Fudge style trading . My log , My journey . Seniors kind guidance needed

[Serious_Trader]

Hey guys ,

Hope you guys are doing well . I have finally decided to become a professional full time trader . (age 23) . and Been reading researching and testing alot . and wanted to share my trades here so senior members can find faults and hopefully help "one of their kind" , get better . My dream is to be one of the few extremely skilled traders alive (i can see many of them on this forum , ST sir , Saint sir etc.. )

So below are my rules :
1. my capital is small and my stomach is not strong , so i take positional trades only on nifty . The rest I am basically a scalper . 0.40rs-0.70rs/share , I am happy .

2. I am a scalper/day trader by personality but i donot believe I need to trade everyday . Due to using 8-10times leverage per trade . I generally make 0.75%-2% if a trade goes right and can loose 1%-2% when a trade goes wrong .

3. I am still working on the risk and reward ratio to be honest cause , if i hold my trades 40%(aprox from paper trades) of them could give me around 4% returns per trade , but i am very impatient and fear of a reversal . I need to work on this . anyone have any tips for this ?

4. My approach is to gauge if the market is strong or weak for the day or at that point in time . And trade shares which support that view . (Basic tape reading). Then i use price action to enter and exit when either my stomach says enough or my greed is satisfied .

5. My monthly target is 10% . As many seniors said that this is practicle target and achievable with alot of effort , skill and knowledge .(still dont think i have enough skill and knowledge in me . )

6. Would love if people could comment and guide me in my journey .

So , thats basically my plan . I'll be posting below my trades for the day or positional(if any taken) . would love some criticism cming my way .



Regards,

Fudge

Bro you just decide..............in which track you want to go......Rajdhani Express or.......Kalka mail...... our robotic scalper Aughubhai (Scalper King of Trdaderji)....like kalka mail......He never visit Rajdhani......

 

[raul12]

Hi Raul,

K my first question .. How do you trade with a full time job !!? especially an indian job where the pay is low and they say 8hurs working but turns out to be 18hours working .

secondly I donot have problems with ruthlessly cutting my losses . As you will see in todays trade i cut my loss and after that the stock moved in my direction and hit the target (I will post the chart below). But holding on to the trade is a problem for me . I think i am overcming this problem slowly as I am seeing the amount of money i could've made if i would have held the stock .


Thanking ,

Fudge

hehe....I manage between job n trading somehow buddy

As per per your tactic to see the amt you could have made I'd say, do whatever suits you. You can also read threads of seniors on psychology of trading....probably that might also help. But letting your winners run is imp. for long term capital appreciation.

 

[hedgefudge13]

Bro you just decide..............in which track you want to go......Rajdhani Express or.......Kalka mail...... our robotic scalper Aughubhai (Scalper King of Trdaderji)....like kalka mail......He never visit Rajdhani......

Kalka mail ? sorry sir i dont understand ur analogy . could you kindly expand on it ?


Regards,

Fudge

 

[hedgefudge13]

hehe....I manage between job n trading somehow buddy

As per per your tactic to see the amt you could have made I'd say, do whatever suits you. You can also read threads of seniors on psychology of trading....probably that might also help. But letting your winners run is imp. for long term capital appreciation.

Yea , I realize that . but dam its hard . I see 40-50paisa , i just want to pull out my trade .

 

[hedgefudge13]

Alright today was a horrible day , keeping in mind the volatility and overall weakness of nifty . dispite being in an uptrend and having a breakout of triangle in the hourly chart ,nothing much has happened .

Today took one trade in the opening in Coal India . Got out with 1.2% return . After that I stopped and went to sleep (Was awake the whole night ) . I think that saved me , as U can see few bank stocks like Axis , PNB , etc.. sharp falls and sharp recoveries . This would've probably been a hard day to trade especially for noobs like me . .

