Banknifty Trading Diary

[trader4lif]

Dear traders

ill be posting my trades on the Banknifty under this thread,just to keep a track of my performance & also to learn from my mistakes and get feedback from others. Having paper traded the system for the last 6 months now,i think im ready to start trading.

System:
This is a price action trading system.
Its a continuous trading system meaning ill be either long or short. in doing so ill not miss out on any big moves.
Positional
Winning ratio is about 60% avg.
20 trades avg/month(Last 6 months)

Position size and Risk management:

1lot/Lakh
Stoploss: 100 points

Objectives:

500 points profit/month
Follow the system with discipline.

 

[manishchan]

Dear traders

ill be posting my trades on the Banknifty under this thread,just to keep a track of my performance & also to learn from my mistakes and get feedback from others. Having paper traded the system for the last 6 months now,i think im ready to start trading.

System:
This is a price action trading system.
Its a continuous trading system meaning ill be either long or short. in doing so ill not miss out on any big moves.
Positional
Winning ratio is about 60% avg.
20 trades avg/month(Last 6 months)

Position size and Risk management:

1lot/Lakh
Stoploss: 100 points

Objectives:

500 points profit/month
Follow the system with discipline.

Looks a very good plan. All the Best.. !!

 

[trader4lif]

Shorted BNF @ 17326

 

[trader4lif]

Bought BNF @ 17391

 

[bajica]

As per your first post, you have mentioned the SL to be @100.
While you just reversed before that, so it means that your system generated the new signal based on which you have taken the new trade.

All the best for your diary and hope to see frequent updates too.

 

[trader4lif]

yup....i reversed the position as i got a buy signal....The max loss on a single trade comes up to 100 points...thts 2.5% of my capital...

 

[manishchan]

do post your chart at EOD/or when possible..

 

[trader4lif]

Trade Summary

Trade1- Short- Sold@17326 Bought @ 17391 (65)

Current p/l for the month- (65)

 

[trader4lif]

@manishchan

I dont use any charts. All the info i need is the days price action i.e. Ltp,open, High, low and close(Price is King). Its pretty unique. i always have a particular point what i call as the TRP( Trend reversal point) which is also Trailing stop loss(TSL). At any given point ill know when to enter and exit. In a long postion as and when Bank nifty makes new high The TRP will move higher so i ensure ill lock in my profits or cut losing trades as fast as possible(Example-Trade 1) and vice versa for a short position. If the TRP for a position is say -150 then ill exit the trade @-100 points loss because that's my intial stoploss. If the market gaps against me which is beyond my control and opens below/above my stop loss then ill make a bigger loss.This is the disadvantage of positional trading.But ill be in the market almost 95% of the times.

Cheers

 

[manishchan]

@manishchan

I dont use any charts. All the info i need is the days price action i.e. Ltp,open, High, low and close(Price is King). Its pretty unique. i always have a particular point what i call as the TRP( Trend reversal point) which is also Trailing stop loss(TSL). At any given point ill know when to enter and exit. In a long postion as and when Bank nifty makes new high The TRP will move higher so i ensure ill lock in my profits or cut losing trades as fast as possible(Example-Trade 1) and vice versa for a short position. If the TRP for a position is say -150 then ill exit the trade @-100 points loss because that's my intial stoploss. If the market gaps against me which is beyond my control and opens below/above my stop loss then ill make a bigger loss.This is the disadvantage of positional trading.But ill be in the market almost 95% of the times.

Cheers

Hmm.. PA trader who doesn't use chart for trading. Interesting and unique..

All the Best then ! Enjoy !