HAPPY's Trading Dairy
- Thread starter Happy_Singh
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That's out of context. The discussion was about how to initiate a buy when the price is approaching a cluster of support. We were not talking about trading based on swing pivots & trend recognition. But that is also an interesting topic. Different traders will trade Price Action differently.
Just above the place you wanted to go short, there will be a bunch of traders who would be waiting to go long with stop-buy orders. For e.g. according to Saint's 'Flow Methods' the point C (+filter) will the place where an validated ERL (Point A is ERL, point B is validation) is breached and the PA turns from Short to Long Mode.
Anyway a huge body of literature is available and all this PA stuff is discussed ad nauseam
Happy
Just above the place you wanted to go short, there will be a bunch of traders who would be waiting to go long with stop-buy orders. For e.g. according to Saint's 'Flow Methods' the point C (+filter) will the place where an validated ERL (Point A is ERL, point B is validation) is breached and the PA turns from Short to Long Mode.
Anyway a huge body of literature is available and all this PA stuff is discussed ad nauseam
Happy
Hello
I have seen many trading Journals or discussions about trading systems with the approach where there is an attempt at getting one (perfect) entry & exit and
a perfectly placed SL order that preferably never gets hit
I have not seen much talk about building an position with multiple scale-ins and scale-outs, maybe the problem is how does one use a clear stop loss in this type of approach. Another limitation would be the size that is required to be traded for carrying multiple units, it would be easier to divide the position into multiple units when trading the spot market, but not with index futures due to fixed lot size.
To start with think about combining your swing trading system with your intraday trading, if you can integrate them then you have a better approach to full time trading.
Happy
I have seen many trading Journals or discussions about trading systems with the approach where there is an attempt at getting one (perfect) entry & exit and
a perfectly placed SL order that preferably never gets hit
I have not seen much talk about building an position with multiple scale-ins and scale-outs, maybe the problem is how does one use a clear stop loss in this type of approach. Another limitation would be the size that is required to be traded for carrying multiple units, it would be easier to divide the position into multiple units when trading the spot market, but not with index futures due to fixed lot size.
To start with think about combining your swing trading system with your intraday trading, if you can integrate them then you have a better approach to full time trading.
Happy
Hello
I have seen many trading Journals or discussions about trading systems with the approach where there is an attempt at getting one (perfect) entry & exit and
a perfectly placed SL order that preferably never gets hit
I have not seen much talk about building an position with multiple scale-ins and scale-outs, maybe the problem is how does one use a clear stop loss in this type of approach. Another limitation would be the size that is required to be traded for carrying multiple units, it would be easier to divide the position into multiple units when trading the spot market, but not with index futures due to fixed lot size.
To start with think about combining your swing trading system with your intraday trading, if you can integrate them then you have a better approach to full time trading.
Happy
I have seen many trading Journals or discussions about trading systems with the approach where there is an attempt at getting one (perfect) entry & exit and
a perfectly placed SL order that preferably never gets hit
I have not seen much talk about building an position with multiple scale-ins and scale-outs, maybe the problem is how does one use a clear stop loss in this type of approach. Another limitation would be the size that is required to be traded for carrying multiple units, it would be easier to divide the position into multiple units when trading the spot market, but not with index futures due to fixed lot size.
To start with think about combining your swing trading system with your intraday trading, if you can integrate them then you have a better approach to full time trading.
Happy
Nothing is right or wrong.
Different traders have different style,rules,financial edge and psychological edges,SW edges,News related edges,Insider infos etc.
Just few questions to your thoughts.
What are the advantages,disadvantages of tracking multiple stocks,
and totally a different currency segment ?
The notional advantage/reasons to do so can be,
What is there in currency to learn ?
More screen Time is always good
Do you plan to trade all of them simultaneously ?
No
Will it help in making decisions to trade Nifty confidently ? or will add to the noise and more distraction ? or will help you to keep yourself more focused ?
Yes, Yes, No.
Will it be possible to manage the all trades of them ?
No
Will you trade the stocks which that are trending with Nifty or case to case ?
No
If Nifty is moving up and currency is also moving up what will be your plan ?
Both Long (trade them as per their trend unless the system is based on trading pairs // correlation
then the decision will be based on the charts of the difference/delta and not individual scrips
Already you are having problems in placing orders.
Pls convince me in what way the above are going to help you.
I see some advantages in trading 4/5 different markets, but not interested in trading stock futures along with index futures. Should take up trading currencies, metals, energy and other commodities but only after - when i have someone in employment (or other arrangements like automation) for order execution and management.
Just few more questions ? - Pls answer them.
What where your problems while trading 5 minutes charts ?
