Nifty Futures Trading

[gkpc]

Re: Time to Stick my Neck Out ,Nifty 7300

Gautam,

We have all had our losses,part of trading.....We have all had stupendous losses secondary to stupid decisions,.......part of growth as a trader.You've a great attitude,my friend,for great success.Take this as part of the learning curve,the money lost as tuition fees for an excellent lesson taught by the Market.

As the famous poem goes.....



You are a fighter,my friend........now fight back!

All the best!
Saint

I'll print it and put it under my table glass!!! As usual have no words for these kind actions!!!!
Best regards
-Gautam

 

[gkpc]

Re: Time to Stick my Neck Out ,Nifty 7300

exited balance at 4519.80

 

[kkseal]

Re: Time to Stick my Neck Out ,Nifty 7300

Paradise lost Paradise (re)gained. Amazing day.

 

[kkseal]

Re: Time to Stick my Neck Out ,Nifty 7300

The decision to carry longs yesterday wasn't technically wrong i think. But can't always protect against the unprecedented. Even today the signal is to carry, but dare not. Inflation figs tomorrow + US retail sales data.

 

[new2sm]

Re: Time to Stick my Neck Out ,Nifty 7300

gkpc...take heart it happened with you only today. This happens with me everyday incl. today I take it as a lesson and try not to repeat it. You cannot predict the mkt just like it happened today.

 

[uasish]

Re: Time to Stick my Neck Out ,Nifty 7300

ho asish , from morning 10 point gain ? , I mean you stop once you reach certain points is it ?

No it is never like that,though in the Morn it was a 18 points & some more in the later after 2.45,but here in this thread it is my consistent effort to demonstrate since lst few months ,that 10 points each & everyday is possible in Nifty ,only to boost confidence & break the Jinx that most intraday traders are Loosers.

 

[lalpar]

Re: Time to Stick my Neck Out ,Nifty 7300

Hello friends, sharing my fears my greed and my indiscreation....

As u all know I do day trading only....I exit at 3.25 or earleir whatever i have in hand.

I do not take a fresh position after 3.00

At 2.45 I was long, at 2.55 I got a short signal, I exited all longs!!!
Made an error : I was all through trading 4 lots but started trading 5 lots,squared 4 lots only. At nearing the close my friend, also my broker pointed it out....
The price had shot up and my greed overcame me : I asked him to hold it!!!
So i was long in one lot nifty at close yesterday.
Seeing the Us mkt,. i sent a pm and a mail to rkk, we admonished me for my indiscreation and said, the loss would be worth it, if i learn a lesson and do not repeat it in future as it was just one lot, he said God was kind on you!!! He advised me to hold it with 10 AM bars low as SL with he said to trade only that lot tomorrow i.e today..... He also advised to limit the trade size lower on big gap moves becoz in this set up of trade we were looking to gain just 12 points to start with and we may not get time for fast in and out, and more so vecoz i was still new!!!!

Today market opened with a gap down, 10 am bar low was 4380, mkt started rising. In kolkata ind. I got a buy at 10.15 above 4408.70.... I wanted to make up my losses in overnight position, i went long in 4 lots more total 5 lots!!!! To start with in my anxiety I read the chart wrong!! The signal wasnt there till then as per rules!!!! (DID NOT FOLLOW THE RULE : WHEN IN DOUBT READ THE WRITTEN RULES!!)

At 10.45 the candle closed inside, the long trade was void!!! THe new signal i got was to go long above 4414 at 10.50, it did not trigger!!!

I was still holding 5 lots long (1+4) and then i got a signal to short 4393, i shorted 10 lots (net 5 short) booked BIG loss in the long position of yesterday and 4 longs taken today.
After the short got triggered the price started to move up...i was nervous!!! (Frankly never was i so nervous even on my first day of on line trade). I was to reverse to long above high of 11.10 AM bar!!! In my anxiety I went long even before the bar was completed!!! Had I waited I would not have gone long as the high of this bar plus filter was not triggered. My short of 4493 went down upto ~4375... but i had in between taken a long trade and stopped and then a short trade, which did give some profit!!!
Then went long and got some profit.... but all in all have lost entire profit of June plus some more!!!! All due to KOLKATAA MEET INDICATOR!!!!
MOST CERTAINLY NOT , the error was 1000% mine!!!!! My greed, my indiscreation,my indiscipline!!!! My anxiety!!! My nervousness!!! My not heeding to advise!!!

