I am learning Discipline

#21
With due respect to your comments. I will follow this system for one month and see whether I am breaking any of my rules. and that is my motive.

IMHO. I will be more than happy if I followed the rules through out the process. As of now, the outcome of the trades are secondary to me, because once I get used to following a strategy strictly then the rest can be addressed.

Richo
 

SavantGarde

Well-Known Member
#22
There Is No Suggestion Of Breaking Any Of Your Rule In My Comment With Respect To Your Individual Entries.....Just Expressed My Apprehension About 5 Long & 5 Short...That's All

Happy & Safer Trading

SavantGarde

With due respect to your comments. I will follow this system for one month and see whether I am breaking any of my rules. and that is my motive.

IMHO. I will be more than happy if I followed the rules through out the process. As of now, the outcome of the trades are secondary to me, because once I get used to following a strategy strictly then the rest can be addressed.

Richo
 

nac

Well-Known Member
#23
There Is No Suggestion Of Breaking Any Of Your Rule In My Comment With Respect To Your Individual Entries.....Just Expressed My Apprehension About 5 Long & 5 Short...That's All

Happy & Safer Trading

SavantGarde
As you have mentioned his plan is not sensible he might need to re-evaluate his plan and change it. Perhaps he don't wanna change his method (breaking the rules). I guess, he means this.
 

SavantGarde

Well-Known Member
#24
Nac,

System, Rules & Plan Mean Very Different Things & Can't Be Used Loosely In Place Of The Other...Or Else A Healthy Debate Can Turn Otherwise...If Misunderstood


SavantGarde

As you have mentioned his plan is not sensible he might need to re-evaluate his plan and change it. Perhaps he don't wanna change his method (breaking the rules). I guess, he means this.
 

nac

Well-Known Member
#25
Nac,

System, Rules & Plan Mean Very Different Things & Can't Be Used Loosely In Place Of The Other...Or Else A Healthy Debate Can Turn Otherwise...If Misunderstood


SavantGarde
That was just my guess what he would have meant in his post. It could be wrong usage of word or misunderstanding or wrong interpretation. Whatever, I don't wanna get into any debate or argument even if its healthy. :argue:
 
#26
Sorry!! I did not mean to disrespect your views. I am flexible and welcome any new method to incorporate. As regards to trading, I know, I am only a kid.

Basically I was trying to say I am more focusing on my discipline than the method.

Richo
 

nac

Well-Known Member
#27
Sorry!! I did not mean to disrespect your views. I am flexible and welcome any new method to incorporate. As regards to trading, I know, I am only a kid.

Basically I was trying to say I am more focusing on my discipline than the method.

Richo
Don't worry buddy I ain't think you are disrespecting our views. The above are just sharing our views. And I am sure Savant would have come across many like this and won't take anything hard, will you savant? I ain't think so... :cool:
 
#28
The very thinking of trading with discipline itself is funny.

market itself doesn't move in discipline and you doing it is like wearing cloth when u r in a group of naked people.

First understand why and how market moves.

understand the mass psychology and control your individual psychology(ie. emotion).

you can understand the mass psychology by using THE MOST popular indicators like relative strength index (RSI) moving average convergence divergence (MACD) Exponential moving average (EMA) pivot points, Fibonacci and few more.


As a day trader pick only those stocks with high volume and less deliveries. visit http://www.bseindia.com/mktlive/market_summ/lonshrtpos.asp to know which are the stock with less deliveries.

subscribe to a good charting software because the decision on trading in financial markets are dependent on charts and a very good trading software reduces your
work by over 50%

happy technical trading.
 

linkon7

Well-Known Member
#29
Discipline is a very hard thing to incorporate.

In my view, if i follow a pure trend following method in a very range bound market, i will get ripped to shreds. No matter how stringently i follow the rule, if I dont have confidence in the system i follow, i'll have a hard time keeping my capital intact.

So the very first thing i do is back test my system and then do a manual bar by bar replay of the system and note down the performance. The risk reward ratio of the setup should be atleast 1:2 and strike rate should be atleast 50%. I test it under different phases of the market and only when i feel satisfied with the results, i fix the set of rules. The prime requirement from my system is that it should clearly tell me the trend, the strength of the trend, the stoploss, the entry and the exit point.

Now during trading hours, I know my system's past performance. So having faith on that is not that difficult. The moment i enter a trade, i immediately punch the stoploss order. I never revise the stoploss downwards. And the rest of the day is spent just blindly following the system without thinking about performance. All i know is end of the day, i'll be in profit. If the day ends with a loss, all i care about is that i followed the system like a book and i did not take any liberties. End of the week, I'm confident my system is bound to give me profits.

End of the day, i evaluate my performance only on one parameter: my ability to stick to the rules. End of the week, i compare the performance with a bar by bar replay with that i have achieved and work on areas that need improvement.

Most people i met have never back tested their methods. That makes them skeptical of every trade they take. When in profit, they book early fearing loss of profit. when in loss, they dont exit simply because they are in the hope mode. End of the week, they scrap the system and search for a new system only to get the same result...

Trading is just a procedure. clear set of instructions will ensure the same result over any period of time. Lack of this clear instructions will only result in emotional atyachar by the market...
 
#30
HI
AVOID DAY TRADING....it will not lead u anywhere..try to take positional calls...say 1-2 trades ina week....hire any gud service provider...i have tried almost all the srevice providers ...u can contact me to get the feedback on the tips providers.

Regards
Summit Bhalla
yahoo messenger id : [email protected]
Thank you, I have learned the hard lessons, Now I am day trading peacefully. Thanks to everyone especially SavantGarde, lnangia, veluri1967, nac, AW10, oilman5, naga_thetrader, linkon7, tnsn2345, besides "Saint" the savior.

I have not posted my trades here, instead I have opened a blog and posting my daily activities there. my capital is up by 15% as of today. There is lot to learn, I will keep learning and succeed in the market.

Richo
 
Last edited:

Similar threads