BNF Trading Dairy... Trying to become disciplined

vijkris

Learner and Follower
#51
Selection of instrument to trade is also important for a day trader.

For money can't be made on same instrument everyday. This will make the trader think that there is some problem with his method and he tries to tweak his method and end up in losses.

So how we select the instrument? Previously i used to trade only in BNF. Now i am trying with BN Stock futures. Risk is there but hopefully the SL will save the capital. Using pivot trading with 3m/5m charts.

Status : Capital still down by 30%

Thanks.
Hope you made some profits today. :thumb:
 

PUCHU_2500

Well-Known Member
#52
Selection of instrument to trade is also important for a day trader.

For money can't be made on same instrument everyday. This will make the trader think that there is some problem with his method and he tries to tweak his method and end up in losses.

So how we select the instrument? Previously i used to trade only in BNF. Now i am trying with BN Stock futures. Risk is there but hopefully the SL will save the capital. Using pivot trading with 3m/5m charts.

Status : Capital still down by 30%

Thanks.
money can be made by trading on single stock.....it is very easy to say but practically very tough.....however we may try trading with single stock successfully....first of all we must be disciplined .....in disciplined trader like me can not make money in real time.....take up a well proved setup and trade as per your setup every day on a single stock....and take stoploss, small profit, small losses and 2 or 3 big profit in your every day trade.....this simple thing I am still unable to do .....hate to me....
 

aja

Well-Known Member
#53
money can be made by trading on single stock.....it is very easy to say but practically very tough.....however we may try trading with single stock successfully....first of all we must be disciplined .....in disciplined trader like me can not make money in real time.....take up a well proved setup and trade as per your setup every day on a single stock....and take stoploss, small profit, small losses and 2 or 3 big profit in your every day trade.....this simple thing I am still unable to do .....hate to me....
What is the reason in your case Puchu and Brill bhai?
I was told that I must have some solid strategy,better RR and Money Management Rule.I lack all of these and I don't understand any of these.But when I see people around me who has already these things and still losing,I really feel bad.

The world outside TJ says that money can not be made and looks like we both proving them right :lol:
 

TraderRavi

low risk profile
#54
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...
if my trades close in profit in the morning , I close terminal to protect profits , but if morning trades SL hit then the number of trades increase hence overtrading .
This monday and tuesday in 2 days I have done 21 trades , normally its 3/4 trades per day , so overtrading in losing days is a problem :annoyed:
 

Brill

Well-Known Member
#55
Trying/Need to stop predicting market/price movement UP or DOWN. as most of the time the reverse of what i think happens.

Trying/Need to execute all the signals UP/DOWN. Need to find a profit taking strategy.

As I trade with only 1 lot, money management is not in question. other wise would have taken a small profit on one lot and other lot should have been kept for reversal signal.

Due to personal works unable to trade everyday. and the day i am off, the movement is more. and there is not much whipsaws on those days. it is really surprising.

Thanks.
 

pannet1

Well-Known Member
#56
Trying/Need to stop predicting market/price movement UP or DOWN. as most of the time the reverse of what i think happens.

Trying/Need to execute all the signals UP/DOWN. Need to find a profit taking strategy.

As I trade with only 1 lot, money management is not in question. other wise would have taken a small profit on one lot and other lot should have been kept for reversal signal.

Due to personal works unable to trade everyday. and the day i am off, the movement is more. and there is not much whipsaws on those days. it is really surprising.

Thanks.
hi Brill,

i believe this post could change your trading, if you are willing.

1) since you are trading part time, i guess you are not trading for living. so the advantage is you are not in a hurry to make money.

2) the key is make your mind happy and participate in a battle that we can win, first. its not necessary that you should be struck with BN and one lot fire power. choose something with much smaller capital.

3) make a vow that you are going to come out a winner tomorrow. now with your trading setup buy small size. buy and sell how much ever times you need to. at the end of day you have to come out as a winner.

4) ok. the good news. you can have one more grace day (2nd day) for coming out in green. another trick is think that there is no brokerage, tax. just concentrate on gathering the point.

note: if you can't do this at least about 3 consecutive attempts. then trust and understand that you are not prepared now. take the 70% and run away. gain more knowledge do paper trading and start again.

just my 5 paise
 

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