Advice needed regarding Day trading

J

jain.er

Banned
#1
#1
Hi all ,

I am facing some mental issues when I trade , I need help from all of you to guide please do respond.

I have been a long term /short term investor in the market since 5 years.

Now I want to do some intraday . I have developed some strategy and paper traded it for 2 months . I feel confident about it. But today when I traded it Initially there was a profit , but suddenly I saw it in red I panicked , my BP became high (Although the loss was only 100 bucks ) and I made a distress sell only to see it back in green in 5 min. and ultimately yielding handsome profit.

I had targets and loss fixed in my mind. But some how when I saw red in my Net Position book I panicked .

How should I overcome it . Also whenever I am in trade I do not want to switch window from my Net Position .

Shall I quit trading (I am having some other source of income too) , Is it not My thing ?

Or shall I commit a certain fixed small capital and plunge and see how my strategy performs , till that capital ends .

Help is appreciated please.. Pros like SG , DAN , AW10 ..please respond ....
 
DanPickUp

DanPickUp

Well-Known Member
#2
#2
jain.er said:
Hi all ,

I am facing some mental issues when I trade , I need help from all of you to guide please do respond.

I have been a long term /short term investor in the market since 5 years.

Now I want to do some intraday . I have developed some strategy and paper traded it for 2 months . I feel confident about it. But today when I traded it Initially there was a profit , but suddenly I saw it in red I panicked , my BP became high (Although the loss was only 100 bucks ) and I made a distress sell only to see it back in green in 5 min. and ultimately yielding handsome profit.

I had targets and loss fixed in my mind. But some how when I saw red in my Net Position book I panicked .

How should I overcome it . Also whenever I am in trade I do not want to switch window from my Net Position .

Shall I quit trading (I am having some other source of income too) , Is it not My thing ?

Or shall I commit a certain fixed small capital and plunge and see how my strategy performs , till that capital ends .

Help is appreciated please.. Pros like SG , DAN , AW10 ..please respond ....
Click to expand...
Hi Jain.er

I do not call my self a typical day trader. There are many here which are real day traders compare to my slow option trading style. Just look a bit around in the day trading section of the forum and there are most of this day trading experts.

Any way: If now day trader or position trader, the problem all face is between the ears of each one. Our mind.

If I understood your post the right way, you seem to be in a stage of being afraid about the next bad trade or what ever.

I started once this thread about being afraid to pull the trigger:

http://www.traderji.com/beginners-guide/53916-you-afraid-pulling-trigger.html#post547917

A lot of good day traders wrote in that thread. You may read through that post's and I am sure, there are subjects which will answer or help you in one or the other way.

The next link is about " Trading in your comfort zone ". I think a must read for every one which would like to be a trader.

http://www.traderji.com/words-wisdom/25877-trading-zone-mark-douglas.html

And as a final link from my side, as there are an ocean of post's here in the forum from many members:

http://www.traderji.com/technical-analysis/55465-i-will-give-you-surprise-17.html#post572085

Good luck

DanPickUp
 
intellibitz

intellibitz

Well-Known Member
#3
#3
jain.er said:
I had targets and loss fixed in my mind. But some how when I saw red in my Net Position book I panicked .

....
Click to expand...
This is a very common problem when we begin. The only way to master these emotions is by experience. Its easy to have it in paper(mind) but hard to actually execute(trade).

It takes about 2yrs(may be more?) of experience to get a grip on the kind of trading we do. So be patient to develop the discipline to become successful.
 
linkon7

linkon7

Well-Known Member
#4
#4
Start small..! grow big...!

When i trade a new system, i set the maximum amount i am willing to loose with the system. Then i calculate the lot size by finding out the amount of bad trades i need to blow out my max loss limit.

Say, i set a 10 K limit, then i can tolerate 100 points loss with 2 normal nifty, i can tolerate 200 point loss with 1 lot nifty. I can tolerate 1000 point loss with 1 lot of mini nifty.

start with smallest amount you feel comfortable loosing. Where, even 10 losses in a row wont force you to stop trading your system. Once u gain you comfort level, increase your limit slowly.
 
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