Go Fishing

pattel · #1 22nd July 2008, 03:16 AM

I'm starting this thread to record my trades and track progress in becoming a disciplined trader. After reading through saint's pivot trading methodology multiple times and doing some paper trade and real trade, now i feel i'm prepared to become a disciplined one. Thanks to everyone who taught me the rules and guidelines. special thanks to Saint, CV, uashish, Amit ... (I'm sure this list is long). I will record my trades as long as my trading account exists, with charts.

Here are my rules:

Starting with 45,113(as of today) in my trading account. Planning to add more when i get going good on this.
Going to split my capital by 3 and enter 3 trades at any given time
Risk 0.75% for each trade from my per trade limit
Using risk/(point of entry - SL) for position sizing
Draw down for a day is 2%, for a week is 6%,for a month is 10%
Will be trading in Equities until my account has enough money in it and my rules allow me to take a F&O lot.
All positions will be closed on the same day until i get into F&O where i plan carry forward
Will be trading 5 min charts with 30 min charts as prespective
Stop loss will include a room
On vertical moves a 3 bar method will be used to move trail stops
No targets for trades, just go with the flow and get out half on trend break and half on pivot break

I don't expect any seniors to look at this thread actively (i'll go to saint's or asish's or start an new thread to ask a question and clarify my doubts) but if they find time to visit once in a while and give some valuable inputs, will feel honored.

I welcome any criticism, advice, help or just anything to help me achieve my goal of becoming a disciplined trader.

trader111 · #2 22nd July 2008, 05:23 AM

Quote:

Originally Posted by pattel

Here are my rules:

Starting with 45,113(as of today) in my trading account. Planning to add more when i get going good on this.
Going to split my capital by 3 and enter 3 trades at any given time
Risk 0.75% for each trade from my per trade limit
Using risk/(point of entry - SL) for position sizing
Draw down for a day is 2%, for a week is 6%,for a month is 10%
Will be trading in Equities until my account has enough money in it and my rules allow me to take a F&O lot.
All positions will be closed on the same day until i get into F&O where i plan carry forward
Will be trading 5 min charts with 30 min charts as prespective
Stop loss will include a room
On vertical moves a 3 bar method will be used to move trail stops
No targets for trades, just go with the flow and get out half on trend break and half on pivot break

Pretty impressive list to start, I must say. This journal can be very helpful. Keeping the maxdrawdown limit to 4% weekly maybe better.

All the best!

drpsiva · #3 22nd July 2008, 07:06 AM

Quote:

Originally Posted by pattel

I'm starting this thread to record my trades and track progress in becoming a disciplined trader. After reading through saint's pivot trading methodology multiple times and doing some paper trade and real trade, now i feel i'm prepared to become a disciplined one. Thanks to everyone who taught me the rules and guidelines. special thanks to Saint, CV, uashish, Amit ... (I'm sure this list is long). I will record my trades as long as my trading account exists, with charts.

Here are my rules:

Starting with 45,113(as of today) in my trading account. Planning to add more when i get going good on this.
Going to split my capital by 3 and enter 3 trades at any given time
Risk 0.75% for each trade from my per trade limit
Using risk/(point of entry - SL) for position sizing
Draw down for a day is 2%, for a week is 6%,for a month is 10%
Will be trading in Equities until my account has enough money in it and my rules allow me to take a F&O lot.
All positions will be closed on the same day until i get into F&O where i plan carry forward
Will be trading 5 min charts with 30 min charts as prespective
Stop loss will include a room
On vertical moves a 3 bar method will be used to move trail stops
No targets for trades, just go with the flow and get out half on trend break and half on pivot break

I don't expect any seniors to look at this thread actively (i'll go to saint's or asish's or start an new thread to ask a question and clarify my doubts) but if they find time to visit once in a while and give some valuable inputs, will feel honored.

I welcome any criticism, advice, help or just anything to help me achieve my goal of becoming a disciplined trader.

hi pattel,
wishing you all the best.

pattel · #4 22nd July 2008, 08:34 AM

Quote:

Originally Posted by trader111

Pretty impressive list to start, I must say. This journal can be very helpful. Keeping the maxdrawdown limit to 4% weekly maybe better.

All the best!

Thanks Trader111, I will see those weekly drawdowns and monthly drawdowns for sometime and will adjust based on your suggustion.

Today i'm looking at the following scrips, Not necessarily going to stick them but looks good for me.

Scrip 5-min-trend 30-min-trend LastPH LastPL what-to-do

NTPC- uptrend - uptrend - 182.95 - 177.55 - buy on declines if trend holds
RCOM - downtrend-downtrend - 456.60 - 437.00 - short rallies if trend holds
JPASSO - uptrend - up trend - 168.40 - 163.20 - buy on declines if trend holds
RIL - uptrend - uptrend - 2161.50 - 2104 - buy on declines if trend holds

Shishya · #5 22nd July 2008, 10:48 AM

Quote:

Originally Posted by pattel

I'm starting this thread to record my trades and track progress in becoming a disciplined trader. After reading through saint's pivot trading methodology multiple times and doing some paper trade and real trade, now i feel i'm prepared to become a disciplined one. Thanks to everyone who taught me the rules and guidelines. special thanks to Saint, CV, uashish, Amit ... (I'm sure this list is long). I will record my trades as long as my trading account exists, with charts.

Here are my rules:

Starting with 45,113(as of today) in my trading account. Planning to add more when i get going good on this.
Going to split my capital by 3 and enter 3 trades at any given time
Risk 0.75% for each trade from my per trade limit
Using risk/(point of entry - SL) for position sizing
Draw down for a day is 2%, for a week is 6%,for a month is 10%
Will be trading in Equities until my account has enough money in it and my rules allow me to take a F&O lot.
All positions will be closed on the same day until i get into F&O where i plan carry forward
Will be trading 5 min charts with 30 min charts as prespective
Stop loss will include a room
On vertical moves a 3 bar method will be used to move trail stops
No targets for trades, just go with the flow and get out half on trend break and half on pivot break

I don't expect any seniors to look at this thread actively (i'll go to saint's or asish's or start an new thread to ask a question and clarify my doubts) but if they find time to visit once in a while and give some valuable inputs, will feel honored.

I welcome any criticism, advice, help or just anything to help me achieve my goal of becoming a disciplined trader.

“One gradually attains tranquillity of mind by keeping the mind fully absorbed in the Self by means of a well-trained intellect, and thinking of nothing else.”

---Bhagvad Gita

All the best...

Regards,

Shishya

sanx · #6 22nd July 2008, 11:28 AM

Best of bulls and bears pattel , happy trading .

sudoku1 · #7 22nd July 2008, 11:39 AM

Quote:

Originally Posted by pattel

I don't expect any seniors to look at this thread actively (i'll go to saint's or asish's or start an new thread to ask a question and clarify my doubts) but if they find time to visit once in a while and give some valuable inputs, will feel honored.
I welcome any criticism, advice, help or just anything to help me achieve my goal of becoming a disciplined trader.

Life is all abOut little decisions V mke everyday......
V cant change the decisions of past...but.... every new day is a new opportunity 2 make the right one............

best wishes from sudoku here......

Saint · #8 22nd July 2008, 07:01 PM

Wishing you all the best,.....

Saint

slah04 · #9 22nd July 2008, 10:27 PM

Great Planning Pattel! Being a newbie myself, I shall be following your pattern too.

slah

slah04 · #10 22nd July 2008, 10:30 PM

Quote:

Originally Posted by drpsiva

hi pattel,
wishing you all the best.

Hi Pattel

Could you elaborate and explain on Pts 4 & 5?

slah