Sridhar's Trading Dairy

[sridhga]

Do you have a proven profitable strategy that has given consistent profits for several months or years? If not, then making ~30% per month is going to be very difficult in a business where most people don't make any profits. Good luck.

I agree with your point on the monthly target. Okay, I give up on the targets. No target. But Friday any surplus would be withdrawn.
Thank you for your inputs.

 

[sridhga]

Good luck to you

Thank you.

 

[sridhga]

Best of luck,
Let's make some money !!!!

All the best buddy..May you succeed

Futures means Stock or Index.

If its Index ..... its better to sell options (intraday) ..... less turnover tax and other hastle.

All the best

Thank you

 

[Newbie Day-Trader]

Hey,

I will try to reply to you all.
I follow ORB method
This is what I intend to do.
I choose HDFCBank May Future and Maruti May future.
I find high and low of the day by 10 am.
Place BO on the buy/sell side just above/below recorded high/low.
TP is +/- 0.5%
SL is -/+1%
I have negative RR.
Possible issues:
1. Order may not be triggered. Okay that means no loss and so no worries
2. False breakout. If volume does not support in few minutes after trigger, exit the trade, even if, stop loss not hit. This is difficult to execute.
3. Negative RR is a handicap of this system. If it does not result in better win-loss ratio/ probability, this method would be given up in 5 working days.

Any comments/inputs?

May start off tomorrow or day after.

I hope you understand that a negative RR is likely to give a better win-loss ratio but that's no guarantee of LONG-TERM profitability since profitability is the function of win-loss ratio AND payoff ratio.

Scrips HDFC Bank Future and Muruti Suzuki future
I would call it discretionary.

Thank you for your inputs

I always dread trading those two futures since I think they often tend to be more volatile but maybe you'll be luckier than I've been with them.

I agree with your point on the monthly target. Okay I give up on the targets. No target. But Friday any surplus would be withdrawn.
Thank you for your inputs.

Don't get me wrong, I'm not necessarily against having goals but it is my belief that when we start a new trading-journey, it's best to keep the targets smaller & achievable because having bigger targets can cause us to take more risks. Good luck.

 

[sridhga]

I hope you understand that a negative RR is likely to give a better win-loss ratio but that's no guarantee of LONG-TERM profitability since profitability is the function of win-loss ratio AND payoff ratio.



I always dread trading those two futures since I think they often tend to be more volatile but maybe you'll be luckier than I've been with them.



Don't get me wrong, I'm not necessarily against having goals but it is my belief that when we start a new trading-journey, it's best to keep the targets smaller & achievable because having bigger targets can cause us to take more risks. Good luck.

Thank you for your inputs. Negative RR is to handle volatility. Let me see. Maruti worked for me for several months. I even had long term future (5 lots) on and travelled for 5 days into remote places. That scrip gave me profit enough to buy a Swift car. But you may be right. This share has lost its charm and acts jittery now a days. Two such other shares I dealt with were Dr. Reddy's and Axis Bank. They are very very volatile too. HDFC Bank is more sober compared to these. But look at it. If you choose HDFC (the parent), it is so hopeless that it does not move for the whole day. We cannot trade in such scrips.

No,no I have never misunderstood you. I take your feedback in positive spirit. I now believe that you are right on the target setting part of the discussion.. But the stop loss of Rs. 40,000 stays.

 

[Veeramuthu JJ]

Hey,

I will try to reply to you all.
I follow ORB method
This is what I intend to do.
I choose HDFCBank May Future and Maruti May future.
I find high and low of the day by 10 am.
Place BO on the buy/sell side just above/below recorded high/low.
TP is +/- 0.5%
SL is -/+1%
I have negative RR.
Possible issues:
1. Order may not be triggered. Okay that means no loss and so no worries
2. False breakout. If volume does not support in few minutes after trigger, exit the trade, even if, stop loss not hit. This is difficult to execute.
3. Negative RR is a handicap of this system. If it does not result in better win-loss ratio/ probability, this method would be given up in 5 working days.

Any comments/inputs?

May start off tomorrow or day after.

Many successful traders are trading the following scrips.
NIFTY FUTURE
BANKNIFTY FUTURE
NIFTY OPTIONS LONG
CRUDEOIL FUTURE
NIFTY OPTIONS WRITING

So make sure your scrip is one in this.
Otherwise you are in exeption. (Unhandled exception error)

In my view only a fixed system trading will teach a trader about consistency.

Discretionary trading will teach you one thing every one day. There will be no consistency.

I don't have enough experience on ORB method. That should be worst method i think.

with 1: 0.5 RR system you are only making fun of trading. At least you need 1:1 RR system.

All the above comments are to make sure you are going to win. and these comments are Not to hurt you.

 

[sridhga]

Many successful traders are trading the following scrips.
NIFTY FUTURE
BANKNIFTY FUTURE
NIFTY OPTIONS LONG
CRUDEOIL FUTURE
NIFTY OPTIONS WRITING

So make sure your scrip is one in this.
Otherwise you are in exeption. (Unhandled exception error)

In my view only a fixed system trading will teach a trader about consistency.

Discretionary trading will teach you one thing every one day. There will be no consistency.

I don't have enough experience on ORB method. That should be worst method i think.

with 1: 0.5 RR system you are only making fun of trading. At least you need 1:1 RR system.

All the above comments are to make sure you are going to win. and these comments are Not to hurt you.

Okay, let me think and get back on this. Thank you for your inputs.

 

[Newbie Day-Trader]

Many successful traders are trading the following scrips.
NIFTY FUTURE
BANKNIFTY FUTURE
NIFTY OPTIONS LONG
CRUDEOIL FUTURE
NIFTY OPTIONS WRITING

So make sure your scrip is one in this.
Otherwise you are in exeption. (Unhandled exception error)

In my view only a fixed system trading will teach a trader about consistency.

Discretionary trading will teach you one thing every one day. There will be no consistency.

I don't have enough experience on ORB method. That should be worst method i think.

with 1: 0.5 RR system you are only making fun of trading. At least you need 1:1 RR system.

All the above comments are to make sure you are going to win. and these comments are Not to hurt you.

I whole-heartedly agree with everything you have said, except for the argument that we should trade certain instruments merely because other successful traders are trading them; I think we should stick to instruments that we are most comfortable trading, & are giving us good signals & profits as per our own strategy.

 

[Veeramuthu JJ]

I whole-heartedly agree with everything you have said, except for the argument that we should trade certain instruments merely because other successful traders are trading them; I think we should stick to instruments that we are most comfortable trading, & are giving us good signals & profits as per our own strategy.

I disagree with you.

As a challenge Trade Stock futures in 5 min timeframe. All stoploss will hit.

You should put stoploss at bar's high as shown in image.

Challenge 2
Trade in stock futures in 15 min timeframe and win in trading. you should put stoploss as shown above. not breakout trading.

Challenge 3
Don't fight with me.

 

[TraderGYO]

I disagree with you.

As a challenge Trade Stock futures in 5 min timeframe. All stoploss will hit.

I am trading profitably on 5 minute futures chart, second month in a row now. I disagree with your point. If one do not have a clue as to what one is doing then I guess it is true.