Day Trading Futures
- Thread starter manishchan
- Start date
- Tags day trading strategy tsf
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Today's Trades in BNF.....
1. Shorted below Previous Day Close but price rejected and stopped out.
2. Price was trading well above BRN 17700 got pull back so entered above small bullish Harami candle and price was facing resi as BRN 17800 was near so booked long. There was good set up for short below 2 Dragonfly Doji (or Pin bar) candle but as price was firmly trading well above Previous Day High so avoided that trade.
3. Price took support at pivot and again formed bullish Harami candle so took long above that with S/L below pivot. Then there formed Doji and red candle near then HOD so closed long. I was expected that price will come again near 17725 but it reversed before that and made me little confused.
4. Meanwhile checked 15 Min. chart and got clear picture so waited for price to test BRN 17800 but again price reversed before that and engulfing candle formed so took short below that and kept double buy order at 17690 according to 15Min. chart.
5. Price just touched the Trend line as showed in 15 min. chart and immediately reversed but was struggling to cross 17770 so booked out.
1. Shorted below Previous Day Close but price rejected and stopped out.
2. Price was trading well above BRN 17700 got pull back so entered above small bullish Harami candle and price was facing resi as BRN 17800 was near so booked long. There was good set up for short below 2 Dragonfly Doji (or Pin bar) candle but as price was firmly trading well above Previous Day High so avoided that trade.
3. Price took support at pivot and again formed bullish Harami candle so took long above that with S/L below pivot. Then there formed Doji and red candle near then HOD so closed long. I was expected that price will come again near 17725 but it reversed before that and made me little confused.
4. Meanwhile checked 15 Min. chart and got clear picture so waited for price to test BRN 17800 but again price reversed before that and engulfing candle formed so took short below that and kept double buy order at 17690 according to 15Min. chart.
5. Price just touched the Trend line as showed in 15 min. chart and immediately reversed but was struggling to cross 17770 so booked out.
DEFINITION of 'Trading Psychology'
The emotions and mental state that dictate success or failure in trading securities. Trading psychology refers to the aspects of an individual’s mental makeup that help determine whether he or she will be successful in buying and selling securities for a profit. Trading psychology is as important as other attributes such as knowledge, experience and skill in determining trading success. Discipline and risk-taking are two of the most critical aspects of trading psychology, since a trader’s implementation of these aspects is critical to the success of his or her trading plan. While fear and greed are the two most commonly known emotions associated with trading psychology, other emotions that drive trading behavior are hope and regret.
'Trading Psychology'
For an understanding of trading psychology, consider some examples of the emotions associated with it.
Greed is an excessive desire for wealth. Greed often causes traders to stay in a profitable trade longer than is advisable in a bid to squeeze out extra profits from it, or to take on large speculative positions. Greed is most apparent in the final phase of bull markets, when speculation runs rampant and investors throw caution to the winds.
Conversely, fear causes traders to close out positions prematurely or to refrain from taking on risk because of concern about large losses. Fear is palpable during bear markets, and it is a potent emotion that can cause traders and investors to act irrationally in their haste to exit the market. Fear often morphs into panic, which generally causes markets to decline at a much faster rate than they advance.
Regret may cause a trader to get into a trade after initially missing out on it because the stock moved too fast. This is a violation of trading discipline and often results in the trader getting in too late on the trade.
Successful traders have some common psychological traits that contribute to their success. These traits include –
• Know your limits and do not over trade.
• Risk management is the key to preserving trading capital and attaining trading success.
• Maintain trading discipline at all times.
• Know the difference between not fighting the trend and following the herd.
Thanks to :mikky updates
The emotions and mental state that dictate success or failure in trading securities. Trading psychology refers to the aspects of an individual’s mental makeup that help determine whether he or she will be successful in buying and selling securities for a profit. Trading psychology is as important as other attributes such as knowledge, experience and skill in determining trading success. Discipline and risk-taking are two of the most critical aspects of trading psychology, since a trader’s implementation of these aspects is critical to the success of his or her trading plan. While fear and greed are the two most commonly known emotions associated with trading psychology, other emotions that drive trading behavior are hope and regret.
'Trading Psychology'
For an understanding of trading psychology, consider some examples of the emotions associated with it.
Greed is an excessive desire for wealth. Greed often causes traders to stay in a profitable trade longer than is advisable in a bid to squeeze out extra profits from it, or to take on large speculative positions. Greed is most apparent in the final phase of bull markets, when speculation runs rampant and investors throw caution to the winds.
Conversely, fear causes traders to close out positions prematurely or to refrain from taking on risk because of concern about large losses. Fear is palpable during bear markets, and it is a potent emotion that can cause traders and investors to act irrationally in their haste to exit the market. Fear often morphs into panic, which generally causes markets to decline at a much faster rate than they advance.
Regret may cause a trader to get into a trade after initially missing out on it because the stock moved too fast. This is a violation of trading discipline and often results in the trader getting in too late on the trade.
Successful traders have some common psychological traits that contribute to their success. These traits include –
• Know your limits and do not over trade.
• Risk management is the key to preserving trading capital and attaining trading success.
• Maintain trading discipline at all times.
• Know the difference between not fighting the trend and following the herd.
Thanks to :mikky updates
@ ramakantji
what is TF of chart ?
and could you please tell me how many point SL for banknifty in genral ..i mean approx.
could you tell me about your trade managment , i means exit strategy ...could you exit partially or full exit at a time .
banknifty nifty is too volatile index ..how you manage trade ...please tell some thought on it
thank you
what is TF of chart ?
and could you please tell me how many point SL for banknifty in genral ..i mean approx.
could you tell me about your trade managment , i means exit strategy ...could you exit partially or full exit at a time .
banknifty nifty is too volatile index ..how you manage trade ...please tell some thought on it
thank you
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ST bro and traders,
Is that a strategy like pin bar strategy is not enough to make profits in the intraday trading.? Ofcourse we need MM, RM too. But a simple strategy like single candle pin bar (hangin man/ shooting star) is not enough to make consistent trades and wins as this pin bar setup often happens everyday in stocks and nifty too. Is there a need for advanced/complex/multi-indicator strategies?
Is that a strategy like pin bar strategy is not enough to make profits in the intraday trading.? Ofcourse we need MM, RM too. But a simple strategy like single candle pin bar (hangin man/ shooting star) is not enough to make consistent trades and wins as this pin bar setup often happens everyday in stocks and nifty too. Is there a need for advanced/complex/multi-indicator strategies?
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