Yes it is 5 years of perseverance and the urge to make it happen. I cannot fail. Even I fail at some point it has to work. May it is a matter of time. For some it works in one year. For some like me it takes 5 years. For others it might take more than 5 years.
My simple ten rules that I follow now...
1.My first rule is to Keep the system Simple and Sweet. I do not keep changing my system and / Or Rules - In the last 5 years I was keep on improving my system and did not spend enough time on the trading.
2.I have fixed my Trading quantities constant for the last 3 months. That way my Risk and Money management is simple and so that I can always recover my Losses. Since I mostly trade with Selling Options, I am kind of forced not to take too many positions. Before I used to multiply and invest also the profit.
3.I have fixed a Timeframe for charts and do not keep changing the timeframe. I use hourly charts to Take Major entry and exit. I also use the Lower timeframe rarely when I am taking Naked options. I also should not lose the BIG Picture and so I also see the Daily, Weekly and Monthly Charts to build perceptions.
4.I do not use fancy indicators and Tools. I just use my Excel based tool which gets data from Google, NSEIndia and my OAT tool for the Options Chain. I just use the Trend line and calculate the Resistance line and Support line. I also have a Major Trend Line and Minor Trend line. Major Trend line is for the overall support and Resistance. Minor Trend is to identify any Breakout or Breakdown.
5.I mostly trade with one or two instruments. I mostly trade with NIFTY.
6.I also use Options Chain data to get a view on the market direction before making an Entry. For Trading with Options, Options Chain is an important data.
7.I set a simple Goal per month as max 20% of the capital. So my daily target becomes 1% and my weekly target becomes 5%.
8.I fix my stoploss before i enter the trade and get out when I am not sure about the direction or when my stoploss is hit. For Options I normally have 20 points as the stoploss
9.I should also have a BIAS in my trade. I cannot make money with a Neutral bias. But I do not follow others like TV Pandits or a Stock Guru and decide my direction. I make my own decision using the system I have.
10.Finally No system can work 100%. So when my system does not work, I do not try to find fault with my system. I also don't try develop/ tune my system to make it work 100%. There is no such system which works 100%.
I always wanted to keep the trading simple. Hope I can make it simpler.
My simple ten rules that I follow now...
1.My first rule is to Keep the system Simple and Sweet. I do not keep changing my system and / Or Rules - In the last 5 years I was keep on improving my system and did not spend enough time on the trading.
2.I have fixed my Trading quantities constant for the last 3 months. That way my Risk and Money management is simple and so that I can always recover my Losses. Since I mostly trade with Selling Options, I am kind of forced not to take too many positions. Before I used to multiply and invest also the profit.
3.I have fixed a Timeframe for charts and do not keep changing the timeframe. I use hourly charts to Take Major entry and exit. I also use the Lower timeframe rarely when I am taking Naked options. I also should not lose the BIG Picture and so I also see the Daily, Weekly and Monthly Charts to build perceptions.
4.I do not use fancy indicators and Tools. I just use my Excel based tool which gets data from Google, NSEIndia and my OAT tool for the Options Chain. I just use the Trend line and calculate the Resistance line and Support line. I also have a Major Trend Line and Minor Trend line. Major Trend line is for the overall support and Resistance. Minor Trend is to identify any Breakout or Breakdown.
5.I mostly trade with one or two instruments. I mostly trade with NIFTY.
6.I also use Options Chain data to get a view on the market direction before making an Entry. For Trading with Options, Options Chain is an important data.
7.I set a simple Goal per month as max 20% of the capital. So my daily target becomes 1% and my weekly target becomes 5%.
8.I fix my stoploss before i enter the trade and get out when I am not sure about the direction or when my stoploss is hit. For Options I normally have 20 points as the stoploss
9.I should also have a BIAS in my trade. I cannot make money with a Neutral bias. But I do not follow others like TV Pandits or a Stock Guru and decide my direction. I make my own decision using the system I have.
10.Finally No system can work 100%. So when my system does not work, I do not try to find fault with my system. I also don't try develop/ tune my system to make it work 100%. There is no such system which works 100%.
I always wanted to keep the trading simple. Hope I can make it simpler.
