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

beginner_av · #41 16th October 2007, 04:03 PM

What you have shown is initial SL. After the trade goes in your favor, you can put trailing SL or Profit % Sl. Then you dont have to worry if the mkt runs another 100 points. (of course it may hit your TSL and then run 100 pts but thats the game)

Quote:

Originally Posted by newbee

Hello

Great day to trade. Good one side trend with a huge range.

Lessons Learned:

Keep away from playing mind games.
Do not try to predict tops or bottoms
If we get 100 points behind us dosn't mean can't go another 100
Don't try to be over smart, and shoot on your own feet.
Focus only on HH & HLs, or LL & LHs, analyse patterns only after markets,

Normally Lessons Learned have a big cost (Loss) , today it was profitable, but did not make the best of what the day had to offer. Need to be on guard not to put mistakes under the carpet, on a very profitable day like today.

Need to learn to think(evaluate) in terms of did i implement the rules correctly, rather than in terms of points gained / lost.

Thanks
nb

newbee · #42 16th October 2007, 04:53 PM

Quote:

Originally Posted by beginner_av

What you have shown is initial SL. After the trade goes in your favor, you can put trailing SL or Profit % Sl. Then you dont have to worry if the mkt runs another 100 points. (of course it may hit your TSL and then run 100 pts but thats the game)

Hello again

Thanks for a quick feedback.

Would like to do more detailing on Profit % SL.

I have been thinking about using scaling in - out. For scaling out i was thinking of using a SL based on swing highs/lows from a higher TF. In that case small pullbacks will not wipsaw the trade and we can attempt to let the position run for longer.

But honestly have not done much work on that, will try to define it and post it here for your feedback.

I am aware that I need to work on all of that and position sizing, define other risk related rules, like max loss per trade, per day, max no of losses before i stop trading for the day / week / month.

I would like to get some feedback if anyone is using such rules.

Thanks
nb

newbee · #43 18th October 2007, 04:01 PM

Hello

Todays charts

nb

newbee · #44 19th October 2007, 11:35 AM

Hello

Price action from morning session

Thanks
nb

CreditViolet · #45 19th October 2007, 02:00 PM

My chart till a few mins back

uasish · #46 19th October 2007, 02:42 PM

Thks for the charts.

newbee · #47 19th October 2007, 05:55 PM

Quote:

Originally Posted by CreditViolet

My chart till a few mins back

Hello CV

Thanks for your post. Everyone i have interacted here at traderji has been full of praises for you. Many have directed me to ask my queries to you. I have been reading your previous posts.

I need some advice from you. Hope you can do that, whenever you get some time. Nothing urgent about it.

I want to be a trader as a profession of my choice. I wanted to know from you that if I am going about it rightly or need some course correction.

I was advised to first focus only on price action and try to work with only one instrument/script on ID as it makes learning faster.

Eventually I have choosen to start working with the trend following method (HH/LL) and attempt to discretionary trade ID using Nifty Futures, Options and ETFs.

Currently I am on sim (just 2 weeks, 9 sessions), planning to do it for few weeks more. Before stating to do this have put in about 6 months into trying to learn (reading blogs n books n trying to put this setup together).

I do not know much about programming, but I plan to learn during 2008.

My current plan is to start trading with a small initial account (I would be getting it funded, based on the results of my paper trading).

I am also currently working on putting together a trading plan (Thanks to Saint for providing the template). It looks like the toughest task, hopefully would be done by sunday.

Sorry for such a loooongish msg. Would also post another one regarding the chart u have posted.

Thanks
nb

hari09omkar · #48 19th October 2007, 07:10 PM

This is sounding interesting to me.
Will CV continue to watch Chitrahar or guide beginners?

newbee · #49 19th October 2007, 07:30 PM

Quote:

Originally Posted by CreditViolet

My chart till a few mins back

Hello again

Was looking at your charts, I could understand all the three shorts based on price action (and most important as it is on left side of the edge of the chart), but could not understand the exit on 2nd trade.

Do you use timed exits, I am using 3.15 pm as exit/stop trading.

There are 2 wiggly lines on your chart, the one above the price bars looks like resistance or SL levels.

The one along the price bar looks like value area or mean value for price, it also seems to change color maybe trend indication, but the entry/exit signals don't seem to have any relation with this one.

Couldn't even fantom what those color bars are at the bottom of your charts.

When I started, I also had a wiglly with changing colors, did not seem useful to me so had it removed.

Hope to understand your charts, maybe a year or 2 down the road.

Seems you use 5 minutes bars, and are plotting the futures directly instead of the index. This info is useful to me. Do you refer to multiple timeframe charts while trading?

Also after this arrows that you get, do you login the trades or it happens in an automated way, heard it is helpful if its auto, as no second guessing those arrows.

Thanks
nb

newbee · #50 19th October 2007, 07:34 PM

Quote:

Originally Posted by hari09omkar

This is sounding interesting to me.
Will CV continue to watch Chitrahar or guide beginners?

hello hari

Thanks for posting,

Its good to have someone post between my posts, else seems like talking to myself

Thanks
nb