None, but don't like the frequency of trades and lower per trade rewards
1 M chart - 375 candles. too fast for me also see no big advantage in doing so
5M chart - 75 candles. same as above
10M Chart - 33 candles. am trading it
15M Chart - 25 candles.redundant as too near to 10 Min
30M Chart - 13 candles.Love it
60 M chart - 6 1/4 candles. use it only for reference, as i believe it is the most traded & most referenced time frame, v good for S/R
Daily intraday chart - single candle developing over 375 minutes, use it to base my swing trades
Why trading higher time frame alone - you are comfortable ?
For the strategies i know / have tested and am trading higher tfs seem to be more profitable.
Maybe its my personal limitation that i cannot trade lower time frame.
Even if i base my entries on 10 Mins chart, major inputs come from HTF charts.
What are the emotional short comings in trading lower time frames ?
same old enemies the 100 shades if fear & greed
but their is an advantage with smaller TFs, we get bigger sample size of trades and exposure different scenarios
if one can use this it can help is shortening the learning curve
What steps you have taken to over come this ?
(Remember traders are not born on a day - it requires practice practice - its a long journey).
Noting specific like a self hypnosis course or anything like that, read about it, try to learn,analyse but feel experience. awareness of these aspects and the Trade log are the best tools.
Why one has to wait for trades ? Is it not possible to enter a trade and manage it at any point of the chart ?
Yes - This is clearly a pay-off question (paisa wasool) for me :thumb:
Is anticipation good or bad ? or just follow the price ????
A successful trading system will do both. Entries are about probability (anticipation). Trade management is about following the price at a distance.
{Even if it (entry) is with the trend or BO or reversal (failure/rejection) type,
typically a initial entry will have higher chance of failure(hitting stops)
on the other hand a scale-in will typically have smaller stops}
Assuming You have sufficient capital and you aim to capture 40 points a day trading Nifty options.ie. to make 2000 rs a day.
Pls choose the best answer below (Nothing is right or wrong).
1 Trade - 20 lots - 2 points a day. thats for brokers or guys who are already rich
1 Trade - 1lot- 40 points a day.Sit for the target.Dreamers
2 Trades -4lots - 5 points a trade.(No scaling in - fixed). AFL hunters
4 Trades -2lots - 5 points a trade.(No scaling in - fixed). AFL hunters trying out tick charts
1 Trade - 4 lots - with scaling - ie add position when in profit). more like it but why only 1 trade, say how about don't count the trades at all
20 trades - 2 lots - 1 point a trade (Aughu bai style - I am referring to the trade size) Love this guy and his trading Journal, but i wont be able to do that,
I will be looking at need for 40 points as 40*20 sessions = 800 points / month
If typical performance of my systems is 150 points/month, then the choice comes to
800 / (150*60%) ~ 8 lots, my system does depend on scale-ins so it will be something like 2+1+1//3+3 i.e
the swing component of the system will start with 2, then add 1 and add 1 more whwre as ID will be 3+3
The initial success will tempt you to jump to multiple stocks,currencies,commodities etc pls stop refraining in doing so.
Is it not possible to make profits in Nifty alone if you are trading well than focusing multiple instruments. ?
If not have a mentor who can tell you when to go to the next step.
Just proove your success to yourself for say 100 trades or till double this capital and give the initial capital to your home.
When ever you make a very big profit in a trade be very careful and cautious.
Usually that will be turning point of markets in much speedier way in the opposite direction.
My humble suggestion once again - don't think of trading stocks,currencies etc for at least 6 months.Trade Nifty or Nifty options.Till you are successful and consistent with the results.Till you are consistent in following the process and treat profit and loss days alike.
Initial Trading success will give euphoria which deadliest enemy of a trader.
How successful traders counter their trading euphoria - a deadly enemy for a trader with.
Different traders have different style,rules,financial edge and psychological edges,SW edges,News related edges,Insider infos etc.
Just few questions to your thoughts.
What are the advantages,disadvantages of tracking multiple stocks,
and totally a different currency segment ?
The notional advantage/reasons to do so can be,
- if one scrip is in sideways, others may be trending. (happens more when trading multiple markers like comm, metals, currency, index futures)
- Possibility of catching impulse moves in one of the many scrips being trades is more than when only trading one scrip
- When trading only one/few setups frequency of it happening on one counter is v less
- Personality trait is suitable to trade multiple (for e.g. doing stupid things due to boredom/impatient when trading only one counter.)
What is there in currency to learn ?
More screen Time is always good
Do you plan to trade all of them simultaneously ?
No
Will it help in making decisions to trade Nifty confidently ? or will add to the noise and more distraction ? or will help you to keep yourself more focused ?
