Trading Journal based on "Teach a Person to fish ..."

beginner_av · #91 25th October 2007, 10:31 PM

Quote:

Originally Posted by NAVEEVIa

what is the value of paper trades when no money is involved and your emotions aren't eating you out?

I want opinion from people who have papertraded extensively & then applied their learnings with real money, although i am doing it other way i.e. first loosing real money & then doing paper trading.
For me papertrading can be as tortorous as real one infact today was such a day when i incurred losses. All veterans advise for doing trades in paper first so what do experienced ppl think. Did trading real made aftre doin paper trades make any difference?

PS: Were those ES trades done realtime.

Ok, lets go a step forward. lets see what you pick from this. All pilots go through simulation to perfection. then why do aircrafts crash? That is not even a stock market where conditions fluctuate every second.

newbee · #92 26th October 2007, 12:42 PM

Hello

Chart 01

Thanks
nb

newbee · #93 26th October 2007, 12:59 PM

Quote:

Originally Posted by newbee

Follow up, lets do this for a week to see how it goes, worked for today

Shanghai Composite Index closes 5% down

another interesting aspect both Nifty and Shanghai Composite Index close at similar levels today

thanks
nb

Follow up day 2

Shanghai Composite Index closed just about a percent up, Monday would be decider, should track it for 2-3 days more.

Bulkowski book says that IR has a failure rate of 13% and target between 10-21%, but thats for a pattern of about 3 months, we r looking at 1 day, we will go with 10 %

Thanks
nb

newbee · #94 28th October 2007, 08:07 PM

Hello

Did some more work on the trading plan, but did not remove the tag of draft copy, may be next week

It would be nice to get some feedback / review on the following part from the plan

Quote:

Rules for Trading Nifty Future

Entry

Time the entry using SAINT’s Method using 1 minute chart setting

Trend confirmation based on pivots (HH / LL)
BO of established short term range
BO from Congestion / Consolidation areas like triangles or rectangles/ box
Bottom / top formation patterns like W / M or multiple bottoms / tops and confirmation from BO of middle swing high/low or formation of new HH / LL.

Stop

Initial Stop at previous Pivot high / low, denote initial risk as R
After position moves in favor by 1 R move Trailing SL by 50% of the gain

Trade Management

If using multiple lots keep booking 50% at the upper/lower channel if the price is moving in a clearly defined channel, or at significant resistance / support levels.
Renter with the trend on other side of the channel or retrace reaches an S/R
Trail 50% of the position aggressively @ 75% of the gain

Exit

Trend reversal on 1 minutes char setting
Once the trade logs in significant gains, exit on trend reversal using 5 minute chart setting

Position sizing

Trade 1 lot per 1 lakh of capital available.

hari09omkar · #95 28th October 2007, 08:55 PM

Quote:

Originally Posted by newbee

It would be nice to get some feedback / review on the following part from the plan

Not impressive.
I still can't uderstand why a starter should start with the toughest part of the game. Why he shouldn't ripe his hands with the swing trading 1st?
Without having ne kinda experience in trading,u r preparing urself for scalping !!!
I ask u,if scalping looking attractive to u,with 60,000 cap,that too in futures,what u will do with money management? And what u will do in d days of series of loss causing out of congestion movements?

newbee · #96 28th October 2007, 09:48 PM

Quote:

Originally Posted by hari09omkar

Not impressive.
I still can't uderstand why a starter should start with the toughest part of the game. Why he shouldn't ripe his hands with the swing trading 1st?
Without having ne kinda experience in trading,u r preparing urself for scalping !!!
I ask u,if scalping looking attractive to u,with 60,000 cap,that too in futures,what u will do with money management? And what u will do in d days of series of loss causing out of congestion movements?

Hello

Thanks for your honest feedback,

I really don't know if its the toughest part of the game, but if it is then good, thats a good place to start.

I don't know what do you mean by swing trading or scalping (diff definations by diff ppl) , i thought i was trying to do trend following on a smallish time frame, maybe its called scalping, anyway whats in a name.

I agree about the cap part, 60k is what i wanted to start with initially, but maybe you did not read the previous post fully, will quote again

Quote:

Position sizing

Trade 1 lot per 1 lakh of capital available.

Thanks
nb

hari09omkar · #97 28th October 2007, 11:23 PM

Quote:

Originally Posted by newbee

I really don't know if its the toughest part of the game, but if it is then good, thats a good place to start

How did u conclude that? Nebody told u or u decided from ne reasoning? Let us all know this thing first.

newbee · #98 29th October 2007, 08:47 AM

Quote:

Originally Posted by hari09omkar

How did u conclude that? Nebody told u or u decided from ne reasoning? Let us all know this thing first.

Hello again

Not very clear what you want to know?

Do you want to know, why its good to start with trading ID? What is your objection to that?

Everyone keeps talking of the failure rate for traders of 90%, even 95%, inspite of that I want to do it.

Well, . well .. we all here at traderji want to do it !!!

Does it make us all crazy ? unrealistic ?? or just so full of ego that we believe we are the best 5% of humanity

I am quite sure it will all work out for me, perhaps 10% chance it may not, but then I also have a life to live. If it has to be a failure, it will happen quick with ID, why wait for years to find out that this profession is not for me?

Why choose a slow death, on purpose?

I am not sure I got your question right, but anyway thanks for your concern for my well being.

Thanks
nb

newbee · #99 29th October 2007, 08:50 AM

Hello Hari

Why do you think trading intraday with Nifty futures is the toughest of all ways / methods of trading?

How did u conclude that?

Nebody told u or u decided from ne reasoning?

Let us all know this thing first.

Thanks
nb

hari09omkar · #**100** 29th October 2007, 10:49 AM

Quote:

Originally Posted by newbee

Why do you think trading intraday with Nifty futures is the toughest of all ways / methods of trading?

....... How did u conclude that?

I just went to bed,in d market hours(Indian market),and concluded dis in my dream.Bcz I am a day dreamer and no connection with reality.
Dear nb,I guess u have no clear answer or idea to my questions,so u fired all of dem back to me.It does seem with d eekish emoticon dat u r not trying to learn,instead inviting a duel.Not d rightest way to ask.For duel:mood nahi hai aj.