Edge in Trading methodology
Every trader needs edge to earn in market, which is some methodology for determining with reasonable accuracy the relative probability of the market price hitting your profit target before it hits your stop loss price. An edge is provided by a set of trading strategies, and a set of rules for when to use which trading strategies (briefly, when to follow a trend, when to fade a trend, and when to stay out.)
With in the forum we can find different systems/methods whether mine,ST da ,Saint..they all have there own pit falls
Knowing the pits in the method is very vital for our success and for arriving towards RISK management
The ability to achieve risk control and cash management will make the difference between a successful trader and an unsuccessful trader. If you ever have the opportunity to watch a successful trader, you will see that they worry more about risk and money management than they do about where the market is going or about predicting when the next big move will take place. They aren’t looking to tweak their indicator.
Lets deal with my system :
1. Drawing the demand and supply for the HTF is the subjective thing...and some days are so fishy that spotting these areas are difficult
2.Dropping to 1 min after watching 5 mins is another part as some move may be missed
Saint sir Pivots:
1. Sideways market is difficult to deal with this one
Nifty nirvana:
1. Too much's DP's to deal and high volume trading is not possible
Pratap sir vwap
1.So many arguments to enter a trade with vwap,+1sd ,- 1sd,+2sd,-2sd,-3sd +3sd..etc..with hourly bands 3-13 etc
So
synergy of all the benefits is the best way to capture "Merits" in each system to get advantage...
The advantage in my system is, it best in sideways and also trending...just added "pivots" of saint sir to it, along with my definition of entry,and at start i used pratap sir band of 3-13 for profit booking..and add DP of niftynirvana.. not like rounding numbers... it is by demand and supply..zones..
and in case of zones are fishy, then i go to EOD, quite often that day would have been inside day or NR day...
off course i cannot ignore P1 entry of ST da.
My intention is not to criticizing any system, but just want to present traders what i have used from various systems available in the forum.