Manoj's Trading Diary

[manishchan]

ZT was disconnected for some time and after that Bracket order was not working.
So I used normal MIS order and did some really scalping type of trades which had eaten my profits.

I am really disappointed with today's trades, a very good trading day turned into breakeven day I suppose.

NOTE: I must control my habit of overtrading as I have written in plan I should stick with number of trades per day or if profit target is done, stay out of market until I get a very high probability setup.

Manoj... this looks like over trading to me. If I read it right.. you took 14 trades. Any good system that you follow shouldn't give more than 3-4 trades in intraday. Also... taking least number of trade in intray is healthy for the accounts in long run. Else you will end up paying more in brokerage/slippage etc. Today NF was in just up and down mode and was difficult to trade. We should be able to control the numbers of trades escpecially on these days because most trades on such days turn into loss. Just thought of sharing what I felt after looking at your order history.

 

[manojborle]

As per trading plan I should not be trading live, all trades should have been paper trades.

Still I will consider this result and try to improve for next set of 25 trades.

Payoff ratio must be greater than 1 to start live trading, so now will have to work on payoff ratio.

It means I have to increase my average win and reduce average loss.

I am planning to go live with my original capital of 300000.
So I will try to bring my payoff ratio above 1.

I guess the open position in my trading records will change it drastically as it is in good profit.

 

[amitrandive]

For day trades, take no more than 5 trades a day on Current month Nifty/Stock Future OR 3 trades a day on Stock segment.

You are not following your own written rules, which is leading to over trading.

 

[Vertigo_1985]

Hi manoj,
Do you have short term and long term goals for your trading ? Do you have proper plan to achieve them ?
Have you thought about what type of trading(intraday, swing or higher tf) suits you ?
How your ideal trading goal should be like ?
How do you prepare for the trading day and how much effort is there ? Most effort should be put in preparation, results will follow.
Do you maintain any psychological journal ?
And lastly most important.. why are you trading ?

Hope above question help you in some way .

 

[manojborle]

Hi manoj,
Do you have short term and long term goals for your trading ? Do you have proper plan to achieve them ?
Have you thought about what type of trading( intraday, swing or higher tf) suits you ?
How your ideal trading goal should be like ?
How do you prepare for the trading day and how much effort is there ? Most effort should be put in preparation, results will follow.
Do you maintain any psychological journal ?
And lastly most important.. why are you trading ?

Hope above question help you in some way .

Thanks
I do have goals and I have written plan to achieve it also.
I know intraday trading does not suit me as I am not able to wait patiently.
These questions will definitely help.

I will work on these aspects and will definitely improve my trading.

 

[RAAMAKANT]

Jesse Livermore views regarding excessive trading....


1. “Money is made by sitting, not trading.”
2. “It takes time to make money.”
3. “It was never my thinking that made the big money for me, it always was sitting.”
4. “Nobody can catch all the fluctuations.”
5. “The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money everyday, as though they were working for regular wages.”
6. “Buy right, sit tight.”
7. “Men who can both be right and sit tight are uncommon.”
8. “Don’t give me timing, give me time.”
and finally, the most important thing:
9. ”There is a time for all things, but I didn’t know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class. There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. Not many can always have adequate reasons for buying and selling stocks daily – or sufficient knowledge to make his play an intelligent play.”
Jesse was a trader but he knew the value of staying with positions and sometimes not trading at all. Once he began to follow tips from others or trade when he should have abstained, all of his progress had come undone, and with it, his sanity.
We are fortunate to be able to learn from his mistakes and to sidestep the errors that eventually cost him everything.

 

[manojborle]

Spot nifty Daily chart:

Bullish flag has formed (Trading range from 7480~7700).
Breakout from this flag should take nifty to 7950.

Wait & Watch game

 

[manojborle]

:clapping::clapping::clapping:
:clap::clap::clap:

 

[SDL]

manoj sir , what is ur initial sl for these trades ?
can u post ur bo order img with this order details , so that we all can understand how to use bo .
congrts. very nice performance .....

 

[manojborle]

manoj sir , what is ur initial sl for these trades ?
can u post ur bo order img with this order details , so that we all can understand how to use bo .
congrts. very nice performance .....

To be frank this was not a good trade as my initial entry was @ 7561.9 and I had given trailing stop loss of 600 ticks with 50 ticks trailing
So my stop loss was 30 points below, when market started coming down I modified stop loss to 7533.

Then I added to my original position @ 7551 again with same stop loss and then I was holding.

When nifty fell to 7540, I was worried and I modified my stop loss again to 7510. (Very wrong ).

Once nifty broke HOD, then only I modified my stop again back to 7533 and then I did not change my stop loss.

As breakout happened, my stop loss started trailing but as I am not much familiar with Bracket Orders and how to put Trailing ticks when my trailing stop was @ 7583 I chickened out and exited at market.
(Very bad decision , as nifty future went on to add another 55 points).