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[soft_trader]

I was hoping that his ride would go all the way to 5400.... it stalled at 5350... moves that stall at flimsy mid levels do not deserve the round figures... still an hour to go... lets see if the hero becomes alive again... what drama unfolds...

Amit, I have taken a long position at 5350. Will it be wise to keep it for tomorrow? Because of ECB meet. I am thinking of placing a SL at 5270 (spot) for my position.

What are your views?

 

[jamit_05]

Amit, I have taken a long position at 5350. Will it be wise to keep it for tomorrow? Because of ECB meet. I am thinking of placing a SL at 5270 (spot) for my position.

What are your views?

long at 5350 is too much risk... that is pretty much the high of day. If you had position near 5330, then the risk would be wise.... regardless of what will happen tomorrow...

 

[jamit_05]

I will meet my Bearish friends @ 5341.25....

 

[jamit_05]

Short now... stop placed at 5350.25;

If it goes below 5320... then I will hold these positions for tomorrow. I might sound too wishful.. but there are no bounds to how much the market can give...

 

[divnain]

Originally Posted by augubhai
Divnain,

Was thinking the same. When volatility keeps going lower, even Martingale may be good for a pair with enough time left to make a move.

........

Originally Posted by jamit_05
Martingale too... but imagine this... there will come a time in a year or two or may be even more when it will go bust and that too big time. But, yes if you can plan for the absolute worst case then you could adopt it... else it is scary.

Instead, just strength the trading method to have lesser losses if that is what you want...

and I was not aware of martingale, so I searched and found following.. may be someone someday will find this useful :

Martingale is a strategy where you double your "bet" or exposure
with every loss, so that the next win will cover all previous losses.
Your exposure grows quickly and you can get hurt badly.

It is also called "Gambler's Debt".
Google will return many valid results on both those terms.


This strategy is based on probability theory and if your pockets are
deep enough, it has a near 100% success rate.This strategy was most
commonly practiced in the gambling halls of Las Vegas casinos and
is the main reason why casinos now have betting minimums and maximums
and why the roulette wheel has two green markers (0 and 00) in
addition to the odd or even bets.

The introduction of the 0 and 00 on the roulette wheel was used
to break the mechanics of the martingale by giving the game more
than two possible outcomes other than the odd vs. even or
red vs. black. This made the long-run profit expectancy of using
the martingale in roulette negative and thus destroyed any incentive
for using it.

I found this very good explaination of the theory.

Suppose that we had a coin and engaged in a betting game of either
head or tails with a starting wager of $1. There is an equal
probability that the coin will land on a head or tails and each
flip is independent, meaning that the previous flip does not impact
the outcome of the next flip. As long as you stick with the same
directional view each time and you double your bet on each flip of
the coin you would eventually, given an infinite amount of money,
see the coin land on heads and regain all of your losses plus $1.
The strategy is based on the premise that only one trade is needed
to turn your account around.

Result : Discipline is everything and Amit correctly said : " i'd rather lose money on one trade than welcome a bad habit... " so , No to Bad Habit, Have faith & Discipline .. Focus on Minimizing your Loss... Yes I am trying to learn some golden things.. Thanks Amit and everyone

 

[jamit_05]

Since we are all learners and want to become earners:

Almost everyone here has a perfectly good trading method. But, to make it work is a different ball game. It requires the trader to have a certain set of realizations.

The word "Realization" is unique. Realizing a fact is far different in effect than knowing or reading one. Realizing causes an internal shift an internal reaction after which no further explanation is required.

Just like the trading method, probably everyone here knows about the few handful of so-called "trading secrets". But, how many has he realized?

Unfortunate thing is that we cannot force this realization to happen. Or work for it or Pay for it. It only happens. Best you can do is make yourself ready and available. Some become earners in just a few months, whereas some take years.

 

[jamit_05]

Realization about Entries.

Result : Discipline is everything and Amit correctly said : " i'd rather lose money on one trade than welcome a bad habit... " so , No to Bad Habit, Have faith & Discipline .. Focus on Minimizing your Loss... Yes I am trying to learn some golden things..

Let me go ahead and share one of my realizations.

I used to make a super special effort to take all trades of the system. Had all sorts of quirky ways and exercises for it. In other words, I used to force down the entries but with a smile. Still once in a while one or two slipped through my fingers damaging the week's profitability. But, that I could live with....

Then came a realization:

I realized the definition of an Entry. One which was most suited for me. (See there is the difference. Definitions are general. But Realizations are personal. They fill a personal gap hence realizations always have to come from within)

I was fortunate to have understood Stop Loss early on. Since, then I have never failed to take every one of them. No matter how close, far or ridiculous they were. It was natural to take the stop loss, which are decided before taking a trade.

When I realized, I saw Entries in contrast to Stop Losses. I thought, if I am dead serious about Stop Losses, then I should be about Entries too. Cuz, I trade to become rich. I do not trade to remain only Neutral, which in the long run is as bad as going broke. Time is of essence.

Since, then taking entries has become natural. No need for Jappas and Mantras. As an added benefit, I see setups and exits more clearly.

 

[divnain]

06.07.2012, Friday

Good Morning Friends

NS = 5327.30 (05.07.2012 closing price)

The base price for Today is = 96 -4 = 92

 

[coolabhi99]

06.07.2012, Friday

Good Morning Friends

NS = 5327.30 (05.07.2012 closing price)

The base price for Today is = 96 -4 = 92

Whats the base price?

Cheers,

 

[pakatil]

GM....Frnds