Yes, Yes, No.
Will it be possible to manage the all trades of them ?
No
Will you trade the stocks which that are trending with Nifty or case to case ?
No
If Nifty is moving up and currency is also moving up what will be your plan ?
Both Long (trade them as per their trend unless the system is based on trading pairs // correlation
then the decision will be based on the charts of the difference/delta and not individual scrips
Already you are having problems in placing orders.
Pls convince me in what way the above are going to help you.
I see some advantages in trading 4/5 different markets, but not interested in trading stock futures along with index futures. Should take up trading currencies, metals, energy and other commodities but only after - when i have someone in employment (or other arrangements like automation) for order execution and management.
Just few more questions ? - Pls answer them.
What where your problems while trading 5 minutes charts ?
None, but don't like the frequency of trades and lower per trade rewards
1 M chart - 375 candles. too fast for me also see no big advantage in doing so
5M chart - 75 candles. same as above
10M Chart - 33 candles. am trading it
15M Chart - 25 candles.redundant as too near to 10 Min
30M Chart - 13 candles.Love it
60 M chart - 6 1/4 candles. use it only for reference, as i believe it is the most traded & most referenced time frame, v good for S/R
Daily intraday chart - single candle developing over 375 minutes, use it to base my swing trades
Why trading higher time frame alone - you are comfortable ?
For the strategies i know / have tested and am trading higher tfs seem to be more profitable.
Maybe its my personal limitation that i cannot trade lower time frame.
Even if i base my entries on 10 Mins chart, major inputs come from HTF charts.
What are the emotional short comings in trading lower time frames ?
same old enemies the 100 shades if fear & greed
but their is an advantage with smaller TFs, we get bigger sample size of trades and exposure different scenarios
if one can use this it can help is shortening the learning curve
What steps you have taken to over come this ?
(Remember traders are not born on a day - it requires practice practice - its a long journey).
Noting specific like a self hypnosis course or anything like that, read about it, try to learn,analyse but feel experience. awareness of these aspects and the Trade log are the best tools.
Why one has to wait for trades ? Is it not possible to enter a trade and manage it at any point of the chart ?
Yes - This is clearly a pay-off question (paisa wasool) for me :thumb:
Is anticipation good or bad ? or just follow the price ????
A successful trading system will do both. Entries are about probability (anticipation). Trade management is about following the price at a distance.
{Even if it (entry) is with the trend or BO or reversal (failure/rejection) type,
typically a initial entry will have higher chance of failure(hitting stops)
on the other hand a scale-in will typically have smaller stops}
Assuming You have sufficient capital and you aim to capture 40 points a day trading Nifty options.ie. to make 2000 rs a day.
Pls choose the best answer below (Nothing is right or wrong).
1 Trade - 20 lots - 2 points a day. thats for brokers or guys who are already rich
1 Trade - 1lot- 40 points a day.Sit for the target.Dreamers
2 Trades -4lots - 5 points a trade.(No scaling in - fixed). AFL hunters
4 Trades -2lots - 5 points a trade.(No scaling in - fixed). AFL hunters trying out tick charts
1 Trade - 4 lots - with scaling - ie add position when in profit). more like it but why only 1 trade, say how about don't count the trades at all
20 trades - 2 lots - 1 point a trade (Aughu bai style
- I am referring to the trade size) Love this guy and his trading Journal, but i wont be able to do that, I will be looking at need for 40 points as 40*20 sessions = 800 points / month
If typical performance of my systems is 150 points/month, then the choice comes to
800 / (150*60%) ~ 8 lots, my system does depend on scale-ins so it will be something like 2+1+1//3+3 i.e
the swing component of the system will start with 2, then add 1 and add 1 more whwre as ID will be 3+3
The initial success will tempt you to jump to multiple stocks,currencies,commodities etc pls stop refraining in doing so.
Is it not possible to make profits in Nifty alone if you are trading well than focusing multiple instruments. ?
If not have a mentor who can tell you when to go to the next step.
Just proove your success to yourself for say 100 trades or till double this capital and give the initial capital to your home.
When ever you make a very big profit in a trade be very careful and cautious.
Usually that will be turning point of markets in much speedier way in the opposite direction.
My humble suggestion once again - don't think of trading stocks,currencies etc for at least 6 months.Trade Nifty or Nifty options.Till you are successful and consistent with the results.Till you are consistent in following the process and treat profit and loss days alike.
Initial Trading success will give euphoria which deadliest enemy of a trader.
How successful traders counter their trading euphoria - a deadly enemy for a trader with.
my answers//notes in blue
Happy
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