Confessions of a banknifty trader

[TraderRavi]

friend, I have a few suggestions re price action trading....

first of all using any time frame for charting and basing trades on that in price action trading in my opinion is useless.

therefore look for renko charts with tails or point and figure charts with "1 TICK" and only "1TICK" as your timeframe and then draw your sup/res lines on that, then paper trade for sometime until you get used to it.

then start real trading again....no point in blowing your account unnecessarily...believe me ....this is from a retired merchant naval officer who earned a lot and then blew a lot after retirement in intraday trading in the course of "LEARNING"....which I believe is unnecessary...also keep in mind that once you leave a profession from which you were earning a lot, its difficult to make back that saved money easily...so each and every rupee lost matters...just my two cents

100% true :clapping:

 

[newuser_RK]

Tauras bahi it seems you are unmarried. Why because you are able to break free from corporate slavery and that too from a glamours job like tv director. I could identify with you as I also did things to please my parents and now I am in a soup.

Best of luck to you.

 

[TraderRavi]

checked your trades in chart , that breakout @ 2:50 pm which failed, you did bot @ top 17770 , chasing breakouts if then move failed to progress can give big losses.
mostly breakout gives profit to only those who are already long or those who use SL-M order just above the range.

 

[Pradeep Narayan]

NT
Seems we have one thing in common - both of us got to trading in April 2013 after riding high in the corporate world.

Let me share my learning on price action, candles etc. Most of the material you have read has been re-read by many others & hence most of the techniques are what many would trade on or at least anticipate. Hence you have lost your edge in not being the early bird! on these techniques.

Despite that Price Action works - esp. when it is combined with other techniques. I had mentioned in the General Trading Chat thread. I use PA to give me the signal and the Gann Formula & Pivots to give me the probable trading ranges. A combination of a signal & a trading range extreme will give you a better entry.

The point marked F12 on the chart gave rise to Market Structure High (Sell Signal) with top of the Doji (F12) as the SL. That would be the only short trade I would taken if I was doing PA & Technicals. Likewise Points 6 & 7 on the chart confirmed Market Structure Low & Hence BUY at point 7 would be another trade.

 

[amitrandive]

Dear NT

A few cents from my side,

These are just my views,

1)You should follow only few setups for trading,keep a watch on PDH,PDC and PDL.Only these 3 levels can make a fortune if used with discipline.(Check image below,substitute these 3 levels in that image)
2)I feel you need not write an elaborate journal ,many may avoid reading the post.Instead you can jot down your thoughts on the chart.Easier to read and comment.
3)Do not try and follow , all price action methods.Each has its own merits and demerits.Understand any one method.For e.g Nial Fuller's method applies to 24 hours continuous Forex markets,Al Brooks trades Emini S&P's.
4)Stop looking for the Holy Grail,that includes Algo traded systems.If Algo trading systems worked perfectly everyone of us would have pumped huge money into a robot system and gone for an early retirement.There are many EA's Robots available in MT4 trading platforms for free,but not all Forex traders are rich.
5)Raamakant ,Xray and ST Sir and many others are very right to point out that BNF is an extremely volatile instrument,better do it with NF.Understand your risk taking capacity ,your mentality along with your trading system.
6)Do not overleverage without consistency.First put in a small amount like say 25,000 or 50,000.Make consistent profits with that.
If you cannot manage that small amount how can you manage 20 lacs?
7)And last but not the least,stop ridiculing and pitying yourself.Every successful trader today has had to undergo a difficult journey to get to the level of he/she is.

If you don't believe in yourself who will.
Your thoughts make your words which are reflected in your actions,which in turn shape your overall life.So keep positive thoughts no matter what.

Market gives us losses almost everyday.So we must not relate our self-worth with the market losses.

We all TJ members are here to support you ,but you must make your own journey.Please don't expect seniors to comment on each and every day's trades.Many may observe for days and then comment on the common mistakes.

Posing a very beautiful price action image from a thread in TJ.It says only 4 price patterns are required in order to make a living from trading with discipline.
The power of simplicity in price action.

A Few Golden Trading Rules for every one of us

 

[Sunnyraj]

Hi Niftytaurus....Hats off to your patience and the desire to learn! This thread will be a good learning experience.

