My trading plan; please suggest the improvements....

WOD

Well-Known Member
#1
Hi Columbs,Nishikant,PT,

As per said creating this to have my trading plan reviewed here by you master traders.

First of all my small intro:
I have been in this buisenss since 9 months and I am not a full time trader; I have got a job to do and trading is part time buiseness where I can afford to spend only 2 hours during market time and 2 hours after market time. (Is it the sufficient time I am giving for my trading?)

During market hours only thing I have access to is nifty chart; I dont have access to nifty futures chart or any advanced technical indicators. (Is it sufficient to have nifty chart for nifty future trading which I am gonna be doing following pivot based system?). Can you suggest me a site where nifty futures ka chart I can see?

Now finally here I am posting my trading plan:

1. Pivot based trading should be used for entering or exiting any trade.
2. Under NO circumstances a trade is executed in first half an hour of the trade.
3. Decide the time frame to be applied to pivot based trading (i.e. for intraday todays lows and highs should be taken as reference points, whereas for positions held overnight weeks low or high should be taken as reference points)
4. Dont force a trade when there is not one. Be patient when circumstances are unclear.
5. STOPLOSS order should be placed immediately after entering into any trade.
6. Profit to loss ratio for any trade should always be 2:1 (i.e. if going for 40 point gains, you need to put a stop loss order 20 points below the entering price)
7. Once target achieved make sure to place square off limit order or stop loss order. (This is to make sure that profits are locked in and still open for any further possible gains)
8. Overnight positions should be avoided as far as possible.(this is to avoid any big damage resulting from any gap opening against the position hold overnight). But under no circumstances a trade should be held overnight on Friday)
9. No more than one trade should be executed on any given day.
10. You are supposed to earn 100 points per week. After gaining which you could decide to not trade any further in that week or could trade only when you protect gained 100 points.


I would be honoured to recieve your comments on my trading plan; If someone else want to give their suggestions on my trading plan, then they are welcomed.


Thanks.
WOD
 

columbus

Well-Known Member
#2
I have been in this buisenss since 9 months and I am not a full time trader; I have got a job to do and trading is part time buiseness where I can afford to spend only 2 hours during market time and 2 hours after market time. (Is it the sufficient time I am giving for my trading?)
Since you are not a full time trader ,do not trade every day.

During market hours only thing I have access to is nifty chart; I dont have access to nifty futures chart or any advanced technical indicators. (Is it sufficient to have nifty chart for nifty future trading which I am gonna be doing following pivot based system?). Can you suggest me a site where nifty futures ka chart I can see?
To be frank Nifty Future chart is enough.If you a knowledge about Indicators
it is a added advantage.You can try Yahoo charts from yahoo finance.
Personally I do not like yahoo charts ,for a simple reason that in X-direction
the is elongated.

Now finally here I am posting my trading plan:

1. Pivot based trading should be used for entering or exiting any trade.
2. Under NO circumstances a trade is executed in first half an hour of the trade.
3. Decide the time frame to be applied to pivot based trading (i.e. for intraday todays lows and highs should be taken as reference points, whereas for positions held overnight weeks low or high should be taken as reference points)
4. Dont force a trade when there is not one. Be patient when circumstances are unclear.
5. STOPLOSS order should be placed immediately after entering into any trade.
6. Profit to loss ratio for any trade should always be 2:1 (i.e. if going for 40 point gains, you need to put a stop loss order 20 points below the entering price)
7. Once target achieved make sure to place square off limit order or stop loss order. (This is to make sure that profits are locked in and still open for any further possible gains)
8. Overnight positions should be avoided as far as possible.(this is to avoid any big damage resulting from any gap opening against the position hold overnight). But under no circumstances a trade should be held overnight on Friday)
9. No more than one trade should be executed on any given day.
10. You are supposed to earn 100 points per week. After gaining which you could decide to not trade any further in that week or could trade only when you protect gained 100 points.
Have a target for day.Once the target is achieved ,stop trading or use
small quantity thereafter.
 

Nishikant

Well-Known Member
#3
Intraday Chart Is A Must

HARI OM DEAR WOD :)


CHARTS AS OF INTRADAY IS A MUST FOR YOU.


http://www.indialivecharts.com


THIS IS THE BEST CHARTING SITE FOR NIFTY SPOT INTRADAY.


YOUR PLAN IS A NICE ONE.


IMPLEMENTING IT IN REAL DAY TRADE WOULD HELP IN REVIEWING ITS ACCURACY.


ALL THE BEST TO YOU :thumb:


GANPATI BAPPA MORYA :)


HARI OM


REGARDS,
NISHIKANT K. HADGE
 
Last edited:

WOD

Well-Known Member
#4
Re: Intraday Chart Is A Must

HARI OM DEAR WOD :)


CHARTS AS OF INTRADAY IS A MUST FOR YOU.


http://www.indialivecharts.com


THIS IS THE BEST CHARTING SITE FOR NIFTY SPOT INTRADAY.


YOUR PLAN IS A NICE ONE.


IMPLEMENTING IT IN REAL DAY TRADE WOULD HELP IN REVIEWING ITS ACCURACY.


ALL THE BEST TO YOU :thumb:


GANPATI BAPPA MORYA :)


HARI OM


REGARDS,
NISHIKANT K. HADGE
Honoured by your quick reply.

Please let me know if I should follow nifty futures ka chart or spot nifty ka chart..

Thanks
Ashish.
 

Nishikant

Well-Known Member
#5
Spot available

Honoured by your quick reply.

Please let me know if I should follow nifty futures ka chart or spot nifty ka chart..

Thanks
Ashish.

NEVER SEEN NIFTY FUTURES OUT THERE.

SPOT NIFTY IS AVAILABLE THROUGHOUT THE TRADING SESSION. :thumb:

REGARDS,
NISHIKANT K. HADGE
 

AW10

Well-Known Member
#7

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