Journey to become a Disciplined Day Trader

[santoor]

08/07/2020

Total Trades: 5
Winners: 01
Losers: 01
Squared off at Breakeven: 3
Profit: 2R
Loss: -1R
Day’s P/L: 1R
Previous P/L: 8R
Net P/L: 9R

Trades Commentary:

Axis Bank: Short Position. Was stopped out. (Loss: -1R)

Canara Bank: Long Position. 2R target achieved within a few minutes. After that, the stock kept on moving up. I need to learn to hold onto my winners. (Profit: 2R)

ICICI Bank: It made a Head and Shoulders Pattern. Took a Short position. But it wasn’t moving down. Squared it off at breakeven. The stop loss would have triggered had I not cleared this position. Later on, it made a double top, should have shorted it again because Nifty was in free-fall after making a Head and Shoulders Pattern.

ITC: Long Position. Squared it off at breakeven when Nifty started falling.

M&M Fin: Long Position. It raced up to almost 1.8R and then retraced sharply. Squared it off at breakeven.

 

[santoor]

Journaling my trades and reviewing them is proving to be an eye-opener. Will be posting P/L screenshots for each day as well.
Yesterday's P/L :

 

[santoor]

09/07/2020

Total Trades: 5
Winners: 0
Losers: 03
Squared off at almost breakeven: 02
Profit: 0R
Loss: -3R
Day’s P/L: -3R
Previous P/L: 9R
Net P/L: 6R

Trades Commentary:
ITC: Short Position. It was a random entry. No wonder I was stopped out within a couple of minutes. Need to build patience to avoid making such silly mistakes. (Loss: -1R)

Indiabulls Housing: Short Position. A random entry, once again. Was stopped out. Patience is required to avoid such trades. (Loss: -1R)

Bharat forge: Long Position. The stock moved up nicely but turned down a couple of ticks from the target. After a short while, the price started to decline sharply. Squared it off at almost breakeven.

ICICI Bank: Short Position. It was taking its own sweet time to move down. Gradually reached up to around 1.8R and then started moving up. Squared it off at almost breakeven.

Chola Fin: Short Position. It refused to move in the intended direction. There was no strength on the short side as well. Was stopped out.

 

[santoor]

10/07/2020
Total Trades: 5
Winners: 04
Losers: 0
Squared off at breakeven: 01
Profit: 7R
Loss: 0R
Day’s P/L: 7R
Previous P/L: 6R
Net P/L: 13R

Trade Commentary:

Axis Bank: Short Position. The stock was moving in the intended direction. A little voice in my head kept on telling me to book profits and not wait for the target. I yielded to this voice and booked a profit a little above 1R. It gave such a strong down move a little while later. Need to practice stopping listening to this voice and develop confidence in my trades. (Profit 1R)

Bharat Dynamics:
Trade1: Long Position. A very strong up move helped to achieve the target very quickly. (Profit 2R)
Trade2: Short Position. Only around 70% quantity of the order was filled and then the stock reached the target in a single candle. (Profit 2R).

Bajaj Finance: Long Position. Good up move. The target was achieved. (Profit 2R)

Coal India: Long Position. Again, I listened to the little voice in my head and was scared of losing this trade. Closed it at breakeven and then the price impressively moved to the target.

Learning of the day: Need to overcome the fear.

 

[santoor]

07/13/2020

A very good learning day. On a day when everyone made money because it was such a trending day, I lost money. Learnings of the day:

• Put a cap on daily, weekly, and monthly losses.
• Do not over trade when it’s not your day.

Things that I did not do well: Over traded.
Things that I did well: did not change my SLs even after taking so many beatings.

Total Trades: 7
Winners: 0
Losers: 07
Day’s P/L: -7R
Previous P/L: 13R
Net P/L: 6R

Trade Commentary:
Trade 1:
Axis Bank: Short Position. Did not wait for the proper entry. I could have timed my entry properly. I was stopped out within a couple of minutes. Tried to take another position when there was a better entry, but could not do it because the margin required fell short. (Loss: 1R)

Trade 2:
Ujjivan: Short Entry: Again, it was not a good entry and I could see it. But I still went ahead and took the position. Was stopped out within a couple of minutes. (Loss: 1R)

Trade 3:
Bharat Forge: Long Position. The price moved in the intended direction smoothly. It reached up to 2R. I did not book a profit because I wanted to keep the position until the end of the day. The price turned and triggered the stop loss. (Loss: 1R)

Trade. 4:
IRB: Short Position. I could have waited for a better entry, which was seen in the latter half of the day. Took the first entry and was stopped out a little while later. (Loss: 1R)

Trade 5:
PVR: Short Position. Took the position and was stopped out within a few minutes. (Loss: 1R)

Trade 6:
PVR: Long Position. The price moved swiftly towards the target but turned down only a few ticks away from the target. Closed this position at the end of the day. (Loss: Almost 1R)

Trade 7:
ABFRL: Long Position. I took this entry and within a few minutes, I was stopped out. Before taking this trade, I already had 6 losing trades and I did not want to take it. But eventually, I gave in and ended up taking this trade, in the hope that it would be a winner. But it turned out to be yet another loser. Need to control this urge of overtrading when it’s not my day. (Loss: 1R)

 

[santoor]

07/14/2020

Total Trades: 2
Winners: 01
Losers: 0
Squared off at breakeven: 01
Day’s P/L: 4R
Previous P/L: 6R
Net P/L: 10R

Trade Commentary:
Bharat Forge: Long Position. After some initial pullback, the stock moved towards the target. Changed direction after reaching to almost 1.5R. Squared it off at breakeven.

Axis Bank: Short Position. The stock gradually moved in the intended direction. Did not put any target, instead trailed the SL. Booked profit at 4R.

 

[Happy_Singh]

Now only thing you need to do is be consistent

Best Wishes

.

 

[santoor]

Now only thing you need to do is be consistent

Best Wishes

.

Thanks, Happy_Singh

 

[santoor]

07/15/2020

Took three positions, all turned out to be losers. The SLs saved me today. I was able to limit my losses thanks to SLs. Did not take any other position because the daily loss limit was reached.

Total Trades: 03
Winners: 0
Losers: 03
Day's P/L: -3R
Previous P/L: 10
Net P/L: 7R

Trade Commentary:
Glenmark: Long Position. It started moving up but after some time changed direction, triggering the SL.

ICICI Bank: Long Position. It reached up to 1R but then turned around and stopped me out.

Ujjivan: Long Position. It was struggling to go up and eventually triggered the SL.

 

[santoor]

07/16/20
Total Trades: 05
Winners: 02
Losers: 03
Profit: 4R
Loss: -3R
Day’s Profit: 1R
Previous P/L: 7R
Net P/L: 8R