nac Calling JOBBERS/SCALPERS

[tnsn2345]

Also friends, I have hear that there is software which can place your orders at one key pressing only. Is it true thing?

I should be interested in some software in the share market (not in commodite markets) where I should press only one key to buy and my planned quantiy of my share is sent to the market on IOC basic so I do not have to modfy my orders. In the same way I sell by pressing only one key. For ex. I trading in Reliance Indu shares only so, I select my quantity for trading day as 20 shares, I save my quantity of 20 share in this software, so when I press one key I send 20 buy order on IOC basic at the best selling price at the time. In the same ways for the coverup orders.

Pls guide me if you have come through such software, and if it is free of cost or with money also. I can fast my speed of trading with such helping software pls.

Thank you

Dear Ranger,

Apart from the above, there are trading platforms through which one can place order by speaking (through speach recognition software etc). Research has shown that it is much easier to exit a losing trade by speaking (talking it the microphone) than by puching exit orders on the keypad as one freezes to exit a loss making trade. Such platforms also help to hold on to your profitable trades much longer as one normally rushes to punch keypad to get out profitable trades sooner.

Not sure if such thing is available in India though.

Regards,

 

[nac]

Learning to consistently trade profitably can always happen sooner or later but treading through the tough times in between makes it later or in most cases... never.

If you don't mind can you please emphasis the point you wanted to convey here. I couldn't understand fully...

 

[tnsn2345]

If you don't mind can you please emphasis the point you wanted to convey here. I couldn't understand fully...

Dear Nac,

In trading one does not blow out due to losses but due to unability to manage losses makes him think in the wrong direction, taking wrong decisions which leads to deeper mess.

LOSSES ARE PART OF TRADING

(or for that matter any business) for one and all, you, me and everybody. But only those come out successfully who manage themselves during this phase.

If one can learn how to LIVE with losses one will start booking loss IMMEDIATELY after identifying a wrong trade. And what can be a key than this to be successful in trading. Profits will always come how so ever dumb one is.

Ironically, some know this, few understand it and even fewer remember it. And those traders consistently trade 'net' profitably.

Regards,

 

[sanjay1876]

If one can learn how to LIVE with losses one will start booking loss IMMEDIATELY after identifying a wrong trade. And what can be a key than this to be successful in trading. Profits will always come how so ever dumb one is.

Well said!!!!. This is one of my strong points from day one. I've never modified stop loss on losing side. I just simply take the hit as it is. Acoording to me it is important reason for my survival here.

 

[ranger123]

Well said!!!!. This is one of my strong points from day one. I've never modified stop loss on losing side. I just simply take the hit as it is. Acoording to me it is important reason for my survival here.

It is good that you are doing from starting only. But how do you know this from start. Do you take some training or some one teach you. Is you in total positive trader since start or in loss? How long you in trading carrier.

Your posting make that you are very good at all trading areas. How has you managed bening so sood trader. Kindly share your back ground, experence and result for our all benifit pls. Nac will also benifit very much in this condition of him.

Pls also tell me your other strengh area after stop loss technique.

Thank you and best luck

 

[sanjay1876]

It is good that you are doing from starting only. But how do you know this from start. Do you take some training or some one teach you. Is you in total positive trader since start or in loss? How long you in trading carrier.

Your posting make that you are very good at all trading areas. How has you managed bening so sood trader. Kindly share your back ground, experence and result for our all benifit pls. Nac will also benifit very much in this condition of him.

Pls also tell me your other strengh area after stop loss technique.

Thank you and best luck

http://www.traderji.com/trading-diary/40071-nac-calling-jobbers-scalpers-25.html#post450059
I'm trading since 2003.
When i started i read somewhere or someone told me, i don't remember, that on an average only 5 out of 12 will be winning trade, then also you make profit by limiting loss and booking maximum possible profit.
My techniques not suited to jobbing, so not helpful for nac.

 

[iamaaditya]

Dear Nac,

In trading one does not blow out due to losses but due to unability to manage losses makes him think in the wrong direction, taking wrong decisions which leads to deeper mess.

LOSSES ARE PART OF TRADING

(or for that matter any business) for one and all, you, me and everybody. But only those come out successfully who manage themselves during this phase.