Below is the Trade :

Lessons :
-I should have held on to it .... feeling really bad about it though .
-Be a bit more fast and should've entered a bit more earlier . The first candle broke yesterdays closing and high (I guess) with some really good volumes + in the direction of nifty trend .

arrghh ! need to work on controlling my stomach .

would love some comments from seniors about this trade and if there were points i could've improved .


Regards,
Fudge

 

[Serious_Trader]

Kalka mail ? sorry sir i dont understand ur analogy . could you kindly expand on it ?


Regards,

Fudge

Ok......choose any one scalping/Positional.....

 

[hedgefudge13]

Ok......choose any one scalping/Positional.....

I think i can do both sir . As my positional trades are only in nifty and I take them only towards the day . 65% of the time I predict the next day gaps properly and profit from them . So i buy at the day end and sell the next day gap up .
So, yea , Thats my strategy now . But I am implementing a few more things and making alot of changes . Maybe I'll be able to choose day trading/scalping and leave positional .


Thank you sir ,

HedgeFudge

 

[hedgefudge13]

Hey guys ,

Hope you guys are doing well . I have finally decided to become a professional full time trader . (age 23) . and Been reading researching and testing alot . and wanted to share my trades here so senior members can find faults and hopefully help "one of their kind" , get better . My dream is to be one of the few extremely skilled traders alive (i can see many of them on this forum , ST sir , Saint sir etc.. )

So below are my rules :
1. my capital is small and my stomach is not strong , so i take positional trades only on nifty . The rest I am basically a scalper . 0.40rs-0.70rs/share , I am happy .

2. I am a scalper/day trader by personality but i donot believe I need to trade everyday . Due to using 8-10times leverage per trade . I generally make 0.75%-2% if a trade goes right and can loose 1%-2% when a trade goes wrong .

3. I am still working on the risk and reward ratio to be honest cause , if i hold my trades 40%(aprox from paper trades) of them could give me around 4% returns per trade , but i am very impatient and fear of a reversal . I need to work on this . anyone have any tips for this ?

4. My approach is to gauge if the market is strong or weak for the day or at that point in time . And trade shares which support that view . (Basic tape reading). Then i use price action to enter and exit when either my stomach says enough or my greed is satisfied .

5. My monthly target is 10% . As many seniors said that this is practicle target and achievable with alot of effort , skill and knowledge .(still dont think i have enough skill and knowledge in me . )

6. Would love if people could comment and guide me in my journey .

So , thats basically my plan . I'll be posting below my trades for the day or positional(if any taken) . would love some criticism cming my way .



Regards,

Fudge

Rule no. 7 .
If I hit 1% return , I will take a break for 30mins or so and then look for another trade . If I hit the target of 2% in a day . Thats it . i will walk away from the screen .

(Fear of loosing the profit)

 

[jahan]

Rule no. 7 .
If I hit 1% return , I will take a break for 30mins or so and then look for another trade . If I hit the target of 2% in a day . Thats it . i will walk away from the screen .

(Fear of loosing the profit)

Hello,

Before hitting 2% you always pass through 1%...how do u decide when to take 1% and when to take 2%....

what do u do after hitting 1%..and then say 15 Min later u got a another oppurtunity...but ur only ready after 30 mins..

trading will not be like this...we never know what's market gonna give...

Regards

 

[hedgefudge13]

Hello,

Before hitting 2% you always pass through 1%...how do u decide when to take 1% and when to take 2%....

what do u do after hitting 1%..and then say 15 Min later u got a another oppurtunity...but ur only ready after 30 mins..

trading will not be like this...we never know what's market gonna give...

Regards

Yes sir I understand that . I generally keep a fixed target and dont ride the trend . Its hard for me to hold and I realize what your saying is right . And i need help with that cause I dont have a Fixed setup as such .I also need help with the risk and reward .
When I generally overtrade i.e, once i've made 1-2% , the next trades i take i give back my profits to the market
Still a beginner here . I've to work this bug from my strategy out .


Regards,
Fudge