.

Thoughts and Lessons

I was little frustrated today as market was giving another tight day. Need to learn to control my emotion and wait patiently for suitable entry. I found myself being impatient for a trade opportunity.

Stay alert for entire 6 hours of market running. I was bit jaded by 3PM with a mentality like its already near to closing hour. But at that time Nifty made the last upmove which i could not pick.

By the way, now I am going through Smart_Trade's teaching from "Thought on Day/Swing Trade". Thanks ST bhai for the amazing thread. :thumb: