nac Calling JOBBERS/SCALPERS

[ranger123]

Dear Ranger,

I don't know since how long you have been into trading neither how big you trade, but one thing for sure I could say that I consumed almost first three years of my trading career to get my objective close to your objective. And after going down the hill all during this time, I realised that my objective of getting super rich or quick rich was wrong. Only once I set my objective as similar as yours there was no looking back.

Your post just reminded me about about THE WORST trading mistake that I have ever committed. Being modest is one thing that can only help make money in trading.

Best wishes to you.

Regards,

p.s. Kindly PM me your queries or anything you may want to ask/know about my trading style/method. I assure you that I will be more careful with my words so as not to be 'strict' and demanding.

Thank you sir for kind of you. I has sent one PM to you but if you can send reply to all here fellows will also learn hence I request you to write here only sir, if it is possible.

Also this week my return was +2.8%. I hope all are doing well also like me.

Thank you.

 

[tnsn2345]

Thank you sir for kind of you. I has sent one PM to you but if you can send reply to all here fellows will also learn hence I request you to write here only sir, if it is possible.

Also this week my return was +2.8%. I hope all are doing well also like me.

Thank you.

Dear All,

As suggested by Ranger, I am replying to some of his queries here:

1) Currently I have 5 allocations of my funds, spread over different time horizons, least being for intraday and highest being 9 months - 1 year horizon.

2) Over 70% of my investments are in F&O. The shorter term allocations including intraday are 100% in F&O.

3) 2 of my allocations are fully built with Options strategies

4) I do not use stop loss for any of my positions (Yes Catastrophe Stop Loss is always on).

5) I do not use any FA for trading decisions. Infact the only TA tool which I use is candlestick chart. I DO NOT use any indicators / statistics, just a plain candlestick chart. Even for Options greeks - vega, theta and delta I use candlestick chart. When I started trading I used almost every tool and indicator availabe on earth and after years I found solace with a plain candlestick chart. (So I am not a MD, MBBS, BAMS or even BHMS, I am just a Hakim

6) For me there is a predefined limited time to see the chart and make a decision to enter, hold or exit i.e. I get a LIMITED time to observe the chart. e.g. for intraday, I can see the 5 min candlestick chart only for 4 seconds to make a decision, then the chart vanishes (I have software programmes for this), similarly for daily candlestick chart I get 1 min to decide before the chart vanishes. You see, I am not involved in the market in between the review periods. As the time to observe and decide is limited, there is rarely any conflict in the decision making process. The decision - right or wrong is FIRM.

7) I do NOT know what price I have bought or sold (again programmes to give limit orders without punching the price and quantity), so I do not trade prices but just the charts. The contract notes and bills are checked every Saturday that is when I would know the buying-selling price and also the account balance.

8) I trade on high to very high probable trades and with no/zero focus on Risk : Reward ratio etc. My average success rate for all 5 allocations for the quarter ended June'10 was 73%, for quarter ending Mar'10 it was 77% and for quarter ending Dec'09 it was 71%.

9) Since I do not focus on R:R, I do not target returns. Returns on my allocations are not co-linear. So on QoQ the returns could vary.

10) I am not a full-time trader, but make more than what I am paid at work.

Hope this would help you to know more about my trading and decision making process and could help you in some way or the other with your trading.

Regards,

 

[rishi]

Kudos Dear tnsn2345 Ji,

Your following para is a classic na ji.

I do not use any FA for trading decisions. Infact the only TA tool which I use is candlestick chart. I DO NOT use any indicators / statistics, just a plain candlestick chart. Even for Options greeks - vega, theta and delta I use candlestick chart. When I started trading I used almost every tool and indicator availabe on earth and after years I found solace with a plain candlestick chart. (So I am not a MD, MBBS, BAMS or even BHMS, I am just a Hakim.

As for me, trading is neither technical nor fundamental, its more of a FUNNY-MENTALS.
Its neither the bulls nor bears that rakes in the most, but the Hog does if you know what i meant.

Rgds,
Rishi

Nature is simple but man prefers the intricate - Lao Tze.

 

[rsingh2005]

Hi Ranger and other fellow traders,

FYI, I am a predominantly an intra-day trader trading mainly in equity derivates and commodities. Only about 10% of my trades i carry for the long haul. Are you guys trade for a living or part-timers with other means of income? Well, i am a full-timer. I sink or swim with the markets come rain come shine. Does anyone of you here in the same boat as me?

Awaiting for like-minded traders response. I will be glad to hear your ups and downs as a die-hard traders. I have a fair share of mine too.

Rgds,

Rishi

Hi Rishi,
Its nice to know that you are trading full time & also mostly intraday.
Well I also aspire to be a full time trader & right now learning the basic nuances of trading through various books, posts, Amibroker & my silly mistakes during trades , mainly on Psychology aspect like fear & greed. In last one month I realised its truly easier said than done but with learning curve hope to gain some wisdom soon.
I would appreciate if likes of senior traders like you share your experience , especially the initial days mistakes , that will be real enriching.
Rajesh

 

[ranger123]

Dear All,

As suggested by Ranger, I am replying to some of his queries here:

Tnsn sir, I am happy that you has written reply to my quarries and reply to all us fellows here. From your postings and knowledage, I always think that you are a full time trader but I has surprise to know that you are doing service also. If you making more money than your service than why not living you service and do full time trading.

