Daily Tryst with Nifty
- Thread starter Sunil
- Start date
Forex Trading For Individual Traders
HARI OM DEAR ANKIT :thumb:
RELIGARE HASN'T PROVIDED FOREX TRADING TO INDIVIDUAL TRADERS DIRECTLY.
YOU CAN TRADE IN THE INDIAN STOCK MARKET & COMMODITY SEGMENT USING YOUR LAPTOP. AS OF NOW, IF YOU HAVE TO PLACE A TRADE IN "FOREX" YOU WILL HAVE TO PLACE A BUY & SELL ODER AT THE "RELIGARE" RMC DEPARTMENT.
HOW IS IT AT ICICI????? DO THEY PROVIDE A FOREX TRADING TERMINAL TO THE INDIVIDUAL TRADERS OR DO THE TRADERS HAVE TO CALL ICICI FOR PLACING A BUY & SELL ORDER IN FOREX?????
GANPATI BAPPA MORYA
HARI OM
REGARDS,
NISHIKANT K. HADGE
HARI OM DEAR ANKIT :thumb:
RELIGARE HASN'T PROVIDED FOREX TRADING TO INDIVIDUAL TRADERS DIRECTLY.
YOU CAN TRADE IN THE INDIAN STOCK MARKET & COMMODITY SEGMENT USING YOUR LAPTOP. AS OF NOW, IF YOU HAVE TO PLACE A TRADE IN "FOREX" YOU WILL HAVE TO PLACE A BUY & SELL ODER AT THE "RELIGARE" RMC DEPARTMENT.
HOW IS IT AT ICICI????? DO THEY PROVIDE A FOREX TRADING TERMINAL TO THE INDIVIDUAL TRADERS OR DO THE TRADERS HAVE TO CALL ICICI FOR PLACING A BUY & SELL ORDER IN FOREX?????
GANPATI BAPPA MORYA
HARI OM
REGARDS,
NISHIKANT K. HADGE
Re: Forex Trading For Individual Traders
I have answered your query here :
http://www.traderji.com/forex/30903-faqs-forex-indians.html#post337615
Lets keep this thread clear of Forex discussions.
Happy Trading
HARI OM DEAR ANKIT :thumb:
RELIGARE HASN'T PROVIDED FOREX TRADING TO INDIVIDUAL TRADERS DIRECTLY.
YOU CAN TRADE IN THE INDIAN STOCK MARKET & COMMODITY SEGMENT USING YOUR LAPTOP. AS OF NOW, IF YOU HAVE TO PLACE A TRADE IN "FOREX" YOU WILL HAVE TO PLACE A BUY & SELL ODER AT THE "RELIGARE" RMC DEPARTMENT.
HOW IS IT AT ICICI????? DO THEY PROVIDE A FOREX TRADING TERMINAL TO THE INDIVIDUAL TRADERS OR DO THE TRADERS HAVE TO CALL ICICI FOR PLACING A BUY & SELL ORDER IN FOREX?????
GANPATI BAPPA MORYA
HARI OM
REGARDS,
NISHIKANT K. HADGE
RELIGARE HASN'T PROVIDED FOREX TRADING TO INDIVIDUAL TRADERS DIRECTLY.
YOU CAN TRADE IN THE INDIAN STOCK MARKET & COMMODITY SEGMENT USING YOUR LAPTOP. AS OF NOW, IF YOU HAVE TO PLACE A TRADE IN "FOREX" YOU WILL HAVE TO PLACE A BUY & SELL ODER AT THE "RELIGARE" RMC DEPARTMENT.
HOW IS IT AT ICICI????? DO THEY PROVIDE A FOREX TRADING TERMINAL TO THE INDIVIDUAL TRADERS OR DO THE TRADERS HAVE TO CALL ICICI FOR PLACING A BUY & SELL ORDER IN FOREX?????
GANPATI BAPPA MORYA
HARI OM
REGARDS,
NISHIKANT K. HADGE
I have answered your query here :
http://www.traderji.com/forex/30903-faqs-forex-indians.html#post337615
Lets keep this thread clear of Forex discussions.
Happy Trading
Check this out
In view of the upcoming Total Solar Eclipse of 22nd July 2009
Interesting :
http://hogueprophecy.com/predictions/?p=387
Also Astro will be booming in this week
Interesting :
http://hogueprophecy.com/predictions/?p=387
Also Astro will be booming in this week
Another interesting link :
http://1.bp.blogspot.com/_88fjmcdhj...kAEcuOE6CI/s1600-h/Nifty+HNS+18th+July+09.png
http://1.bp.blogspot.com/_88fjmcdhj...kAEcuOE6CI/s1600-h/Nifty+HNS+18th+July+09.png
After two days of hard work and backtesting of system, I have managed to prepare a trading plan for myself.
