nac Calling JOBBERS/SCALPERS

[nac]

This is no jobbing it is Swing trade

:lol:

ranger don't take it hard. He is right. May be we can call it as momentum trading. But we all do understand what he meant. It ain't the way we should do jobbing. It's good to hear that its going in favour. I would say, it's one of the mistakes I am doing (holding losing position when it goes opposite). I am sure you know the outcome of it. I am quoting from post of AW10's

"If you get into the trap of adjusting the losing position, and trying to turn into profitable one, you might succeed once in a while, but it develops wrong trader mindset and reinforces that thought that you can live with losers and turn them into winners"

 

[nac]

nac did not trade for 4 weeks,and now he says he is nearing 100% loss, so after 2 months i'm not off by much.
Also I said he did ALMOST all things wrong. ALWAYS has diffrent meaning.

Sanjay did I say that I am not trading for the last one month. I don't know how you speculate this one. I resumed to trade on 1st of June. You would have seen posts during that period. I was saying my internet connections are breaking during the first week.

If nac were to be always wrong he will be one of the most sought after guy in the world. In such case what everyone would have to do? Just take opposite position of what he does.

:rofl: Yeah, you bet...

I think I can start a thread and post my positions. Probably I would make it as paid service, you need to pay and subscribe my thread. :rofl: :rofl: By this way I can compensate even recover my losses. :rofl:

 

[alroyraj]

I would say, it's one of the mistakes I am doing (holding losing position when it goes opposite). I am sure you know the outcome of it. I am quoting from post of AW10's

"If you get into the trap of adjusting the losing position, and trying to turn into profitable one, you might succeed once in a while, but it develops wrong trader mindset and reinforces that thought that you can live with losers and turn them into winners"

I would include only one case where you can go for averaging, That is if you are trading using Bollinger bands and you need to average out so that the target comes within the upper BB.This is typical for range bound low priced shares like IFCI.It could work if there were no min brokerage limits though. But this is usually to exit a position at breakeven,its hardly a strategy to enter into (assumed with min brokerage of 5 paisa).

I think I can start a thread and post my positions.

This is the hardest thing to do yet the smartest to allow people to dissect your trades.
Its like giving your whole thing to be audited. I know here will lots of brickbats but eventually the seniors will give some method to rectify the weaknesses.

Sanjay did I say that I am not trading for the last one month. I don't know how you speculate this one. I resumed to trade on 1st of June. You would have seen posts during that period. I was saying my internet connections are breaking during the first week.

So we thought either all is well or you didnt trade so definitely all is well. Remember no trades ...

I think I can start a thread and post my positions. Probably I would make it as paid service, you need to pay and subscribe my thread. By this way I can compensate even recover my losses.

Maybe thats why there are so many paid services in the market. :rofl: :rofl:

 

[AW10]

I would include only one case where you can go for averaging, That is if you are trading using Bollinger bands and you need to average out so that the target comes within the upper BB.This is typical for range bound low priced shares like IFCI.It could work if there were no min brokerage limits though. But this is usually to exit a position at breakeven,its hardly a strategy to enter into (assumed with min brokerage of 5 paisa).

Alroyraj, what u are mentioning here is not blind averaging of loosers that majority does.. but well thought out strategy - where u r looking to take entry in a price range, knowing very well that market can go to sideway, before going in your direction. As long as you stick to stoploss, I would recommend this approach. But if you are still holding to the position when price has touched the mid-line (ie MA line of BB) or lower BB, and you are buying more thinking that it will go up,, then there is something wrong.

There is differnece among building position, foolish averaging and knowing clearly that position has gone wrong. As long as action are taken after considering the above factors, building position is THE Lowrisk WAY to achive bigger profit.

Happy Trading

 

[alroyraj]

Alroyraj, what u are mentioning here is not blind averaging of loosers that majority does.. but well thought out strategy - where u r looking to take entry in a price range, knowing very well that market can go to sideway, before going in your direction. As long as you stick to stoploss, I would recommend this approach. But if you are still holding to the position when price has touched the mid-line (ie MA line of BB) or lower BB, and you are buying more thinking that it will go up,, then there is something wrong.

There is difference among building position, foolish averaging and knowing clearly that position has gone wrong. As long as action are taken after considering the above factors, building position is THE Lowrisk WAY to achive bigger profit.

Happy Trading

Am honored that you would take the time to advise me.
Agreed averaging is the best route. Sometimes our 'ideal " price is actually the point where we should put our stop loss instead of a buy. That I have experienced.
Building a position is good when there is a consolidation via positional trades is simpler. In intraday trading,averaging (adds) is an art and the system has to be very solid but these days the markets are typically direction less. Its a fine line.

 

[AW10]

Just few additional comments from me..

Agreed averaging is the best route

When it is done with proper planning. It should not be execuse of lack of planning.

. Sometimes our 'ideal " price is actually the point where we should put our stop loss instead of a buy. That I have experienced.
Building a position is good when there is a consolidation via positional trades is simpler.

You are right. But this is where we need to keep our position sizing/ risk mgmt rules in mind. Consolidating market at risky to trade and it could breakout /false breakout in any direction and catch us wrong side. (like nifty yesterday went up and caught many stops of short trades that were rolled over from june to july series.

In intraday trading,averaging (adds) is an art and the system has to be very solid but these days the markets are typically direction less. Its a fine line.

