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BNF Trading Dairy... Trying to become disciplined

Discuss BNF Trading Dairy... Trying to become disciplined at the Trading Diary within the Traderji.com; Originally Posted by Brill Could not trade today for fear of lossing. Need to discard ...


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  #21  
Old 28th April 2016, 04:41 PM
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Thumbs up Re: BNF Trading Dairy... Trying to become disciplined

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Originally Posted by Brill View Post
Could not trade today for fear of lossing. Need to discard greed and fear. So will backtest one strategy today with April BNF data and apply this in May with out fear.

Which strategy can give consistant profit in long term? need to find out. So will test with the visual pivot first on 5m chart.

Will get out of trade once i get a small profit and close down the terminal to avoid over trading....this will also calm down the greed factor
hi,
read this:

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  #22  
Old 3rd May 2016, 02:03 PM
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Default Re: BNF Trading Dairy... Trying to become disciplined

Thanks Vijay for the confidence building words.

From yesterday onwards started trading again. Small proft of 40 points made. System is still discretionary looking at 20m BNF chart and profits are fixed at 40 points.

I know the fixed point system is wrong, when there is a big move you are out with a small profit. But to build confidence what i require is consistent green days.

Reading Dr. Alexander Elder - Trading for a Living.
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  #23  
Old 3rd May 2016, 02:13 PM
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Default Re: BNF Trading Dairy... Trying to become disciplined

Quote:
Originally Posted by Brill View Post
Thanks Vijay for the confidence building words.

From yesterday onwards started trading again. Small proft of 40 points made. System is still discretionary looking at 20m BNF chart and profits are fixed at 40 points.

I know the fixed point system is wrong, when there is a big move you are out with a small profit. But to build confidence what i require is consistent green days.

Reading Dr. Alexander Elder - Trading for a Living.

Fixed points system is the best to boost confidence. I used it for years until now i have switched to trailing sls so that i dont miss on big moves. As soon as i enter a trade my first desire to bring my stop to breakeven, and not look at targets etc. Then i start tightening my sl really close when i have managed to gain a few points. I never exit trades these days. I just tighten my sl when i want to exit and wait for it to get hit. This has gotten me some huge moves trading futures.
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  #24  
Old 3rd May 2016, 03:09 PM
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Default Re: BNF Trading Dairy... Trying to become disciplined

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Originally Posted by Brill View Post
Thanks Vijay for the confidence building words.

From yesterday onwards started trading again. Small proft of 40 points made. System is still discretionary looking at 20m BNF chart and profits are fixed at 40 points.

I know the fixed point system is wrong, when there is a big move you are out with a small profit. But to build confidence what i require is consistent green days.

Reading Dr. Alexander Elder - Trading for a Living.
its a nice book. i read it long back.

BTW profit is fixed 40 pts, wat abt SL. how much pts it is fixed.?
according to ap* fixed profits is confidence booster. but it will be useful only if u have high accuracy.
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Old 3rd May 2016, 03:12 PM
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Default Re: BNF Trading Dairy... Trying to become disciplined

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its a nice book. i read it long back.

BTW profit is fixed 40 pts, wat abt SL. how much pts it is fixed.?
according to ap* fixed profits is confidence booster. but it will be useful only if u have high accuracy.
Like you have mentioned above Sir. High accuracy is a must if you want to trade with fixed profits.

Hope your sl is 20 atleast when targeting 40 points. That way can manage to be net profitable.
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  #26  
Old 16th May 2016, 01:51 PM
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Default Re: BNF Trading Dairy... Trying to become disciplined

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Originally Posted by ap* View Post
Like you have mentioned above Sir. High accuracy is a must if you want to trade with fixed profits.

Hope your sl is 20 atleast when targeting 40 points. That way can manage to be net profitable.
You are absolutely right.

Still struggling to get disciplined. If i get 4 winning days of 30/40 point the 5th day i get lazy and think that the market will move my way and keep on with my failed trade, which will wipe out my entire 4 day profit. ST sir had warned previously about this.

I know only me have to mend my ways. Capital is still 30% down. making 60d challenge win seems unlikely. Only 14 days left and profit is -20K. To win i need 1500 each remaining day after brokerage and charges. If i can make 10K in remaining days will be a moral booster.

Thanks...
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  #27  
Old 23rd May 2016, 06:17 PM
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Default Re: BNF Trading Dairy... Trying to become disciplined

I have analysed one way of trading probability. It is very simple and sort of mechanical in nature.( I am removing all those distracting TA lines from my chart right now )

My aim is to make consistent 40 point days

Only one rule : That is trade all the 30m bar break out/break down.

