nac Calling JOBBERS/SCALPERS

[nac]

Everyone please give me definition of successful trade according to you.

I don't want to give my definition of successful trade as you know about it :lol:

I go with anu, It shouldn't be matter whether we end up in profit or loss when trade completes. I should know what my system would give, I should go by the book, else........................... you all know my story.

 

[iamaaditya]

Everyone please give me definition of successful trade according to you.

What about you sanjay ?

 

[sanjay1876]

What about you sanjay ?

I'll get back sometime tommorow.

 

[rzen]

Hi,

Two things I will say about myself.

1) Its all about finding oppertunity to enter and finding oppertunity to exit in profit.

2) SL i worship this.


Wish you all the best

 

[ranger123]

hi Ranger
there is a saying 'dont try to mend what aint broke.' if something is working for u dont try to change it. u will create more confusion for urself.
I believe what I am doing is right but what Tnsn has said holds merit too and it has given me food for thought to reflect upon.
what I would advise u is just digest the information that u have received here and try to analyzie it whenever u are facing a problem while trading.
till such time, if u are happy with ur trading results, just keep on at it.

regards

Anurag

Sir, I do what I am comforable doing it only, so after taking off yesterday due to mental confusion I start trading today with my style only was able to make some profit at the start till afternoon but in the end due to down fall in the market my profit turn into loss and I has to exit in loss as my stoploss was hit. Then again I remember the discusson on stoploss and again now I become cunfuse do to it. I take more trade with out looking at postive probabilty and was doing on R:R but still I ended in looses.

So I has to take more break in trading for one or two days.

Thank you.

 

[iamaaditya]

Then again I remember the discusson on stoploss and again now I become cunfuse do to it.

Few Stops should not deter you against using it. Remember keeping stop loss you may lose litle of money more often but you will never lose a lot of money (which if happened will make a dent in your Equity from which it will be an herculean task to recover)

I take more trade with out looking at postive probabilty and was doing on R:R but still I ended in looses.

This is the hard fact of Trading (read: All kind of probability game).
Only because probability of success in that particular trade (or anything for that matter) was greater does not mean it will give you success. That is why pros never worry about every individual trader. To let the probability work you will have to take them in lots (I always see weekly numbers, and then decide the probability of the system).

I hope some of the following words from Saint will be helpful. I have copied this from his blog (visit http://tradersaint.com for more)

Not only cut the Losses,but Ride the Profits.

Adherence to stop losses is important and vital,but allowing a trend trade to run its course before tampering with it is as important,if not moreLet us take another Trader.Unlike our Trader friend above,this Trader is more disciplined,more ruthless.He knows the importance of stops,he realises the importance of his capital and its preservation,.he therefore adheres to his stops.Not only does he adhere but he realises that stops are to be placed at vital points(talking Tech Trading).He takes on the Market and after 10 trades,he makes 5 losses,and 5 wins ie 5x-5x=0.He has lost commissions,and misc charges and made nothing.His next 10 trades have 6 losses and 4 gainsall gains are about x,and losses at x each.He ends this on a losing note as well.

This Trader has gotten it better than the previous guy..he is following half the Wisdom and finds himself perenially at Breakeven to Mild losses.After 20 such trades,he realises that his fallacy was in placing stops in the first place.The next 10 sees him hurtling down and joining the previous Trader in his ranks..what has happened is a slow breakdown of the discipline by the Market,which is nothing but a Totality of Minds in action.Frustrated and disappointed,he thinks that his fault lies in the method,his system,and runs around in circles collecting this afl and that.

So too,at the end of the month,when we look at our Trade Analysis,we kick ourselves for not adhering to our stopsWe notice instantly that our stops of x was not adhered to a few times and that led to the downfall in that month.Nothing could be further than the truth.What the Month end analysis does not show is that the profits earned of say x or 2x was in a move of 10x or 12x..to put it crisply,we did not capitalise on the move.Not capitalising sends the mind into Regret.Regret sends the Mind into Wrong Decision.Trades are taken when they should not have been.Stops are placed at incorrect points.Multiple useless,unnecessary trades are put,and the broker instead laughs all the way to the bank.Even if stops are taken,the trader does not make enough to cover the losses sustained.Sustained lack of victories sends the Mind into Defeat Mode and he then finds every possible way to shoot himself in the foot..

The Wisdom of the Ancients has always been to cut the losses,and to ride the Profits..Somehow,the 2nd half of that great wisdom stands neglectedObey that Wisdom,and great profits follow.Neglect it,and Peril will follow in a matter of time.

Saint

 

[anuragmunjal]

Sir, I do what I am comforable doing it only, so after taking off yesterday due to mental confusion I start trading today with my style only was able to make some profit at the start till afternoon but in the end due to down fall in the market my profit turn into loss and I has to exit in loss as my stoploss was hit. Then again I remember the discusson on stoploss and again now I become cunfuse do to it. I take more trade with out looking at postive probabilty and was doing on R:R but still I ended in looses.

So I has to take more break in trading for one or two days.

Thank you.

hi Ranger

Aaditya has adressed ur query very nicely. I would just add a little bit ...
the confusion in ur mind right now is whether the way u traded before with a SL is the right way to trade or trading without (wide) a Sl is the right way to trade..I'll try n give u a solution to that.... if u were happy with ur trading before reading this discussion, do not change anything. just keep on trading the way u were trading before with ur Sl firmly in place and start maintaining a log of all ur trades. ie. the actual results of the trade vs the results u would get if u did not put a SL (or if u put a very wide Sl just in case of an extraordinary event).
after a month or two , simply compare the results. u will get the answer...
u will automatically come to know what kind of SL is best suited for ur style of trading..

regards

Anurag

 

[rzen]

hi Ranger

Aaditya has adressed ur query very nicely. I would just add a little bit ...
the confusion in ur mind right now is whether the way u traded before with a SL is the right way to trade or trading without (wide) a Sl is the right way to trade..I'll try n give u a solution to that.... if u were happy with ur trading before reading this discussion, do not change anything. just keep on trading the way u were trading before with ur Sl firmly in place and start maintaining a log of all ur trades. ie. the actual results of the trade vs the results u would get if u did not put a SL (or if u put a very wide Sl just in case of an extraordinary event).
after a month or two , simply compare the results. u will get the answer...
u will automatically come to know what kind of SL is best suited for ur style of trading..

regards

Anurag

Good view..

 

[ranger123]

Few Stops should not deter you against using it. Remember keeping stop loss you may lose litle of money more often but you will never lose a lot of money (which if happened will make a dent in your Equity from which it will be an herculean task to recover)

hi Ranger

Aaditya has adressed ur query very nicely. I would just add a little bit ...
the confusion in ur mind right now is whether the way u traded before with a SL is the right way to trade or trading without (wide) a Sl is the right way to trade..I'll try n give u a solution to that.... if u were happy with ur trading before reading this discussion, do not change anything. just keep on trading the way u were trading before with ur Sl firmly in place and start maintaining a log of all ur trades... ie. the actual results of the trade vs the results u would get if u did not put a SL (or if u put a very wide Sl just in case of an extraordinary event).
after a month or two , simply compare the results. u will get the answer...
u will automatically come to know what kind of SL is best suited for ur style of trading..

regards

Anurag

Thank you for your support at this time. I am now confidence that I will do good with my style and also note down in my diary. Also as I am learn I will now start noting what is the probability of succses of each trade before I take the trade. This information will help me to evalue my performance alos and also help in taking high probali trade only in future.

Also I am taking off today till I have cool mind set for trading.

Thank you all very much.

 

[tnsn2345]

Thank you for your support at this time. I am now confidence that I will do good with my style and also note down in my diary. Also as I am learn I will now start noting what is the probability of succses of each trade before I take the trade. This information will help me to evalue my performance alos and also help in taking high probali trade only in future.

Also I am taking off today till I have cool mind set for trading.

Thank you all very much.

Dear Friends,

The best part I like about this man is his simplicity, flexibility and adaptibility. In my opinion these are the only things (in order) to be successful in any sphere of life (including trading). Some possess it naturally, some eventually get there but at the fag end of their lives, while most are 'determined' not to possess it.

Regards,

p.s.: It is easier to be complex and hard to be simple