Need Help to decide the future

[ashu1234]

Dear Ashu,
I looked at chart you attached. Which moving averages do you use?
I use 8-30, are there any other indicators you refer to.
If possible pls share your trading strategy. Thnx in advance.

I don't use moving averages, but instead use ichimoku clouds which are based on intelligent combination of moving average itself and that too on hourly tf to keep the noise out. Basic charting with 2-3 moving averages and one oscillator is enough.

 

[tspact]

Do you keep position overnight? And what stoploss you follow, is 0.5% stoploss okay for higher time frame?

I don't use moving averages, but instead use ichimoku clouds which are based on intelligent combination of moving average itself and that too on hourly tf to keep the noise out. Basic charting with 2-3 moving averages and one oscillator is enough.

 

[ashu1234]

Do you keep position overnight? And what stoploss you follow, is 0.5% stoploss okay for higher time frame?

I stopped trading stocks, but for stop loss(as you are interested in indicator and mechanical thing) there are many good trailing stop loss scripts which you may find useful, and it depends on script to script as you can't justify pullback of every script in a certain percentage. Its all good money management with right entry which you need, rest can be mechanized i think.

 

[tspact]

Thnx Ashu for replying to my queries
I did change time frame and automatically most of false signals are gone.
I will change to moving average 3-15 on hourly chart from moving average 8-30 15 mins chart. But I would like to ask one question about swing trading where we keep positions overnight. From my backtesting I did not find any case when system gives signal at lets say but SBIN @ 2000, day ends its price is 2003. I keep it open and next it opens at 1800, I assume this is very rare case. What's your take on keeping positions open overnight.

I stopped trading stocks, but for stop loss(as you are interested in indicator and mechanical thing) there are many good trailing stop loss scripts which you may find useful, and it depends on script to script as you can't justify pullback of every script in a certain percentage. Its all good money management with right entry which you need, rest can be mechanized i think.

 

[ashu1234]

Keeping position open is always risky, but if you are swing trading and as I said your conviction is strong you have to take risk, if you are decided to keep big position overnight, always look ahead what events are coming like recent GDP announcement few days back which changed the market picture for most of the traders who were overly bullish, most traders fail to account it. If your script gaps up or down, you have to bear risk as its a part of trade.

 

[Smart_trade]

First of all I am sorry to hear about your losses.

If you are loosing your confidence in 15 K loss, then I am afraid you are still not ready to plunge into full time trading . Swing trading on MA crossover is not for you. You need a system which is very finely tuned and which will give you trades on tight stops.

I think you have made a mistake in leaving your job and starting as a full time trader on just backtesting and papertrades. Actual trading experience is totally different.

You are still not ready for being a full time trader. If you can go back to your job, that will be the best action for you.

Smart_trade

 

[Rish]

Wrong decision, go to Job "first". Nobody can help you in this world if you take wrong decisions. My sincere advice, be in the service till you make your self financially strong.

 

[EagleOne]

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[tspact]

Thanx ST Sir
I will surely think about you suggestion.
Can I avoid whipsaws using any indicator?

First of all I am sorry to hear about your losses.

If you are loosing your confidence in 15 K loss, then I am afraid you are still not ready to plunge into full time trading . Swing trading on MA crossover is not for you. You need a system which is very finely tuned and which will give you trades on tight stops.

I think you have made a mistake in leaving your job and starting as a full time trader on just backtesting and papertrades. Actual trading experience is totally different.

You are still not ready for being a full time trader. If you can go back to your job, that will be the best action for you.

Smart_trade

 

[Gaur_Krishna]

Try PSAR & trendline break .....

Regards,
Gaur_Krishna

Do you keep position overnight? And what stoploss you follow, is 0.5% stoploss okay for higher time frame?