Dhiraj's Best Way of Day Trading - Discussion

[pleaseharsh]

Harsh I have a small doubt.In the mother thread Dhiraj mentioned that if a particular trade hits SL,we must enhance the target with double the quantity.Could you kindly elaborate on this.Lets take the example of Nifty Futures today.As per my calculations Nifty long was @ 3435.30 and short was @ 3354.85.I entered the trade for long at around 11 A.M. and was stopped out at 3400.now from what I've understood/assumed, Am I supposed to wait for the long to get triggered again at the same price,i.e.3435.30 with double the quantity and aim for 0.8% margin?Or should I alter the prices as per the new highs and lows before I enter a trade again?
However,I made no alterations as per the new highs and lows and shorted at 3354.85, the target of which was met.
Thanks

yr long is fine..i doubt yr short trade...my short triggered at 3379 ...as nifty made new high...that is long triggered went up to new high(but didnt achieved our target) ...now this new high need to be feed into calculator
so that yr short level will rise from the prev short level...i think u didnt update for short...
neways yes as per rules double qty & 0.8 % target...but imagine if it hits stoploss both sides....u will be deep in loss....so i never double the qty ...target depends go for 0.8% sometimes and sometimes not... and regarding changing the levels..as and when new high & lows r made change yr long /short level and go for hit with the new price level ...thats wt i do....

 

[rahul_h]

yr long is fine..i doubt yr short trade...my short triggered at 3379 ...as nifty made new high...that is long triggered went up to new high(but didnt achieved our target) ...now this new high need to be feed into calculator
so that yr short level will rise from the prev short level...i think u didnt update for short...
neways yes as per rules double qty & 0.8 % target...but imagine if it hits stoploss both sides....u will be deep in loss....so i never double the qty ...target depends go for 0.8% sometimes and sometimes not... and regarding changing the levels..as and when new high & lows r made change yr long /short level and go for hit with the new price level ...thats wt i do....

I thought as much!But when I altered the "HIGH" value in the excel worksheet,the factor changed altogether because of the variations in the ranges.The factor previously was 63 as long as the high and low at 10.15 am were 3417.85 and 3372.3 respectively.But when i tried altering the high to 3442.9 after being stopped out,the factor becomes 111.45 and the worksheet tells me to short at 3330.5, which would mean doom for me on the short side too What am I doing wrong here?
Thanks for your patience bro.

 

[pleaseharsh]

one question regarding snipper scalping in scripts like sail.....where our target is 50-60 paise from trigger price...that s fine but wt i see the problem with such short gain is the danger of jumping off our target or stoploss....cuz in tradetiger i can place sl only after order execution...so suppose
buy is at 106.60
target is 107.20
sl is 105.50

than as soon as buy is hit wouldnt it be difficult to place sl in fraction of seconds...and sometimes the markewatch has not print the level but still our order or sl gets trigger...do u face problems with such small targets and sl...

 

[pleaseharsh]

rahul i hope u using the same excel sheet which is developed by sunil....where all these factor colums r hidden....in 10.15 colum feed todays high low...i.e high and low from 9.55 to 10.15 and not high/low of exact 10.15 time...so as u feed in 10.15 high/low u will get buy and sell level..and then any new high/low should be feed to 10.35 column...dont by mistake feed into 10.15 coloum....i dont know wt factor it goes for using...i just take care of new high/lows and keep on feeding ....
but i do remember something sort of that levels at factor 2 or 3 r bit tough to achieve...

 

[rahul_h]

Oh!I'll use that one from now on,thanks dude
About sniper scalping, I too have a tough time with scrips like SAIL.Coz when the trade is executed,there's usually a jump in the direction of the target soon after.The SL,on the other hand,is not hit immediately and it gives u enough time to place a SL sell order.From what I've seen SL on the long side usually gives u enough time to be prepared, more than targets.So what I do is, if I'm in gonna be on the long side,I place a buy order and a "sell against margin" order for the target, simultaneously.This takes care of the price jumps.And after the buy is executed, I place a normal sell order for SL.On the short side,it won't be a problem coz u can place 2 buy orders(one for the target and the other for SL) before your sell against margin order is executed.
Thanks

 

[pleaseharsh]

rahul...wt i do is for long :
buy order : (buy) market trigger price
sell target : (sell) limit order price

as soon as buy is triggered i put sell sl (market trigger price)...

and the same with short..
for short u put all three in advance ? along with buy market trigger price (sl) ...

 

[rahul_h]

That's exactly what I do for the long side Harsh.But on the long side,one of the sell orders has got to be "Sell against margin" and not the normal sell order with limit price.I think you're using sharekhans trade tiger and they don't allow placing 2 normal sell orders.
For the short,yeah.3 orders in advance sometimes when I'm tracking too many scrips.But to me the target is more important than the stop loss,that's coz the targets are usually jumped over in case you don't have an order ready.As for the SL,I usually place those after about a good 1 min after the buy or sell order has been executed.

 

[pleaseharsh]

yeah i use sharekhan tradetiger and they dont allow 2 sell orders .....sl can be placed only after buy order is executed..... i trade in future so no 'sell againts margin' that option is only if u r trading in cash....

 

[rahul_h]

Yes.Btw,a very blunt question.How much would you rate the success % of this method.I've lost a substantial part of my capital in the last week,but that could very well be coz of the silly mistakes I've made.On second thoughts,is this method really backfiring?Are there any chances it could?

 

[pleaseharsh]

Yes.Btw,a very blunt question.How much would you rate the success % of this method.I've lost a substantial part of my capital in the last week,but that could very well be coz of the silly mistakes I've made.On second thoughts,is this method really backfiring?Are there any chances it could?

the success rate is good ...highly depends on yr script selection....
money drawdown is a serious assult on our trading capital in this method...
for every 10 trades u need success ratio of 8 successful trades(if not using 0.8 % and double qty)...not less then that..cuz need to take brokerage and all other expense into consideration.....double stoploss on consequent trades r rare but possible..i have experienced it.....
backfiring i didnt get yr term .. u mean to say that its not working as good as it was working before ....?