Diary of an Evolving day trader

[srikantpreddy]

Hi seniors/experts/frns..

I am trading for last 4-5yrs. Initially I started as an investor and during evry fall my capital used to get eroded. That's why decided to become a day trader. For last 2years I become a day trader. I know few technicals and chart reading but hardly applied any.

In last 2years, I have taken 4paid service as well to find its more horrible. My total loss comes around 8Lks+ in last 4-5yrs.

For last 2 3 months I am trading on my own and 40% actual trading and 60% of the time paper trading. My trading strategy is based on screen reading mostly (80%)and Google chart to know the EMA,volume,BB and all.

I am getting a moderate success as well and earning 20-25K per month actually (last 3months consistently). My big success comes during 9.15-10AM. Does my current success is temporary as happened to all newbees

I am only trading in future and have a selected list of 10scrips with good liquidity. Not trading in Nifty.

My rules

o My capital is 1.5Lks.
o Risk per day is 3% i.e. 4-5K (max SL on day basis)
o If first 2 trade ve means close for the day
o My scccess/failure ratio is 60:40
o No overnight position
o Generally dont trade much after 11PM, only paper trade
o Only 1lot in future per trade
o No nifty trade
o No option trading..if at all intraday and in nifty only



Am I doing the correct way of trading i.e. Based on screen reading only

What else weapon I should add in my armory to make it a big success like 50-60K per month.


Please frns I need your suggestion as this is my last chance to continue trading. If unsuccessful, will quit trading with a very heavy heart. I want to learn to make it a big success

 

[srikantpreddy]

Today earned 6K in Vijaya bank and IVRCL infra..long side

Now holding 6lots of Nifty 5800put@65 with SL of 55

 

[srikantpreddy]

SL hit..

Lost 3K

 

[srikantpreddy]

Learning

-- Trading in Nifty is not my cup of tea
-- I am mostly loosing in Nifty but again and again trading

Entered Vijaya bank @92.5 and booked @93.3.. Somehow managed to get almost 6K today

 

[columbus]

Please frns I need your suggestion as this is my last chance to continue trading. If unsuccessful, will quit trading with a very heavy heart. I want to learn to make it a big success

Hi Reddy,

Make a note of all your trades from monday to friday
http://www.traderji.com/trading-diary/39900-trade-history-work-sheet.html#post496650
and study them on Saturday.

 

[srikantpreddy]

Thanks Columbus for that.

I am doing this for last 2-3months. I have some more columns in the excel like the mistakes I have done in that particular day/trade.

Reading a lot of post from TJ and keeping note of all those...

But my question is that what I am doing is correct(screen reading)?do I need to do some more research etc

 

[anuragmunjal]

Hi seniors/experts/frns..

I am trading for last 4-5yrs. Initially I started as an investor and during evry fall my capital used to get eroded. That's why decided to become a day trader. For last 2years I become a day trader. I know few technicals and chart reading but hardly applied any.

In last 2years, I have taken 4paid service as well to find its more horrible. My total loss comes around 8Lks+ in last 4-5yrs.

For last 2 3 months I am trading on my own and 40% actual trading and 60% of the time paper trading. My trading strategy is based on screen reading mostly (80%)and Google chart to know the EMA,volume,BB and all.

I am getting a moderate success as well and earning 20-25K per month actually (last 3months consistently). My big success comes during 9.15-10AM. Does my current success is temporary as happened to all newbees

I am only trading in future and have a selected list of 10scrips with good liquidity. Not trading in Nifty.

My rules

o My capital is 1.5Lks.
o Risk per day is 3% i.e. 4-5K (max SL on day basis)
o If first 2 trade ve means close for the day
o My scccess/failure ratio is 60:40
o No overnight position
o Generally dont trade much after 11PM, only paper trade
o Only 1lot in future per trade
o No nifty trade
o No option trading..if at all intraday and in nifty only



Am I doing the correct way of trading i.e. Based on screen reading only

What else weapon I should add in my armory to make it a big success like 50-60K per month.


Please frns I need your suggestion as this is my last chance to continue trading. If unsuccessful, will quit trading with a very heavy heart. I want to learn to make it a big success

Dear friend
my 2 cents..
u have been trading fr a while...and have tried various different methods...
be clear..there is no absolute truth/absolute method/holy grail in trading..
if after all this expirience of loosing, u have devised a method which is giving u consistent returns... be patient...u do not need any authentication of ur methods..consistent profits is the only authentication u require...
if somthing is working fr u do not search fr other weapons to add to ur armoury...to go frm 25k to 50k all u have 2 do is double ur quantity..whenever u are confident and have some profits in ur kitty..the more u try to mend something that ain't broke, more the chance that u will destroy what u already have..

best of luck

 

[AW10]

Srikantpreddy, you seems to be doing lots of thing correct. I support Anurag's suggestion that if your current approach is working, then don't try to complicate it with more indicator/signals etc. Keep it simple.

As long as you stick to your risk mgmt rules and show the self-discipline and mental calm in executing your trades, things will be fine.

My suggestion will be to take screen shots of your trades before image and after image and paste it in word doc.. That will be the best improvment material you will have to analyse on weekend and improve further. Hope you have some rules for screen reading otherwise, try to draw them from how you are practcing correctly. If you are following something consistently than there are chance of correcting them during improvment cycle. But if every time you have new parameters, then you can't take any improvement action and your performance will never achieve consistency.

hope this helps.
All the best and happy trading.

 

[manoj555]

HI Srikant, In my view to get you more success , you should try to focus more on technical analysis made on your own self,with the help of any technical analysis software such as Ami broker. and more importantly keeping in mind the positive winning attitude, disciplined trading( no over trading,revenge trading) and always not to be more greddy, get out on your stop and targets,,
Best wishes mate...

 

[AW10]

TA is guranteed to confuse any new reader or even to old readers.
It needs lot more effort to overcome the confusion created by TA and define simple way of using TA. Hence IMO, if someone is making money without TA but still using price action, than why to go this route.

happy trading