In this week closing today Friday figure, I make + 3.2% of my trading money, good it was a trending week so I make more return.

Thank you.

 

[tnsn2345]

Tnsn sir, I am happy that you has written reply to my quarries and reply to all us fellows here. From your postings and knowledage, I always think that you are a full time trader but I has surprise to know that you are doing service also. If you making more money than your service than why not living you service and do full time trading.

In this week closing today Friday figure, I make + 3.2% of my trading money, good it was a trending week so I make more return.

Thank you.

Dear Ranger,

Every trader here on this forum and elsewhere always wants to become a fulltime trader and quit thier existing professions. And this is a universal fact here with us or overseas. But you would acknowledge that there would be only a few traders who would be successful and consistent for long periods of time. Not everyone who leaves job and start trading will be successful and similarly not everyone who is successful in trading may have to leave their jobs.

I am not being critical about success in trading, but more importantly for me there is excitement in my job and equal boredom in my trading and this is the best combination for me as of now. The day I get bored with my job or my career, I may take to fulltime trading and some other sport/hobby to continue excitement in life.

Regards,

 

[ranger123]

Friends, this week Friday closing figure I was +2.3% of my trading capital. Again as this week was trending downwards I manage to do some successfull shortings.

Now also under guidance of a very senior trader in this forum I has decided to slowly enter in derivatives, for this perpose, I has allocated a 15% of my trading fund to derivatives. I has done some paper trading since 6 months in derivatives (only Nifty) so I can now start it next week so.

Thank you.

 

[simple_trader]

Friends, this week Friday closing figure I was +2.3% of my trading capital. Again as this week was trending downwards I manage to do some successfull shortings.

Now also under guidance of a very senior trader in this forum I has decided to slowly enter in derivatives, for this perpose, I has allocated a 15% of my trading fund to derivatives. I has done some paper trading since 6 months in derivatives (only Nifty) so I can now start it next week so.

Thank you.

Better to start with hedge strategy first than naked one. naked option buying to be avoided. my personal feeling.

 

[ranger123]

Better to start with hedge strategy first than naked one. naked option buying to be avoided. my personal feeling.

Yes sir, my first idea is only to holding opposite position - hedgin only. Mostly I try to earn the time decaying of options by selling both put and call options together when I think there is no movement in the market. If there is a bullish trending then I sell put and if there is bearish trend I sell call options. I do not have plan to buy options as time decaying is a problem.

I will start my position at the start of the month with target of hold till expiery day. I will add or reduce my position or change the strike pricing during the passing period. I am getting help from a senior derivative trader in this forum with whom I will discuss my total positions as and when I need it.


Thank you and best of luck.

 

[DanPickUp]

Dear Ranger,

The day I get bored with my job or my career, I may take to full time trading and some other sport/hobby to continue excitement in life.

Regards,

Hi

As I know some of you as very friendly and exited persons, do never get started trading as a full time job with such an idea in the background.

It was maybe written with the wrong words from tnsn2345 and there are other ideas behind such a step. As I do many times write my words in English in a confused way, because it is not my mother tongue, this may happen to tnsn2345 as well.

It sounds some how the same like using the silver bullet when nothing has worked.

If you really think to live once only from trading, it is not an alternative.

It has to be the ultimate only solution to all what you ever want.

Only with that kind of thinking you may will make it.

I agree with the point, that most of us have started trading in a service job and then made the change to only trading. There is nothing bad behind that and it may also protected us in some ways before we got really in living from trading or we may even could go back to that stage for a while, after blowing up our accounts and start a new carrier as a trader !

I have never met a successful trader, which trading was for him just a change from being in a bored job and then get out and trade.

You must feel it. It should be " the one thing you like to do". You have to like all the things in a certain way which belongs to trading.

Imagine, you just take an other women because of the one you did not like because of what ever. If you only take an other one ( Sorry for the ladies in this forum, but I mean it vice versa ) in the hope to get a better one, what many do, this doe's not work.

Getting planed divorced ( Looking in advance for a new house or flat, for a new surrounding and new social friends and so on ) that would be a start to get in a new love. By planing, I mean to take all the hard things which will be in front of me and even saving money, if necessary to achieve it by paying the price to the helpers if necessary.

The same to trading. Plan it if necessary over years. Do not get afraid about any time frame. If you plan to live from trading, take your time and always have it as the FIRST and only joice in your back head.

Do not give up and learn and learn and stick to your plan. In that way, it will not be an alternative. IN THAT WAY IT WILL BE WHAT YOU WANT !

Have a nice weekend.

By the way : I know, every one has made his experience and so take it just as my two cents.

DanPickUp