$$my success story and my live tread[nifty&option]$$

[sumitdasjoshi]

While a positive mental attitude is important, it is not enough.

Traders also need to be to do the following:

1. Use a trading method that has an edge BUT only when all the pieces come together to create a solid setup with a high probability of success.
2. Stay focused on attaining their goals and constantly thinking about winning.

Unless you have an approach that works over a period of time and stay focused and disciplined in sticking with it, all the positive mental attitude exercises will not help you.

To begin, you must go back to the most elementary question, 'What type of a trader do I want to become?'

* A scalper, intraday, or a swing trader?
* Based on the above, what time frames will I trade?
* Will I use traditional lagging indicators or a forward looking approach?
* Do I look at other markets to gain clues for future FX price movements?
* Is my initial trading plan robust and does it hold up over a large sample size of trades?
* Does my trading approach only look at the market one dimensionally?
* Do I know how to properly assess risk and manage position size accordingly?
* Can I sit in front of my screen and fight the temptation to trade every zig and zag or "signal" from the forums?

If you are unsure about any of the answers from above, a positive mental attitude will not benefit you much.

Becoming a proficient trader is a journey that never ends, you simply move on to different stages of understanding and effectiveness. ​

 

[sumitdasjoshi]

well friends today we are i cant trade i just buy one lot of nifty future and after that power went of so i cant trade for rest of the day.so that s why i cant close my position today i hate to take ove night position well today i have bought nifty at 5282 and right now market is 5314 over all 29 points unrealized profit excluding brokarage, but i am bit of afraid because i can close my position so now its depand on the market will he reward me or punish me just a mater of time.

 

[sumitdasjoshi]

Have you setup yourself up to fail? Here are the bare minimum you need in order to avoid failure as a trader:
Money

Trade only with money you can afford to lose. Many new traders trade with their milk money and wonder why they feel scared when they enter and watch their trade. If you want to trade calmly and rationally, you must trade with only money you can afford to lose. If you have nothing to fear by losing, you'll feel more relaxed. You will trade better and make less errors.
Plan

Don't trade by the seat of your pants. Map out your trades in detail. Know where to enter or where to exit. When you execute the trade, stick with your trading plan. Know what to do and when. Amateur traders do the opposite. They have no clue where to enter and exit. If they do have a plan, it's probably unclear and difficult to follow. They don't know what to do so they eventually panic. Creating a plan and following it will help you avoid costly trading errors.
Sleep

Don't miss sleep. When you're tired, it's hard to concentrate. Your emotions take control of you and you feel deep frustration, even when you face a minor setback. Concentration requires energy, and when you're tired you don't have enough energy to trade and end up making errors and losing money. Get sufficient sleep so you can stay alert and are ready for action.

Trading is hard enough. You don't need to sabotage yourself. By trading with money you can afford to lose, sticking to your trading plan, and making sure you get enough sleep, you give yourself the best chance to grab some pips from the market on a consistent basis.

 

[AW10]

well friends today we are i cant trade i just buy one lot of nifty future and after that power went of so i cant trade for rest of the day.so that s why i cant close my position today i hate to take ove night position well today i have bought nifty at 5282 and right now market is 5314 over all 29 points unrealized profit excluding brokarage, but i am bit of afraid because i can close my position so now its depand on the market will he reward me or punish me just a mater of time.

Sumit, what is your disaster managment plan for such power failure event.
It is more predicatable then Opening GAP and as a serious trader, we can't leave our trading to the mercy of power distributer.

Personally, I would have called my broker and closed the position.. and have gone into tension free weekend..

do think over it and develop your disaster mgmt plan. If you competing with FII and big banks, then you should know that how much emphasis they put on disaster mgmt.
Many of them simulate these disaster like phone down/ city transport down / trader not able to come to trading floor / power failure.
Unfortunately, most of us, retail trader think that risk is only limited to the trade and hence placing stoploss is good enough.

All the best and have nice weekend.

 

[sumitdasjoshi]

well aw10 you are right but what system i am using i can just place one stop loss and sit tight i have a system which require fast thinking my stop loss changing as for the trade progress, it can be just spur of a movment but i didnot except a power faliure , but thanks next time i will be more catious and very very thanks for you thread low risrealy k option trading i will only like to trade option but i dont have that lage amount of money to implement my stratgy for option yet and i am realy a big fan of yours thanks for teaching me option now i now the power of option which can change the destiny of any trader. thanks a lot sir.

 

[riteshkothari]

the markets will open gap up 20 points so chill and enjoy ur weekend...

 

[sumitdasjoshi]

how can you say that can you thro same light on that.

 

[sumitdasjoshi]

over all profit till now is 183.5 points in nifty future .
9175 rs.this month well fellow members how are visting this thread so far i just want to tell you i never go for big trades like 80 points and so on as you can see my tread what i am saying is a if you cantrol your greed you will be a winer in a long run so add what ever you get from market never except more other wise your loss will be more than your win.and you will end up blowing your account.

 

[AW10]

well aw10 you are right but what system i am using i can just place one stop loss and sit tight i have a system which require fast thinking my stop loss changing as for the trade progress, it can be just spur of a movment but i didnot except a power faliure , but thanks next time i will be more catious and very very thanks for you thread low risrealy k option trading i will only like to trade option but i dont have that lage amount of money to implement my stratgy for option yet and i am realy a big fan of yours thanks for teaching me option now i now the power of option which can change the destiny of any trader. thanks a lot sir.

Sumit, what I am trying to address is beyond a system. When everything is normal, then it is not a problem to follow your system.. But happens when it is not normal..
Power failure is one such event.. You never know when will it come back, how market will behave on those conditions.. and how you want to respond to it.

Just imaging a case, every this working normal for you. .but u get an emergency call..So urgent that u just have to go and attand to it. and it might take few hours. Will you leave open positions as they are.. Or close them irrespective of your stops being hit or not? what if it turns on to overnight position (like today).. will u leave it as they are or take some risk mgmt steps.
You are option trader, and options give u too many choices to manage risk.
Think over it.. if not now, then sometime in future you will have to address it.

Happy Trading.

 

[columbus]

Sumit, what I am trying to address is beyond a system. When everything is normal, then it is not a problem to follow your system.. But happens when it is not normal..
Power failure is one such event.. You never know when will it come back, how market will behave on those conditions.. and how you want to respond to it.

Just imaging a case, every this working normal for you. .but u get an emergency call..So urgent that u just have to go and attand to it. and it might take few hours. Will you leave open positions as they are.. Or close them irrespective of your stops being hit or not? what if it turns on to overnight position (like today).. will u leave it as they are or take some risk mgmt steps.
You are option trader, and options give u too many choices to manage risk.
Think over it.. if not now, then sometime in future you will have to address it.

Happy Trading.

Hi AW10,

Power failure could be either Scheduled or Unscheduled.
But unscheduled power failures hit us badly.
Scheduled failures may not as harsh as unscheduled.
Just as example ,we had an scheduled power cut in our area from
1500-1600 hrs.
At 1500 hrs nifty was trading around 5302 ,I placed limit order for 5305
and closed my position,ultimately it went up to 5315.
I did not venture to put a higher order because the other day I put an
order 2 points away and market at that point took U-turn.

Well ,solution for power failure could lie in buying GOOD inverter.And those
already having the system could come forward to help us.