There could some errors I might have made and there could be scope of improvements in this plan; in that case please do bring that into my notice. Your suggestions and recommendations would help me long way in having better trading plan.
Trading Plan:
(Draft of rules given for NR7 trading by AW is my main source of inspiration for writting my trading plan; Aw's suggestion of using 3,8,13 has also produced a base for my system. I always believe in building one floor onto another,rather than starting from the scratch)
Assumptions:
1.It is a swing trading position i.e. I will be holding this position for more than 1 day and max for 3 days (limit is 3 days is purely psychological; trades that goes beyond
this starts clouding my tradig decisions).
2.Nifty Futures and options would be my main and only inventory (As I said I am effective only when focused on single thing so nifty is my only darling).
3.During market hour, crossover of SMA 3, 8 and 13 on 5 min chart would be used to make trading decisions with some help from RSI & BB. After market hours, all
analysis will be done only on 60 min chart of only past 15 days using some chart patterns (including NR7) and RSI & BB.
4.System for long positions have been mentioned which will be just reversed in case of short trades.
Underlying logic behind my system:
1.Crossover of SMA 3,8 on 5 min would be giving good single for fine tunning of the trade which will be based on hourly trend as shown by SMA 13.
2.In case SMA 3,5 gives trading signal but angle of SMA 13 is not convincing enough then in such a case BB and RSI will be brought into the picture for early entry or exit.
Setup rules:
-There should be crossover of SMA 3,8 &13 has triggered with atleast crossover of 3&8 giving clear trading signal.
-In case angle of 13 SMA is not convincing enough then BB (20,3) and RSI(14) would be brought into cosiderations and trading call will be taken if both of them should favour trading singnal given by SMA 3&8 crossover.
Entry rules:
-Buy if SMA crossover is like 3>8>13 (crossover angle of all of them is convincing). Buy on the high of bar + 8.3 on which this crossover has happened ( 8.3 is the filter which I
need to keep modifying as this system matures)
-Buy if SMA crossover is like 3>8 (crossover angle of 3&8 is convincing but not of SMA 13) and RSI < 50 & bars touching lower BB.Buy on the high of bar + 8.3 on which crossover of SMA 3&8 has happened
Exit - stoploss:
-Sell on low of bar - 8.3, on which most recent crossover (this crossover is one on which buy call was taken) has happened.
Exit - profit booking:
-if SMA crossover is like 3<8<13 (crossover angle of all of them is convincing).Sell on the low of bar - 8.3 on which this crossover of 3<8<13 has happened.
Exit - Trailing stop loss:
-if SMA crossover is like 3<8 (crossover angle of 3&8 is convincing but not of 13) and RSI > 50 & bars touching higher BB.Sell on the low of bar - 8.3 on which crossover
has happened
Position Sizing: (This I will have to modify after 3-4 years when I will switch to full time trading)
-As I will be doing part time trading for next 3-4 years, I will be trading only in nifty (no other script is possible for me to manage), hence any given time I would be in single trade. So, I would be putting 75-80% of my capital on single trade with 20-25% of the capital kept for margin covering in case trade is going against me and is within my stop loss.
-So whatever futures of options contract I could buy with my 75-80% of capital would be my position sizing. No add-ons or SAR currently in picture.
Money management:
-I will be taking risk of no more than 5 % of my total capital on one trade. Accordingly, I will calculate the points of risk I am ready to take and will take the trade only if these points are within my risk limit of 5% .
-I will not be leaving more than 150 points on the table overnight.
Mental Setup:
-I am gonna understand my system very well by identifying its strong and week points.
-I will not look for any other exits rule than those defined above.
-I will not look at daily, weekely charts of nifty; any other technical tools than those defined under system; any other international indices and channels like CNBC.
-I will spend my all energy focussing execution of trade rather than caring about profit and loss points on the trade.
When not to trade my plan:
-In case I dont have open position and mind is occupied with other things.
There could some errors I might have made and there could be scope of improvements in this plan; in that case please do bring that into my notice. Your suggestions and recommendations would help me long way in having better trading plan.
Trading Plan:
(Draft of rules given for NR7 trading by AW is my main source of inspiration for writting my trading plan; Aw's suggestion of using 3,8,13 has also produced a base for my system. I always believe in building one floor onto another,rather than starting from the scratch)
Assumptions:
1.It is a swing trading position i.e. I will be holding this position for more than 1 day and max for 3 days (limit is 3 days is purely psychological; trades that goes beyond
this starts clouding my tradig decisions).
2.Nifty Futures and options would be my main and only inventory (As I said I am effective only when focused on single thing so nifty is my only darling).