If one can learn how to LIVE with losses one will start booking loss IMMEDIATELY after identifying a wrong trade. And what can be a key than this to be successful in trading. Profits will always come how so ever dumb one is.

Ironically, some know this, few understand it and even fewer remember it. And those traders consistently trade 'net' profitably.

Regards,

Taking loss is the biggest Asset in Trading. It is hard because it goes against the human psychology (and that is why most people fail in trading) .

Trading is The Loser's Game (i hope you guys have read Phantom of Pit), that is the best loser (or worst loser, depends how you see it) wins.

As tnsn2345 said, One has to be able to live with that. The idea which i found helpful was that I must be able to close the week in Green and not concentrate on Each and Every Trade to be a winner. If I have system of positive Expectancy (say, a biased coin), i am going to win in overall context, but i cannot decide on the correct sequence. Say i have a biased coin (head comes 6/10 times), so i will win eventually (provided i have proper MM), but i can't say the next toss will be winner or the one after that. But i have to stick to the system.

Newbies leave the system as soon as they face small drawdown (i confess, i have done it too), and they don't give system the chance to recover. As the Whipsaw song says,

What do we do when a draw down comes, honey
What do we do when it gets real big, babe
What do we do when it’s even bigger …
We stick to the plan and pull the trigger.


http://www.youtube.com/watch?v=LiE1VgWdcQM

 

[iamaaditya]

http://www.traderji.com/trading-diary/40071-nac-calling-jobbers-scalpers-25.html#post450059
I'm trading since 2003.
When i started i read somewhere or someone told me, i don't remember, that on an average only 5 out of 12 will be winning trade, then also you make profit by limiting loss and booking maximum possible profit.
My techniques not suited to jobbing, so not helpful for nac.

That's very true Sanjay, infact my own system has winning ratio of only 35%, so only way to make money in such a system will be "CUT THE LOSERS & LET WINNERS RIDE" (It's not easy as it sounds, but after some behavioral change its possible).

Also the reason, i didn't get into Jobbing was, it requires HIGH PROBABILITY setup which i find tough to find (or implement in REALTIME). High Probability is necessitated because of LOW PROFIT (R:R = 1:1 or max 1:1.5).
I bet on LOW PROBABILITY & HIGH PROFIT setup. I have done hours of backtesting of several systems and realised it is possible to find or make a decent system with Low winning Ratio (and with discipline it can be made to high profit).

P.S: I am not advocating against jobbing, (there are millionaire jobbers !!), I am reiterating my style, which people new to field may find useful in their own analysis

 

[iamaaditya]

Since we are talking about Scalping (Jobbing) here,

so jobbers like Nac, ranger123, anurajmunjal, jeffrulz, coolDudeRe, DDK_Chennai and others (even if not jobbing), will find the following blog of a Jobber (NYSE) interesting. Though he has stopped writing blog for sometime, but there are enough posts and mostly dealing with daily profit/loss, strategies and his way thru' jobbing

http://nysetrader.blogspot.com/

P.S: If you guys know other blogs (may or may not be related to jobbing, do post), one of my fav blog is http://www.tradergav.com/

 

[tnsn2345]

Well said!!!!. This is one of my strong points from day one. I've never modified stop loss on losing side. I just simply take the hit as it is. Acoording to me it is important reason for my survival here.

That's very true Sanjay, infact my own system has winning ratio of only 35%, so only way to make money in such a system will be "CUT THE LOSERS & LET WINNERS RIDE" (It's not easy as it sounds, but after some behavioral change its possible).

Also the reason, i didn't get into Jobbing was, it requires HIGH PROBABILITY setup which i find tough to find (or implement in REALTIME). High Probability is necessitated because of LOW PROFIT (R:R = 1:1 or max 1:1.5).
I bet on LOW PROBABILITY & HIGH PROFIT setup. I have done hours of backtesting of several systems and realised it is possible to find or make a decent system with Low winning Ratio (and with discipline it can be made to high profit).

Dear Friends,

Stop Loss is grossly misused term to exit your WRONG TRADES.

I beg to differ almost all authors, traders, 'experts' who proclaim that SL (Stop Loss) is the most important part of their Risk Management strategy. And can, have and would vociferously engage into a debate with them. Also I doubt if SL management would ever create successful trader.

Guys, just stuck in some work and busy tomorrow too, so will write more on this soon...

Regards,