Hello
In just 2 days, a New Year is coming up and as many of us have resolutions for making a new beginning or starting new projects. I am taking this opportunity for a fresh beginning in trying to trade for a Living. Obviously was not successful with many of the previous attempts, so what is the difference now, that I feel will help me?
This time around I am not having too much of expectations, its no more a do or die for me, as by now I already know that it possible to fail as a trader and have accepted that outcome before I start this new innings. What is in my hands, is the action that I have to take, the outcome or the results is beyond my control, so I will accept anything that happens, as it comes. This time around I want to completely Focus on Actions and not at all on results.
It is said that only x % of traders will succeed and 100-x % will fail, it does not matter to me if this x is 5% or 99.5% what matters is only what happens to me. If am I able to do it or not? But either way it should be OK
I will be happy for trying to do it with Discipline. I intent not to take any pressure regarding the success or failure of this endeavor, just focus on what i need to do.
My current problem is that I am not comfortable in trading on faster time for intraday trades and also I feel for swing trading the stops seems to be very huge for my comfort, they just scare me off. Knowing myself i have to come up with some compromise on that front . . . To start with I will not look at Stock Futures, just focus on the two indices, I plan to track either Nifty or Bank Nifty. I will create and hold a swing position with 1 lot based on the current trend and then next day onward I will try to trade 1 lot for intraday in the same direction (of the swing position) with a small stop, all the while keeping the swing position intact with its own stop. For knowing the trend, I may use MA-30 Band of High & Low but I will not trade the cross or close of price above below this band but let the price settle.
Maybe I will get some guidance from the seniors for the following . . .
I have not finalized is should I start with NF or BNF. The moves on BNF look more tempting where as NF seems to be more stable.
My starting capital is 1L, I intend to increase it gradually but will not bring in extra capital on account of loss or margin call. If that happens in the initial stages then this 1L is all what i have committed for trading. If the account sees good profits then I intend to increase the corpus gradually. So the question is what can be defined as good profits, as i already mentioned I am not looking for any specific returns, but my MM plan says, no funding for loss or margin calls (reduce/cut the position instead), and increase it by 50% when the realized gains go above 20-25%. Again will be nice to get some advice / help from seniors on this aspect.
Thanks for reading . . .
Happy Trading
In just 2 days, a New Year is coming up and as many of us have resolutions for making a new beginning or starting new projects. I am taking this opportunity for a fresh beginning in trying to trade for a Living. Obviously was not successful with many of the previous attempts, so what is the difference now, that I feel will help me?
This time around I am not having too much of expectations, its no more a do or die for me, as by now I already know that it possible to fail as a trader and have accepted that outcome before I start this new innings. What is in my hands, is the action that I have to take, the outcome or the results is beyond my control, so I will accept anything that happens, as it comes. This time around I want to completely Focus on Actions and not at all on results.
It is said that only x % of traders will succeed and 100-x % will fail, it does not matter to me if this x is 5% or 99.5% what matters is only what happens to me. If am I able to do it or not? But either way it should be OK
I will be happy for trying to do it with Discipline. I intent not to take any pressure regarding the success or failure of this endeavor, just focus on what i need to do.My current problem is that I am not comfortable in trading on faster time for intraday trades and also I feel for swing trading the stops seems to be very huge for my comfort, they just scare me off. Knowing myself i have to come up with some compromise on that front . . . To start with I will not look at Stock Futures, just focus on the two indices, I plan to track either Nifty or Bank Nifty. I will create and hold a swing position with 1 lot based on the current trend and then next day onward I will try to trade 1 lot for intraday in the same direction (of the swing position) with a small stop, all the while keeping the swing position intact with its own stop. For knowing the trend, I may use MA-30 Band of High & Low but I will not trade the cross or close of price above below this band but let the price settle.
Maybe I will get some guidance from the seniors for the following . . .
I have not finalized is should I start with NF or BNF. The moves on BNF look more tempting where as NF seems to be more stable.
My starting capital is 1L, I intend to increase it gradually but will not bring in extra capital on account of loss or margin call. If that happens in the initial stages then this 1L is all what i have committed for trading. If the account sees good profits then I intend to increase the corpus gradually. So the question is what can be defined as good profits, as i already mentioned I am not looking for any specific returns, but my MM plan says, no funding for loss or margin calls (reduce/cut the position instead), and increase it by 50% when the realized gains go above 20-25%. Again will be nice to get some advice / help from seniors on this aspect.
Thanks for reading . . .
Happy Trading
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