Help with my trades.

[MSN1979]

Trading is simple, if u are following the minimum basics as below,

1. Backtest(maybe visually) your method or logic on a large sample. Observe the result for at least 1000 trades. Observe in bull, bear and nutral/range bound market. If u find this paper profit after deduction of virtual brokerage and probable slippage, then start trade with real money. Until then study, learn & practice paper trades.

2. Add HTF[Daily & H4] sup res lines on charts. Add daily pivots lines. Add Trendlines on hourly charts.

3. In your initial days, trade with extra capital. Trade 1lot per 1 lakh capital and have another 50,000 extra money for MTM losses so that u can trade peacefully for at least 30-40 trades.

Best Wishes.....

1. Yes I have backtested my system and on paper it turns out to be excellent. I am facing challenges while trading with real money. New type of unknown scenarios keep coming up.

2. I have HTF for 60 and daily for 15(min chart) I am not sure what you mean by H4 ( do u mean 4 hour chart or something?) Yes I always draw S/R and pivots and trendlines. I think the problem could be I still dont know how to use them effectively or for decision making while trading. Also wondering if some can help me how to take trading decisions. ( I know the basic part...looking trend at HTF and fine tuning on 15 etc) but I dont know I could be missing something

3. Yes thanx for this tip. I have spared extra money for trading. I was ready for it this time.

 

[MSN1979]

According to an old member here (no longer active), the price, on breaching a trendline, is likely to retest the trendline. That's what happened here. The trendline was breached, and the price bends down to retest it, and rebounds from there. Perhaps your trade was not correct in the sense that the downsloping trendline had been breached.

Yes thats very well said. I did took trades in long when it touched the TL but those trades also ended up in loss.

 

[MSN1979]

What kind of order did you use ? Perhaps trailing the SL would have been good. A bracket/cover order does it well.

In bezel they only allow to place the order, then i have to use buy SL to place the order and keep on changing TSL by pressing modify SL in Order Book.

 

[headstrong007]

Cardinal errors in trading u made:-

1. Define Target and stop loss first. A trade exists only when your RR is favourable as per your rule. If RR is not favourable there is NO TRADE, simple.
2. Define Your Stop loss as per the charts not as per as your capital/money management. Your stop loss per trade must define the minimum capital you have per lot trading not your capital define your stop loss. Entry exit must be as per charts.
3. U did a clearly visible wrong trade. When the upward trend line is broken and price was clearly above the upper trend line, u took the short!!
Many times price prints pin bar on trendlines so, we have to watch price action on multiple time frame to understand the bigger picture. It takes time to understand the price movement.

Frankly speaking u r not ready yet for trading. As u did multiple basic mistakes in a trade. U need more practice, more study on medhod, money management, stop loss etc all departments. Study more, comeback strongly, don't loose money when u don't have the required edge. At least go little slower, with less position size....

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Yes, H4-> 4 hour chart, HTF -> Higher Time frames.

 

[MSN1979]

What I understood from you is I should have waited to see if the breakout was false. So lets assume it was false and it came below the trend line. Considering RR where would u keep SL? Do u use previous pivot as SL ( I have heard many traders saying keep above TL but where and how do u decide how many Points O( or just used previous pivot?)

 

[jagankris]

What I understood from you is I should have waited to see if the breakout was false. So lets assume it was false and it came below the trend line. Considering RR where would u keep SL? Do u use previous pivot as SL ( I have heard many traders saying keep above TL but where and how do u decide how many Points O( or just used previous pivot?)

Correct.
Once price retraces back below the trend line (false BO) the Previous high above the trend line + 2 or 3 points as filter becomes the stop.

 

[MSN1979]

Cardinal errors in trading u made:-

1. Define Target and stop loss first. A trade exists only when your RR is favourable as per your rule. If RR is not favourable there is NO TRADE, simple.
2. Define Your Stop loss as per the charts not as per as your capital/money management. Your stop loss per trade must define the minimum capital you have per lot trading not your capital define your stop loss. Entry exit must be as per charts.
3. U did a clearly visible wrong trade. When the upward trend line is broken and price was clearly above the upper trend line, u took the short!!
Many times price prints pin bar on trendlines so, we have to watch price action on multiple time frame to understand the bigger picture. It takes time to understand the price movement.

Frankly speaking u r not ready yet for trading. As u did multiple basic mistakes in a trade. U need more practice, more study on medhod, money management, stop loss etc all departments. Study more, comeback strongly, don't loose money when u don't have the required edge. At least go little slower, with less position size....

--------
Yes, H4-> 4 hour chart, HTF -> Higher Time frames.

Thanx. I exactly feel the same way. I will practice more.

 

[MSN1979]

Correct.
Once price retraces back below the trend line (false BO) the Previous high above the trend line + 2 or 3 points as filter becomes the stop.

Thanx i think this answers my query and I am at peace. I know where I made the mistake and how to place SL in my next trade. Thanx guy for the help cheers. I will post my second trade shortly.

 

[pasupathy]

1. Yes I have backtested my system and on paper it turns out to be excellent. I am facing challenges while trading with real money. New type of unknown scenarios keep coming up.

2. I have HTF for 60 and daily for 15(min chart) I am not sure what you mean by H4 ( do u mean 4 hour chart or something?) Yes I always draw S/R and pivots and trendlines. I think the problem could be I still dont know how to use them effectively or for decision making while trading. Also wondering if some can help me how to take trading decisions. ( I know the basic part...looking trend at HTF and fine tuning on 15 etc) but I dont know I could be missing something

3. Yes thanx for this tip. I have spared extra money for trading. I was ready for it this time.

Hi MSN,

Just my few suggestions :

1. All systems work well and will look like a holy grail on paper but during realtime GREED and FEAR takes over. So why you started with Futures ? Is that system only tradeable in futures. Is it not a good idea to try in cash for a month - just 10 shares to see how things work out ?

2. Decide clearly which timeframe you want to trade. I have been sticking on with 5 mins throughout and never bothered about other timeframes as I am a pure Intraday player. Yes you can also use 15 mins but decide based on lot of factors like Stoploss etc.

3. Money Management - That's the basic .... if this is not right then its very difficult to make consistent return.

All the Best.

Do practise more and maintain a journal ... Go back and see where you went wrong. Avoid News, Analyst, other recommendations but speak with with your charts ... it will give you a clear idea where it wants to go ...

Cheers

 

[timepass]

In bezel they only allow to place the order, then i have to use buy SL to place the order and keep on changing TSL by pressing modify SL in Order Book.

The broker is your choice. But you have to trail the SL to protect your positions.