Don't we anticipate this type of mkt condition ? If we don't have system that can work in such choppy mkt, then we know there is time for improvment.

Can one wear same clothes in Chennai and Shrinagar or somewhere near himalaya's ? Environment does change and we need to adjust for that.

Hope this helps.
Happy Trading

 

[iamaaditya]

Dear nac,

I am sure in these few months you may have read a tons of material, but if i can suggest you only one thing to read it would be "Phantom of Pits"

https://www.bsp-capital.com/documents/PhantomofthePits.pdf

Only knowledge (little of which you seem to have acquired) is useless unless it brings in "Behavior Modification". You must change your behavior and act accordingly.

Also if you don't find time to read the book (not so big), I am listing the two rules (out of 3),
1. Assume you are wrong until proven correct
2. Press your winners hard exclusively

In my own words, keep reducing your position size with time if it's not in profit. Start with small position and add to it when it's in profit. Now i am aware that you are doing jobbing, and these rules may not be apt as it is. So either modify them to suit your style or as suggested by someone else here, stop Jobbing (atleast temporarily, till you get the feeling of Flow and sense of trading in NOW).

Once again i wish you luck and i honestly hope this time my luck works for you. Do not go broke. Reduce your position to minimal before you realise you have no money to trade. You got to be in the game to have a U turn someday (and it will come someday if you change your "behavior according to your knowledge).

One of my favorite tirukural (hoping you understand tamil, going by your location), daiwathal agadeninum muyrachi than maiwarutha kolitharum (excuse my transliteration, it is aweful, meaning: the work which is impossible by GOD is possible by HARDWORK)

 

[nac]

I am sure in these few months you may have read a tons of material, but if i can suggest you only one thing to read it would be "Phantom of Pits"

https://www.bsp-capital.com/documents/PhantomofthePits.pdf

Only knowledge (little of which you seem to have acquired) is useless unless it brings in "Behavior Modification". You must change your behavior and act accordingly.

Also if you don't find time to read the book (not so big), I am listing the two rules (out of 3),
1. Assume you are wrong until proven correct
2. Press your winners hard exclusively

In my own words, keep reducing your position size with time if it's not in profit. Start with small position and add to it when it's in profit. Now i am aware that you are doing jobbing, and these rules may not be apt as it is. So either modify them to suit your style or as suggested by someone else here, stop Jobbing (atleast temporarily, till you get the feeling of Flow and sense of trading in NOW).

Once again i wish you luck and i honestly hope this time my luck works for you. Do not go broke. Reduce your position to minimal before you realise you have no money to trade. You got to be in the game to have a U turn someday (and it will come someday if you change your "behavior according to your knowledge).

One of my favorite tirukural (hoping you understand tamil, going by your location), daiwathal agadeninum muyrachi than maiwarutha kolitharum (excuse my transliteration, it is aweful, meaning: the work which is impossible by GOD is possible by HARDWORK)

Yeah I have read few. And most of 'em are about system, TA etc...

"Behavioural Modification" You're 110% right, that I need to find a way "how I can do it". I sure read this book.

I no need to assume I am wrong. I know I am wrong. I should work it out and get my mind right on the path.

Thanks, hope this time everything will go well. It's good someone here in this forum taking THIRUKURAL as reference. வாழ்த்துக்கள்
Tamil version of that THIRUKURAL
தெய்வத்தால் ஆகாதெனினும் முயற்சிதன்
மெய்வருத்தக் கூலி தரும்

தமிழ் செம்மொழி மாநாடு effect இங்க forum வறைக்கும் இருக்கு...

 

[anuragmunjal]

Dear nac,

I am sure in these few months you may have read a tons of material, but if i can suggest you only one thing to read it would be "Phantom of Pits"

https://www.bsp-capital.com/documents/PhantomofthePits.pdf

Only knowledge (little of which you seem to have acquired) is useless unless it brings in "Behavior Modification". You must change your behavior and act accordingly.

Also if you don't find time to read the book (not so big), I am listing the two rules (out of 3),
1. Assume you are wrong until proven correct
2. Press your winners hard exclusively



In my own words, keep reducing your position size with time if it's not in profit. Start with small position and add to it when it's in profit. Now i am aware that you are doing jobbing, and these rules may not be apt as it is. So either modify them to suit your style or as suggested by someone else here, stop Jobbing (atleast temporarily, till you get the feeling of Flow and sense of trading in NOW).

Once again i wish you luck and i honestly hope this time my luck works for you. Do not go broke. Reduce your position to minimal before you realise you have no money to trade. You got to be in the game to have a U turn someday (and it will come someday if you change your "behavior according to your knowledge).

One of my favorite tirukural (hoping you understand tamil, going by your location), daiwathal agadeninum muyrachi than maiwarutha kolitharum (excuse my transliteration, it is aweful, meaning: the work which is impossible by GOD is possible by HARDWORK)

hi

'phantom of pits' ....... one of the very best books that I have read on trading...

 

[AW10]

hi

'phantom of pits' ....... one of the very best books that I have read on trading...

Thanks Anurag for putting emphasis on Phantom of Pit book.. I have heard a lot about it but haven't read it completely. On your reco, I am pulling it up in my TO-Read list.

The 2 rules that u have highlighted are Gem of trading. I am eager to find more.

Thanks.