Comfortable profits from trading Nifty.

[PartTime_Trader]

I was thinking of starting my own website and the first thing ill show ppl is my tax return of past 4 years so that people know iam not a virtual entity making up stuff hence i thought maybe u have some similar thing.....

Nothing personal don`t take offense but how can someone take anyone seriously when that person doesn`t have any track record...?

Hi

Nothing personal don`t take offense but Tax returns / contract notes and all that can be easily photo-shopped so how can someone take that seriously

If someone is sharing usable stuff (wither it is rules for entry/exit/SL or MM, risk/trade management etc.), it definitely stands out and will generate good participation.

Rest all is just chit - chat . . . we enjoy that as well but as after work recreation

Cheers :thumb:

gmt,

There was a whipsaw recently. I think, you did not take it. This is an important opportunity. You must fully understand the reason for skipping it. Such a habit is a best traders undoing.

regards.

i feel for a beginning/struggling trader a bit more of hand holding is required than "There was a whipsaw recently"

Its not only about psychology its a mixture of not understanding rules / doubts / and hesitation(due to psychological reasons), it never a cut-n-dry "Mental Issues 101"

Maybe a daily update of position (reversals / no change / adds) will help identify these situations. This position update can be done by the traders them-self and corrected/rectified by you if and when required.

:thumb:

 

[gmt900]

Consider the following suggestion.

To trade successfully one is required have several months of real-time experience. Several trades have to executed precisely as per plan. This training is important. 315 has very few trades for that.

I suggest you follow Gurmy's trading method. He has precise trading rules and takes several trades a week. It will be very good practice for you. The system is rigorously back-tested. You will get two benefits:

1) It will fulfill your target of 10K a month

2) Will give you a thorough practice in following trading rules.

Regards.

I have gone through gurmy's trading method. I will certainly try to follw it.
Regards

 

[jamit_05]

Context.

i feel for a beginning/struggling trader a bit more of hand holding is required than "There was a whipsaw recently"

Oh... we covered it at lengths on a Wednesday afternoon. Din wanna make some many posts here.

Its not only about psychology its a mixture of not understanding rules / doubts / and hesitation(due to psychological reasons), it never a cut-n-dry "Mental Issues 101"

I know for sure that trading has so many dropouts because they start off with learning trading systems. If only they had more time in the field.

Maybe a daily update of position (reversals / no change / adds) will help identify these situations. This position update can be done by the traders them-self and corrected/rectified by you if and when required.
:thumb:

I am trying very hard to not focus on a trading system. But, I think you are right in saying. I should probably start trading a system here and the participants could focus on the mental aspects via the system. They will have a context, else it is just literature.

regards.

 

[gmt900]

i feel for a beginning/struggling trader a bit more of hand holding is required than "There was a whipsaw recently"

Its not only about psychology its a mixture of not understanding rules / doubts / and hesitation(due to psychological reasons), it never a cut-n-dry "Mental Issues 101"

Maybe a daily update of position (reversals / no change / adds) will help identify these situations. This position update can be done by the traders them-self and corrected/rectified by you if and when required.

:thumb:[/QUOTE]

I agree with part-time traders 's views. While it is good to know and study different trading methods, I would welcome more advice on how to handle tricky situations. As I said I find backtesting easier than taking trades.

 

[jamit_05]

I agree with part-time traders 's views. While it is good to know and study different trading methods, I would welcome more advice on how to handle tricky situations. As I said I find back-testing easier than taking trades.

What do you mean by tricky? We have the rules written down, to the dot.

 

[PartTime_Trader]

I am trying very hard to not focus on a trading system. But, I think you are right in saying. I should probably start trading a system here and the participants could focus on the mental aspects via the system. They will have a context, else it is just literature.

regards.

Yes doing this within a context of a trading method with simple objective rules (even if it is not the best one out there will be far too productive than emphasizing on mental aspect in different forms.

Maybe something like Trade Along With Me

But this will be very long drawn out process and as most of us looking for instant gratification, i doubt how many are willing to stay with the process. . .

Cheers
:thumb:

 

[jamit_05]

Real Money

But this will be very long drawn out process and as most of us looking for instant gratification, i doubt how many are willing to stay with the process.

I believe a system can be successfully traded only if it is 100% his own. I don't advice to take someone else's lead when real money is on the line.

But, to start out, to put the first steps, a ready made system can be of help. It is a structure, a measure, by which a trader can identify his mistakes. But in due time, he will have to make a system of his own.

 

[gmt900]

What do you mean by tricky? We have the rules written down, to the dot.

This might sound too elementary, but I will try and explain what I mean by Tricky.
On TAME, I am looking at intraday chart of 5 min interval with e3 and e15 plotted on it. At 3.15 pm, suppose the difference between e3 and e15 is too close (say 1to 5 points ), does one reverse or let the trade ride?

 

[PartTime_Trader]

Re: Real Money

I believe a system can be successfully traded only if it is 100% his own. I don't advice to take someone else's lead when real money is on the line.

But, to start out, to put the first steps, a ready made system can be of help. It is a structure, a measure, by which a trader can identify his mistakes. But in due time, he will have to make a system of his own.

I agree 100%.

Implementation aspects (due to mental issues) cannot be fleshed out unless one is actually doing it (implementing/trading a system).

Doing it with some help (daily inputs from a mentor) will definitely be a much better option.

Cheers
:thumb:

 

[PartTime_Trader]

This might sound too elementary, but I will try and explain what I mean by Tricky.
On TAME, I am looking at intraday chart of 5 min interval with e3 and e15 plotted on it. At 3.15 pm, suppose the difference between e3 and e15 is too close (say 1to 5 points ), does one reverse or let the trade ride?

When you are trading a system on Daily time frame you should not be looking at 5 mins charts at all.

If you have similar situation on your time frame (daily/hourly whatever you are using) make clear rules for cut-off points such as the difference between e3 and e15 has to be minimum 3/5/10 points for reversals, whatever you decide, stick to it.

At the beginning of the trade we actually do not know how it is going to go SL / Scratch / Small profit or Big one

Accepting this unknown is what trading is all about

Cheers
:thumb: