Trading Challenge II : 300% in 5 months

SwagatN

Well-Known Member
R your set ups based on vsa? Or are you combining other method with vsa for set ups? Focus only on vsa trade setups. There are 2 ways to do it. Defined and write down your set up conditions and second go with the chart and trade as per the opportunity given by the mkt. The second one is very difficult to do as it demands good exp with the stuff and you must be completely sync with the market, something like dancing with the market.
I am not sure what do you mean by only VSA setup. My current approach is as Tom Williams has mentioned in his book. For intraday I look at 60m chart for market structure and bigger trend. Based on the bigger TF momentum I trade 5m chart using trend channels and support/resistance lines. if higher TF suggest a bullish market then on 5m I look for signs of strength and test for no supply near trading range's oversold zone. Vice versa for SHORT.
 

SwagatN

Well-Known Member
I have not traded today.

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As I am progressing with time, my plans and my way of looking at things are also changing. 5 months back I started my last serious approach to become a full-time trader by giving myself a challenge. The real motive behind the challenge and what I learned out of it was already mentioned in the beginning of this thread. It is only because of that now I have started taking this profession seriously and the confidence has come that one can be a full time trader and attain financial freedom. Then taking the lessons from the 1st challenge I started this 2nd challenge with the intention of sticking to one method (my 1st challenge had seen numerous tweaks to the system) and trade it to achieve consistency in execution.

The 2nd challenge started real slow, many days in the beginning were going with out any trades being taken. I was still facing the trauma on fear of loss and lack of confidence to pull the trigger. But then I came across this study of volume and how it is being used in price action. I felt like I have found the missing link of my trading system as I never got quite confident on my approach previously (even though I had spent weeks after weeks to back test that). The study of volume made me interested. and I started reading numerous books on it.

Though I have started understanding the concepts but I lack experience in applying it in real time. That is going to come only from practice and walking the path (not looking for short cut here). Those books did a real good job in explaining charts after charts on how to study the bars with volume, but no where they have given a step by step objective rules to how to incorporate them in to a trade plan. Now it is left to the reader what he wants to do with the knowledge. The real time chart sometimes is not that straight forward as the charts explained in the books. Off course they have taken those charts where the concepts looked pretty clean and worked good to make the reader understand the concept better. But now I am seeing that learning it from just 2/3 books and applying it in real market has a big good difference. I think this is what @primitivetrader has mentioned in the beginning and advised to practice more.

For the same reason I have decided that with respect to my 2nd challenge of being consistent in flawless execution of my trade plan now my only goal is to find a way to trade using price action and volume. No other goals, challenges are important to me now except this. I guess there is no other way than to start applying it in real time with a proper documentation of every steps and then evaluation and repeat. Repeat and practice until this will become a second nature. I need to give this a proper direction. Thats why I did not trade today. and tried to test it on various timeframes, by mixing it with other approach in order to come up with a concrete plan.. Work is still on,in face the real work starts now..

>>> NEVER GIVE UP <<<
 
Bhai, daytrading is anything but flawless. There are always whipsaws which take out your stoplosses and leave you gasping for air, while moving in the direction you had originally anticipated and traded.
 

newtrader101

Well-Known Member
kitaab padhne ke baad bhi loss hota hai ji
knowing the path and walking the path,both are different

so concentrate more on walking part...
Reading every day keeps us in 'learner mode' which is important if we are to notice where to correct ourselves. Being in the 'beginner attitude'.
 

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