New Perspective - Day Trading

[primitivetrader]

Thank you for your recommendation...I did read Trading in the zone and Mark Douglas has been my favorite author for years...several other books on those lines... I think your success also depends on what circumstances your brain works optimum....are you a good at making decisions on fly, meaning quickly which warrants to be in STF n your brain processes information slowly which will help you with LTF...your beliefs related Money and other beliefs which are so deeply ingrained and hard coded in you ..you don't know which conflicting belief is causing what magic at which event....which can be deterrent in you being successful...I think it's more complex...but there is light at the end of the tunnel...I know this might be sounding lot of Gyan...but just giving my perspective..


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if the author is your favorite for years and still you are having so much of mumbo jumbo, it means you have not worked, studied and applied his (or any other author(s)) methods/tactics to have a trader's mindset.
I don't know what is your trading experience, but what I do know that if you are committed to trading for a couple of years then you can easily know what is your calling trading be it HTF/LTF/ITF.

whatever you have written above I have gone through this phase in my trading career and it leads to self pitty hopefully you have different experiences and positive outcomes.

 

[Schatz]

there r thousand ways to solve a problem.... there r many ways to be successful at trading.... and each of them requires different set of skills ... like if u r somebody who has slower mental reflex u dont want to do day trading... perhaps go for EOD strategies... if u r somebody who is worried abt unlimited risks trade hedged strategies... so find out what suits ur mindset ... anybody can be successful any any field but not everybody can be Sachin Tendulkar .. dont aspire to be Sachin.. try to be good at something.. if u have it in u , u would become like Sachin in trading... nobody knows that in advance.. Sachin did not know when he started.. so dont go there yet.

 

[MMN]

there r thousand ways to solve a problem.... there r many ways to be successful at trading.... and each of them requires different set of skills ... like if u r somebody who has slower mental reflex u dont want to do day trading... perhaps go for EOD strategies... if u r somebody who is worried abt unlimited risks trade hedged strategies... so find out what suits ur mindset ... anybody can be successful any any field but not everybody can be Sachin Tendulkar .. dont aspire to be Sachin.. try to be good at something.. if u have it in u , u would become like Sachin in trading... nobody knows that in advance.. Sachin did not know when he started.. so dont go there yet.

The problem with EOD strategies, considering the brain is processing information slowly is you don't get a chance to short when you are trading in cash market....So you wouldn't be able to trade both sides ...your trading is restricted... FNO EOD trading needs huge capital n overnight risk...which is not wise unless you have proved your forte in EOD strategies.... This becomes a roadblock to try n test if you are really made for this...

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[Schatz]

why don't u list down all ur difficulties at once so that i can try to address them if u like.. state ur background , trading exp and result so far in a short summary

 

[MMN]

why don't u list down all ur difficulties at once so that i can try to address them if u like.. state ur background , trading exp and result so far in a short summary

Sure

Background - belong to middle class family...seen a lot of financial struggle in childhood....now I am financially stable..working in a firm...which has different working time than trading hours...Age late 30's

Trading Experience- started in 2014....have been a part time trader since then ...trade from 2 hours a day to 5 Hours ....took a sabbatical for 6 months to an year in between for 2-3 times due to disappointment with trading performance

Trading profile. Day trading...Boom and Bust...not been consistently

I make 20-25 percent in a month with small capital of 10k with 8x leverage....the moment I increase my capital loose entire profit in couple of days....the cycle is never ending..

Trading system - descretionary with set of rules...which I tend to break

1. I break rules when I turn my profit into losses
2. I break the rules when the losses are beyond my threshold
3. When I get into station syndrome
4. Any haphazard big move not in my favour

I primarily make losses when
1. I get into fast moving stocks which has some event attached to it....I don't want to but somehow I end up getting into it.


Do let me know if you have any other questions
My goal is to become full time trader someday hanging on trying to create a new version of myself via learning everyday in the hope I will find light at the end of the tunnel.

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[Schatz]

Being a full time trader is an extremely difficult task. There r ppl who have been consistently making money for few months/years suddenly blow up their accounts. But first let me correct some misconceptions:
1. U cant make 20% in a month and sustain. It is impossible. Lets be realistic. Set your target about 3% after cost... even the best guys would struggle to make more than 5%.
2. Don't take too much leverage. It does not help in long run. Its fine to take leverage as per overnight margin... Dont fancy MIS thing and all.. those r products to benefit brokers ..
3. U need sizable capital to trade... 10K is way too small to even try trading... u r just wasting ur time and that small amount of money as well... and that is why probably u r nt making any progress.. just imagine 3% of 10k is how much...300 rs.... can u spend so many hours to make 300 rs in a month ..
4. then again before committing any serious capital... u need to study the market...backtest and have a proof of concept to risk ur hard earned money.. perhaps open a virtual/paper trading account to test ur trading ideas.
now face some reality .. r u educated enough to even think about trading full time... u must have done 15-18-20 years of education to land up in a decent job... do u think u can make it to full time trading with no mentor and just few years under ur belt .. these r important considerations ...
when i say "you".. i mean any of us...

if u cant follow your own rules... this is not the place for u ... either quit breaking rules or quit trading...
risk only that much amount of money which does not matter to u when u start.. so that money is not part of ur decision making process..... just tell urself onething "I will do the right thing and dont think about money".. take it some pts system.. u gain or lose pts..
and dont trade events at beginner stage

 

[Schatz]

when i started out nobody told me all these .. it may seem like not much of importance... but trust me understanding various nuances of this profession is more important than trading method/system... everybody is talking and thinking about this that indicators and when to go long and short... but u would be surprised to know that entry is not that important... what makes money is how u EXIT (that includes risk mgmt and position mgmt) .. i can enter both long and short at the same time and perhaps make money in both positions by exiting differently or managing the pos differently...

 

[MMN]

when i started out nobody told me all these .. it may seem like not much of importance... but trust me understanding various nuances of this profession is more important than trading method/system... everybody is talking and thinking about this that indicators and when to go long and short... but u would be surprised to know that entry is not that important... what makes money is how u EXIT (that includes risk mgmt and position mgmt) .. i can enter both long and short at the same time and perhaps make money in both positions by exiting differently or managing the pos differently...

THANK YOU for taking time and helping me. I do appreciate it alot.

And I do agree the best trader is the one who knows when to get out....

The reason I am not increasing capital is if I am not able to be consistent with less capital it doesn't give me the confidence that I can with higher capital....

Regarding breaking rules are working on myself...

Regarding profitability you are right I didn't make 20% on consistent basis

Yes I will seriously consider getting help from trained professional. Thank you

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[Schatz]

just one more thing... in trading training world its tricky.. be sure to check trainers actual trading performance before u decide to take that service.... u want to learn from somebody who makes most money from trading not from training

 

[MMN]

Personal question -You may choose to answer or ignore I am fine...

Would you mind sharing your journey in becoming a consistently successful trader... challenges you came across and how you addressed it..

Any professional help you sought...what factors you looked at before zero in on one specific professional for help

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