1.I am an inexperience trader.
2.trying to follow niranjanam's(nifty nirvana) price action.
3.my understanding about P A is too poor.
4.committing mistake is my daily routine
5.still fighting to reduce bad trades and too many no of trades, but failed.
Hi
I am also new trader..but from last 1 year I have been observing market constantly & learning..I will try share my experieence,if its beneficial for you,I would be happy..
1) Dont worry,if you are inexperience trader.As every good trader is always inexperienced in starting..so no harm in journey of inexperience to experiance one..experience will come with time...I have read somewhere that good traders need atleast 10,000 hours of screentime..I am not telling that everybody needs same time..as learning is an individiual process & depends on individual personality..
2) niranjanam sir's price action method is very good..please follow his article & charts regularly..In traderji also,you can visit avny's thread on price action..Named'master one trick only"..You have got 6 month's chart & expanation..It will be very beneficial for you..
3) As you admit that your understanding of price action is poor..so dont worry about that also..no need to dishearten..keep learning & practising till yu have got god knowledge of it..
4)as you also admt,you are commiting mstakes daily...dont be frustated about this also..as it happens with every trader...so stop live trading..& start paper trading..& commit all mistakes in those trades only..keep practising & do paper trading till you get good knowledge ...till then plesase dont trade your hard earned money....I am saying this,because i had started trading just after a little knowledge of price action ..& I never paper trade my system a single day..& just jumped into market..& it causes me financial damage as well as psychologically damamage..financial loss though was very huge, but psychological damage harm me more ..I have to pay very heavy prices for it..besides,Now I have to do very constant effort to fade those psychological damage...Why I am saying all this..because if new traders read this & if can get benefitted..as we can learn from other's experience also..
5) so if you practise paper trade ,your bad trades will reduce by practising & increasign your knowledge & screentime...besides paper trade in live market, you can use bar replay method..I dont use it as I am not well versed in amibroker..but if you are..yu can use that feature & can practise on historical charts...& remember one thing...here nothing is perfect...we are als not perfect...markets dont move because we interpret...they move as they do,& good thing is just that sometimes we can interpret them & then we earn money....so even proffesonal traders cant say that they are 100% right on their every trade..we cant say to market that it should do the same as we interpret ..so if you have learned so much ,or read so many books or practising 10 years..still nobody can win 100% times...so dont expect perfectness here..& be happy that sometimes & by some methods ,we are able to interpret it 60-70% times..& try to earn much on winning trades than the amount loosing in looser trades...you will be always profitable..
i think I have written much...bad habit of blabbering too much..but cant help when see someone helpless..hope it helps..
Thanks
