Augubhai's diary and notes

[augubhai]

avoided trades ?....you already did 7 trades in nifty ...today was the day were 1 trade was enough or max 2..

I wonder trades you avoided

Sunny,

My last trade closed at 2:45. After that, I avoided probably another 3 trades that I might have taken.

Don't bother if you are not clear about what i said. Even I am not...

 

[augubhai]

The game begins today. Level 1 starts today

 

[augubhai]

NF intraday trades:

1. short 5396,

Brokerage of 2 points per trade not deducted.

 

[augubhai]

Until now, I pretended that I was learning. I tried all kinds of day trading, and failed in all styles. I took trades off 1 min to 30 min charts, without charts, with and without indicators. Huge position sizes and single lots. Traded NF, BNF and JSW.

Ignored advise from everyone (which is ok if you know how to listen to the market). Overall, looking back, it seems that I tried my best to fail.

Only advise that I took was from PartTime Trader, who told me to backtest. While I did not backtest, I downloaded a copy of Amibroker from the site (so not pirated, but not licensed either), and data from tradewithme. Had a look at some of this year's charts.

I call all of this level 0. Now I am starting a game. Aim is to earn about 100 post brokerage points before moving to the next level.

Level 1 starts today. No an auspicious start with a losing first trade.

 

[augubhai]

NF intraday trades:

1. short 5396, exit 5406 = -10

Brokerage of 2 points per trade not deducted.

 

[augubhai]

NF intraday trades:

1. short 5396, exit 5406 = -10
2. short 5392,

Brokerage of 2 points per trade not deducted.

 

[PartTime_Trader]

Until now, I pretended that I was learning. I tried all kinds of day trading, and failed in all styles. I took trades off 1 min to 30 min charts, without charts, with and without indicators. Huge position sizes and single lots. Traded NF, BNF and JSW.

Ignored advise from everyone (which is ok if you know how to listen to the market). Overall, looking back, it seems that I tried my best to fail.

Only advise that I took was from PartTime Trader, who told me to backtest. While I did not backtest, I downloaded a copy of Amibroker from the site (so not pirated, but not licensed either), and data from tradewithme. Had a look at some of this year's charts.

I call all of this level 0. Now I am starting a game. Aim is to earn about 100 post brokerage points before moving to the next level.

Level 1 starts today. No an auspicious start with a losing first trade.

If your first target is 100 points net per month, then use higher time frame 10, 15 minutes minimum, even 30 minutes should work out well.

Focus on position sizing, for e.g. instead of 2 lots of Nifty, use 5 lots of Mini-Nifty for trading, Initial position 2/3 lots plus 2/3 for scaling-in, also keep booking some profit (scaling-out) when you get a good move in your favor.

Have everything you want to do as a written plan.

Your ability to execute these trades is your edge :thumb:



.

 

[augubhai]

NF intraday trades:

1. short 5396, exit 5406 = -10
2. short 5392, exit 5400 = -8
3. long 5400,

Brokerage of 2 points per trade not deducted.

 

[augubhai]

act in haste... repent in leisure.
should not have taken that long. also I think my exit from short was premature.

 

[augubhai]

If your first target is 100 points net per month, then use higher time frame 10, 15 minutes minimum, even 30 minutes should work out well.

Focus on position sizing, for e.g. instead of 2 lots of Nifty, use 5 lots of Mini-Nifty for trading, Initial position 2/3 lots plus 2/3 for scaling-in, also keep booking some profit (scaling-out) when you get a good move in your favor.

Have everything you want to do as a written plan.

Your ability to execute these trades is your edge :thumb:



.

Again, I am not following sane advice I think. I was trading with multiple lots all this while. But for level 1, I will be trading with just 1 lot. Will increase lot size after 100 points. looking at both 5 min and 30 min charts.