First Hour Breakout Strategy

[AW10]

To raunakagarwal & AW10 & bandlab2:
Guys - I saw some of your superb posts on this forum, and the kind of knowledge you folks share in all threads. So, I am asking this question to you.
Are you really earning from intraday trading? I mean, are you making a living out of it. I am not asking how much you earn, but the answer can be as simple as yes or no
Sorry to post this question here, but found both of you watching this thread and I am on the verge of quitting trading

Gansal, I am replying to your post cause it should answer just not yours, but the self doubt of many others reader.
Am I earning consistently - YES. and I also have loosing trades regularly. But over a period of time, profit is bigger then all losses. I trade for financial freedom where trading is one more stream of income for me. For me it is not the only source of income for living.

Was it easy to reach this stage - ABSOLUTELY NOT.
I have made all the mistakes that is possible as a trader, not just once but repeatedly and ofcourse lost money as well. I read many books and watched videos on TA, trading, trading psychology etc, practised on chart, practised trading with market reply /bar reply / manually scanning chart bar by bar etc, And struggled hard to break my habit of reacting to chart as normal human being to how a professional trader would react. I have done enough of paper trading, pattern validation etc. Have spent time in making trading plan. And the journey is still not over, I continue to do them even today.

A lot of this was done after loosing money. It was only when I realised that to get different results, I need to change something fundamentally in my trading. I did have mentors on the way. I did pay for their interaction but I was lucky to get good mentors, not fly by night operators. My profitability changed only after I got my well thought out trading plan, got a system that I could trust - for +ive as well as -ive result, and I addressed various psychological issues towards risk, money, market, trading, charts etc.

In my view, trading is a profession where you fight with yourself. It is regular fight between your conscious and subconscious mind and how they influence your action and decision making capability.

If you have not addressed these fundamental issue, then in my view, you may be quitting too early. And even if you have addressed them, then I am not sure, if you really addressed them correctly. Did you have any support/trader friends/ mentor etc to show you the right approach and track the progress.

Personally, I think anybody can be a trader provided they can improve themselves continuously and win the battle with their own subconscious mind.

Though knowledge is important edge in the market, but in my view, application of that knowledge is lot more important. Else knowledge is good to sale tips, and be teacher.. not a trader. Please don't use my, raunak, bandlab or other's knowledge as criteria to evaluate your personal knowledge level and hence trading results.
One can still make big money with just 1 or 2 methods and limited knowledge. One doesn't need degree from Harvard or IIM to be successful trader.

And at then end, whatever is trading result of mine, Raunak, Bandlab or anybody, it should not make any difference to you. As a trader, you got to compare yourself with only one person and that is YOU. I am sure you know it well that there are atleast 10% player in the market who make money. It is just that we struggle hard to join their camp and do the things that they do.

Are you a better trader then what you were yesterday ? What extra have you done to improve yourself as a trader ? How much of effort/practice you are doing after market hours ? If results are unacceptable, then what are you doing to change them ? These are lot more fundamental issues then the P&L account.

Hope this helps.

Raunak, Bandlab - plz excuse me for quoting your name in above post. PM me if you have any objection and I will edit the post.

Gansal - though I have used YOU in above text..but my apology in advance if that has hurt you. I have no intention to hurt you but just used the word YOU to pass the msg.

Hope this post helps in addressing some fundamental myths about trading.

Happy Trading

 

[SwingKing]

To raunakagarwal & AW10 & bandlab2:
Guys - I saw some of your superb posts on this forum, and the kind of knowledge you folks share in all threads. So, I am asking this question to you.
Are you really earning from intraday trading? I mean, are you making a living out of it. I am not asking how much you earn, but the answer can be as simple as yes or no
Sorry to post this question here, but found both of you watching this thread and I am on the verge of quitting trading

Gansal, I don't think I have anything to add after what Aw10 has written. However you have asked directly whether I make a living from intraday trading. Well I don't know about Aw10 or bandlab, but I DO NOT trade smaller time frames that often. I have less than 3-4% of all the trades till now on intraday time frame. Hence, Yes I do make a living out of trading, but I do not make a living out off intraday trading.

Let me be very clear to you. Since, this is the IPL season, I will relate Cricket to Trading. If you are a good Test player, you will automatically adapt to Twenty20. However, if you are a good Twenty20 player, it is less likely for you to adapt to test cricket. Now, if you are a good long term player you will automatically adapt your systems and understanding of trades to the shorter version (intraday). I hate to say this but the other way round is just not possible.

Learn to walk first. Hope you get my point. And yes sorry for bringing some Cricketing humor.

 

[goodstocks]

Dear AW10,Raunakji,Bandlabs,
I am very thankful for the painstaking efforts in bringing to light the above strategy for the use and benefit of all of us, for which I am very much thankful to you all.My message in sl.no. 82 above is only to express my first experience of the srategy and NOT SURELY TO CRITICISE or pass adverse remarks. I apologise, had it hurt you in any manner.

 

[iTrade]

Gansal, I am replying to your post cause it should answer just not yours, but the self doubt of many others reader.
Am I earning consistently - YES. and I also have loosing trades regularly. But over a period of time, profit is bigger then all losses. I trade for financial freedom where trading is one more stream of income for me. For me it is not the only source of income for living.......................................
Was it easy to reach this stage - ABSOLUTELY NOT.
I have made all the mistakes that is possible as a trader, not just once but repeatedly and ofcourse lost money as well. I read many books and watched videos on TA, trading, trading psychology etc, practised on chart, practised trading with market reply /bar reply / manually scanning chart bar by bar etc, And struggled hard to break my habit of reacting to chart as normal human being to how a professional trader would react. I have done enough of paper trading, pattern validation etc. Have spent time in making trading plan. And the journey is still not over, I continue to do them even today.

A lot of this was done after loosing money. It was only when I realised that to get different results, I need to change something fundamentally in my trading. I did have mentors on the way. I did pay for their interaction but I was lucky to get good mentors, not fly by night operators. My profitability changed only after I got my well thought out trading plan, got a system that I could trust - for +ive as well as -ive result, and I addressed various psychological issues towards risk, money, market, trading, charts etc.

In my view, trading is a profession where you fight with yourself. It is regular fight between your conscious and subconscious mind and how they influence your action and decision making capability.
..................................
................................
Happy Trading

It didnt hurt at all. It was a very nice, meaningful and to the point reply. Thank you so much for those motivating words as well as sharing your experience. Probably, I am passing thru the initial stages like you had, where I have made mistakes and lost money. I have redefined my way of trading recently after coming to this forum. Maybe my earlier losses are putting me down. I will stick longer now with some definite trading plans with money management and someday you will hear from me I dont have any mentors as of now, but ppl like you who help us by answering our queries unknowingly become our mentors.
Many thanks again AW10 for the reply. Thanks to raunakagarwal as well. It is going to help everyone of us here....

 

[AW10]

Gansal, wishing you all the best in finding new TRADER GANSAL in you and coming back on path to recovery.
Feel free to raise your doubts, etc on the forum or PM the people who can help you in putting in right trading practice in place. It has a lot to do with our thought process and self improvement. As human being, most of the time, we are blind to our own shortcomings.. or even if we know them, we don't know the solution.. and worst of all, even if we know the solution, but fail to implement it in practice. That's is where RIGHT mentor can be of great help.. but even that will be only as good as your ability to put in hardwork. There is no shortcut to mastery in any profession.

All the best and happy trading

 

[Venkatesh1985]

Hi All,

I am Doing Modified FH theory in my trading it is quite successful too

1.First i noted down the 20 - 25 HIGH VOLUME equitys First hour range then i will put two orders for a equity that is long above high & short below low

2.if any order executed then i put 2 orders for that ie 0.5 - 0.6 % profit & 1% SL

3.In 20 stocks atleast 15-18 equity will trigger either long or short in that around 85 -90% orders will give profit

Feedback are welcome

Regards,
Venkatesh

 

[SwingKing]

Hi All,

I am Doing Modified FH theory in my trading it is quite successful too

1.First i noted down the 20 - 25 HIGH VOLUME equitys First hour range then i will put two orders for a equity that is long above high & short below low

2.if any order executed then i put 2 orders for that ie 0.5 - 0.6 % profit & 1% SL

3.In 20 stocks atleast 15-18 equity will trigger either long or short in that around 85 -90% orders will give profit

Feedback are welcome

Regards,
Venkatesh

Hi Venkatesh,

Firstly, thanks for posting about this.

Have you backtested what you have done ?

If yes, then what is your sample size, years of data considered, commissions charged and symbols used.

It would be good if you can share the test report as well. It will give confidence to users undertaking similar strategy.

Tc.

 

[saivenkat]

Do you make 15 to 20 trades daily? Don't you feel that it is too much trading..
How is it you are able to track the scrips?

Regards
Saivenkat

 

[Venkatesh1985]

Hi Venkatesh,

Firstly, thanks for posting about this.

Have you backtested what you have done ?

If yes, then what is your sample size, years of data considered, commissions charged and symbols used.

It would be good if you can share the test report as well. It will give confidence to users undertaking similar strategy.

Tc.

Hi

Honestly I dont have software to backtest that i am using tradetiger only for the past 2 months i am seing the market it is giving what i said

i started real trading 2 weeks before only before that i done paper trading

 

[Venkatesh1985]

Do you make 15 to 20 trades daily? Don't you feel that it is too much trading..
How is it you are able to track the scrips?

Regards
Saivenkat

No.how can u say that is too much if u are a active trader, yes ofcourse u have to give lot of attention than if you choose 1 or 2

but what is a advantage in that method is the probability of winning is high
if u choose 1 or 2 if both failed then that day u end in loss & u have to do 2 days trading with profit to equal that ,to avoid that i am that using 20 - 25 stocks