Help with my trades.

[MSN1979]

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

Thank you. I will keep that in mind while trading.

Basically my biggest problem was FEAR GREAD in my early days of trading. Now its under control and I worked in cash for a very long time, now moved back to futures. At present my problem is Correct entry / SL and Exit points. Looking at above replies I realized what I did wrong. I just rushed into a trade to minimise my SL thinking it would help my RR. So I entered trade too early. Also as JaganKris Clarified I can put a SL 2-3 points above TL, which will fix another major problem I was facing.

 

[MSN1979]

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

Yes I am unsure why I did not move my TSL That's major mistake number 2. I guess its the pressure of 1st few trade and frustration of now scoring a win yet.

 

[timepass]

Yes I am unsure why I did not move my TSL That's major mistake number 2. I guess its the pressure of 1st few trade and frustration of now scoring a win yet.

If you use bracket/cover orders, it will trail the SL automatically for every point move in the trade direction. This is just FYI.

 

[MSN1979]

If you use bracket/cover orders, it will trail the SL automatically for every point move in the trade direction. This is just FYI.

I need to learn more about bracket orders. So if the market move 1 point down it will hit my SL?

 

[primitivetrader]

Instead of using diagonal trendlines use horizontals look for double bottom in an up trend and double top in down trend. This way you will be trading false Breakout but with much profitability.

 

[MSN1979]

Instead of using diagonal trendlines use horizontals look for double bottom in an up trend and double top in down trend. This way you will be trading false Breakout but with much profitability.

it would be nice if you can share some charts with trades.

 

[MSN1979]

Ok timepass. After close study I found the problem. On 15 min chart price did not touch the TL (no new PL was made). I think it was a refreshing problem on Trade Tiger. (Hence the reason for not moving my TSL) as I could not see it.

I Understand it still does not make my entry correct, but i think thats why i did not move SL while trading. Sorry for the confusion.

Posting actual chart

 

[MSN1979]

Ok Posting my Second Trade for Today.

My entry was at 10167
Reason for Entry : Touch down on Channel of Acending TL
SL - previous Pivot 10128 (-3) 10124
Exit 10124
Result : Loss of 41 p+ Comission.

According to me this was better trade as I don't see breaking any rules. Was I correct to go long here? Please point out any problems with trade if any. The SL was according to chart.

 

[Riskyman]

I am posting my trade with reason as to why I took it and my entry exit and sl clearly defined.

Entry : 10142
Reason ( TL False Break Out)
SL :10159 +2 (Previous day high pivot)
Exit: 10162
Target Todays Low: SL Hit
R:R : 10142 -10078 1:3

This was my first trade today. Did you guys think I took trade correctly? Also were my entry exit and SL correct? How did you take your trades today?
View attachment 24347

You ignored the gap that got filled in the first 3-4 bars.

 

[Pradeep Narayan]

Watch this and learn