General Trading Chat

[amandeep86]

Amandeep !!!

First concentrate on the basic setup of price action which you are trading !!!

Example you know i follow the simple basic funda "HIGHER TIMEFRAME RULE" so my entries are based on that only (i have already disclosed my system of PA which you know)..i had a entry which hit sl of 12 pts (AROUND 1.30)

Some times markets are grinding in nature..which is not usual consolidation ...in that time our money management is the only tool which makes us to survive

emotions comes when you either not following MM or you are yet to arrive set up or method to trade from many ways......identify this other wise going to job will be only option left

DON'T CARRIED AWAY WITH MARKET...JUST CONCENTRATE ON YOUR TRADE SETUP ...

Well Said,I think i got my Answer as marked in Red......Thanks a lot everyone....

 

[Smart_trade]

St Da,

Can we define some rules of avoiding sideways days /low trending days like these,so that we may totally sit away under such tight days.

Today Nifty was not sideways...it was continuously trending down with few bounces in between.Though the moves were overlapping still traders trading from short side and looking for an opportunity to short in a bounce made money.On a 5 min timeframe the best trade was to short below 11:05 low....

When NF is moving in a small range and sideways it is difficult to trade as there is no movement. On such days we have to be happy with small scalps and trade the boundries of the sideways range.

These days most of the days are like that. Clear strong trend days are very few.

Smart_trade

 

[veeracar]

Very well said .it helps boost the morale

 

[pratapvb]

as of today close

 

[amitrandive]

Last 4 trading sessions have be too shaky for me ,market has taken all my confidence gained in last 3 months,I have been overruled by emotions and dancing with market and started repeating same mistakes i used to do 6 months back.

Friends please advice what is to be done,it feels like running away from trading and looking for job again...

Posting some excerpts from the net,
http://en.tradimo.com/learn/trading-psychology/managing-emotions/

• ... new traders make the mistake that skills in technical and fundamental analysis is the most important element in trading.
• ... controlling emotion is actually the most important skill that a trader should focus on.
• ... Dr. Van Tharp has broken down the trading process into three categories that affect traders: strategy, money management and psychology.
• ... psychology is ranked as the most important element, followed by money management and then the strategy. This highlights that regardless of how profitable a strategy is, psychology can impede the ability of a trader to make money.
• ... fear of losing can cause a trader to close trades early before the trade has run its full course, which can lead to further losses.
• ... greed can cause a trader to leave trade in and not close at the specified profit target when their strategy tells them too. This can run the risk of taking smaller profits if the market then turns against them.
• ... ego is when a trader does not admit they are wrong and can influence them to either not close their trades when their strategy tells them they should or keep trying to trade in the same direction after their trade is closed.
• ... revenge trading is where a trader tries to chase the money that they have lost without any regards to a strategy.
• ... having confidence in your trading plan and trading with a demo account ultimately helps with learning to control emotion.
• ... a strategy with a 100% win rate is unrealistic, you must be learn to accept the risk on each trade.

One of the easiest ways to decrease the emotional affect of your trades is to lower your trade size.

 

[sangram1705]

today was a very busy day at office. Had a 3 hour long video conference.
Entered one trde only at Bharti Airtel short and ended with minor gain of 1.75 points. Trade didnot work as expected.

 

[Pradeep Narayan]

Last 4 trading sessions have be too shaky for me ,market has taken all my confidence gained in last 3 months,I have been overruled by emotions and dancing with market and started repeating same mistakes i used to do 6 months back.

Friends please advice what is to be done,it feels like running away from trading and looking for job again...

Take a break!!

Rethink on the instrument you trade - if you are on NF or BNF, do CNX IT or better still some stocks (not derivatives). Get back the confidence of making the right trade for 1 week atleast.

Trade with small or 1/3 your normal exposure - what matters here is the % of success & returns; not the quantity.

All the best!

 

[timepass]

Last 4 trading sessions have be too shaky for me ,market has taken all my confidence gained in last 3 months,I have been overruled by emotions and dancing with market and started repeating same mistakes i used to do 6 months back.

Friends please advice what is to be done,it feels like running away from trading and looking for job again...

Tomorrow is F&O expiry day. Don't trade tomorrow.

 

[Riskyman]

Bank Nifty sitting at a triple bottom. If Q4 earnings are not encouraging, then 16000 is likely next stop.

Anyone concur?

 

[TradeJoker]

Banks are about to hike charges of all services by new FY, now we have to pay extra for payin thru counter