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.