Hi Columbs,Nishikant,PT,
As per said creating this to have my trading plan reviewed here by you master traders.
First of all my small intro:
I have been in this buisenss since 9 months and I am not a full time trader; I have got a job to do and trading is part time buiseness where I can afford to spend only 2 hours during market time and 2 hours after market time. (Is it the sufficient time I am giving for my trading?)
During market hours only thing I have access to is nifty chart; I dont have access to nifty futures chart or any advanced technical indicators. (Is it sufficient to have nifty chart for nifty future trading which I am gonna be doing following pivot based system?). Can you suggest me a site where nifty futures ka chart I can see?
Now finally here I am posting my trading plan:
1. Pivot based trading should be used for entering or exiting any trade.
2. Under NO circumstances a trade is executed in first half an hour of the trade.
3. Decide the time frame to be applied to pivot based trading (i.e. for intraday todays lows and highs should be taken as reference points, whereas for positions held overnight weeks low or high should be taken as reference points)
4. Dont force a trade when there is not one. Be patient when circumstances are unclear.
5. STOPLOSS order should be placed immediately after entering into any trade.
6. Profit to loss ratio for any trade should always be 2:1 (i.e. if going for 40 point gains, you need to put a stop loss order 20 points below the entering price)
7. Once target achieved make sure to place square off limit order or stop loss order. (This is to make sure that profits are locked in and still open for any further possible gains)
8. Overnight positions should be avoided as far as possible.(this is to avoid any big damage resulting from any gap opening against the position hold overnight). But under no circumstances a trade should be held overnight on Friday)
9. No more than one trade should be executed on any given day.
10. You are supposed to earn 100 points per week. After gaining which you could decide to not trade any further in that week or could trade only when you protect gained 100 points.
I would be honoured to recieve your comments on my trading plan; If someone else want to give their suggestions on my trading plan, then they are welcomed.
Thanks.
WOD
As per said creating this to have my trading plan reviewed here by you master traders.
First of all my small intro:
I have been in this buisenss since 9 months and I am not a full time trader; I have got a job to do and trading is part time buiseness where I can afford to spend only 2 hours during market time and 2 hours after market time. (Is it the sufficient time I am giving for my trading?)
During market hours only thing I have access to is nifty chart; I dont have access to nifty futures chart or any advanced technical indicators. (Is it sufficient to have nifty chart for nifty future trading which I am gonna be doing following pivot based system?). Can you suggest me a site where nifty futures ka chart I can see?
Now finally here I am posting my trading plan:
1. Pivot based trading should be used for entering or exiting any trade.
2. Under NO circumstances a trade is executed in first half an hour of the trade.
3. Decide the time frame to be applied to pivot based trading (i.e. for intraday todays lows and highs should be taken as reference points, whereas for positions held overnight weeks low or high should be taken as reference points)
4. Dont force a trade when there is not one. Be patient when circumstances are unclear.
5. STOPLOSS order should be placed immediately after entering into any trade.
6. Profit to loss ratio for any trade should always be 2:1 (i.e. if going for 40 point gains, you need to put a stop loss order 20 points below the entering price)
7. Once target achieved make sure to place square off limit order or stop loss order. (This is to make sure that profits are locked in and still open for any further possible gains)
8. Overnight positions should be avoided as far as possible.(this is to avoid any big damage resulting from any gap opening against the position hold overnight). But under no circumstances a trade should be held overnight on Friday)
9. No more than one trade should be executed on any given day.
10. You are supposed to earn 100 points per week. After gaining which you could decide to not trade any further in that week or could trade only when you protect gained 100 points.
I would be honoured to recieve your comments on my trading plan; If someone else want to give their suggestions on my trading plan, then they are welcomed.
Thanks.
WOD