Journey of an Intraday NIFTY Trader with 5 Lakh Initial Capital - REAL TRADES

milkyblack

Well-Known Member
#71
So today was a bad day, both psychologically as well financially. Thus the day has been pretty detrimental. Trade one was fine with me, I cannot see why I will not take it next time if I get similar setup. Indeed it was one of my finest setup to take a trade. But then that got stopped. Now there was no setup for the entire day, and yet I took the second long trade, knowing very well that it was not a part of the setups that I trade. This was the damaging factor for me today. I hope penning it down here will help in overcoming the issue.

I have noticed in my trading career it is very difficult to find a forum where even people with pseudo names come and share and help each other to withstand the mental draw down phases. Forget someone for real to actually be your trader friend.

In any performance based profession we have coaches and mentors and people around us who assist the person actually performing. But in this game I think it is very difficult to find someone of that kind. I have not found anyone yet, though I have been able to uplift other traders from the mental distress, it seems. That is what people have said. Maybe they were just being polite I do not know, nor does it matter to me. What matters the most for me is how do I cope with this situation.

It is not the first time it has happened with me, I have seen worse and in my initial days I have never come out of the draw down, both mentally as well as financially. But over the time I have been able to show the signs of resilience and crawled back in green.

I look forward to regain my wisdom and put my act together.

Today's trades
2 long trades 525 qty each.
Lots reduced to 6 i.e 450 qty from next trading day.
 

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#72
So today was a bad day, both psychologically as well financially. Thus the day has been pretty detrimental. Trade one was fine with me, I cannot see why I will not take it next time if I get similar setup. Indeed it was one of my finest setup to take a trade. But then that got stopped. Now there was no setup for the entire day, and yet I took the second long trade, knowing very well that it was not a part of the setups that I trade. This was the damaging factor for me today. I hope penning it down here will help in overcoming the issue.

I have noticed in my trading career it is very difficult to find a forum where even people with pseudo names come and share and help each other to withstand the mental draw down phases. Forget someone for real to actually be your trader friend.

In any performance based profession we have coaches and mentors and people around us who assist the person actually performing. But in this game I think it is very difficult to find someone of that kind. I have not found anyone yet, though I have been able to uplift other traders from the mental distress, it seems. That is what people have said. Maybe they were just being polite I do not know, nor does it matter to me. What matters the most for me is how do I cope with this situation.

It is not the first time it has happened with me, I have seen worse and in my initial days I have never come out of the draw down, both mentally as well as financially. But over the time I have been able to show the signs of resilience and crawled back in green.

I look forward to regain my wisdom and put my act together.

Today's trades
2 long trades 525 qty each.
Lots reduced to 6 i.e 450 qty from next trading day.
Dear milkblack
This is the only profession where we get to live by the sword and die by the sword in modern era. This is the only forum where people are ready to help if one seeks it. We have great and experienced people like STda, @travi, @XRAY27, @Riskyman , and many others with different styles and types of trading. Psychological issues run deeper and need to be addressed on our own. One needs to discover what one believes in with clarity and then approach the market. Then and only then you would find market as a friend.
 
#73
Last edited:

ncube

Well-Known Member
#74
So today was a bad day, both psychologically as well financially. Thus the day has been pretty detrimental. Trade one was fine with me, I cannot see why I will not take it next time if I get similar setup. Indeed it was one of my finest setup to take a trade. But then that got stopped. Now there was no setup for the entire day, and yet I took the second long trade, knowing very well that it was not a part of the setups that I trade. This was the damaging factor for me today. I hope penning it down here will help in overcoming the issue.

I have noticed in my trading career it is very difficult to find a forum where even people with pseudo names come and share and help each other to withstand the mental draw down phases. Forget someone for real to actually be your trader friend.

In any performance based profession we have coaches and mentors and people around us who assist the person actually performing. But in this game I think it is very difficult to find someone of that kind. I have not found anyone yet, though I have been able to uplift other traders from the mental distress, it seems. That is what people have said. Maybe they were just being polite I do not know, nor does it matter to me. What matters the most for me is how do I cope with this situation.

It is not the first time it has happened with me, I have seen worse and in my initial days I have never come out of the draw down, both mentally as well as financially. But over the time I have been able to show the signs of resilience and crawled back in green.

I look forward to regain my wisdom and put my act together.

