I am learning Discipline

[nac]

You can take me as I am one among you guys. In the last two trading session, market ripped my financial wealth apart into pieces. I got screwed deeply. All this happened because of I over rode the method I put before started trading by not obeying it. And paid a huge part of my capital. What to do now?

I have started a thread for other matter, but now I am keeping it as my trading diary. I am writing everything there to track/review my methods/performance and to get views from experienced. You can check it how I am getting screwed and you can avoid 'em.

I am wishing you all the best for your trading business. :thumb:

 

[richo]

Thank you nac.

All these days I wanted to end up my trading day with net profit, so I tried too hard to finally end the day with heavy loss. There was no control over my trades. Now I am learning to accept the loss and take what market is giving me.

Hope I continue doing this and make this as my habit for ever.

Richo

 

[AW10]

Richo, all the best for your journey to higher level of discipline.
IMO, one can't be disciplined until there are clear rules, no ambiguity.. but clear enough for even 10yrs old boy to understand.
In trading, besides following our stops, there are many more rules that need to put in place. Hope you are also looking at them. Try to rate each trade for following these rules and check the scorecard over a period.
IMO, monitoring daily perforamance is micro manegement.. better to monitor on weekly interval.. or on 3 days interval. If you are scalpe trader (like nac) then u might like to keep monitoring on hourly or 2 hourly basis and press a break when you are loosing control.

At the end, you make money only when you are in synch with market and both are dancing in nice rythm. And if you are hitting losing trades, then it is clear indication that u are out-of-synch. And in such condition, harder u push, worse it is going to get.
Better to take a step back..cool down.. and come back with new perspective.

All the best and happy trading.

 

[richo]

Thanks for your advice AW10,

I select 10 scrips for trading next day based on their daily TF. 5 for long and 5 for short I place my order after 5 minutes of market opening. if triggered I wait wait for either stoploss or Target. if nothing triggered till 3.25 I close my position.

As rightly said by you, my system has other things like trailing stop, break-even, book partial profit, reverse your position, etc. I will consider incorporating them one by one in my discipline program once I pass the first level.

Need all your encouragement, support and best wishes.

Richo

 

[veluri1967]

Thanks for your advice AW10,

I select 10 scrips for trading next day based on their daily TF. 5 for long and 5 for short I place my order after 5 minutes of market opening. if triggered I wait wait for either stoploss or Target. if nothing triggered till 3.25 I close my position.

As rightly said by you, my system has other things like trailing stop, break-even, book partial profit, reverse your position, etc. I will consider incorporating them one by one in my discipline program once I pass the first level.

Need all your encouragement, support and best wishes.

Richo

Richo,

You are one of the nicest would be trader. No doubt in it. You are picking up the right attitude in your trading journey.

From my side, I need some clarification regarding your punching of trades. You wait for 5 min after market open. You have 10 trades in hand to enter. How much time is it taking to punch in 10 trades. Also, how are u tackling the situation where all of the trades triggered. How r u monitoring all trades in one go. I am a bit slow to do all these in a short span.

I would be grateful if u take time to explain above points.

 

[SavantGarde]

Hi Richo,

Since, Many Have Already Offered Various Suggestions.....

I Would Like To Step Back & Look At Your Problem From Your Individualistic View....

A Few Things That Come To Mind Which You Might Look Into From Your Trading & Temperament

1) If An Entry Moves In Your Favour Then Why Not Lock-In Some Profit & Trail Through...The Move...Adjusting (Always Upwards) Your Trailing Profit Every Once In A While.....

2) If You Have Made A Certain Amount Of Profit During The Day....Then See To It That You Protect...Atleast Some Percentage Of It.....For The Subsequent Entries Thereafter.

3) There Is Much That Has Been Written About Keeping Losses Small....It Has It's Own Merits When An Entry Moves Against You

Above Is Only Outlined From A Particular Problem As Explained By You...What The Above May Do....Is Not Change Too Much...In Terms Of Your Normal Trading Activity...But At The Same Time.....Take Some Simple Steps....& Keep You Standing To Trade Another Day...& Most Importantly Get The Sense Of Dejection Out Of The Activity That You Love So Much....

.....Hopefully May Change...Things For Better For You

Happy & Safer Trading

SavantGarde

 

[richo]

Hi Veluri

Well, now I am doing this manually and I did not find it difficult to punch in the order, I am good at it, atleast

Once the order is triggered I place both stop and exit immediately. Cancel the one when the other is done.

At one stage I have even automated my orders using windows macro it worked for me. but now I am doing it manually.

Richo

 

[oilman5]

disciplinedtrade of norman hallet may be helpful to u.
search use many free material ,also the course if u like

 

[richo]

Richo,

You are one of the nicest would be trader. No doubt in it. You are picking up the right attitude in your trading journey.

From my side, I need some clarification regarding your punching of trades. You wait for 5 min after market open. You have 10 trades in hand to enter. How much time is it taking to punch in 10 trades. Also, how are u tackling the situation where all of the trades triggered. How r u monitoring all trades in one go. I am a bit slow to do all these in a short span.

I would be grateful if u take time to explain above points.

This is my trading screen. Looks like a more professional trader's :rofl: but I am yet to.

Richo

 

[SavantGarde]

Richo,

While I Don't Know The Parameters Of Your Stock Scanning....Shortlisted 10 Stocks To Trade The Next day....5 For Long Entry & 5 For Short Entry...May Not Be Such A Prudent Plan.....

Happy & Safer Trading

SavantGarde