Hi NT,
Thanks to Amit, he has already covered most points that i wanted to say too(and in a much better way) , just have only few points left that you can consider -
1. In my experience too BNF is more noisy than NF, have been learning DP trading and if you compare same setups on both scrips NF has higher success rate. Whatever be your strategy check whether NF is more suitable for it or BNF. Also volatility is more in BNF so managing trades actively is going to be more difficult as compared to NF. Point is to select best for profitability and mental good, objectively check best candidate and switch if needed.
2. Goal of getting 50 points daily - HOW IS THAT IN YOUR CONTROL ? Our goals should be about what we can control, we can get 50, 100 or - 100 points in a day which depends on how market moves and also on how we execute our system. Even if you execute your trades perfectly there will be days when you will end -ve and you still havent mastered your method so imagine what this expectation or goal will have affect on your psyche... it can be only disappointment, pain and decrease in self confidence.
On the other hand if your goal is to just follow your rules no matter what then gain, loss, market not moving much or moving very much will not have any affect on you. Its very important to feel successful and moving ahead EOD each day to sustain the long journey of learning, so have goals in which outcome is decided by you only and no other outside factors
3. I guess you will do only intraday so why 1 lac ?? you may overtrade or revenge trade and risk much more and loose much more than what you plan to by doing this( i have done this again and again), so maximum you should keep is 20k for BNF 1 lot. If needed you can transfer easily.
4. IMO counter trend traders should be done only when with trend trades have been mastered, i have also started NF trading on DP basis since this monday and trading with trend trades only. Re-entry also should be learned only after you have learned to execute the basic setups else it will create confusion, frustration and will also affect your profit.
5. After how many losers in a day you will stop trading ?
6. Watch after how many trades you start to more prone to break your rules and take that as a limit on number of trades in a day.
Lastly trading is not a 9 to 3 event, whatever you do after trading or before trading will affect your performance next day. How you review, how you sleep, what you eat, what you think, what you do.. everything will affect how you perform tomorrow so be mindful of whatever you do.
Following things have helped me in improving myself and would urge you to try them too-
1. Exercise in the morning, it really bumps your energy and keeps you in good mood whole day. I alternate running (i do 4k now and working on increasing speed) and body exercise( can do 45 non stop and goal is to do 100). Make goals in other areas of life too like something physical, try dancing, skipping, running, weightlifting or any other thing you like and you will see what difference it makes to your life.
2. Mindfulness - do atleast 2 times a day, one before session and one evening. It enables you to see clearly whats real and whats not, helps us to come out of the mess that our mind creates. Its difficult and like any other skill needs commitment but if you do it i can guarrenty that this skill alone will make you super happy, successful and satisfied.
One last question.. why do you trade ? and one year from now how you see yourself ?
Best wishes
.
Thanks to Amit, he has already covered most points that i wanted to say too(and in a much better way) , just have only few points left that you can consider -
1. In my experience too BNF is more noisy than NF, have been learning DP trading and if you compare same setups on both scrips NF has higher success rate. Whatever be your strategy check whether NF is more suitable for it or BNF. Also volatility is more in BNF so managing trades actively is going to be more difficult as compared to NF. Point is to select best for profitability and mental good, objectively check best candidate and switch if needed.
2. Goal of getting 50 points daily - HOW IS THAT IN YOUR CONTROL ? Our goals should be about what we can control, we can get 50, 100 or - 100 points in a day which depends on how market moves and also on how we execute our system. Even if you execute your trades perfectly there will be days when you will end -ve and you still havent mastered your method so imagine what this expectation or goal will have affect on your psyche... it can be only disappointment, pain and decrease in self confidence.
On the other hand if your goal is to just follow your rules no matter what then gain, loss, market not moving much or moving very much will not have any affect on you. Its very important to feel successful and moving ahead EOD each day to sustain the long journey of learning, so have goals in which outcome is decided by you only and no other outside factors
3. I guess you will do only intraday so why 1 lac ?? you may overtrade or revenge trade and risk much more and loose much more than what you plan to by doing this( i have done this again and again), so maximum you should keep is 20k for BNF 1 lot. If needed you can transfer easily.
4. IMO counter trend traders should be done only when with trend trades have been mastered, i have also started NF trading on DP basis since this monday and trading with trend trades only. Re-entry also should be learned only after you have learned to execute the basic setups else it will create confusion, frustration and will also affect your profit.
5. After how many losers in a day you will stop trading ?
6. Watch after how many trades you start to more prone to break your rules and take that as a limit on number of trades in a day.
Lastly trading is not a 9 to 3 event, whatever you do after trading or before trading will affect your performance next day. How you review, how you sleep, what you eat, what you think, what you do.. everything will affect how you perform tomorrow so be mindful of whatever you do.
Following things have helped me in improving myself and would urge you to try them too-
1. Exercise in the morning, it really bumps your energy and keeps you in good mood whole day. I alternate running (i do 4k now and working on increasing speed) and body exercise( can do 45 non stop and goal is to do 100). Make goals in other areas of life too like something physical, try dancing, skipping, running, weightlifting or any other thing you like and you will see what difference it makes to your life.
2. Mindfulness - do atleast 2 times a day, one before session and one evening. It enables you to see clearly whats real and whats not, helps us to come out of the mess that our mind creates. Its difficult and like any other skill needs commitment but if you do it i can guarrenty that this skill alone will make you super happy, successful and satisfied.
One last question.. why do you trade ? and one year from now how you see yourself ?
Best wishes
.
