Confessions of a banknifty trader

niftytaurus

Well-Known Member
#1
HELLO Friends
I am starting this new thread.
I am going to post ONLY banknift y-future trades here..I will be posting my real trades with snap shop of my trade book & chart..Before that thread, I used to write this on my trading journal..But i observed that I am doing same mistake again & again..I am breaking my rules..I am doing overtrading..& so many others mistakes..Main point is I am repeating my mistakes..Thats Y I am not profitable..
So why this thread? I will write everything what I used to write in my personal trading journal..Then anybody can asked, write it on your journal..Why are you posting here???
I am posting here in public forum..because, When we do mistakes in private, we repeat them..but when we do it in public..we remind it & tried to not to do it again..I may repeat my mistakes even posting it here..but at least, I will be aware..
Here I will post my trade book..so even not winners ,even loosers will be post here..I will post my all trades,even if they are most stupid one..I do all kind of mistakes..I break my rules! I enter emotionally! I exit emotionally! I overtrade..etc etc..Means I do every mistake which can be thought of ..& any new & looser trader willl do..Sometimes those are the most stupid one..I have shame on those mistakes..Because i am doing it even I know that this is wrong..
So now, Last resort is I openly show my mISTAKES..WITHOUT ANY TRY OF HIDING THEM & OPENLY TO EVERYBODY..
sO How it can help to fellow traders??? ya! que is genuine!..As I think,there are still so many traders who have been going through this stage..Though many have crossed this stage..So learner can learn mistakes..as the different kinds of mistakes i do,its thousands of them..so learner will take experience of falling without actually falling...& the trades who have crossed that stage can help all of us learner to cross that bridge.
I request all of you to please participate in this thread at least once in a day.As it will help in legacy of traderji TO LEARN
Thanks
 

niftytaurus

Well-Known Member
#2
I would like to mention some rules which are important to maintain object of that thread
1)Though This thread is exclusively for Bank nifty-intraday trades ..Though its not necessary that every participate should be only bank nifty trader, as trading setups & rules are universal..so anybody can participate in it..
2) You candiscuss, criticize,comments,give opinions,,ridicule ,Post mortem etc etc ONLY MY TRADES &ME As A TRADER..as this is also object of thsi thread..& who are humble enough to criticize in public, can criticize me on my trades through PM also..my open is open for every comment related to TRADES & METHODS..so you are always welcome!
bUT but please please dont fight,criticize etc etc to OTHER TRADERS..
3) Not A single Discuusion or post other than TRADING & POINTS RELATED TO TRADING
4)EVERYBODY IS WELCOEM HERE!!..whether he/she is a banknifty trader or not!
thanks
P.s. those rules is enough for now..will post if necessary time to time
Thanks
 

XRAY27

Well-Known Member
#3
I would like to mention some rules which are important to maintain object of that thread
1)Though This thread is exclusively for Bank nifty-intraday trades ..Though its not necessary that every participate should be only bank nifty trader, as trading setups & rules are universal..so anybody can participate in it..
2) You candiscuss, criticize,comments,give opinions,,ridicule ,Post mortem etc etc ONLY MY TRADES &ME As A TRADER..as this is also object of thsi thread..& who are humble enough to criticize in public, can criticize me on my trades through PM also..my open is open for every comment related to TRADES & METHODS..so you are always welcome!
bUT but please please dont fight,criticize etc etc to OTHER TRADERS..
3) Not A single Discuusion or post other than TRADING & POINTS RELATED TO TRADING
4)EVERYBODY IS WELCOEM HERE!!..whether he/she is a banknifty trader or not!
thanks
P.s. those rules is enough for now..will post if necessary time to time
Thanks
I'm in for your help or need :)
 

niftytaurus

Well-Known Member
#4
Beginning of my trader journey
Hi

Before starting my journey , I would like to share my journey as a Trader Briefly.Why I am sharing? AS it will help to understand my fellow traders to understand my psychology,goals,objects ,my problems,my mistakes,my passion,my determination,my stupidity,my strength,my weakness..etc etc ..It can help fellow traders to advise me better..WHY I am going to tell you that story..Because I consider You all my friends & I feel like sharing my feelings..as I am feeling so low & need some friends to tell my journey..
Well! I have done doctrate in Financial Management..I have done that, Because that is my Parents dream..So I have fullfilled them as a obedient & sincere child..but my dreams were different from my parents dream..though I love finance & economics but I never like corporate jobs..I always wanted to be a FILM dIRECTOR..ya you listened Right!! FILM DIRECTOR!
As usual, you know all, They didnt permit me..I pursued them to just finish a course in that..so They think there is no harm in letting do a course as a Hobby..So I have done a FILM DIRECTION course From an International film Institute..When Pursuing PhD, I have also done a job as Lecturer..after film institute, my parents know that there is lot of struggle in film industry so I will leave it after some struggle & will back to some finance job..
i struggled a lot ..Being from a middle class, educated & a family with values & ethics, its very difficult for me to get a cultural shock there..Being a person with honesty,ethics,moral values, for me the survival is difficult for me there..But I was determined to do that..
I struugled & struggled a lot..but long story short..With my hard work, integrity & honesty, I have been working there in TV industry for 10 years & got a high position in a Tv channel..in those 10 years, I have been making so many tv serials...& what about my dream, I have been making small budgets films from my personal money..
Though I am getting good money from salary from a big channel..But I was wearing out..its not the work which is my dream! this is not the work I want to do..its again a corporate slavary..heart voice comes thats not i want to do..I always want to make films though they are small..I left tv industry in a fluke when I was at TOP..
I wanted to do something of my own..whether it will be small..but One thing I know, I dont want to work under anybody..
whether I will earn less or may be business may be small but I will NOT work under anybody..I sat in silence & listen some spiritual talks..& decides I should work on my strength rather than my weakness..My weakness was I was very poor at Marketing,PR,Chamchagiri,dishonesty..
I thought about my strengths..MATHS,finance,reasoning,management economics etc etc are always my strengths..When I explore i came across TRADING..
In april,2013 I have decided to do trading...i left everything ..Job,Friends,family,social life etc etc..& I started learning Trading ..Before APRIL,2013, I didnt know that there is some instrument future & options..so I started from ABC..I read so many books,sites, traderji threads..Trust me friends !! I really put lot of time on it..I never attended a family or friend social function from those last 2 years..I really worked hard..
Journey was so frustating..as no Teacher, no mentor, no class..experimenting &experimenting..I closed myself in a secluded room & learnt & learnt ..it also a long journey..so keep it short..
So till now, I have traded everything index future, stock future & options..I am still not profitable..last 3 monthes, I tried to Breakeven..I am totally responsible for my losses..As I repeat very elementary mistakes..& I repeated them everyday..Its really frustating...Aafter so much hard work, dedication , I am not able to complete that learning journey..
But I am looser trader but I dint give up..As I know, I CAN DO IT!!..its just matter of time! tab tak thakna nahi, tab tak rukna nahi!! But shkhar tak pahunchana hi kewal ek matr option hai..
when I couldnt stop my mistakes whch are obstract in my success..I am going to start posting those mistakes here..
as I want to rectify them
"Sirf hungama khada karna hi mera maksad nahi, ichha hai ki surat badalani chaiye
So please be my friends & mentors in this journey
Thanks
 
