Hi rh6996 mam,
Can you talk more about discipline? what kind of help you got from senior member....i think, discipline is more important than any strategy or trick. Whenever I lose money, it's due to my indiscipline. I hope to get your help in this.
Apart from this, I have some technical question related to BB which I shall ask later in the day after backtesting.
Thanks !
If one can overcome greed, I think half the battle is won! The other half is won when we overcome fear ! Again easier said than done. Frankly it was comparatively easier for me to overcome greed than fear ! Though my dad being an ex member of Kolkata Stock exchange should have helped me in overcoming fear easily but that was the difficult part!
On advise from a senior here who before asking the strategy and suggesting minor changes in it , asked me about my DAILY ROUTINE telling me that the same was equally important in setting the trading rules!
I started trading Crude just for 5/6 points a day and did this for 6 weeks, almost 30 trading sessions! I had a profit of ~110 points in my kitty and that changed it all ! Only a single trade was done a day. (On back test I found I could have done >600 points if I had a target of 10 points and did multiple trades a day.
But that would compromise my other areas of life which had more priority than trading! This is a reason I advocate that all trading rules have to be Trader specific and not only strategy specific.
Then I graduated to 10 points profit and 1 trade only, if it did target good , if it hit SL also good, in either case you are not to trade a second time!
It was very frustrating on days where you exit with 6 or 10 points and your trade goes on to hit 20 30 or more points!
Then 10 point target remained but on SL hit I reversed to cover !
Then 2 trades for few weeks and then it was open as per my wish !
I did fail on occasions when I took trade because I saw on CNBC :Crude to fall further and shorted or did not cover my short at 10 points and the trend reversed to hit my SL !
This all was termed as mental exercise to tone up your 'resolve to be disciplined' !
All trading rules are printed and a copy is below my table glass! One copy duly laminated and mounted on a hard base is beside my laptop!
I have a check list papers slip with me while trading and I physically tick the rules like :
01. Is the Candle touching the BB top? 02. Has the candle closed lower than its open? etc. etc. etc.
and then on top of my screen on the edge of the Laptop I have taped a paper typed in bold : Dont be in a hurry to place Order, check the set up again !
Honestly it did help initially but now a days it has almost become invisible to normal view , has become a part of my laptop ! Have been suggested to change the colour size or design of the printing very often so that it again starts catching my attention !
I dont have this facility as I trade all alone but according to another senior here, it helps immensely to trade in group connected online ! No trade taken till all participants say its a valid trade as per Rules! Same for exit targets!
Things written above might not look feasible to work for all but they did work for me , transformed me, boosted my confidence and not only in my trades but other spheres of life too!
