Intraday Trading

[TradingFloor]

Summary: Trade 1 was correct
Trade 2 Was high risk high return but was correct, could have delayed entry by 1 more candle
Trade 3 and Trade 4 were incorrect trades and should have been avoided. The PA was sideways.

Learning: Learn from previous mistakes avoid urge to trade. trade only when PA is crystal clear.

Prev Learning's Compiled

Learning:
Trade 3 was rushed. Since it was taken soon after T2 When T2 failed I should wait and see what price is doing at that level.
Learning:
I see some error in not booking profit at 1:2. Would look to modify rule to do some partial exit at 1:2, rest can be done at TSL.
Learning for next trade: be quick to move SL to WRB Low. I could have saved a few points today.
*****(Bad Trade Management)**
Learn from previous mistakes avoid urge to trade. trade only when PA is crystal clear

Conclusion: I am rushing into trades when PA is not clear. Causing me to burn my capital.

From tomorrow I will wait for PA to be crystal clear or I will LIMIT my trades to max 2 per day as a penalty for Trading incorrectly. I need to improve on this grey area very soon.

 

[TradingFloor]

Pre market open: Flat opening will wait for PA to form before entry

 

[TradingFloor]

1 Long attempted, scratched. Did not have the guts to touch the market again in fear of trading sideways. Big effect on Morale.

In the end it looks like a breakout from todays range, but when I squzeed charts it looks like 1 big range

I am making lower lows in my Capital. Mind playing games. Lost confidence.

 

[Taiki]

Hi TradingFloor

Friday and Monday you attempted trading the sideways range in late afternoon. Both those days marked 2 unnecessary trades that could have been easily avoidable. Yesterday also you mentioned your fear about trading in the range.. Please dont bring those emotions in to your day trading. Rather have a clear plan of when to call the chart a range and when to call it a trend so that you will have clear lines between when to trade and when to avoid. On a later stage, after enough experience you can slowly add rules for trading range failure/rejection in sideways. But that is about adapting different trading styles in differenct market conditions. First make sure you have rules to distinguish the market trend from range.

Secondly on your friday's review you have mentioned why you did not want to move your SL and protect the profit because you had a winning streak on day before and then on very next trade you moved your SL because you feared your day might turn bad. Combined together this shows your hesitation to trade as per what chart is saying. Instead you are trading your emotions. You are avoiding to accept the loss and want to see it turn green again just because your ledger was green earlier and then you fear the red and moving SL in hurry.. Trade management should not be coming from an emotional platform, it should solely depend on what chart is doing in real time irrespective of what position we hold in live or what we feel where market should go.. Market has no obligation to you, or me or to anybody..

But to mention solely trade management and emotion less trading are not going to make you go green again.. You ought to have a robust trade plan to trade, which I am sure you are having. Just have a plan for your trade selection in range vs trend market. Rest will fall in time.. Good luck

Best Regards
Taiki

 

[TradingFloor]

Hi TradingFloor

Friday and Monday you attempted trading the sideways range in late afternoon. Both those days marked 2 unnecessary trades that could have been easily avoidable. Yesterday also you mentioned your fear about trading in the range.. Please dont bring those emotions in to your day trading. Rather have a clear plan of when to call the chart a range and when to call it a trend so that you will have clear lines between when to trade and when to avoid. On a later stage, after enough experience you can slowly add rules for trading range failure/rejection in sideways. But that is about adapting different trading styles in differenct market conditions. First make sure you have rules to distinguish the market trend from range.

Secondly on your friday's review you have mentioned why you did not want to move your SL and protect the profit because you had a winning streak on day before and then on very next trade you moved your SL because you feared your day might turn bad. Combined together this shows your hesitation to trade as per what chart is saying. Instead you are trading your emotions. You are avoiding to accept the loss and want to see it turn green again just because your ledger was green earlier and then you fear the red and moving SL in hurry.. Trade management should not be coming from an emotional platform, it should solely depend on what chart is doing in real time irrespective of what position we hold in live or what we feel where market should go.. Market has no obligation to you, or me or to anybody..

But to mention solely trade management and emotion less trading are not going to make you go green again.. You ought to have a robust trade plan to trade, which I am sure you are having. Just have a plan for your trade selection in range vs trend market. Rest will fall in time.. Good luck

Best Regards
Taiki

Very well said. I will keep in mind those points and I am positive to see some improvements soon.

 

[TradingFloor]

Summary: 1st Trade was correct and as per system, Long attempted and scratched.

No more trades taken: ( I was not sure about PA) When not sure Stay out is best policy for now.

Flat opening again. Will wait for PA to form.

 

[TradingFloor]

Outlining my rules for Sideways:

1. If Price is trading below PDH and above PDL. I would like to call it as range. Since this would mean nothing much has changed since last day.

2. If price is trading within same candle

3. If Price is making similar highs and lows then wait for PA to form, instead of rushing into a trade

Defining Rules for Ranges

Rule 1: I will trade extreme rejection of ranges from now on.
That is : Rejection/Failure of PDH, PDL ( but no direct entry, I will wait for PA to form). These would be considered as normal trades and would not affect Log book in any way

Rule 2: I can take 1 Trade in Range if I feel PA is very strong and could give a substantial move in one direction. If this trade fails or loss occurs, no more range trades allowed for that day. But can take Trades on Rule 1.

 

[TradingFloor]

Only 1 Trade , Long as per system of sideways, Scratched at breakeven. After hitting my SL gave a good run to target.

 

[TradingFloor]

Summary : Correct Trade as per system, Wanted to to enter again but avoided since my rule only allows 1 trade in sideways.

Pre market open: 0.5% positive opening, Bullish sideways bias

 

[TradingFloor]

2 trades attempted both Long, 1st Trade attempted as a pull back of BO, Failed price was quick to turn sideways.

Waited all day and Above breakout of Sideways attempted long, it hit SL and then moved to Target.

Very disappointing to see all trades hitting SL. From tomorrow I am going to restrict my Trades to max 2 Per day. Drawdown now stands between 9%-10%, which is not normal as per my system.

I kept my SL 2 down, since yesterday it hit the first one and then went up. Today it hit both then went up.