3.During market hour, crossover of SMA 3, 8 and 13 on 5 min chart would be used to make trading decisions with some help from RSI & BB. After market hours, all
analysis will be done only on 60 min chart of only past 15 days using some chart patterns (including NR7) and RSI & BB.
4.System for long positions have been mentioned which will be just reversed in case of short trades.
Underlying logic behind my system:
1.Crossover of SMA 3,8 on 5 min would be giving good single for fine tunning of the trade which will be based on hourly trend as shown by SMA 13.
2.In case SMA 3,5 gives trading signal but angle of SMA 13 is not convincing enough then in such a case BB and RSI will be brought into the picture for early entry or exit.
Setup rules:
-There should be crossover of SMA 3,8 &13 has triggered with atleast crossover of 3&8 giving clear trading signal.
-In case angle of 13 SMA is not convincing enough then BB (20,3) and RSI(14) would be brought into cosiderations and trading call will be taken if both of them should favour trading singnal given by SMA 3&8 crossover.
Entry rules:
-Buy if SMA crossover is like 3>8>13 (crossover angle of all of them is convincing). Buy on the high of bar + 8.3 on which this crossover has happened ( 8.3 is the filter which I
need to keep modifying as this system matures)
-Buy if SMA crossover is like 3>8 (crossover angle of 3&8 is convincing but not of SMA 13) and RSI < 50 & bars touching lower BB.Buy on the high of bar + 8.3 on which crossover of SMA 3&8 has happened
Exit - stoploss:
-Sell on low of bar - 8.3, on which most recent crossover (this crossover is one on which buy call was taken) has happened.
Exit - profit booking:
-if SMA crossover is like 3<8<13 (crossover angle of all of them is convincing).Sell on the low of bar - 8.3 on which this crossover of 3<8<13 has happened.
Exit - Trailing stop loss:
-if SMA crossover is like 3<8 (crossover angle of 3&8 is convincing but not of 13) and RSI > 50 & bars touching higher BB.Sell on the low of bar - 8.3 on which crossover
has happened
Position Sizing: (This I will have to modify after 3-4 years when I will switch to full time trading)
-As I will be doing part time trading for next 3-4 years, I will be trading only in nifty (no other script is possible for me to manage), hence any given time I would be in single trade. So, I would be putting 75-80% of my capital on single trade with 20-25% of the capital kept for margin covering in case trade is going against me and is within my stop loss.
-So whatever futures of options contract I could buy with my 75-80% of capital would be my position sizing. No add-ons or SAR currently in picture.
Money management:
-I will be taking risk of no more than 5 % of my total capital on one trade. Accordingly, I will calculate the points of risk I am ready to take and will take the trade only if these points are within my risk limit of 5% .
-I will not be leaving more than 150 points on the table overnight.
Mental Setup:
-I am gonna understand my system very well by identifying its strong and week points.
-I will not look for any other exits rule than those defined above.
-I will not look at daily, weekely charts of nifty; any other technical tools than those defined under system; any other international indices and channels like CNBC.
-I will spend my all energy focussing execution of trade rather than caring about profit and loss points on the trade.
When not to trade my plan:
-In case I dont have open position and mind is occupied with other things.
Last edited:
WOD,
I would recommend you to reconsider your decision of risking 5% of trading capital on one single trade. 5 successive trades of losses, and you will have to start cutting down ur initial positions, which will make the recovery much tougher. I am not saying that you WILL loose 5 trades on the trought, but you still have to play wth probabilities. Some of the best traders and money managers accross the globe use 1-1.5% as the risk capital per trade. Its better to grow rich slowly than become broke fast.
Also, your trading plan has a lot of subjectvity...You have mentioned at many places, "CONVINCING". Now this is something which cant be modelised. Some live days of trading, (may be even paper) and you have to come with a better yard stick than the word convincing. Some days, you , yourself will not be able to find some set up convincing because of so many other factors around. If you have to trust your system and build it robust, you have to remove such subjectivities from it.
Happy Trading
I would recommend you to reconsider your decision of risking 5% of trading capital on one single trade. 5 successive trades of losses, and you will have to start cutting down ur initial positions, which will make the recovery much tougher. I am not saying that you WILL loose 5 trades on the trought, but you still have to play wth probabilities. Some of the best traders and money managers accross the globe use 1-1.5% as the risk capital per trade. Its better to grow rich slowly than become broke fast.
Also, your trading plan has a lot of subjectvity...You have mentioned at many places, "CONVINCING". Now this is something which cant be modelised. Some live days of trading, (may be even paper) and you have to come with a better yard stick than the word convincing. Some days, you , yourself will not be able to find some set up convincing because of so many other factors around. If you have to trust your system and build it robust, you have to remove such subjectivities from it.
Happy Trading
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