All my semi hearted attempts to learn earlier would be challenged with what I am starting today. A very Boring day in Tata Steel and no Trades came to system although one trade came to my mind but my fellow mentor and guide Vivek told me not to take it. Also it came as a surprise that I still marked VP incorrectly. I was upset as I am still not getting it right.
So I started reading Vijay's thread maybe completing initial post about 45 pages. I came across a post from Subhadip sir. I was so intrigued that I ended up reading his other threads and now I feel very motivated to try again. I feel inspired that what he had to go through trying to guide us and he was abused by so many but the poor guy never gave up, he kept on writing until 40 odd pages and he proved that it could be done and the best part he did it. Many of us challenged him if it could be done.
So I will start decoding Vijay's thread again from scratch today to find out why and where I am getting it wrong.
Everyone here who knows me and helping me is clear that I am day trading on paper, they have guided me to go live from tomorrow so I will stop trading on paper. I will start trading real time TATA Steel 5 Min Equity from tomorrow with a Cap of 35k and start with 50 shares. I will post all trades that I take here and my contract note at the end of the day so that experienced traders can guide me. My target is to take all the trades correctly as per the system, understand the mistakes I make and pay my tuition fees once again to the markets It would be added confidence booster if I turn out to be profitable.
I would stop trading if:
I deliberately take incorrect trades. I am allowed to take incorrect trades as I am learning but I should try to prevent same mistakes again.
If I don't place SL after order is placed
I don't enter or exit as per system or my emotions come while trading
I don't share my contract note and charts with clear entry exit here
I would not follow 2% risk per day. I will take all trades as per system. As I have understood not taking a trade is actually similar to taking a wrong trade and missing out on wins. But I will follow max 2% loss per trade and avoid trades in which R:R is not favourable. Since Avg SL in Tata Steel is 3/- I should be ok.
I expect to learn the following while Trading
This is list of my topics where I usually make mistakes but I have gained experience watching some live trades by experienced memebers, so I expect to Learn this while real time Trading
Rally - Clear
Decline - Clear
mph and mpl- Clear
Aggressive pivots- Clear
VPH and VPL- Mostly Clear but still making mistakes specially with formation of Inside Pivots. [I need to work on this part]
Problem when Price moves sideways, need to post more charts when trend changed from UT to Sideways and DT to sideways
Also Clear little about Gap up VP trades but I get confused at times.
ERL - Clear in marking ERL and we trade mph below/above ERL
DERL- Never tried to mark it. I would understand this before end of this session
Entry: Lot of confusion in entry, specially when day opens. Also getting confused with entry when trends change.
Only finding it easy to enter when a continuous patters appears. All other entries need to be worked upon. Specially recognising sideways
Need to learn when to avoid trades
Need to learn about High Probability trades.
Need to document and understand by heart all entry setups
Exit: Clear with Exit via Pivot method, Clear with SL and trailing TSL.
Clear how to Exit on WRB or how to mark Pivots in Outside bar or WRB
Risk Management: Clear - Will never loose more then 2% in a given trade. I would have to be proven wrong by market 50 times before my capital is wiped out. It will never be fixed it will always be according to pivots. If the trade setup doesn't allow me to manage risk. I would not take the trade.
Counter Trend Trades: Vijay Sir mentioned only in 1 post but this topic was never discussed again so I will avoid this till I get understanding of basics.