Today's trades
2 long trades 525 qty each.
Lots reduced to 6 i.e 450 qty from next trading day.
@milkyblack your actions today are quite normal..as humans with emotions there is no way we can avoid this...hence the best we can do is first accept this to be normal and see how to work around it. When a trade is closed either in profit or loss... especially loss our emotional state changes and our mind will not be in an ideal state to make rational decisions.. My suggestion would be that after each trade you take a break doesn't matter it's in profit or loss....just move away from the terminal...do some breathing exercises and return only when you have truely accepted the trade and your emotions are back to normal and you are thinking straight. Also sticking a note next to your monitor to ways remind you to not take irrational trades can help. Best wishes!!!
 

milkyblack

Well-Known Member
#75
https://www.traderji.com/community/...ew-way-of-trading.99863/page-317#post-1389918

See if this post is of any help...

Think why Madan is trading nifty options in his Twitter intraday thread looking at nifty futures chart instead of trading nifty futures and you will get the solution..

ST
Thanks for sharing your insights, I have also considered trading options using futures and have also spoken to Symphony if they have a way to punch in orders based on futures price. I have not yet found any solution to it yet. But I do see the benefits of trading options for intraday.

Yes my system is not able to give 2 things currently one is around 40-45% hit ratio, which is missing, and secondly the RR, which has significantly gone down. One bad trade yesterday though is detrimental for me psychologically but until one has a winning system no psychology is going to help.

Few weeks back my swing system was going through a rough phase but I had not messed it up, as there is ample time to think and act, so the emotions do not play much. So even after DD phase it is well above the last peak. The same I cannot say for the intraday method that I am trading.

I will give a thought about the options intraday but I doubt even that will be profitable going by the current strategy. It will definitely help in reducing the cost to a great extent though.

@milkyblack your actions today are quite normal..as humans with emotions there is no way we can avoid this...hence the best we can do is first accept this to be normal and see how to work around it. When a trade is closed either in profit or loss... especially loss our emotional state changes and our mind will not be in an ideal state to make rational decisions.. My suggestion would be that after each trade you take a break doesn't matter it's in profit or loss....just move away from the terminal...do some breathing exercises and return only when you have truely accepted the trade and your emotions are back to normal and you are thinking straight. Also sticking a note next to your monitor to ways remind you to not take irrational trades can help. Best wishes!!!
Thanks for your very practical and actionable insights. I do mark on my charts where to enter and exit and works pretty well with my swing system as I mentioned above, but for intraday I did break the rule, there was no mention of any trades there and I took it.
 

VJAY

Well-Known Member
#77
@milkyblack your actions today are quite normal..as humans with emotions there is no way we can avoid this...hence the best we can do is first accept this to be normal and see how to work around it. When a trade is closed either in profit or loss... especially loss our emotional state changes and our mind will not be in an ideal state to make rational decisions.. My suggestion would be that after each trade you take a break doesn't matter it's in profit or loss....just move away from the terminal...do some breathing exercises and return only when you have truely accepted the trade and your emotions are back to normal and you are thinking straight. Also sticking a note next to your monitor to ways remind you to not take irrational trades can help. Best wishes!!!
Exactly what raghav told me years ago ...which I still doing ...these type of tricks/actions do wonders in traders life....

Sent from my ASUS_X00TD using Tapatalk
 
#78
Some changes done to manage the risk here on. Marked on the excel sheet[/QUOTEjj.
Why don't you reduce your lot size say 2 to 4 lots?. With more quantities, you can't afford to keep wider stop loss. Volatility is high nowadays and your stop loss would get hit easily. Stoploss should generally be the price beyond which your current trade stops to be valid. So, if the stop loss is wide, then either a) you shouldn't take the trade or b) reduce the quantity. The exception is sometimes that you don't want to miss a move which you are very much confident even though the price is already too far from the valid stop loss. In that case, you can keep very small stop loss and try the trade. But this is an exception and I wouldn't suggest it as you will get many opportunities in the market. Another suggestion is try to scale in scale out
 
#79
Why don't you reduce your lot size say 2 to 4 lots?. With more quantities, you can't afford to keep wider stop loss. Volatility is high nowadays and your stop loss would get hit easily. Stoploss should generally be the price beyond which your current trade stops to be valid. So, if the stop loss is wide, then either a) you shouldn't take the trade or b) reduce the quantity. The exception is sometimes that you don't want to miss a move which you are very much confident even though the price is already too far from the valid stop loss. In that case, you can keep very small stop loss and try the trade. But this is an exception and I wouldn't suggest it as you will get many opportunities in the market. Another suggestion is to try to scale in scale out
I also do the mistake of watching the screen and doing exactly opposite to what I planned for the day. so, I have started to now write these in the chart and keep the notes near my screen. It is very important to plan the trade and trade only the plan. So, think yourself and do whatever things necessary to improve even if it looks stupid
 

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