Itl - samco
- Thread starter marimuthu13
- Start date
What kind of violations ? I recently had some very very bad run in december & january. I worked out that my problems were mainly due to multiple lots hitting SL. Since then I have orders for 1 lot only at a time. If I want to trade another lot - whether for add or for average - I don't put in the order in advance, i place the order when the price nearly gets there. That seems to have controlled my losses to some extent. Maybe if you could pinpoint the error points, you could control it better.
Commodities are tough because of long hours. Being in a competition make it even tougher. Perhaps the pressure of competition screwed up your head
Commodities are tough because of long hours. Being in a competition make it even tougher. Perhaps the pressure of competition screwed up your head
What kind of violations ? I recently had some very very bad run in december & january. I worked out that my problems were mainly due to multiple lots hitting SL. Since then I have orders for 1 lot only at a time. If I want to trade another lot - whether for add or for average - I don't put in the order in advance, i place the order when the price nearly gets there. That seems to have controlled my losses to some extent. Maybe if you could pinpoint the error points, you could control it better.
Commodities are tough because of long hours. Being in a competition make it even tougher. Perhaps the pressure of competition screwed up your head
Commodities are tough because of long hours. Being in a competition make it even tougher. Perhaps the pressure of competition screwed up your head
Yes sir..you rightly said..
coming to violations part, say crude opened at price of 1850, I have decided at buy on dips to say around 1820-25 after looking at charts....now after 10-30 minutes price is roaming around 1850-70, then I am jumping into sell trade (which is not as per trading plan) at 1855 (to catch 30-35 points on sell side)...from there music starts...........losses too...market is going up and up, keep shorting at every high with SL of new high...keep trading in shorts side and loosing... where as I should be in buy side when price retraces from 1890 to 1850 or so....
Got it. I too, have found that I am not agile in changing directions intraday, so at least I try to control myself from taking additional positions if the trade is going against me, or maintain a SL.
e.g.
If I am trading Unionbank, I have a stoploss of 42 ticks (using Bracket Order). Suppose I sell at 122, my SL (auto generated) would be 124.1
Earlier, I would punch in sell order for sell at 122, 123, 124 etc. and all the orders would have a SL of 42 ticks. So, in the event of a sharp reverse move, it would execute 3 orders and all would hit SL, thus causing me a loss of 60-70 ticks (the lot size is 3000).
To control this, the new thing is, I place a sell order at 122 (SL 42 ticks) and wait for it to be executed. Then if it goes to 123, I look out for the various indicators like oscillators etc. to check if this is a reversal. If a reversal, I don't add to the shorts, but even book loss before it hits 124.1 and stay out. If the oscillators tell me that it is just a spike / whipsaw and probably not a reversal, I stay put and do nothing except watch the screen.
Basically not trading multiple lots helped me to control losses (so far). Easier to make up a loss of 5k than 20k Maybe handling multiple lots/ adds/ averaging needs a better trader than I am at this stage.
I look at the charts on Trade Tiger and the TF is 3/5 minutes.
e.g.
If I am trading Unionbank, I have a stoploss of 42 ticks (using Bracket Order). Suppose I sell at 122, my SL (auto generated) would be 124.1
Earlier, I would punch in sell order for sell at 122, 123, 124 etc. and all the orders would have a SL of 42 ticks. So, in the event of a sharp reverse move, it would execute 3 orders and all would hit SL, thus causing me a loss of 60-70 ticks (the lot size is 3000).
To control this, the new thing is, I place a sell order at 122 (SL 42 ticks) and wait for it to be executed. Then if it goes to 123, I look out for the various indicators like oscillators etc. to check if this is a reversal. If a reversal, I don't add to the shorts, but even book loss before it hits 124.1 and stay out. If the oscillators tell me that it is just a spike / whipsaw and probably not a reversal, I stay put and do nothing except watch the screen.
