Hi Fellow Traders,
I have been a fan of this discussion group. There are a lot of Gurus in this forum. So I thought I will also share my bit of knowledge. It is since two years that I have opened my trading account. Mostly my trading have left me with a lot of losses. That is when I seriously started going into the forum and collected some useful information.
For the next one month I am planning to do some paper trading.
Mostly I want to concentrate on MINI NIFTY Intraday and Positional trading (selective)
Here is my Trading plan
Capital - 1 Lakh
Risk at any point in time - 2% - Rs 2000.
Risk Reward Ratio : 1.75 (Max profit per trade is 3500 Max loss 2000)
Tool for the trade - InvestarIndia NIFTY Special edition
Trade setup
5 minute charts with EMA(3), EMA(13), SMA(26).
Trade only after 10 AM
Note: I am using SMA(26) and not SMA(39) as mentioned in some threads because I want to minimise loss.
Additional indicator - ADX(14).
Entry point for Long
EMA(3) crossing EMA(13), and candle closing above SMA(26) and ADX(14) greater than 20
Exit points
Stop loss = 20 points for MINI NIFTY (40% of 50)
Target 1 - 60 positions of mini nifty = 25 points
Target 2 - 40 positions of mini nifty = 50 points
If Target 1 is met the stop loss would be adjusted to cost
I don't have any targets for Profit. I will stop trading for the day if my loss is Rs 2000.
Let me hope that I could trade with a great emotional content.
Regards,
Raj
I have been a fan of this discussion group. There are a lot of Gurus in this forum. So I thought I will also share my bit of knowledge. It is since two years that I have opened my trading account. Mostly my trading have left me with a lot of losses. That is when I seriously started going into the forum and collected some useful information.
For the next one month I am planning to do some paper trading.
Mostly I want to concentrate on MINI NIFTY Intraday and Positional trading (selective)
Here is my Trading plan
Capital - 1 Lakh
Risk at any point in time - 2% - Rs 2000.
Risk Reward Ratio : 1.75 (Max profit per trade is 3500 Max loss 2000)
Tool for the trade - InvestarIndia NIFTY Special edition
Trade setup
5 minute charts with EMA(3), EMA(13), SMA(26).
Trade only after 10 AM
Note: I am using SMA(26) and not SMA(39) as mentioned in some threads because I want to minimise loss.
Additional indicator - ADX(14).
Entry point for Long
EMA(3) crossing EMA(13), and candle closing above SMA(26) and ADX(14) greater than 20
Exit points
Stop loss = 20 points for MINI NIFTY (40% of 50)
Target 1 - 60 positions of mini nifty = 25 points
Target 2 - 40 positions of mini nifty = 50 points
If Target 1 is met the stop loss would be adjusted to cost
I don't have any targets for Profit. I will stop trading for the day if my loss is Rs 2000.
Let me hope that I could trade with a great emotional content.
Regards,
Raj