Day Trading A Single Stock

[Tejas Khoday]

The Challenge for the remaining days (Aug 27,28,29,30,31, Sep 3):

• To stick to the initial strategy (13-49 EMA cross, 5 min).
• Stop after a winning trade.
• Stop after two losing trades.

Other items to practise:

• Show vaR
• Follow Risk:Rwd

Question: Why not stop after 1 losing trade and 2 or 3 winning trades instead? Am I missing something here?

 

[newtrader101]

Question: Why not stop after 1 losing trade and 2 or 3 winning trades instead? Am I missing something here?

It is difficult to stop after wins and I end up losing the profits. I become careless and take trades w/o due diligence. But a loss is a natural chastisement. Can't feel elated after that.

 

[newtrader101]

No trades today as per 13-49 EMA crossover.

However its worth noting that it closed @ 1393.1 the day before, opened above the next Gann level (1396.89) and did hit the next level (1404.55)

 

[Tejas Khoday]

It is difficult to stop after wins and I end up losing the profits. I become careless and take trades w/o due diligence. But a loss is a natural chastisement. Can't feel elated after that.

Yes, but the ratio should ideally be in reverse. 1 loss to 3 wins makes more sense than 3 losses to 1 win.

 

[newtrader101]

Today Asian Paints is on the bullish side, but hasn't yet broken out convincingly over the first 15 mins high... (5 mins chart)

 

[newtrader101]

But see how it crossed the next Gann level and then the next. If nimble enough, one could have entered on the first crossing, if it was a bullish candle.

 

[newtrader101]

Yesterday's close 1407.

EMAs bearish, entered on pull back @ 1401.50

The stop I placed was too close-1405.45.
Stopped out @ 1,405.35 and then it continued on its way to 1392.50 (9 Rs). Stop should have been at today's high.

 

[newtrader101]

1 min chart.
It made a good movement today at open, but my old habit of playing for long shots took over. Stopped out. For the past one month it hasn't trended full day even once.
Sold Bought
1,385.25 1,380.70
1,380.10 1,388.00
1,387.15 1,377.30
---------------------
P/L 3.50
----------------------

 

[newtrader101]

Classic BO fail isn't it.
Entered short @ 1386.50. SL 1,392.05 day high.
Target was just above gann level 1379.
Hit target @ 10:35. Enough for today.

 

[promitbanerjee8991]

I agree its highly convenient to trade. At the end it is the money you make not the script you trade.