Dear mates,
I have been here for many years learning all pros and cons of trading. The time has come to leave active trading due to my changed job conditions. Before leaving the board, I will give a strategy to make descent earning trading nifty futures. I have traded this strategy for almost past 1 month with 400 qty and yielded a gross daily return of Rs.4,000 (this includes commission and charges of Rs.600-800). Hope you will find it useful and add to your arsenal.
Trade less and have patience for the right set up. You will make money.
Always have a contingent exit plan before entering the trade in case the trade does not work in order to save your skin.
No indicators are used except for 5 minutes candles chart.
How to trade :-
Let the first 5 min candle form. Wait for until the first 5 min candle is broken. Either high or low is broken. If high is broken, your bias is long until the low is broken. If low is broken first, your bias is short until high is broken. Normally I donot undertake any trades if a setup is not triggered on one side before the other side is broken.
Back to strategy. Say the high is broken. Now wait for a bar to be formed with a low high. Place a buy stop above the bar high. If the trade does not trigger and a new low is formed. Move the buy stop above the next bar high. Like wise move the buy stop until it is triggered. But the low of the first bar is not breached. Keep a strict stop loss of 20 points from the entry price and this is your worst exit scenerio. Exit the trade when you see some points profit. I usually exit the trade anywhere from 6 to 10 points profit.
Wishing all the best for traderji mates. Happy trading.
I have been here for many years learning all pros and cons of trading. The time has come to leave active trading due to my changed job conditions. Before leaving the board, I will give a strategy to make descent earning trading nifty futures. I have traded this strategy for almost past 1 month with 400 qty and yielded a gross daily return of Rs.4,000 (this includes commission and charges of Rs.600-800). Hope you will find it useful and add to your arsenal.
Trade less and have patience for the right set up. You will make money.
Always have a contingent exit plan before entering the trade in case the trade does not work in order to save your skin.
No indicators are used except for 5 minutes candles chart.
How to trade :-
Let the first 5 min candle form. Wait for until the first 5 min candle is broken. Either high or low is broken. If high is broken, your bias is long until the low is broken. If low is broken first, your bias is short until high is broken. Normally I donot undertake any trades if a setup is not triggered on one side before the other side is broken.
Back to strategy. Say the high is broken. Now wait for a bar to be formed with a low high. Place a buy stop above the bar high. If the trade does not trigger and a new low is formed. Move the buy stop above the next bar high. Like wise move the buy stop until it is triggered. But the low of the first bar is not breached. Keep a strict stop loss of 20 points from the entry price and this is your worst exit scenerio. Exit the trade when you see some points profit. I usually exit the trade anywhere from 6 to 10 points profit.
Wishing all the best for traderji mates. Happy trading.