Day Trading Futures

[Somatung]

Somatung, Please first remove that 'SIR'. I am just LKG student of the Market.
There is very long way to go to be called as 'SIR'.
Its not Loss of 9 Points but profit.

From morning only expecting there can be fall from 6225-35 level, so waited
but NF reversed before that so despite Future I entered in 6300PE at 84.5 with 10 points initial S/l.
In the meanwhile got call from office so went. I was expecting the fall till 6150 so profit booking order was kept with buy S/L 145-150.
When came back Nifty was tanked and PE was made high 119.55 but trading at 110 level so moved S/l at 95.
Seen one trade on BNF so shorted at 10665. Again biased mind didn't allowed to cover after reversing from 626 and finally closed at BE.

At one point I was seeing MTM 2100+ but could not convert it into actual profit.................... :annoyed:

@RAAMAKANT

Ah, I see. It is not only because of Nifty trades, it is you traded also BNF. Got the point. Sorry about this. What about hedging your trades during the time you not can control them?

 

[Somatung]

Pre-market analysis: Nil, since i have predefined rules.

Post-market/trade analysis: Weekly/Monthly. As and when I get time, i try to backtest alternatives to my current trading systems.

So you are a pure system trader or did I miss interpret your comment? Did you write your Afl's by your self or did you have some help from programmers?

 

[augubhai]

So you are a pure system trader or did I miss interpret your comment? Did you write your Afl's by your self or did you have some help from programmers?

U r right. I am pure system trader in my current avatar. Using code written by me... but I do most of my backtests manually (Backtesting manually because i am now using higher timeframes. When i need to test lower timeframes, I backtest using code)

 

[Gandhar.]

Sir, could you describe your so called: Horrible problem? Depending on what is traded: Shares, futures, options, ETF's: it very well makes sense to make some kind of pre market analyzes. If market crashed in the West, so it probably also will crash in the East. Or if a company has announced there loss or profit over night, this surely could have an affect to the share on the actual trading day. I am clear that the market still is ahead of us and leads where what ever it wants to do. But even in pure day trading you have an assumption about any market direction. And if pre market analyzes are used like the assumptions in pure day trading, I am sure pros do not let them pond to just one idea.

might be i am not trained enough to interpret it in right sense @ that moment
or may be too much data i am looking at while trading nifty (hangseng, dow futures, dax futures and usdinr)


was looking @ today's dax and ftse's chart and compared it with nifty's
just got that europe opened lower and kept on going lower but nifty kept going up



but i do feel that one should look only @ the chart which he is trading and ignoring other factors



add----
a year's comparison chart of nifty with dow and dax

 

[manishchan]

My daily to do's

Premarket :

30 min premarket to see how global market is doing.
What happened yestersay vs what could possibly haapen today. Expected moves.
Since currently i trade only on nifty, dont need much time.

After market:

EOD review what all trades I took and what was the reasons/logic behind them
Good decisions vs wrong decision for trade and why that happened.

Thats all for me. Rest of the time..backtesting new strategies, learning options (hv started recently) on TJ/Google.

Somatung, please do share your style. 40 screen shots in day sounds interesting.

i have faced a horrible problem due to this it creates too much bias towards the market

Totally agree wid what you pointing out Having expectation creats bias and taht is very hazardous. Used to happen with me a lot (now also sometimes). But nw I just keep note of wht I expected premarket and what happended at opening (usually during first 15 mins gives clue if I as wrong) but I always go by what I see after market opened. But u knw there are exception for amateur like me .. mind slips into biased state

 

[augubhai]

might be i am not trained enough to interpret it in right sense @ that moment
or may be too much data i am looking at while trading nifty (hangseng, dow futures, dax futures and usdinr)


was looking @ today's dax and ftse's chart and compared it with nifty's
just got that europe opened lower and kept on going lower but nifty kept going up


but i do feel that one should look only @ the chart which he is trading and ignoring other factors

Gandhar,

I wanted to ask u about Wolfe Waves' performance. I one of the old threads, it is mentioned that success rate is 90% with Reward:Risk of 3:1. What are your results?

Here's the link: http://www.traderji.com/technical-analysis/12686-kiss-like-mcgrath-7.html#post92180
Maybe he is too good a trader, or maybe he is just exaggerating, but even for such an exaggeration, then system results should be great...

 

[RAAMAKANT]

@RAAMAKANT

Ah, I see. It is not only because of Nifty trades, it is you traded also BNF. Got the point. Sorry about this. What about hedging your trades during the time you not can control them?

Actually this month some office workload is there so not able to trade daily + started to struggling again
in trading due to this small to smaller range. :annoyed:
Need to workout on various points............

 

[Gandhar.]

Gandhar,

I wanted to ask u about Wolfe Waves' performance. I one of the old threads, it is mentioned that success rate is 90% with Reward:Risk of 3:1. What are your results?

quite good but entries and exits and not my piece of cake a1b1 should be the right one to ask i have multiple trading system syndrome with multiple timeframe syndrome

 

[manishchan]

Actually this month some office workload is there so not able to trade daily + started to struggling again
in trading due to this small to smaller range. :annoyed:
Need to workout on various points............

Come on Raamakant..we are sure u will be back In the form. You are the wolf of bnf The 600 points a day guy. :thumb:

 

[augubhai]

quite good but entries and exits and not my piece of cake a1b1 should be the right one to ask i have multiple trading system syndrome with multiple timeframe syndrome

Gandhar bhai, a couple of month's back, I had the same syndrome much bigger than you :rofl:... Hopefully, I am cured now.