Hi all,
Been a year of learning and trading small amounts / full time trading. I feel it's time to get into real career mode now.
I have quit my job and this is my career now - day trading.
Capital - 4.0 L
Trading type - scalping / intraday
Risk management - max 1 % per day / max 0.5 % per trade. 2 consequence losses and i shut terminal for the day.
Lots - decided as per stop loss
(Eg - max SL per trade is 2000 per trade ie 18 pts per lot. 2 pts for brokerage n taxes.
If two lots then SL is 8 pts per lot and 4 pts for brokerage n taxes.
SL trailing is done along with scaling up.
Scaling up is asf:
After SL has been modified to break even if trade moving in favour then at pullback I add lots as per trade SL limit. Thereafter whenever SL modified to an area of value one or two lots added as per SL limits accordingly
Target - no target, SL trigger is the exit or if my set up shows reversal
Usually on pure scalping I have been averaging 5 trades a day so far. On interest it is an average of 2 normally.
On scalping I go for 5 pts approx and a 1:1 risk reward.
Last, the least important part - the trade statergy.
TF - 3 min /15 min (scalping/intraday)
Candles - normal/ heiken ashi (scalping / intraday)
Overlay - lagging indicators - moving averages of 5/8/13 (simple)
I scan for intraday and if no set up only then I scalp.
Oscillator - RSI (7, value of 50 top shaded green and below shaded red for ease of reference)
Pivot points - Fibonacci.
Entry signal is crossover of 8 over 13 and RSI over 50 at the same time with the MA slope pointing to 2 clock for buy signal.
For sell it's 4 clock and rsi below 50 accordingly. 5 Ma is used for reference only.
Exit is trailing SL placed below 13 Sma usually on intraday.
Scalping is a fixed 5 points target and SL.
I intend to start today and hope the senior traders will guide me and teach me a thing or two when I go wrong.
If I take a intraday position I will try to post it live here but posting will be the last thing on my priority list though during trade hours.
I maintain full records of my trades which has really helped me so far and I will try and maintain the trade journal here as well.
Hope things go well.
Chart set up as on yesterdays market
Been a year of learning and trading small amounts / full time trading. I feel it's time to get into real career mode now.
I have quit my job and this is my career now - day trading.
Capital - 4.0 L
Trading type - scalping / intraday
Risk management - max 1 % per day / max 0.5 % per trade. 2 consequence losses and i shut terminal for the day.
Lots - decided as per stop loss
(Eg - max SL per trade is 2000 per trade ie 18 pts per lot. 2 pts for brokerage n taxes.
If two lots then SL is 8 pts per lot and 4 pts for brokerage n taxes.
SL trailing is done along with scaling up.
Scaling up is asf:
After SL has been modified to break even if trade moving in favour then at pullback I add lots as per trade SL limit. Thereafter whenever SL modified to an area of value one or two lots added as per SL limits accordingly
Target - no target, SL trigger is the exit or if my set up shows reversal
Usually on pure scalping I have been averaging 5 trades a day so far. On interest it is an average of 2 normally.
On scalping I go for 5 pts approx and a 1:1 risk reward.
Last, the least important part - the trade statergy.
TF - 3 min /15 min (scalping/intraday)
Candles - normal/ heiken ashi (scalping / intraday)
Overlay - lagging indicators - moving averages of 5/8/13 (simple)
I scan for intraday and if no set up only then I scalp.
Oscillator - RSI (7, value of 50 top shaded green and below shaded red for ease of reference)
Pivot points - Fibonacci.
Entry signal is crossover of 8 over 13 and RSI over 50 at the same time with the MA slope pointing to 2 clock for buy signal.
For sell it's 4 clock and rsi below 50 accordingly. 5 Ma is used for reference only.
Exit is trailing SL placed below 13 Sma usually on intraday.
Scalping is a fixed 5 points target and SL.
I intend to start today and hope the senior traders will guide me and teach me a thing or two when I go wrong.
If I take a intraday position I will try to post it live here but posting will be the last thing on my priority list though during trade hours.
I maintain full records of my trades which has really helped me so far and I will try and maintain the trade journal here as well.
Hope things go well.
Chart set up as on yesterdays market