Trading Challenge - 1 (Crude oil - 1.75 L to 1 Cr in 300 trading days)

[ScorpionKing]

Gm all,

Exited lead @ sell 147.15, was in @ buy 146.9 X 1 lot.

 

[ScorpionKing]

spent a long time in going over my shortcomings as a trader. lead was sideways until a while back so i did not trade after that one lone trade in the morning.

the list is quite long - just highlighting the main areas of concern -

a) scalping is a good weapon but i need to upgrade my arsenal

defense - i am working on it

correction - really - if serious - stop scalping / trading until you can trade positional or else just keep scalping away - focus on just one style at one time - that is the only and available alternate - period.

b) money management all over the place - (eg - no proper and decisive parameters to decide number of lots per trade)

defense - i am scalping so it does not really matter as long as i know the trade loss limit and abide by it - lots are anyway decided on the strength of the trade set up which is dynamic

correction - whatever - but ONLY buy number of lots below max number of lots you can afford in holding even when scalping, period

c) scalping metals is alright

defense - i have done it in the past and it does work

correction - scalping with near invisible volume ?? - height of stupidity - to cease this wild ride asap. you scalp only where there is high volume - period.

d) trading mini lots is a pain and for the learning period only

defense - i do not think i want to go back to mini lots at this stage. i am doing fine trading main lots

correction - from now you trade nothing but mini lots - period. (it is never what you 'think' you are that decides the rules of combat)

e) look to increase scalp trade quantity

defense - intend to work on the same asap - working on self and charts

correction - good - use weekend or take a break for a few days to fine tune yourself. a few days of 'not-trading' never gave anybody a loss.

f) no dedicated trading room/hifi terminal

defense - get disturbed and have to quit trading due external disturbances at times

correction - when you are a 'trader' you get a trading room/hifi terminal - as an 'baby trader' - what you have is not bad. so smile 'kiddo'. Find that one reason to succeed, not the million that do not let you make it.

g) i have other options beside day-trading

defense - but i like the challenge of day-trading so i chose this

correction - be 'worthy' of it - period. if not - go ahead and exercise the 'other options'.

f) having fun??

defense - i do have fun scalping

correction - any real trader would tell you thus - day trading is 'boring'. learning day trading is 'fun' though - lol - hopefully the fun should not last too long if you put in real effort to improve.

Very imp - not to touch the account and no withdrawals allowed once a firm desicion to trade in a disciplined manner has been taken. If in doubt i will withdraw before i start trading. Compounding of capital has to be used or else it is - remain stuck in this rut forever. Luckily i have some emgy funds that i will use for my running expenses and only if unavoidable i will use this last withdrawal from the trading account. However i intend to maintain my trading account at a minimum of 1 L. If i am good 1 L will suffice. Once i work out the emgy funds i will decide if i make one last withdrawal or leave trading capital as it is.

Let me see if i can put to good use the few days i intend to rectify the above and come back stronger whenever it feels like i am ready to 'trade'.

Lol, just some self analysis i do randomly to keep myself in check and try to improve the yet to be born trader in me.

Ignore it or just laugh it off as the rattling of a desperate newbie struggling to make it at any cost.

 

[ScorpionKing]

hi all

today just spent an hour to try out and test live the strategy that is almost going to be my final weapon for the next 50 weeks ahead.
(300/5 ie 5 trading days per week = 60 weeks - 3 weeks gone by = 57 weeks left - 7 weeks i may not trade for some silly reason or the other = so effective time i have is 50 weeks)

i am nearly all set for monday and will take tomorrow off too from the challenge. need a few final tweaks to get set.

withdrew money from trading account to make it 1 L exact but the trail trades today took it up again by some 2000 odd. i may not need any more than a few live trades now i am sure so whatever the capital on monday morning is will be my start. like i stated earlier - this was my final withdrawal.

now i will be primarily hunting crude and occasional trying or learning to trade positional in metals mini lots on holding.

and yes - if this set up works well (will decide by Saturday evening final) then i can afford to post my trades in real time. let me see how well i adapt to the tweaks i made.

all i need from the week coming up is this - 16550 net / 3310 net avg daily. i will be just working towards the weekly target and once a while yes - review the big picture.

goodnight

 

[ScorpionKing]

Gm all,

just entered crude mini shorts @ 4906 - final tweaking in progress - let me see - i may wrap up today after this trade and that will be that i guess

edit - ok, out @ 4900 - all 10 mini lots - trade closed (small gains i know but it was a good trade)

waiting for pullback and may re-enter short or long if this was a bear trap - let us see.

