Making a living trading Copper

[Lambuking]

I am trying to make a living trading copper.I haven't got a method per say but I try to determine the trend and go accordingly. My aim is to earn 2.65 Rs on a daily basis. 2.65 will give me 2500 rs profit on a single lot after removing my brokerage expenditure(Zerodha). I will post my views on the prevailing trend every morning and take a trade accordingly. I follow a SAR methodology with double the lot size in case of a loss,aiming for recouping my losses as well as acheiving my profit target . I will enter a position by max 10:30 and hold it until I get my target or Market closes. S/L will simply entail a trade in opposite direction.
Initial Capital 65000.
Starting Position 1 Lot Copper.
Trading Platform used: Zerodha Trader.
Charting Platform: Metatrader4.

 

[kt100]

I am trying to make a living trading copper.I haven't got a method per say but I try to determine the trend and go accordingly. My aim is to earn 2.65 Rs on a daily basis. 2.65 will give me 2500 rs profit on a single lot after removing my brokerage expenditure(Zerodha). I will post my views on the prevailing trend every morning and take a trade accordingly. I follow a SAR methodology with double the lot size in case of a loss,aiming for recouping my losses as well as acheiving my profit target . I will enter a position by max 10:30 and hold it until I get my target or Market closes. S/L will simply entail a trade in opposite direction.
Initial Capital 65000.
Starting Position 1 Lot Copper.
Trading Platform used: Zerodha Trader.
Charting Platform: Metatrader4.

i dont want to discourage but doubling or martingale is a losing strategy. 4,5 consecutive losses and you will get a margin call. and trust me these consecutive losses do happen sooner or later, even to proffesional traders. however if you are lucky and double your account in a month, then you can save withdraw your capital and continue risk free.

 

[Lambuking]

i dont want to discourage but doubling or martingale is a losing strategy. 4,5 consecutive losses and you will get a margin call. and trust me these consecutive losses do happen sooner or later, even to proffesional traders. however if you are lucky and double your account in a month, then you can save withdraw your capital and continue risk free.

Yes, Continuous losses are a probability that can't be discounted. However I try and stay clear of market If I am not able to determine a trend, or keep my position as a single lot and recoup my losses instead of aim to make a profit. However all said and done ... losses are going to be there and my strategy won't work unless I recover my losses. Double losses are going to be a devil. However on another point I don't plan to keep on doubling my position sizes.Maximum position size is going to be two lot.

 

[sayantan2u9]

also , one problem is rupee v dollar equation..
many times because of rupee volatility , the prices do not go up to that extend , even if the prices in international market is up,,

 

[Lambuking]

also , one problem is rupee v dollar equation..
many times because of rupee volatility , the prices do not go up to that extend , even if the prices in international market is up,,

Yes That is also an issue but I am not using MT4 for International charts only. I have got MT4 Charts with MCX Data feed and International data feeds. However I have seen that if International charts and Indian charts don't match it is better to either stay away or play extremely short term for small targets because rupee volatility can move the market only so much.

 

[praveen taneja]

There are many things which effects copper price china data usd/INR rate world scenerio you have to keep eye on everything not only metatrader4 so to keep world events at bay better book ur trade before 5pm when most of world news come out Best of Luck

 

[praveen taneja]

Yes That is also an issue but I am not using MT4 for International charts only. I have got MT4 Charts with MCX Data feed and International data feeds. However I have seen that if International charts and Indian charts don't match it is better to either stay away or play extremely short term for small targets because rupee volatility can move the market only so much.

Thats not right one can get 50paisa net after brokerage on just watchin one mnt chart :thumb:
Many time I got 50paisa + on seeing bearish harami candle and shorted and it gave me my tgt sometime i booked at 60 and it fell 2Rs:lol::lol:

 

[Lambuking]

Thats not right one can get 50paisa net after brokerage on just watchin one mnt chart :thumb:
Many time I got 50paisa + on seeing bearish harami candle and shorted and it gave me my tgt sometime i booked at 60 and it fell 2Rs:lol::lol:

That's the fun thing about market .... You take profit it goes in your direction :annoyed: and if you don't it goes against you :rofl: . That's why I have kept myself a fixed target. If i get that everyday I will be happy in general. Sometimes I will be sad because I could have gotten like 6-7 rs, somedays I will be happy because it might have turned after matching my target and Somedays I will be pissed off because it will almost go to TP and turn and give a loss. Part of the game I suppose :clap:

 

[praveen taneja]

That's the fun thing about market .... You take profit it goes in your direction :annoyed: and if you don't it goes against you :rofl: . That's why I have kept myself a fixed target. If i get that everyday I will be happy in general. Sometimes I will be sad because I could have gotten like 6-7 rs, somedays I will be happy because it might have turned after matching my target and Somedays I will be pissed off because it will almost go to TP and turn and give a loss. Part of the game I suppose :clap:

Dont know about you bro but usually i trade copper and get 50 paisa in trade and 2-3 time in a day is sufficient for me

 

[TraderDude]

I am trying to make a living trading copper.I haven't got a method per say but I try to determine the trend and go accordingly. My aim is to earn 2.65 Rs on a daily basis. 2.65 will give me 2500 rs profit on a single lot after removing my brokerage expenditure(Zerodha). I will post my views on the prevailing trend every morning and take a trade accordingly. I follow a SAR methodology with double the lot size in case of a loss,aiming for recouping my losses as well as acheiving my profit target . I will enter a position by max 10:30 and hold it until I get my target or Market closes. S/L will simply entail a trade in opposite direction.
Initial Capital 65000.
Starting Position 1 Lot Copper.
Trading Platform used: Zerodha Trader.
Charting Platform: Metatrader4.

Dear ,

Determining the trend is not a problem. Statistically any market will consolidate or trade sideways 70% of the time. That means the trends will not occur everyday.

So if you want to make money everyday , YOU MUST LEARN TO TRADE SIDEWAYS MARKETS.

and be careful trading sideways markets. Sideway markets means that smart money is either accumulating or distributing their positions. Using volume analysis will help a little, but you never know what smart money will do.

My suggestion is you wait till congestion or sideways markets ends , then the smart money will either mark up or down the price , this mark up or down is what you call the trend.

Most people get slaughtered trading sideways markets. Market usually move in below pattern

consolidate - breakout - trend - consolidate - repeat.

you make most of your money in the breakout - trend part. So stick with that.

I m not sure you can make money trading only copper , you have to look at other markets if you want to make money everyday, because not everyday you are going to get a trend.

Sorry for the long write up. but i see many people getting slaughtered trading with smart money, that's why its called "smart" money. They know how to take your money.

Good luck!!