Going with the Intraday Mini-Flow!!
- Thread starter Saint
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Re: Saint's Intraday Miniflow - live discussion
upto to now wt i have understood is that the profit booking , adding is the most important thing...where to add ,book profit ,exit is very crucial & important...but i personally lack or not have enough knowledge abt it...
i book the loss as sar is hit..but not able to book profit...cuz of uncertainity if the market would still go down/up further from our current unbooked profit levels or not !!!! if i wait as of today to get more of the profit...has ultimately left with nothing at the end...and this is not the first time i have faced ..has happened b4 too...its not abt the method or rules....it works our way but only i m not been able to grasp the uncertainity of booking profit....any views ,comments, suggestion most welcome...
upto to now wt i have understood is that the profit booking , adding is the most important thing...where to add ,book profit ,exit is very crucial & important...but i personally lack or not have enough knowledge abt it...
i book the loss as sar is hit..but not able to book profit...cuz of uncertainity if the market would still go down/up further from our current unbooked profit levels or not !!!! if i wait as of today to get more of the profit...has ultimately left with nothing at the end...and this is not the first time i have faced ..has happened b4 too...its not abt the method or rules....it works our way but only i m not been able to grasp the uncertainity of booking profit....any views ,comments, suggestion most welcome...
Re: Saint's Intraday Miniflow - live discussion
Pleaseharsh
In order to effectively address your problem you should know how to read candles effectively. I would suggest Stephen Bigalow's books and writings freely available on 4shared dot com. Download all 4 or 5 PDF files which should put you on a very sound footing as far as candlestick reading is concerned on live trading.
He gives very comprehensive ways to read candles and reversals.
Also you can have a target for profit taking at 25, 40 and 55 etc.
Bee
Pleaseharsh
In order to effectively address your problem you should know how to read candles effectively. I would suggest Stephen Bigalow's books and writings freely available on 4shared dot com. Download all 4 or 5 PDF files which should put you on a very sound footing as far as candlestick reading is concerned on live trading.
He gives very comprehensive ways to read candles and reversals.
Also you can have a target for profit taking at 25, 40 and 55 etc.
Bee
Re: Saint's Intraday Miniflow - live discussion
Well harsh, there is a remedy for this, if you dont want to book loss as sar is hit, so booking profit at a certain levels, Now these levels is something which will differ from person to person or some will never book at all and wait till it hit the sar. Well both the methods have it good and bad part.
Booking profit at certain levels will cut your chances of taking your profit at higher level. But at the same time will help you to cut on your losses when the trade goes against you.
So, this thing depends totally on you how you go for it. Everyone is having their own rule of profit booking. Even I go with mine. I dont know about others but can share some of my profit booking level, which had really helped me, to be in a profitable situation.
Usually I trade with 3 lots,
As the market goes with the trade I book or cover 1 lot at 30-40 points, then the 2nd lot at 60-70 points and the 3rd I wait till it hit sar
Now most of the time, I am able to cover my 1st lot but not the 2nd lot, so my remaining 2nd and 3rd lots are covered at the SAR, then it may be profit or loss whatever, I will take it.
I dont go for any add just personal preference and also my money management doesnt allow me to, so I may not be able to tell anything on that
Now for exiting the trade, usually after 3.00 pm we all try to exit at a best possible level, no one know what it could be market can never be predicted, so I usually put my stop at the HOD OR LOD + OR - 15. This helps, well not always but most of the time.
Hope harsh, you come up with your own comfortable profit booking level, which suits your mentality,
Thanks and Regards,
Rajendrani
Well harsh, there is a remedy for this, if you dont want to book loss as sar is hit, so booking profit at a certain levels, Now these levels is something which will differ from person to person or some will never book at all and wait till it hit the sar. Well both the methods have it good and bad part.
Booking profit at certain levels will cut your chances of taking your profit at higher level. But at the same time will help you to cut on your losses when the trade goes against you.
So, this thing depends totally on you how you go for it. Everyone is having their own rule of profit booking. Even I go with mine. I dont know about others but can share some of my profit booking level, which had really helped me, to be in a profitable situation.
Usually I trade with 3 lots,
As the market goes with the trade I book or cover 1 lot at 30-40 points, then the 2nd lot at 60-70 points and the 3rd I wait till it hit sar
Now most of the time, I am able to cover my 1st lot but not the 2nd lot, so my remaining 2nd and 3rd lots are covered at the SAR, then it may be profit or loss whatever, I will take it.
I dont go for any add just personal preference and also my money management doesnt allow me to, so I may not be able to tell anything on that
Now for exiting the trade, usually after 3.00 pm we all try to exit at a best possible level, no one know what it could be market can never be predicted, so I usually put my stop at the HOD OR LOD + OR - 15. This helps, well not always but most of the time.
Hope harsh, you come up with your own comfortable profit booking level, which suits your mentality,
Thanks and Regards,
Rajendrani
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