Augubhai's notes - Smarts, Guts and Luck

[augubhai]

Market in small range going up/down.....

ST

Yes. My problem is that it does not tell me before it breaks out. So I am taking multiple entries. Tight SL are hurting today. Also, not taking profits keeps hurting me.

My trading's been this way for a long time. Still need to work at it...

 

[augubhai]

57p - long at 33, SL 32.5, T1 37

 

[augubhai]

57p - long at 33, SL 32.5, T1 37

Sl hit....

 

[augubhai]

next attempt

57p - long at 33.6, SL 32.5, T1 43.5

 

[soft_trader]

What type of trading is this augubhai???? :annoyed:

All SL hit. Keep it a bit wider plz. You are working with ATM options and that too near expiry. So keeping SL this close to entry point will make sure that it is hit.

 

[augubhai]

next attempt

57p - long at 33.6, SL 32.5, T1 43.5

added at 34.7, exited all at 33.5. So made a loss where I could have profited.

then long again at 33.4, SL 32.5, T1 50

 

[augubhai]

added at 34.7, exited all at 33.5. So made a loss where I could have profited.

then long again at 33.4, SL 32.5, T1 50

Sl hit.... going back to scalping with parabolic sar... so no live posts

 

[augubhai]

Took 10 trades using Parabolic SAR - 8 winners, but day ends in loss.

For scalping I was shorting Puts and Calls, so there is a limit to the qty I could trade.

In the morning, when I made losses, I was trading bigger quantities.

 

[Smart_trade]

Took 10 trades using Parabolic SAR - 8 winners, but day ends in loss.

For scalping I was shorting Puts and Calls, so there is a limit to the qty I could trade.

In the morning, when I made losses, I was trading bigger quantities.

I Suggest that you trade when the market takes out some important chart level. For example after the market broke 5695...the trend changed to down and the real money is made after that point...just 1 trade would have given you the day's ( or may be week's profits ).

ST

 

[augubhai]

I must have tried about 100 styles of day trading over the last 8 months. Some of the styles are real gems, but I do not have the patience to stick with any of them. The problem is not with the trading styles, it's with me. The only system that I have been able to stick to and make money is the ORB - but it is given to long drawdowns.

When I decided to take up trading full time, I based all my plans on ORB - it had given me fabulous returns in March-May 2012. But then it went into a drawdown phase in July onwards. That is when in started this 100 style experiment. One other reason was that in ORB, you place an order and then most of the time there is nothing to do except watch. So I thought that it would be a waste of all the time I had in hand, and needed to find a method that would get me money even from the small intraday moves. i did not test any of the methods properly before putting them in action. In case of my option trades, i decided the strategies after scanning the Futures chart, and not the options charts.

Anyway, so now I have decided to go back to ORB, and perhaps make improvement to reduce its drawdown, with proper backtesting. The 100 styles experiments can continue with paper trades - but I get bored with paper trades.

For today, I have gone long April OTM Calls, ORB style. There is a Buy Stop open for April OTM Puts if the market reverses. And BTW, yesterday would have been a rocking day for ORB, since only Puts would have triggered.