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niftytaurus

Well-Known Member
#6
MY LEARNING JOURNEY
As I mentioned before,I started learning ABC of trading from APRIL,2013..Before that i didnt know about future & options instruments..Before that I never heard about chart..I started with option learning..i have read some books by indian writers..at that time, the candle chart was like a "kala akshar bhains barabar"..Those books didnt attract me much..
As experience of researching more & more ( due to long experience of Phd),I started searching forums, sites..& I came acroos so many good books by foreign writers..I have downloaded them 100 of them & get them printed & prepare hard copies of them..though i am not able to read them all as I read only those boosk which appealed to me..I learnt every aspect of trading..
I fixed at PRICE ACTION Trading..Thread of AVNY make my beileive in this kind of trading more...I trial & error..my problem was i never fixed on any method..I read lance beggs ,nifty nirvana & tried to read some of albrook also..
I tried to make my trading mechanical also with indicators as My mind plays so much with me..but as you know no mechanical method is holy grail for me..
in SHORT, i have doen every mistake which every trader does..
but some mISTAKES EVEN I have NEVER DONE are
1) I never watch or trade on NEWS
2) i NEVER TOOK TIPS from ADvisors or Even I NEVER FOLLOW fellow traders CALLS..as I know for this journey, Only MY CHART READING & practise will help me..& even earn earn some money by following some calls, that GREED & SHORTCUT also NEVER COMES in my MIND
3) i NEVER PREDICT MARKET..I just trade what happens on SCREEN..i read it &trade..no bias ..Ya my READING can be wrong..but whatever it is ! IT IS MY READING!!
St Da rightly said" this journey is full of frustation & cry"..but finishing journey is its own reward..so I will not give up or tired before completion..
So right Now, I decide, i will try to reduce my tradign mistakes..when error will be zero , I will be successful..but what was those error?those errors i will post here..& request to mention my errors & help me to remove them
Thanks
 

niftytaurus

Well-Known Member
#7
Chalo Doston Batein Bahut ho gayi
Ab kuch kaam kartey hai
Till now, If you think, I am a mad person,you can think..As my real life friends also THINKS same..To friends kuch bhi kahey chalta hai!
So here is MY PLAN
1) I TRADE ONLY BANK NIFTY-FUTURE..STRICTLY NO OTHER INDEX ,STOCK FUTURE,OR OPTIONS
2)My ultimate goal is to GET 50 NET POINTS DAILY/1000 POINTS @ MONTH..& GRADUALLY, i will Lead to 100points DAILY
(I dont know whether it is practical.possible/impossible/achiveable/non achiveable etc etc according to other tradeers) but this is the hurdel which I decide for myself.)
If its achiveable, I am more than happy..If it is not, NOT A PROBLEM!! I will give it a try! As I am NOTORIOUS to do impossible task..
3) Even If I am looser, i will not stop..I will try till i am able to do it CONSISTENTLY FOR 6MONTHES.
4) i have 1 lac Rs in my trading account..I will trade ONLY 1LOT Bank nifty -future from it..If I loose all, I will deposit another 1 lac

MY trading system
1) Its a PRICE ACTION SYSTEM..ITS DISCREATIONARY METHOD..most of the time only plain Price chart With 21 EMA..
2) I use 5/15 min candel chart...some time see higher TF for prespective
3) 2 kinds of trades
a) with trend trades- MOSTLY in direction of 15 MIN trend..setups like , BO,BPB,BOF,FTC ETC
b) sometimes, CONTRA TRADE- if some FAILURES ,FAILURE TO CONTINUE happen
4) trade only on IMPORTANT RESISTANCE/SUPPORT..R/S can be level on HTF S/R,Important levels like HOD,LOD,PDH,PDL,RN etc, trendlines
5) trading only 1 LOT..SO NO TSL..Profit booking on next level..if move continues, then Reentry on PULLBACKS
6) R:R can be 1:1,1:1.5 or 1:2..but risk will never be more than 50 points..so one 1 trade risk is 1.25%..
7) So we read CANDEL BY CANDEL..when we see weakness on those S/R..we will just trade AGAINST WEAKNESS ..
8) we will not take more than 4 TRADES in A DAY
Thanks
 
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