1114 hrs - ok - edit: short again - looks like crude is on the way down to me (i am on the 3 min chart so my view is narrow and restricted and very short term)
- let me see how good i am adapting to my new TP - will move to 15 min TF if it moves in my direction unlike last one which was a scalp
rolleyes: - contra i know - trying new stuff)

edit 1127 hrs - exit @ 4900 (sell was @ 4900) - was 10 mini lots again - so took a brokerage loss hit - i am done for a while - going back to tweaks. Good trade - did not let ego delay exit and closed trade as soon as doubt set in.

edit 1255 hrs - short 10 minis @ 4895

 

[goldenedge]

Gm all,

just entered crude mini shorts @ 4906 - final tweaking in progress - let me see - i may wrap up today after this trade and that will be that i guess

edit - ok, out @ 4900 - all 10 mini lots - trade closed (small gains i know but it was a good trade)

waiting for pullback and may re-enter short or long if this was a bear trap - let us see.

1114 hrs - ok - edit: short again - looks like crude is on the way down to me (i am on the 3 min chart so my view is narrow and restricted and very short term)
- let me see how good i am adapting to my new TP - will move to 15 min TF if it moves in my direction unlike last one which was a scalp
rolleyes: - contra i know - trying new stuff)

edit 1127 hrs - exit @ 4900 (sell was @ 4900) - was 10 mini lots again - so took a brokerage loss hit - i am done for a while - going back to tweaks. Good trade - did not let ego delay exit and closed trade as soon as doubt set in.

edit 1255 hrs - short 10 minis @ 4895

way too many trades. You need higher reward risk ratio to make this sustainable.

 

[ScorpionKing]

way too many trades. You need higher reward risk ratio to make this sustainable.

i will look at ways i can implement your advice seriously.
(due to a misconceived notion i have embedded in my brain i count only positional as trades - must rectify this i know).

took one scalp that went ok - second scalp was brokerage loss.

third trade was as per 1 hr and in positional and number of lots is capped so as to roll over if required - added 10 more lots @ 4915 so the avg holding is 4905 X 20 mini lots. (shorts)

guess this is the last trade for today. this positional trade will decide if i just scalp from monday or do an occasional positional too.

good trading to you

Edit - squared off position @ 4879. Hard for a scalper to let go a juicy profit. Positional remains a impossible dream, lol.

Done for today, was good - some 4000 plus i guess. No point in being foolish and losing it by risking my luck.

 

[ScorpionKing]

just looking at charts from a positional trader POV - have no idea how you prepare but this is how i was doing it -

zinc - 1 hr

 

[ScorpionKing]

received my book last week and i was really exited about this read.
most of you may have already read it but for those who have not it is a great inspiring read

https://www.amazon.com/Complete-TurtleTrader-Investors-Overnight-Millionaires-ebook/dp/B000W94CZ8
(lol - i have nothing to do with amazon - just posted the link from where i made my purchase)

just a quote from the link above -
This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires.
What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. Convinced that great trading was a skill that could be taught to anyone, he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train. His recruits, later known as the Turtles, had anything but traditional Wall Street backgrounds; they included a professional blackjack player, a pianist, and a fantasy game designer. For two weeks, Dennis taught them his investment rules and philosophy, and set them loose to start trading, each with a million dollars of his money. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend.

 

[timepass]

received my book last week and i was really exited about this read.
most of you may have already read it but for those who have not it is a great inspiring read

https://www.amazon.com/Complete-TurtleTrader-Investors-Overnight-Millionaires-ebook/dp/B000W94CZ8
(lol - i have nothing to do with amazon - just posted the link from where i made my purchase)

just a quote from the link above -
This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires.
What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. Convinced that great trading was a skill that could be taught to anyone, he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train. His recruits, later known as the Turtles, had anything but traditional Wall Street backgrounds; they included a professional blackjack player, a pianist, and a fantasy game designer. For two weeks, Dennis taught them his investment rules and philosophy, and set them loose to start trading, each with a million dollars of his money. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend.

Does turtle say anywhere that "past performance is not a guarantee of future performance" ??

 

[rjshem]

received my book last week and i was really exited about this read.
most of you may have already read it but for those who have not it is a great inspiring read

https://www.amazon.com/Complete-TurtleTrader-Investors-Overnight-Millionaires-ebook/dp/B000W94CZ8
(lol - i have nothing to do with amazon - just posted the link from where i made my purchase)

just a quote from the link above -
This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires.
What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. Convinced that great trading was a skill that could be taught to anyone, he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train. His recruits, later known as the Turtles, had anything but traditional Wall Street backgrounds; they included a professional blackjack player, a pianist, and a fantasy game designer. For two weeks, Dennis taught them his investment rules and philosophy, and set them loose to start trading, each with a million dollars of his money. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend.

one of my all time favourite book along with jesse Livermore's reminiscence of a stock operator I read and reread manytimes still don't get bored also recommend for all traders who like reading books.