Teach A Man To Fish And.........

By this time we will want to know the connection of 20,025,with this thread.....

Hello Saint

Thanks for every thing.

I was using 1 min consistantly as long as i was paper trading, it worked very good with the data feed of spot nifty i was getting. As soon as I started trading my 1 lot on NF, i experianced it to be a totally different creature. I realized that maybe trading the 5 Mins could be better choice for me, but some how did not want to shift

Over the weekend did some review and kinddof forced myself to go for 5 min / 30 min combination (also realized that with 1 min I may be making more for the broker than myself ).

The problem with smaller TF is reentry on a big move like todays, can't get consistant reentry and thus loose out on major chunks of the trend. Price action like today's confirm for me, that I would be better off with 5/30 min TF. But out of sheer habbit can't resist from tracking on the 1 minute. I feel, its more of a distraction than help. Well its early days and hope to get rid of not so useful habbits . . .

I agree with you on risk being defined by % of account size. Would also want to remember predictions are most harmful to ones trading account.

Can't thank you enf for taking time out to answer in detail to all my posts.

Thanks
nb

Thanx alot for clarifying, sir.
Regards!

thanks for starting

Hi Saint and other Knowledgeable members,

I am writing in this forum after a very long time. Would like to thank you for your wise words and continuation of this thread.

I have a query regarding the price & pivots following method (the Saint Stream or SS, I would call it), with relation to current trend. I could not find the post, though I remember that Saint had explained the pivots very clearly with NIfty daily and weekly charts.

With regard to current trend, we had gone long on Nifty after Nifty started an upmove in Weekly chart from higher Pivot High, we continued to be long and kept on moving the stoploss higher & higher, based on the higher pivot lows in daily chart. If we see the current daily and weekly charts, we would have been stopped out of the markets (though with good profits) because Nifty has broken the previous daily pivot low. However, if we see the weekly charts, it seems that pivot low is not yet reached, and also, it may be a higer pivot low on weekly charts, and a continuation of trend.

So my query is, is it OK to get out of trade based on daily charts pivot low being taken out, or should we wait for weekly pivot low break down.

I feel that following daily chart for getting out has its own advantages and disadvantages, and likewise following weekly charts for exits has its own. Following weekly charts for exits might actually give far greater returns and longer duration of trades, but drawdown periods and amounts will also be larger, having a psychological effect.

I, being a novice, don't know if what I have written above makes sense or not. But I hope that you would understand what I want to say, since I think I have not been fully able to express my thoughts in words.

Thanks in Advance
Gupta

PS. Just to make it clear, I am not writing this for getting a tip. It is only for educational purposes, I do not and did not have any position in nifty and still studying the markets and its vagaries. I believe in saying that "Tips are only for Waiters", as quoted by somebody from this forum only (Sorry!! Don't remember the name).

Hello GD

I am not qualified to answer your query. Just adding my 2 cents . .

Your question reflects similar dilema I was facing, perhaps all of us newbies will have to face, till such time we have not finally setteled down with a choice of time frame for our trades.

In this method given out by SAINT for trend following, we are refering to 2 time frames. A higher TF for the broader picture and a smaller one for entries and exits.

In your case if you are trading on the Daily Time Frame using EoD charts, your exit will be on a break of Pivot Low on that time frame, weekly TF is for trend guidance, so you will be looking again for a Long entry if weekly is still in an uptrend.

I trade this method for Intraday. In my case was struggling with 1 minute / 5 minute choice with a similar thought process, finally seclected the 5 minutes with 30 mins for an anchor chart for trend guidance.

It makes perfect sense to me, or maybe I am also equally confused

Do keep posting regularly, maybe with your charts, it will helps us all to exchange views and get feedback from SAINT

Thanks
nb

Hello SAINT

Made a mistake of trying to predict, made another mistake of trading based on it, to top it the market rewarded this behaviour with substantial gains.

Honestly, feel on top of the world, for the prediction and successful trade but am aware that this is wrong so can say have mixed feelings about it.

Have read somewhere that Markets are the worst place to learn intutively. Learning becomes easy if we get positive reinforcments for right action and negative for wrong ones, something like carrot and a stick.

I just hope am able to kick this urge to predict, before it becomes a habbit.

Thanks
nb
Trade what you See, not what you Think

The biggest mistake I made was having a specific target of what I wanted out of the trade. I think there are a lot of people in this business who just enjoy watching others lose money. I don't believe anyone ever gets wiped out in the market because of bad luck; there is always some other reason for it. Either you were off when you did the trade, or you didn't have the experience. There is always a mistake involved. I have found that the greatest traders are the ones who are most afraid of the markets. Don't get too complacent once you have made profits. The toughest thing in the world is holding on to profits. You have to learn how to lose; it is more important than learning how to win. Limit losses quickly. Most traders hold on to their losses too long because they hope the loss will not get larger. They take profits too soon, because they fear the profit will diminish. Instead, traders should fear a larger loss and hope for a larger profit. ....Mark Weinstein

......from Marcus' thread,for those who haven't read it yet.

Saint

Most welcome,Ramesh...

Saint

Most welcome,my friend...

think it's this post,I guess...http://www.traderji.com/101013-post637.html

Shall answer the rest later.....

Saint