 

[Blackhole]

Dear NT

A few cents from my side,

These are just my views,

1)You should follow only few setups for trading,keep a watch on PDH,PDC and PDL.Only these 3 levels can make a fortune if used with discipline.(Check image below,substitute these 3 levels in that image)
2)I feel you need not write an elaborate journal ,many may avoid reading the post.Instead you can jot down your thoughts on the chart.Easier to read and comment.
3)Do not try and follow , all price action methods.Each has its own merits and demerits.Understand any one method.For e.g Nial Fuller's method applies to 24 hours continuous Forex markets,Al Brooks trades Emini S&P's.
4)Stop looking for the Holy Grail,that includes Algo traded systems.If Algo trading systems worked perfectly everyone of us would have pumped huge money into a robot system and gone for an early retirement.There are many EA's Robots available in MT4 trading platforms for free,but not all Forex traders are rich.
5)Raamakant ,Xray and ST Sir and many others are very right to point out that BNF is an extremely volatile instrument,better do it with NF.Understand your risk taking capacity ,your mentality along with your trading system.
6)Do not overleverage without consistency.First put in a small amount like say 25,000 or 50,000.Make consistent profits with that.
If you cannot manage that small amount how can you manage 20 lacs?
7)And last but not the least,stop ridiculing and pitying yourself.Every successful trader today has had to undergo a difficult journey to get to the level of he/she is.

Excellent write up amit!

@Niftytaurus ! :: good beginning, good attitude towards learning, just decide what u wanna pickup archery,shooting,boxing ,judo,wrestling,kickboxing. Some sports need all elements some sports need u focus only on one.Basic requirements are same for all.


My simple philosophy, market always gives u something its just us who take it as loss or profit. If u bring money it gives experience, if u bring experience it gives u money. It takes money to teach u.

people already answered u, what u need to do.

Find an edge.

hope was able to convey something meaning full. Take care and happy trading.

 

[trader_ks]

Excellent thread and most important is active participation of senior members.
I too feel that rather then BN , Nifty is more easy to handle. Somehow even if we handle fast movement, but huge slippage in BN at the time of execution is very difficult to handle and is one of the main reason of less profit/more loss in short time frame.

I prefer BN for swing trade with proper hedging.

 

[niftytaurus]

hi
here is todays trade & their log
trade summary
total trade-5
profit trade-3
loss trade-2
p points-62
l point-22
transaction-10
Net points =+=32

Market was very good today..so I manage to be positive.but I have to be positive with at least net 25 points in every market condition..but There are so many problems still which I will improve..
1) In morning, my first trade was short @8136..which is good enough entry..(though in hindsight, i think it should be around 8150, when price pull back..main problem is i still take profit after a small profit..I have fear of losing profits..so I booked profit early..& there should BE 1 trade only, I took 3 trade in same area..entry, exit, entry exit..this is monkey trading
2) I should have taken 3-4 trades..today took 5 trades, where 3 trades r part of 1 trade
3) IN MORNING SESION, I earned 25 points, so I far of losing it & I stopped trading...& to clear my psychology, I moved away from screen to regain my mind..& A GOOD MOVE MISSED..ITS A EASY MOVE TO CATCH..anyways no regret!! till I am getting 25 poinsts net daily, I am satisfied
Thanks
thanks

 

[niftytaurus]

Good evening Friends
I am very happy to see my fellow traders friend came to help me & gave their useful advices..thanks to everybody .
i specialy thanks to ST Da, Ramakant Bhai, XRAY Bro & Amit bro who took time & give me their suggestions..I have read everybodys suggestions & ponder over it.& slightly change my instrument..
Yes you all are right! I am not experience enough to trade violent moves of bank nifty & that can hammer my confidence..first of all, I need to beileive my self,my knowledge & trading skills ..& it will not improve till i show results..As If I go to trade bank nifty directly, it seems like "earthworm pakadna aaya nahi, sanp pakadney chaley hai' I got your points my friends! So Today I started trading in it..
that point is also valid that I am using so many setups & levels..so from today onwards, only 4 level, PDH,PDL,PDC & S/R FROM HTF..&
,(as amit bhai send chart of 4 patterns.), they are same as my setups of bof,bpb, & ftc..so WILL trade only those setups..
I trade just 1 lot today..all-in &all-out..as My object is just net 25 points daily...so I will think about should I trade 2 lots & use tsl & partial profit booking..I am not sure..
lets see
Again thanks a lot to all of you..please give your advice as always