Trading BNF to be independent

[msa5678]

Can I point out something? I have observed that you are facing the fear of giving back your profits, and do not want to take the second trade for the day.

I am facing this too Terrified to give back my profits

Hi SS,

This is a general problem , Almost everybody is facing this. The moment you can overcome this you will become a successful trader. Best way is to follow the system without manual interpretition.

 

[rh6996]

Can I point out something? I have observed that you are facing the fear of giving back your profits, and do not want to take the second trade for the day.

I am facing this too Terrified to give back my profits

Yes, its right on Dot!! Yes I am terrified, this the right word to describe my mental condition. I am slowly accumulating "profits" which will give me confidence in trading BNF. Somehow am comfortable with NF but when trading BNF I get jittery. I am bit better than what I was at the start of my journey to trade BNF intraday! Thanks a lot for your post! :clapping:

 

[msa5678]

Yes, its right on Dot!! Yes I am terrified, this the right word to describe my mental condition. I am slowly accumulating "profits" which will give me confidence in trading BNF. Somehow am comfortable with NF but when trading BNF I get jittery. I am bit better than what I was at the start of my journey to trade BNF intraday! Thanks a lot for your post! :clapping:

Hi rh,

I had read somewhere that BNF is a beast,
Its movements are like a cornered entity in
a closed enclosure. But the beauty is , if you
know handle it then the gains you get from BNF
you can't get anywhere else

 

[sumosanammain]

Hi rh,

I had read somewhere that BNF is a beast,
Its movements are like a cornered entity in
a closed enclosure. But the beauty is , if you
know handle it then the gains you get from BNF
you can't get anywhere else

I would be willing to settle for smaller but stable returns

 

[trader.trends]

Yes, its right on Dot!! Yes I am terrified, this the right word to describe my mental condition. I am slowly accumulating "profits" which will give me confidence in trading BNF. Somehow am comfortable with NF but when trading BNF I get jittery. I am bit better than what I was at the start of my journey to trade BNF intraday! Thanks a lot for your post! :clapping:

I feel it is ok to take small profits. You can never go bankrupt because you took profits earlier.

 

[msa5678]

I feel it is ok to take small profits. You can never go bankrupt because you took profits earlier.

Hi TT,

I agree with you about taking smaller profits. The problem here is once we book some small profit and later the market moves in the direction in which we had a position, we will be loosing the chance, Second the brokerage charges we pay for small profits will eventually turn out to be a losing trade.

PS. Hope RS does not mind my filling his trading diary with non relevant matters.

 

[rh6996]

Hi TT,

I agree with you about taking smaller profits. The problem here is once we book some small profit and later the market moves in the direction in which we had a position, we will be loosing the chance, Second the brokerage charges we pay for small profits will eventually turn out to be a losing trade.

Bigger problem MSA , that I faced initially when trading NF, and by Gods grace overcame to a very large extent, was that I booked profits early, but hen the trade went against me, I was till holding on and gave away larger losses!!

 

[msa5678]

Bigger problem MSA , that I faced initially when trading NF, and by Gods grace overcame to a very large extent, was that I booked profits early, but hen the trade went against me, I was till holding on and gave away larger losses!!

Hi RH,

I post below an extract from ST's post, which is a solution to all the problems we had been discussing.

"""You have to find a method which suits your mental setup and is easy to implement and go on taking trades without worrying about outcome of indivisual trades. If the method is competent and is based on sound trading principles and if you are following good money management....the method will certainly make money over reasonable number of trades. There is no doubt,ambiguity, luck factor etc involved """"

This is the best advise a trader can get.

 

[rh6996]

Shorted NF below 5479 , booked at 5456. Went long at 5461 and holding the long, with SL below 5449!

------Meant for another thread, posted here by mistake-----

 

[rh6996]

ST, your comments are always welcome. Will impart something or the other of usefullness!!
Its incidental that my trades seem to coincide with Visual and Minor Pivots, this certainly is an interesting observation... will also look out for them and this might give my trades double confirmation and boost my confidence further.
On checking the Time mentioned by you, the chart seemed even better to trade!! Will observe this added criteria in future.
Its my past expirience with BNF that is a major hiderence. I stopped trading a strategy that gave a lot of whips and observed the present one for 4 long months on Paper, gave consistent profits week on week basis. So trading a single lot of BNF only... at present, wish to graduate to multiple lots in a month or two!!
Thanks again ST and regards.