Thoughts on Day/Swing Trading

[Smart_trade]

Hi ST
It is good to see you posting. I hope your back is much much better now.
While reading your posts on R:R, monthly targets with respect to one's trading capital etc., I suddenly remembered a post by a relatively new member that I read on some thread last night.
He wrote essentially something like: Day trading doesn't mean one has to trade everyday.
And I was like, man how right this guy is! Because I think the compulsion to trade everyday is one invisible killer of ledgers. As we all know that there are some objective things about market which are applicable to all traders, but also there are subjective things peculiar to a given trader. That is, sometimes the market doesn't 'behave' to one's style of trading. Pushing oneself to trade just because one is sitting before the terminal, is a mistake. IMO, one can never trade properly if one is not feeling in sync with market. No matter how good is the methodology, the MM, or the system. A mistake by a dejected mind may wipe out days', sometimes whole week's, profits! (happened to me many times!

When I acutely observed myself trading, I found myself making stupid mistakes when market was playing in a very narrow range. A little headfake off the channel, and I would think it's gonna be breakout/breakdown...and plomp! It'd fall/pull back, hitting my SL.
But now, the moment I catch myself getting pushy, I just switch off the terminal, listen to some music sitting in the rocking chair, or make some coffee and sit outside in the the fresh air for an hour or so.

I hope this will help some of my fellow traders.

Good night all

PS. Just found the post I mentioned above, it was by Abir. Here is the link:http://www.traderji.com/day-trading/59141-please-help-newbie-day-trading.html#post585028

What you said is the essence of trading , EagleOne. Trading requires the mind and the method to be in synchronisation with the market . Not taking a trade when your method asks you to stay away is also a trading decision and a very important one too ........if one can avoid urge to take unnecessary trades, it is one big step to be on positive side if the ledger. This is more true in daytrading as here the margin of error is small....

Smart_trade

 

[VJAY]

Hi ST
It is good to see you posting. I hope your back is much much better now.
While reading your posts on R:R, monthly targets with respect to one's trading capital etc., I suddenly remembered a post by a relatively new member that I read on some thread last night.
He wrote essentially something like: Day trading doesn't mean one has to trade everyday.
And I was like, man how right this guy is! Because I think the compulsion to trade everyday is one invisible killer of ledgers. As we all know that there are some objective things about market which are applicable to all traders, but also there are subjective things peculiar to a given trader. That is, sometimes the market doesn't 'behave' to one's style of trading. Pushing oneself to trade just because one is sitting before the terminal, is a mistake. IMO, one can never trade properly if one is not feeling in sync with market. No matter how good is the methodology, the MM, or the system. A mistake by a dejected mind may wipe out days', sometimes whole week's, profits! (happened to me many times!

When I acutely observed myself trading, I found myself making stupid mistakes when market was playing in a very narrow range. A little headfake off the channel, and I would think it's gonna be breakout/breakdown...and plomp! It'd fall/pull back, hitting my SL.
But now, the moment I catch myself getting pushy, I just switch off the terminal, listen to some music sitting in the rocking chair, or make some coffee and sit outside in the the fresh air for an hour or so.

I hope this will help some of my fellow traders.

Good night all

PS. Just found the post I mentioned above, it was by Abir. Here is the link:http://www.traderji.com/day-trading/59141-please-help-newbie-day-trading.html#post585028

Ahh nice eagle ... smae things are happening to me too ....nice you remembered me it again.....trying hard to avoid these things....thanks for your suggetion.......:clap:

 

[jallanankit]

A thought which comes to me as i read all these good stuff..

I dont remember where but somewhere on TJ, i found tht a post mentioned about maintaining a traders diary..To quote in as much as u can for the entire day after the end of the day.. Well, i have tried my hands on tht.. As of now, i m commenting on just for my entries and exit, the reasons for the same and market action there after.. After a week's time, when i see the losses there(they have substantially reduced) and the ones still present there are because of my indisciplined self... Discipline is what i think we all need to practise in markets to earn some good money CONSISTENTLY..

I hope this works for u guys also..!!

-

 

[EagleOne]

Ahh nice eagle ... smae things are happening to me too ....nice you remembered me it again.....trying hard to avoid these things....thanks for your suggetion.......:clap:

Thanks to you, Vjay - and to all others who took time to read a post that I just wrote before going to bed. Actually I was thinking to write how Ralph Vince's logic would kill a day trader in no time. Then I thought, well, some other day...

By the way, that 'trying hard' thing is a mirage which our minds find very comforting. But it has no expiry date: It can last till one's last breath!

Just do it. Now!

One thing I can safely say: almost all regular TJ members have fairly good knowledge, enough learning to get decent profits in trading. They fail, that is another matter.

You can always move from thread to thread, forum to forum, book to book, looking for ways to become as good as Saint, ST and all. But here is a little teaser for you: How about becoming as good as you think or feel you are?

Not understood? Well, do you yourself a favor then. Watch 'Animal Planet' everyday - religiously. You will see some of the wisest traders in action. And the understanding will come without 'trying hard'.
(I don't need to. Around me, it is a live show 24/7 in 3-D...besides, I don't have TV!

Good night to you all

 

[Bigbear]

Thanks to you, Vjay - and to all others who took time to read a post that I just wrote before going to bed. Actually I was thinking to write how Ralph Vince's logic would kill a day trader in no time. Then I thought, well, some other day...

By the way, that 'trying hard' thing is a mirage which our minds find very comforting. But it has no expiry date: It can last till one's last breath!

Just do it. Now!

One thing I can safely say: almost all regular TJ members have fairly good knowledge, enough learning to get decent profits in trading. They fail, that is another matter.

You can always move from thread to thread, forum to forum, book to book, looking for ways to become as good as Saint, ST and all. But here is a little teaser for you: How about becoming as good as you think or feel you are?

Not understood? Well, do you yourself a favor then. Watch 'Animal Planet' everyday - religiously. You will see some of the wisest traders in action. And the understanding will come without 'trying hard'.
(I don't need to. Around me, it is a live show 24/7 in 3-D...besides, I don't have TV!

Good night to you all

:clapping::thumb: Nicely said Eagle1 ! One thanks was not enough

 

[chanduforex]

Guys whom I admire ST,Raghavacc,saint and Now Eagle is joining elite group.

 

[Satyen]

Hi Dada and others .....

Was Looking into Nifty Charts of Pasts Found every major trend kicks off from listless/sideways market indicated by Low ADX < 20 ....

And every Trend started with Gap Pivot Either On Daily Cahrt or In 60 min chart .... We can trade 60 min chart to enter into trades

Posting Some Example

On Jan 2008 we had a Steep Fall ..... But looking at 60 min chart thing is different ...
posting two charts ....

 

[Satyen]

If Some time We dont find 60 min gap Pivots then after brak out on daily we have Gaps on Daily chart like follow ...

On Daily chart we have a pivot break out then pullback towards break out level before penetrating to break out level we had a 60 min pivot break to enter ..... like the recent one ...

On 6o Min ............

 

[RENUKA HARDASANI]

Re: nac Calling JOBBERS/SCALPERS

a very good and clear example
of trade
on the bases of chrting
thank you

 

[Smart_trade]

Very valid observation .....Satyen. A strong trend always starts after the period of dull ,listless period. Expect a dull accumalation / distribution to happen after a strong trend action. This cyclical nature of volatility is very much certain and hence predictable. Well done....

Smart_trade