Seeing the 15min Chart as is.
Da,
Today, I am gonna set the exits as such:
1. before entry, ascertain the first target, which should be atleast 10 pts away. Will exit half qty there.
2. as 1st target is hit, will raise tsl to breakeven on the rest.
This will ensure that i am onboard most big moves of >50 pts. At the same time, give me little returns on most trades.
sometimes we are in fresh territory or the target is still far and yet i am getting 10 plus points. will watch 15min bars for lack of strength.
Today, I am gonna set the exits as such:
1. before entry, ascertain the first target, which should be atleast 10 pts away. Will exit half qty there.
2. as 1st target is hit, will raise tsl to breakeven on the rest.
This will ensure that i am onboard most big moves of >50 pts. At the same time, give me little returns on most trades.
sometimes we are in fresh territory or the target is still far and yet i am getting 10 plus points. will watch 15min bars for lack of strength.
Battle of Sensibilities.
================
Success in trading Nifty Intraday is primarily a function of ones Emotional Quotient. It is a Battle of Sensibilities. When trading intraday, a Retail trader is not warring with his own kind, but with the bots, the prop desks who run them to arbitrage.
As the adage goes "if you can't beat them join them" a retail trader could try. But I think that is not an option here. Running Bots require proprietary code, auto-order feeders, quick streaming data in vicinity of the exchage servers etc. It is same business of trading, but very different.
Retail trading, however, is about sensibilities. In due process, one has to accustom his sensibilities to see trades when there is one. He has got to train his eye, his neurons, his grey cells, whatever that is inside that separates a trader from a Bot. That gives him an edge against them. To be banal, to protect capital on bad days and earn enough on good days.
Speed of execution, fast data, pin-point accurate analysis, then, cannot be a retail traders arsenal, because a retailer cannot beat the Bots at their own game. He is gonna have to change the rules, be creative. His edge will lie in what unique about him, discover it, and nurture it with each passing day. And, eventually, add meaning to the saying "I am unique, like everybody else".
The retailer has got-to have the bots chasing him, and as they align their codes to address the incessant loot, you re-invent.
================
Success in trading Nifty Intraday is primarily a function of ones Emotional Quotient. It is a Battle of Sensibilities. When trading intraday, a Retail trader is not warring with his own kind, but with the bots, the prop desks who run them to arbitrage.
As the adage goes "if you can't beat them join them" a retail trader could try. But I think that is not an option here. Running Bots require proprietary code, auto-order feeders, quick streaming data in vicinity of the exchage servers etc. It is same business of trading, but very different.
Retail trading, however, is about sensibilities. In due process, one has to accustom his sensibilities to see trades when there is one. He has got to train his eye, his neurons, his grey cells, whatever that is inside that separates a trader from a Bot. That gives him an edge against them. To be banal, to protect capital on bad days and earn enough on good days.
Speed of execution, fast data, pin-point accurate analysis, then, cannot be a retail traders arsenal, because a retailer cannot beat the Bots at their own game. He is gonna have to change the rules, be creative. His edge will lie in what unique about him, discover it, and nurture it with each passing day. And, eventually, add meaning to the saying "I am unique, like everybody else".
The retailer has got-to have the bots chasing him, and as they align their codes to address the incessant loot, you re-invent.
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Having said that, will try to bet my buck only when I think the RR is good. Will be super defensive, enough to eliminate risk with the first chance I get.
As per this philosophy, there was no trade yesterday. Every breakout got a befitting reply and every pullback was not deep enough. Market was in a 30 points range for a trader. This is not ground enough. Meaning, the Sensibilities battled alright. Could've been better, could've stolen a base, 7 odd points. However, the point is RR looked poor all day, so better let go.
As per this philosophy, there was no trade yesterday. Every breakout got a befitting reply and every pullback was not deep enough. Market was in a 30 points range for a trader. This is not ground enough. Meaning, the Sensibilities battled alright. Could've been better, could've stolen a base, 7 odd points. However, the point is RR looked poor all day, so better let go.
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