Hello All fellow Traders
I am opening this new thread for the Live Discussion of the 5 Min Pivot Method as proposed by our dear friend Rajendrani.
The method is detailed and bfully explained at the following page and subsequent ones.
http://www.traderji.com/technical-analysis/26044-trading-part-time-profession-52.html
Learn the basics here first.
http://www.traderji.com/technical-analysis/26044-trading-part-time-profession.html
Lets keep the mother thread free from any sort of discussions.
Before any trader plans to trade this method for Live, he/she should spend at least one month paper trading this method. This rule applies to all traders, new or old...Amateur or Professionals...I know pro traders will learn and adapt to this method faster than newbies,but still this recommendation stands still. Markets behave differently on different days. A month long time will be sufficient for you to adapt to all sorts of days. Trading as well as Trending days. This will help you only in trading the system successfully.
There is a specific reason that I am not posting any rules of the system here. One reason is that the way they have been explained in the mother thread is just remarkable and other reason is that newbies should do a bit of Home Work before trading this method
As a general guideline, here is how you should proceed:
1. Learn to identify Pivots. Dont do anything else, but identify Pivots. If you dont know what pivots are, start here :
http://www.traderji.com/technical-analysis/6072-teach-man-fish.html
I know i can speak on behalf of all the traders here...we all started from this thread only. This thread is from a great man and trader here...The "SAINT"
Mark as many Pivot Highs(PH) and Pivot Lows(PL) on as many charts and as many time frames as you can and only then proceed forward.
2. Learn to classify them as Strong/Weak pivots. For this, just go through the rules of the mother thread posted above.They are beautifully explained.
I would also recommend learning about Visual Pivots. This will only help you trade better.
3. Learn about the filter rules and the need for the same. Try backtesting the method in three forms : Without filters, With small filter, With large filters. I am sure you would understand the importance of an appropriate filter.
4.Learn about T/P, S/L levels. How do SARs work? Optimise this to your own trading style and comfort, so that you can trade the system best according to your own capabilities. Here is where your system would need most customisation to yourself. You may either follow the system strictly as SAR or can use intraday patterns to book profits as and when required. May be you would be required to work most on this point.
5.Learn Money management. This is by far most important facet of any trading system. Without proper money management, you can never ever succeed as a trader.
These are all the steps that I can think of as of now. Will add more as and when required.
It might so happen that pro traders might already know some of the above steps. I have outlined them here from the newbie's point of view.no offences meant to the already successful traders.
Happy Trading
I am opening this new thread for the Live Discussion of the 5 Min Pivot Method as proposed by our dear friend Rajendrani.
The method is detailed and bfully explained at the following page and subsequent ones.
http://www.traderji.com/technical-analysis/26044-trading-part-time-profession-52.html
Learn the basics here first.
http://www.traderji.com/technical-analysis/26044-trading-part-time-profession.html
Lets keep the mother thread free from any sort of discussions.
Before any trader plans to trade this method for Live, he/she should spend at least one month paper trading this method. This rule applies to all traders, new or old...Amateur or Professionals...I know pro traders will learn and adapt to this method faster than newbies,but still this recommendation stands still. Markets behave differently on different days. A month long time will be sufficient for you to adapt to all sorts of days. Trading as well as Trending days. This will help you only in trading the system successfully.
There is a specific reason that I am not posting any rules of the system here. One reason is that the way they have been explained in the mother thread is just remarkable and other reason is that newbies should do a bit of Home Work before trading this method
As a general guideline, here is how you should proceed:
1. Learn to identify Pivots. Dont do anything else, but identify Pivots. If you dont know what pivots are, start here :
http://www.traderji.com/technical-analysis/6072-teach-man-fish.html
I know i can speak on behalf of all the traders here...we all started from this thread only. This thread is from a great man and trader here...The "SAINT"
Mark as many Pivot Highs(PH) and Pivot Lows(PL) on as many charts and as many time frames as you can and only then proceed forward.
2. Learn to classify them as Strong/Weak pivots. For this, just go through the rules of the mother thread posted above.They are beautifully explained.
I would also recommend learning about Visual Pivots. This will only help you trade better.
3. Learn about the filter rules and the need for the same. Try backtesting the method in three forms : Without filters, With small filter, With large filters. I am sure you would understand the importance of an appropriate filter.
4.Learn about T/P, S/L levels. How do SARs work? Optimise this to your own trading style and comfort, so that you can trade the system best according to your own capabilities. Here is where your system would need most customisation to yourself. You may either follow the system strictly as SAR or can use intraday patterns to book profits as and when required. May be you would be required to work most on this point.
5.Learn Money management. This is by far most important facet of any trading system. Without proper money management, you can never ever succeed as a trader.
These are all the steps that I can think of as of now. Will add more as and when required.
It might so happen that pro traders might already know some of the above steps. I have outlined them here from the newbie's point of view.no offences meant to the already successful traders.
Happy Trading
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