My daily charts _ trade notes

pareshR

Well-Known Member
#1
Hello Friends,
In these thread i keep my charts, trading psychology ,notes n quotes, I have improved my trading method, system , psychology here at TJ's , Tj's members are always helping ,inspire n motivate me, thank you all Traderji members, this is my first thread, and its only for learning n education purpose,


my system is very simple BB, MACD, RSI indicators,


ST Sir said “ Money management and Trade management are important then AFLs”

Amitrandive said “ Success is nothing more than a few simple disciplines, practiced every day, while failure is simply a few errors in judgment , repeated every day, It is the accumulative weight of our disciplines and our judgment that lead us to either fortune or failure “- Jim Rohn

Subhadip said
“ every day mark your trade & make model trade according to your method, keep the dairy , analysis to be every day, how many you have left there due to fear and early exit, after one month you will see that you are following the method,
Main problem is that you are not showing the confidence in your method, just to it religiously and enjoy
 

pareshR

Well-Known Member
#3
"In the beginning your aim should be to develop confidence and structure. Get comfortable with your trading strategy, develop good habits and discipline and be prepared to do whatever it takes to achieve success. It is critical that you avoid getting yourself into a situation where you are desperate and have to make money – this is the situation that more than any other seems to have the most destructive effect on a person and their ability to trade well.” – Matthew Silvester,
 

pareshR

Well-Known Member
#4
The Personal Responsibility Formula
Jack Canfield in The Success Principles introduces this formula for taking responsibility :E + R = O (Event + Response = Outcome)
The basic premise of the formula is that you cannot control the events that happen, but the outcome that you get from such events is then governed by how you respond to them.

In trading terms I have adapted this formula to the following: M + T = P&L (Market + Trader = Profit and Loss) Your trading results are an outcome of how the market trades and how you trade the markets. Which do we have greater control of? How we trade the markets.

“The one thing you can control is you.” – Mark Douglas, Disciplined Trader
 

pareshR

Well-Known Member
#5
“It’s very easy to lose focus; throughout the day, you get emails, phone calls, text messages, letters, etc, all of which have nothing to do with your trading life and can easily distract you. If you see yourself frequently losing focus, you need to establish a ritual to get back into the game. Recall Jonny Wilkinson’s ritual preparation before a penalty kick. It might be a simple checklist of procedures that you go through, but it’s essential.” – Harold Cataquet,
 

pareshR

Well-Known Member
#6
“Don’t get emotionally attached to your trades. You’re going to have losing ones, and expecting every one to make you rich means it’s that much harder
to cut your losses when required.” – Ruban Rajendran, oil trader


ST Sir ( post 32578) " when the good set up comes, you must grab that and enter into a trade without worrying about whether that trade is a winner or a loser "
 
Last edited:

pareshR

Well-Known Member
#7
How does a lion fetches its food? Day Trading

A lion, will wait, patiently, for its prey to be at an attack distance. It positions itself so that its prey can be cornered. When the right time comes, it attacks with a high speed. Strikes with a precision. It catches the prey at the right place and focuses on its kill until it is over.

Now question your self.


Are you patient enough to wait for the right trade set up.

More than 50% of time market runs in side trend. It takes longer time to fuel a trend momentum. But the trend lasts for a shorter duration. Can you wait patiently until a trade set up is complete? That is why I say trading is boring.


Can you make the right decision in one or two seconds.

Market is dynamic. Unlike the study of day bars, where the market is closed and there is plenty of time to make decision, until the next day, study of minutes bars poses a challenge. The market is open and changing. There is hardly any time to make decision. In such a situation, can you make trading decision in seconds?


Are you ready to wait until a valid buy / sell signal is triggered.

Premature entry to a trade will make your trading life miserable. If the valid signal has not yet triggered, there are more chances that the trade may go opposite, to the expected direction.


Can you place and execute the required orders, before the prices moves away from the price of entry.


Once a trade entry is triggered, the prices reaches the target in a very short time comparatively. I have seen the target achieved in less than a minute. Such a dynamicity requires a fast decision and a fast action.


Can you focus on your trade without any sort of disturbances, until the trade is completed.


After the trade is triggered, anything can happen. It may be a false break out and the price might reverse immediately after the entry. The trade might achieve its target and reverses, so the once profitable trade will turn into a loss trade. Or it might linger in a side movement, wasting the precious time. So once you enter your trading room, no phone calls, no chit chating, no TV, no story books. (And no quarreling with your spouse, or no romance also.) You cannot combine day trading with other businesses. So can you spare your undivided, undisturbed, attentive trading mind, until the trade is completed.

Are you young and energetic?

Maximum percentage of beginners who succeed in day trading, are below the age of 35. Younger age tends to be dashing, takes higher risk and makes decision faster. Older age tends to be more slow and avoids risk. Same is true for learning any other faculties, like swimming, car driving, skiing, para jumping, etc;. But once you have trained your day trading mind, continuing at older age may not be a problem.

source : internet
 

pareshR

Well-Known Member
#9
copy from copypasteaee (post :32988 , 08-Feb-2016)


The basic ideas remain the same:

1. Dont run from one system to other system
2. dont run from one TF to other TF
3. dont run from script to script
4. dont increase position size when you got some good move in ur favour
5. dont run away from a system when it has given you continuous whipsaws, infact its best time to raise position sizing.
6. Maintain a separate trading account for testing trade ideas (which stand BACKTESTED already), may be with little capital of 50-100k. This ensures that you do not play with your money with a new idea. take only well tested ideas to your main account (1-2 year bar replay and successful 3-4 months sandbox live trading)
7. try to have some mentor and dont tell lies to him. Accept that you took trades without system.


http://www.traderji.com/general-trading-investing-chat/96368-general-trading-chat-3299.html
 
Last edited:

Similar threads

Broker Special Offers

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Name:Phone:
Email:City:
State:
Are you a day trader?