My trades based on "new way of pivot trading" and vwap

[aja]

Oh hi, Karan bhai, Hope I remember the name correctly.

No one here knows the name Prachi..

Btw, thanks for posting here. hope u r doing fine and will be active again. :thumb:
Last time u were bit impatient and also deleted ur thread. :annoyed:

Anyway, Welcome back !!!

Hi Karan Bhai,Viju and I were discussing about those traders who trade vwap and luckily you posted.I have few queries on vwap,I think your pm is full?Pls make a room for new pm's.I have only 5-6 queries.

 

[aja]

There is a very danger problem I am facing.

 

[Aman1]

kyo dra rahe ho bhai

 

[aja]

I take a trade. It will either succeed or fail.
If it fails-no problem,I have one more chance to make it breakeven.

If it succeed-I made 300rs, now I have a fear that if I take another trade,I will lose this profit and I will end a day with 2nd trades loss+ brokerage.

This is the biggest misery when you trade with very small amount and I even dont know how to face this situation.It breaks you inside

 

[Aman1]

I take a trade. It will either succeed or fail.
If it fails-no problem,I have one more chance to make it breakeven.

If it succeed-I made 300rs, now I have a fear that if I take another trade,I will lose this profit and I will end a day with 2nd trades loss+ brokerage.

This is the biggest misery when you trade with very small amount and I even dont know how to face this situation.It breaks you inside

This is a mental cobweb. What do you know about expectancy? What is your R:R?

 

[aja]

This is a mental cobweb. What do you know about expectancy? What is your R:R?

I'm a Scalper by temperament and the choice so 1:1,1:2 is RR

Agar thodi bhi gadbad lagi to mai position hata deta hu

 

[aja]

Aman Bhai,are you using vwap
Why is it looking different?It has many dotted SD's.
what are those?

 

[Aman1]

No problem will try to help you. Here is something I did when I was in drawdown/ when I had blown my account many time and when somebody inculcated a good trading habit in me. If you follow it you will be out of danger soon.(If you like it only then. There is no compulsion)
1. You are fiddling with your trade once you enter it. That's wrong. Let it either hit your target or your stop. To do something about +ve expectancy do the following:

2. My trading plan is like this:

a)
Ist trade= win trade no. 2 allowed.

Trade1 win + trade2 win = Stop trading for day
B) Ist trade= loss = stop trading for day
C) Ist trade= win + trade2= loss = stop trading for day
D) 3 losing days = stop trading for week

This is a conservative approach but is a fullproof scheme to avoid account busting.

You can devise such plan yourself. But with the above plan I was able to come out of drawdowns several times.

Good luck!

PS: If you are new or don't know about expectancy I can give a small pdf to read.

 

[Aman1]

Aman Bhai,are you using vwap
Why is it looking different?It has many dotted SD's.
what are those?

These are standard deviation bands around vwap. In simple term if price is at vwap then it is expected that it will move to 1st SD band at the minimum. Hence it is minimum target for price movement.

 

[aja]

I read about expectancy in ST Da's thread Though on Day/Swing Trading.