Basically not trading multiple lots helped me to control losses (so far). Easier to make up a loss of 5k than 20k
Maybe handling multiple lots/ adds/ averaging needs a better trader than I am at this stage.I look at the charts on Trade Tiger and the TF is 3/5 minutes.
I don't know how it is with crude, but with Union bank, if it crosses its opening price, it generally travels at least 2rs. in that direction (with Rcom it is 1Rs.). Also, open = high/low is a strong signal, but check both futures and spot.
Missed a good trade in unionbank yesterday when it was open=high = 119.xx; It was trading at 114.xx around 9:30 (I usually don't trade in the first 30 min). I should have had the guts to take that trade because it went down to 103.xx !!!!
It was the same with BNF on Thursday (open = high). Tell us how it works with the commodities.
Missed a good trade in unionbank yesterday when it was open=high = 119.xx; It was trading at 114.xx around 9:30 (I usually don't trade in the first 30 min). I should have had the guts to take that trade because it went down to 103.xx !!!!
It was the same with BNF on Thursday (open = high). Tell us how it works with the commodities.
I can understand what ganesh want to say as he trades crude oil.
say if you trade one lot crude oil with 1 lakh.
crude moved on friday 12% , around 160 points up , so 16% in one day alone,
30% can easily achieved in a week but similarly 30% can also go out of ledger ,
moral of the story consistently doing such high returns not possible,
you win some you lose some, what left with you is some little profit :lol:
say if you trade one lot crude oil with 1 lakh.
crude moved on friday 12% , around 160 points up , so 16% in one day alone,
30% can easily achieved in a week but similarly 30% can also go out of ledger ,
moral of the story consistently doing such high returns not possible,
you win some you lose some, what left with you is some little profit :lol:
in crude oil atleast, due to long working hours and international factors, whatever be the price pattern @ opening, entirely opposite movt can be seen by evening.
in same day Lwr ckt and upr ckt both z hit .:annoyed:
it is like see saw. need to have good reversal indicator.
better scalp and exit quickly..
in same day Lwr ckt and upr ckt both z hit .:annoyed:
it is like see saw. need to have good reversal indicator.
better scalp and exit quickly..
aha... then I'm sure that it would pay to keep an eye on the opening price. In Unionbank and Rcom, if the opening is pierced from top, it is not the time to buy - maybe even the time to short. Similarly, if the price is pierced from the bottom, it is not the time to short - maybe even the time to buy, depending on your indicators. Maybe that's the mistake Muthu made, shorting at 1855 when it was reversing from 1825 (opening 1850).
Every scrip has different price moves. Rcom defends its opening price, rarely pierces it with a jerk. If it opens at 58.55 and moves up, then even when going down 58.55 will provide a strong support. With unionbank, it will generally simply plonk through the opening price in a hurry
But again, there is no cardinal rule in day trading.
Every scrip has different price moves. Rcom defends its opening price, rarely pierces it with a jerk. If it opens at 58.55 and moves up, then even when going down 58.55 will provide a strong support. With unionbank, it will generally simply plonk through the opening price in a hurry
But again, there is no cardinal rule in day trading.
aha... then I'm sure that it would pay to keep an eye on the opening price. In Unionbank and Rcom, if the opening is pierced from top, it is not the time to buy - maybe even the time to short. Similarly, if the price is pierced from the bottom, it is not the time to short - maybe even the time to buy, depending on your indicators. Maybe that's the mistake Muthu made, shorting at 1855 when it was reversing from 1825 (opening 1850).
Every scrip has different price moves. Rcom defends its opening price, rarely pierces it with a jerk. If it opens at 58.55 and moves up, then even when going down 58.55 will provide a strong support. With unionbank, it will generally simply plonk through the opening price in a hurry
But again, there is no cardinal rule in day trading.
Every scrip has different price moves. Rcom defends its opening price, rarely pierces it with a jerk. If it opens at 58.55 and moves up, then even when going down 58.55 will provide a strong support. With unionbank, it will generally simply plonk through the opening price in a hurry
But again, there is no cardinal rule in day trading.
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