Nifty Trade log...!
- Thread starter Somanjana_C
- Start date
Every trading day is different. some days we have a PT Usha type running market... some days market has arthritis and refuses to move... some days we have when market acts like spoilt children refusing to what you signals make you believe it should do..somedays it just like to tango all over the place for no apparent reason...
Each type of day has a ideal way of playing it. we cannot use a trailing stop loss on a arthritis wala din. Like keeping a wide stop loss on a tango day will accelerate the BP...
Discipline is following a set of rules like a book. when every you break a rule, market will punish you....Experience will tell you that rules are meant to be broken. Each rule should have a Force majeure clause on when it can be over written with another rule. This makes a set of rules redundant on certain days. Here is where discipline will take a slap on the face.... as making new rules to break the existing rules will take every ounce of your experience...!
Each type of day has a ideal way of playing it. we cannot use a trailing stop loss on a arthritis wala din. Like keeping a wide stop loss on a tango day will accelerate the BP...
Discipline is following a set of rules like a book. when every you break a rule, market will punish you....Experience will tell you that rules are meant to be broken. Each rule should have a Force majeure clause on when it can be over written with another rule. This makes a set of rules redundant on certain days. Here is where discipline will take a slap on the face.... as making new rules to break the existing rules will take every ounce of your experience...!
hi Somanjana
this would essentially mean that we have one set of rules for the range bound mkt and another set of rules for a breakaway mkt.( pls correct me if I have not understood it clearly). now we would have to define the levels between which we 'assume' that the mkt is rangebound..but it happens every so often that a mkt languishing within a range breaks out violently on one side or worse...breaks out on one side and then reverses and breaks out on the other side..now would it not become a little confusing if I have different set of rules..an alternative could be tht I do not trade between the levels where I assume the mkt would be rangebound..and follow just one set of rules when I believe that the mkt. has come out of congestion area.
regards
this would essentially mean that we have one set of rules for the range bound mkt and another set of rules for a breakaway mkt.( pls correct me if I have not understood it clearly). now we would have to define the levels between which we 'assume' that the mkt is rangebound..but it happens every so often that a mkt languishing within a range breaks out violently on one side or worse...breaks out on one side and then reverses and breaks out on the other side..now would it not become a little confusing if I have different set of rules..an alternative could be tht I do not trade between the levels where I assume the mkt would be rangebound..and follow just one set of rules when I believe that the mkt. has come out of congestion area.
regards
Re: Thoughtlog...23rd May!
no kido...i am handling this small account of 30 K with a specific purpose. My own trading account is slightly bigger...!
:rofl: Why don't u check the time on the post... 3.11...
Any one trading with real money needs to concentrate on the screen...! Why would i want to add distractions by posting in real time....
no kido...i am handling this small account of 30 K with a specific purpose. My own trading account is slightly bigger...!
i think this thought log is not real time. at 9.14, till 11 i refreshed page and no posts seen. now with time it is coming. kuch gadbad hei
Any one trading with real money needs to concentrate on the screen...! Why would i want to add distractions by posting in real time....
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Actually, its not that confusing...!
If we are in a range bound day...then we need entry at one extreme with target towards the centre (read POC) as thats where price is most likely going to gravitate...! Such days need very early entry and we scale out at poc with tgt at other extreme with hope of a break out in that direction.... Here entry is always in direction of the trend on a larger tf...
I never try to pick a trade near the poc as most signals tend to reverse it self after moving a few points.
On a nice trending day, my personal preference is to avoid a break out trade. I rather wait for second cycle for entry as most of the time break outs tend to be just an attempt to trigger a few stop loss. here its buy the dips or short the rally approach...! This also gives me a good risk per trade...!
Now million dollar question is how to demarcate the two phases. I rely on accl band and its relation to BB and this is always in 5 point range bar screen. On the 3 min screen, i have guppy MMA and a modified rsi to gauge the momentum. Combination of the two helps in my decision process. Nothing is fool proof, so few sl do get triggered but i never have a problem with re entry....!
If we are in a range bound day...then we need entry at one extreme with target towards the centre (read POC) as thats where price is most likely going to gravitate...! Such days need very early entry and we scale out at poc with tgt at other extreme with hope of a break out in that direction.... Here entry is always in direction of the trend on a larger tf...
I never try to pick a trade near the poc as most signals tend to reverse it self after moving a few points.
On a nice trending day, my personal preference is to avoid a break out trade. I rather wait for second cycle for entry as most of the time break outs tend to be just an attempt to trigger a few stop loss. here its buy the dips or short the rally approach...! This also gives me a good risk per trade...!
Now million dollar question is how to demarcate the two phases. I rely on accl band and its relation to BB and this is always in 5 point range bar screen. On the 3 min screen, i have guppy MMA and a modified rsi to gauge the momentum. Combination of the two helps in my decision process. Nothing is fool proof, so few sl do get triggered but i never have a problem with re entry....!
Last edited:
Actually, its not that confusing...!
If we are in a range bound day...then we need entry at one extreme with target towards the centre (read POC) as thats where price is most likely going to gravitate...! Such days need very early entry and we scale out at poc with tgt at other extreme with hope of a break out in that direction.... Here entry is always in direction of the trend on a larger tf...
I never try to pick a trade near the poc as most signals tend to reverse it self after moving a few points.
On a nice trending day, my personal preference is to avoid a break out trade. I rather wait for second cycle for entry as most of the time break outs tend to be just an attempt to trigger a few stop loss. here its buy the dips or short the rally approach...! This also gives me a good risk per trade...!
Now million dollar question is how to demarcate the two phases. I rely on accl band and its relation to BB and this is always in 5 point range bar screen. On the 3 min screen, i have guppy MMA and a modified rsi to gauge the momentum. Combination of the two helps in my decision process. Nothing is fool proof, so few sl do get triggered but i never have a problem with re entry....!
If we are in a range bound day...then we need entry at one extreme with target towards the centre (read POC) as thats where price is most likely going to gravitate...! Such days need very early entry and we scale out at poc with tgt at other extreme with hope of a break out in that direction.... Here entry is always in direction of the trend on a larger tf...
I never try to pick a trade near the poc as most signals tend to reverse it self after moving a few points.
On a nice trending day, my personal preference is to avoid a break out trade. I rather wait for second cycle for entry as most of the time break outs tend to be just an attempt to trigger a few stop loss. here its buy the dips or short the rally approach...! This also gives me a good risk per trade...!
Now million dollar question is how to demarcate the two phases. I rely on accl band and its relation to BB and this is always in 5 point range bar screen. On the 3 min screen, i have guppy MMA and a modified rsi to gauge the momentum. Combination of the two helps in my decision process. Nothing is fool proof, so few sl do get triggered but i never have a problem with re entry....!
to tell u the truth..most of ur above quoted post is greek to me...'accl band, BB, guppy MMA, rsi.....' I do not understand these.. why not make life (read trading) simpler..u are concentrating too much on ur entries...
let us assume that someone has a system which profits in a trending mkt...
(for the life of me I would not be able 2 make out whether a mkt is trending or not on the right side of the chart,on the left side obviously we are all well versed) and gets beaten in a range bound mkt. I know that major money is made in trends... all I have to do is diversify..trade different mkts simultaneously ..even if 3 out of 20 are trending, I wd be breakeven.. if 5 out of 20 are trending I wd be plus, n just in case 8-9 are trending then sky is the limit..
u must have heard of Muhammad Ali.. he used to take a beating till the 9th round...but by the 10th round his opponent was dead tired.. n then he went fr the kill...
regards
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