BNF Trading Dairy... Trying to become disciplined

Discussion in 'Trading Diary' started by Brill, Apr 5, 2016.

  1. Brill

    Brill Well-Known Member

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    Today all messed up. The down movement was entered late, assumed it will go down as the IB breakdown but bounced back. Out with a loss of 23 points( SL helped )

    market does just reverse of what my view is. This is also a good strategy i think
     
    Last edited: Apr 11, 2016
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  2. praveen98

    praveen98 Well-Known Member

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    Hi Bril,
    Yes...to day is a difficult day.... and by sticking to discipline like placing SL is a good quality...Please main that good quality, in early days of my trading i used to fear to place the SL...but learnt the lesson hard way..after taking big hits...
    Stop loss hits are part and parcel of trading..cheer up:)
    Keep it up and i described about a special pnf pattern(today's price action only)...please visit the link below when you have time...(post no:105)

    http://www.traderji.com/advanced-trading-strategies/56061-point-figure-
    chart-analysis-11.html
    Best Regards
     
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  3. Brill

    Brill Well-Known Member

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    Hi,

    Today missed the entry in morning and was reluctant to enter in the middle or when there was a small correction in BNF. So decided to just keep analysing live.

    Gone thru the Point and figure charts, with only price movements it seems very simple.


    Need to build a system based on P&F charts.

    Zerodha Kite p&f chart seems ok though there is no option to configure it as said by Praveen bhai. Only thing you can do is change the TF.


    Few Points Came out of Analysis for Self Affirmation.
    1. If the System gives a signal I have 2 choice. Enter or Keep out of market.
    2. Put SL in each and every trade, the moment you enter the trade. To protect capital.
    3. If Not confidant of a trade, just watch how the market turn out.(and this was always a winning trade)
    4. Believe in your System, SL and Target.
    5. The market will be there always and new signals will come.

    Took stock of journey so far...Capital is down by 30%
    (this has happened mainly because of reluctance to put SL. Strong belief that my trade can not go wrong. )



    So if i could make atleast 0.5% per day, 60 trading day can makeup the losses.

    Is it achievable?

    But important thing is minimising the Loss per Trade. So each and every trading day seems important now onwards...
     
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  4. praveen98

    praveen98 Well-Known Member

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    Last edited: Apr 14, 2016
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  5. Brill

    Brill Well-Known Member

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    Hi,

    Many people across the different culture celebrate April 13/14 As their New Year


    WISH YOU ALL VERY HAPPY, HEALTHY AND PROSPEROUS NEW YEAR.


    Assamese New Year, or Rongali Bihu (Northeast India)
    Bodo New Year, or Bwisagu (Northeast India)
    Burmese New Year, or Thingyan (Burma)
    Kodava New Year, called Edmyaar 1 or Bisu Changrandi, (in India's Karnataka state)
    Khmer New Year, or Chol Chnam Thmey (Cambodia)
    Lao New Year, or Songkan / Pi Mai Lao (Laos)
    Malayali New Year, or Vishu (India's Kerala state)
    Odia New Year, or Maha Vishuva Sankranti (India's Odisha state)
    Nepali New Year, or Bikram Samwat / Vaishak Ek (Nepal)
    Punjabi New Year, or Vaisakhi (India/Pakistan)
    Sinhalese New Year, or Aluth Avurudda (Sri Lanka)
    Tamil New Year, or Puthandu (India's Tamil Nadu state and Sri Lanka)
    Thai New Year, or Songkran (Thailand)
    Tuluva New Year, or Bisu (India's Karnataka state)
    Maithili New Year, or Jude Shital (Mithila)
    West Bengal New Year called Pohela Boishakh

    Ref : https://en.wikipedia.org
     
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  6. Brill

    Brill Well-Known Member

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    Messed up again...

    Lack of mental discipline...

    No idea how to overcome this.

    When ever there is a move in my direction i am out of the trade early.

    Exit with break even... Over traded so in red because of Brokerage and Charges.
     
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  7. Brill

    Brill Well-Known Member

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    How to avoid overtrading? Any idea

    One way is to trade longer TF. Will use 20m TF which i feel is more reliable for BNF.

    But need to find some way to put shorter SL which is also reliable...
     
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  8. Brill

    Brill Well-Known Member

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    My thoughts...

    While comparing the 20m candle chart and the P&F chart most of the time reversals coincides with each other. So for the time being concentrating on 20m bar chart. To avoid the large SL, need to do some back testing with the 5m chart.

    From monday onwards will look into 20m tf and 5m tf for trades and also 1h tf for market trend.

    Until the break even happen, small profits(40 points in BNF) will be the target and avoid big losses. Small losses can be recovered same day or next day.

    Will draw horizontal lines at previous day important points will act as reference points.

    As of now BNF is in uptrend(after budget) and all pull downs were buying opportunities. How it will pan out in the expiry week and with the May series is to be seen.
     
  9. Brill

    Brill Well-Known Member

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    BNF getting ready to move up. +ve divergence in 5m chart MACD Histogram

    Tight SL helping to preserve capital... still down by 30%

    Need 15% to win Z60D challenge...Hopeful of making it in next 20 days...
     
    Last edited: Apr 25, 2016
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  10. Brill

    Brill Well-Known Member

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    Could not trade today for fear of lossing. Need to discard greed and fear. So will backtest one strategy today with April BNF data and apply this in May with out fear.

    Which strategy can give consistant profit in long term? need to find out. So will test with the visual pivot first on 5m chart.

    Will get out of trade once i get a small profit and close down the terminal to avoid over trading....this will also calm down the greed factor
     
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