Performance Postmortem
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You are right, Somatung. But my problem is that after years of taking a beating, even a small loss of 2-3 points puts me off. Maybe that's the psychological barrier in keeping a stoploss. As I mentioned earlier, once I start getting consistent profits, I may be more tolerant towards the stoploss. For Feb end, I would like to get back to Jan opening i.e. 22808. Maybe then I will be more confident.
Sure, why not. Good idea.
Sure, why not. Good idea.
I am no expert by any means. my only credibility is that i have won zerodha challenge two times in a row. I started live in may 2013.
May i suggest a few things that might improve you odds.
1. you will eventually have to study and use price action. Think about it before rejecting it. Trading systems will not give you the required edge in the long run.
2. 3-5 min is simply amazing. To trade on 5 mins chart you need at least 10-15 yrs of experience using any method. My suggestion would be to use 1 hr for intraday and 4h for positional. Also there is a lot of risk in trading 5 mins. you can win 10 times in a row on 5 min , but it will take just ONE spike and ONE loser to take away all that profit. making it breakeven at best trading on 5min. This is where most people fail.
3. you need a method that will give you a edge and your R:R should be in the range of 1:1 - 1:3. you can't get more than that because the probability is lower to get 1:3 or 1:4 than getting 1:1 or 1:2. Remember trading is a probability game.
4. you also need more winners and less losers. again this has to do with your edge.
5. only you can build the edge. your confidence in you analysis and your ability to be disciplined at ALL times.
Hope it helps...
May i suggest a few things that might improve you odds.
1. you will eventually have to study and use price action. Think about it before rejecting it. Trading systems will not give you the required edge in the long run.
2. 3-5 min is simply amazing. To trade on 5 mins chart you need at least 10-15 yrs of experience using any method. My suggestion would be to use 1 hr for intraday and 4h for positional. Also there is a lot of risk in trading 5 mins. you can win 10 times in a row on 5 min , but it will take just ONE spike and ONE loser to take away all that profit. making it breakeven at best trading on 5min. This is where most people fail.
3. you need a method that will give you a edge and your R:R should be in the range of 1:1 - 1:3. you can't get more than that because the probability is lower to get 1:3 or 1:4 than getting 1:1 or 1:2. Remember trading is a probability game.
4. you also need more winners and less losers. again this has to do with your edge.
5. only you can build the edge. your confidence in you analysis and your ability to be disciplined at ALL times.
Hope it helps...
TP,
How were your trades today? I had totally two trades first trade -25 points and second trade +30 points so break even day
How were your trades today? I had totally two trades first trade -25 points and second trade +30 points so break even day
http://www.traderji.com/futures/91950-day-trading-futures-94.html#post931981
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