Freinds i made a mistake , a blunder , should have exited my long yesterday when it was pointed out to me!!!
I was advised not to compound my mistake!!! But in my greed to recover losses resulted in much more. I traded fully today though i was anxious!!! A calm mind is as required as the regular price movement to day trade!!!

Just wanted to get the entire thing out of my system hence posted it here!!! Also this writing may also help me be better in future!!!

Regards

Gautam

Carry on Gautam..These things happen just to REMIND you of the RULES!!!!!...And I am sure that going fwd u will be a robust trader!!!All that happens is for good!!!! so my friend start the day fresh tomorrow/...

Although I am not a trader as i am in to a diff profession ,few months back i started trading nifty and traded for 2 weeks..I lost abt 43000 in this period..But I will never for get my experiences ..It has made me a better person and better in analysing trades...Currently i am learnind to tarde mechanically!!!GREED is most dangerous!!!

Sr boarders like saint have shown you the rght way..carry on u will succeed!!!

 

[uasish]

Re: Time to Stick my Neck Out ,Nifty 7300

Gautam,

I normally detest distributing ADVISE,as you are a staunch follower of Kolkata Meet i have a Moral responsibility.

Never do we trade Indicator / Osscillators / Pattern / etc.We should have this Mind-Set that we should never try or Dream of trading with Indicators.
Any Indicator even a conventional MACD is just good enough to Trade Mkt.
We trade Price & Price have a PERSPECTIVE ,that is the Bigger picture.If you cant see the bigger picture in one cursory glance to a chart then be assured you have to have more 100 hrs of Screen time,under your belt,otherwise use a Longer period MA to guide you about the bigger trend.
Here to determine the Perspective ,i have seen many old traders of my age use simple Pivot only to determine the Bigger picture ,there analogy if the Price is below pivot ,then bigger picture (-)ve & they will trade towards S1.


In many of my chart people may have seen a Money Management tool,if above that Stop then my Longs will be more if below my Shorts will be more,if below Stop i intend Long then normal qty,if above Stop i initiate Short Qty would be normal.That also helps me to see the Bigger picture the Perspective the Back drop.

Now 2nd stage is identifying the Trend ,how ? by Saint's method,HH HL or LH LL ,simple no damn indicator only Price action Nothing else.

We now have the Bigger picture we also have the Present Ongoing Trend in Wave forms.
If you cant see the Trend use Kolkata Meet to SHOW YOU THE SAINT'S PIVOT,the indicator shows you the Pivot points.

Now we are to initiate the Trade TOWARDS the Bigger picture in the Ongoing waves reversal zone.Say we intend to Long & Mkt moving Down wait & wait until you get HH & HL .Remember we do not trade whenever Close above Kolkata Meet but we wait to get our HH & HL .Then ONLY after you get the Ongoing Wave also Conforming TOWARDS the Bigger picture you may need a TOOL to trigger your Entry Point ,at that point even a conventional MACD if gives Buy signal we take it becoz the EDGE is already there ,the Chances of Win are more,hence any Tom Dick & Harry indicator osscillator pattern will Do,will suffice our need of a Trigger.
There you can use Kolkata Meet.

Remember even when we get HH / HL & the Bigger picture is for Short ,we do not LONG but Wait for the Short,to get the Edge in our favour ,both PERSPECTIVE & Ongoing Wave are to be in SAME direction.

My Subjective ADVISE.

Asish

 

[uasish]

Re: Time to Stick my Neck Out ,Nifty 7300

After you Graduate strictly adhering to these Rules,then we can even Fade the Perspective or Ongoing Trend ,that is Post Graduation in Intraday.Becoz if you can see Live chart's Price action,understand the Mkt's wave like Signatures even if we go wrong we cant be very far from waves Top or Bottom hence Losses will be Less even going against the Rules.

Lots of Screen Hr is only experience ,not age, nor 100's of Bookish Knowledge & lots of Statistical concept is not the Priori Only 100's of SCREEN Hr.

 

[rakeshluthra430]

Re: Time to Stick my Neck Out ,Nifty 7300

Ashish Da,
Cant believe we have such people who take pains to teach others....in this selfish world, people like you are rare. And here at Traderji....I find them in plenty!!

Rakesh