If you get 40 points in the first trade stop there. no more trade for the day. Otherwise keep on trading until you get your 40 points+brokerage charges.


Some negative point of the system
1.you will have to do more number of trade in a day and still result can be negative(tight range days).
2. one day Loss can be more than 3 day profit(tight range days) .
3.you don't get any big move.(need to close the terminal once target is achieved)


mental strength will be required more to keep on trading this strategy.

only consistent limited profit player may try this system.

One big positive i found is that no 2 consecutive loss days.


Will go live on the system from next series(no trades till then). Hope this system can break even my trading a/c in long run. Will post result from 27th

Seniors/Fellow traders, anybody trade like this or tried similar kindly advice. If there is any simple mechanical system better please suggest.


Thanks in advance
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  #28  
Old 27th May 2016, 10:56 AM
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Default Re: BNF Trading Dairy... Trying to become disciplined

BNF b at 17455
reversed at 17429
closed at 17355
Profit +1140 after charges
close trading for the day? yes
Would have bought 1 lot at the support(yesterday' high) for a quick 50 pints

Last edited by Brill; 27th May 2016 at 01:03 PM.
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  #29  
Old 10th June 2016, 01:16 PM
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Default Re: BNF Trading Dairy... Trying to become disciplined

ST Sir on Capital building and how difficult it was when they started trading...posting to avoid to get it buried in General trading chat.

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Originally Posted by Smart_trade View Post
This is the problem which every new trader has to face. What % to reinvest depends on whether one is in capital building stage or capital preservation stage. In capital building stage of a new trader his capital is small, household expenses and housing loan installments take away major chunk of the profits leaving very little for capital formation. This happens with every new trader. It happened with me too and the capital formation is slow. But one should invest back 50 % of the profits in capital formation stage. Once capital acquires a critical mass, then the profits increase rapidly and our expenses dont increase in the same proportion and then the capital formation process becomes faster.

In capital preservation stage all financial needs, present and future , are met and the trader trades not for making more money but he trades because he enjoys it and that gives him occupation and income apart from fulfilling his passion. In this stage money ,though important, assumes lower priority. In that case he may take out all 100 % of profits and invest it elsewhere.

I too used to have same questions when I was in capital formation stage, I was into trading full time, no other income source,no inheritance in terms of money, and household expenses and HDFC housing loan installments to be met from trading income....but after a few years the capital grows in exponential proportion....so just concentrate on trading well and making consistant profits...all other things will fall in place .

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Between Capital formation and Capital Preservation there is one stage of Capital Growth. In this stage trader adds 80-85 % of his profits ( after taxes) into his capital and trades aggressively. This is the stage where the capital is grown exponentially,as the profits are much bigger than the withdrawal for expenses.

Every trader has to walk this path in his trading career.

Smart_trade

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Originally Posted by Smart_trade View Post
When I started trading, there were no futures and options. That time we used to trade Reliance,Tisco ,Orkay both intraday and positions. That time weekly options unofficially were there ( they were called Phatak in local language) ,I used to trade those Phataks also. There used to be unofficial Badla in the market where one can hold positions in Badla. There were Dabba trades...I have traded all.I have used leverage as that time margin rules were not that strict and settlement was on 15 days period.

But all trading positions. Nothing in delivery. I have almost blown this initial capital couple of times and had to put additional money selling my stocks which were bought when I was in a job. Those were crazy days...

Smart_trade
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Was a chart trader all along. But that time intraday charts were not available on any chart data service. So used to plot reliance chart on a graph paper by hand...graph paper,a pad and pencil....1 point change and we used to plot it. Very tedious process but it gave me great advantage in chart reading.We used to keep those graph sheets, put them on the dining table and look for long term trends and S and R levels on weekends.

People used to look at us chart traders as some kind of black magicians or Whoo-doo artists....few used to make fun saying " chart seedha pakadna hai ya ulta" or " chart dekhkar koi rupiya kama sakta hai kya....." but soon they realised that we were few profitable traders in the market.

Smart_trade
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  #30  
Old 10th June 2016, 06:43 PM
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Default Re: BNF Trading Dairy... Trying to become disciplined

Update : 4 days of consistent profit from start, all gone on 2/6 BNFsideways movement.
Conclusion : need to put a daily and weekly SL limit.
So avoided trading on last Friday 3rd and monday 6th june due to RBI policy.
7 th +1k
8 th +1k
9 th -2k stopped trading (tried 2 trades)
10th +1k

So overall +1k from this BNF Jun series so far.

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