Trading as a part time profession.

[rajendrani]

Thanks Rajendrani for this great thread. It will certainly give a ray of hope to people who are serious about trading but always doubt that trading = watching market tick by tick and has inconsistent return patterns. I strongly believe that trading can be done on part time basis.. but it has to be taken with dead seriousness like a business of a trader.

Generally, most of us, when we do something part time, we tend to take it very casually. Moreover when we have other earning, the committment is further reduced and we end up trading for hobby. That is the main reason, why most of parttime casual traders can't make it big in trading.

As long as people take the trading as business, your thread is providing them good base to get started.

Keep it up.
Happy Trading

Thanks bro for your appreciation and you had rightly said it has to be taken with dead seriousness likes a business of a trader.

Regards,
Rajendrani

 

[rajendrani]

Wishing all of you a "HAPPY REPUBLIC DAY"

Vande mataram.

 

[moneypick]

Wishing all of you a "HAPPY REPUBLIC DAY"

Vande mataram.

Jai Hind

................................

 

[rajendrani]

TRADING THE RALLY AND DECLINE​

We know that a uptrend or downtrend is made of rally and decline. Rally and Decline if traded properly can give good profit. We just have to keep in mind that in UPTREND, we have strong rally and weak decline and in DOWNTREND, we have strong downtrend and weak rally.

Trading the rally
Once we get a pivot low or a potential pivot low, we go long above the high of the bar + filter and stop loss at the low of the pivot low filter and we move our stop loss once we have even a small break in the rally

Trading the decline
Once we get a pivot high or a potential pivot high, we go short below the low of the bar filter and stop loss at the high of the Pivot high + filter and we move our stop loss once we have even a small break in the decline.

Suppose we are in uptrend, we will be getting strong rallies and weak declines, here we have an option to go with rallies only and avoid declines or if declines are traded then keep a tight stop loss and trade exactly opposite if we are in downtrend.

Examples of trading the rally and decline

Trading rally and decline profit may be small but will definately add up. First stop loss can be at the pivot high or pivot low depending on the trade you are in and the you can shift the sl at the small break of the rally or decline or can also keep at 2 bar back just for safe exit. Do what suits your mentality, backtest and then apply the method.

 

[yogesh-tiwari]

Hi Raj,
Thanx for this beautiful way to explain Pivot-trend trading.
Just had one question in mind. As per the following quote, does it mean that we enter/exit trade everyday or can we carry a trade to next day, since we are using daily chart, as we are already aware of Pivot High/Low/SAR of our current trade?

USING THE VISUAL PIVOTS METHOD, HOW WE MAKE IT HAPPEN?​

We will be using Daily charts only,
Every Evening at the end of the day, we check the point where we can enter at the next day, if the entry point is too far, we wait till that time and do not enter unless we have an entry. This has to be done on every trading day.
In morning at 10.00 am we need to place our order for entry, if already entered we put the SL or SAR order for our existing trade, and this has to be done on every trading day.
We just keep on marking our PH and PL on the chart and once our SAR get hits we reverse automatically as our SAR order is been placed in the morning.

It is absolute must that every morning you place your SAR order is already entered or place entry order is proper entry point is near.

If for any reason you are not able to place your order personally then do it through your broker. But make sure you do it without fail.

 

[pkamalesh]

hey thanks rajendra for ur great thread...went through only now....great keep up the great work...interesting...

 

[rajendrani]

Hi Raj,
Thanx for this beautiful way to explain Pivot-trend trading.
Just had one question in mind. As per the following quote, does it mean that we enter/exit trade everyday or can we carry a trade to next day, since we are using daily chart, as we are already aware of Pivot High/Low/SAR of our current trade?

Buddy, we carry trade to next day, the reason I say that we have to put our SAR or SL or entry order every single trading day is because our exchange doesnt allow the order valid for the contract, its only for a day, so every order if not triggered will not be valid for the next day, so you have to manually do it again in the morning. Hope I am clear with your doubts.

Thanks and regards,
Rajendrani

 

[dnana]

hi raj
thank u for ur posts
me here a part time beginer trader
like to know if u have AFL to plot pivot high and pivot low for amibroker
if any have please send to my mail
dnana_28@y a h o o . c o m
it will be helpfull to fine tune my learning in pivots
thank u

 

[rajendrani]

hi raj
thank u for ur posts
me here a part time beginer trader
like to know if u have AFL to plot pivot high and pivot low for amibroker
if any have please send to my mail
dnana_28@y a h o o . c o m
it will be helpfull to fine tune my learning in pivots
thank u

No buddy, I am really sorry, I have zero knowledge in amibroker formulaes, may be some one who knows better can help. Even I would be happy if I could find some forumuale for the same.

Thanks and regards,
Rajendrani

 

[fjl24]

This thread is for all those who would like to take trading as their part-time job. This is for those who dont get much time to read all those big books and still trying to understand the very basic of trading. With the view that this thread will be useful to all those new comer and even myself who is still a newcomer to the trading.

As I am from different profession and I came across trading when I left my job, and with the help of seniors in this forum, specially the saints teach a man to fish... I had gathered good confidence in trading. What I liked about saints teaching was its simplicity, with which he just didnt make things complicated. If we are going through all big books, personally I myself get scared looking at those number of pages, even if I start reading a book, I loose my interest in midway.

At present I have a job and still doing my trading and touch wood I have been doing great, Now myself making money in trading, I thought of teaching the same to my family members and friends so that even they get benefit out of this and myself help increasing my knowledge toward this.

I have compiled my own theory for the benefit of my friends and famiy member which I am sharing with you.

Hope you all like it.
Thanks and regards,
Rajendrani

Hi Rajendra

Just came to know of this thread of yours today. Very kind of you to take the initiative of starting this thread and sharing your knowledge.

Myself - am taking baby steps in this field. Dream to one day make it a full time profession.

Am in full time service and tried to indulge in intraday trading as a beginner but am not able to cope up with it as it demands a good amount of time and uncompromising devotion from the trader.

I may not be able to contribute in terms of knowledge at such an early stage but would definitely try to participate in this wonderful thread of yours.

A warm regards to all our seniors and a big hello to all the newbee members like me visiting this thread. Our Gurus and seniors if by chance you happen to stumble on this thread then would request you all to please shower your blessings and knowledge on us newbees and please bear with us and our ignorant and may be sometimes silly questions.

I too have read Saint's "Teach a man to fish" and have yet to read his other threads on miniflows etc.

Dear Rajendra - myself have yet to go through the complete posts on this thread of yours - will get back once i do so.

Once again thanks a million for this initiative.

Best Regards
Floyd