Trading Challenge : My journey from 1.5Lakh to 6Lakh in 5months
- Thread starter SwagatN
- Start date
Date 30 may 2018
First trade was a counter trend LONG on TATASTEEL after it rejected the previous day low. The trade did not perform as expected and was scratched
2nd trade was on TATAMOTORS, another counter trend attempt after a strong gap down (a conitnuation of yesterday's bearish momentum), but it failed to go down, This trade too did not perform and got scracthed.
3rd trade was a mistake, This was not actually a counter trend setup as per my plan, but I misread the HTF chart and took it. It did not perform or hit SL for a long time, so i scracthed this too
Net Position
First trade was a counter trend LONG on TATASTEEL after it rejected the previous day low. The trade did not perform as expected and was scratched
2nd trade was on TATAMOTORS, another counter trend attempt after a strong gap down (a conitnuation of yesterday's bearish momentum), but it failed to go down, This trade too did not perform and got scracthed.
3rd trade was a mistake, This was not actually a counter trend setup as per my plan, but I misread the HTF chart and took it. It did not perform or hit SL for a long time, so i scracthed this too
Net Position
Performance Review for May 2018
So here I completed my first month of the challenge. There are total 36 trades with only 30% accuracy and closed the month with a net loss of 2.7% (including all costs). The project started with a negative curve, even though I slowly recovered the losses and managed to enter in to positive by the mid of 2nd week, but many wrong trades/wrong decision made me eventually loosing those gains, and for last 10 trades I am on a loosing streak.
Things that went right
1. The biggest achievement for me was to keep going no matter what. By the first 3 days of the challenge I was down by more than 3%. In past many times I had been to this situation, and my usual action was to take a break. I used to stop trading for few days and used to come back only when my psychology gets okay to accept the loss. but not really working on the factors of why the loss happened on first place. But this time I stayed in the game to find out where I am going wrong. I reduced the risk to be in the game. Kept trading my methods to expose its weakness and kept improving on few needed points. So no more running away from market to hide the weakness, This time my intention is to expose all..All the loose ends will get connected this time.
2. Second positives for me was to sincerely maintaining the trade logs to keep a watch on my P/L.
3. With the above two points I am now closely watching my methods and my performance from a day to day basis. may be i wont be able to express this in words, but I feel a tremendous satisfaction inside me (even if I am not profitable) )which I had never felt before and this gives me the confidence that my target can be achieved.
Things that went wrong
1. Lots of wrong trade due to bad judgement during market hours.
2. Lots of missed trades
3. Not used scaling in properly to make most out of a trade.
4. Bad trade management almost in every winning trade (pre-mature exit)
Points to Focus on for next month
1. Many small tweaks were applied to the system over this 3 weeks, With a discretionary system this can be proved detrimental in long run. So complete whatever work you feel is necessary on methods as soon as possible and keep fixed guidelines for live actions
2. Categorise the trades in to specific trade setups, and include the name of the trade setups in trade log. This will help to evaluate the trade better and even in long run it will help to find out the profitability factor of each trade setups, and one can act on high probable setups.
3. More practice to eliminate error in judgement during live market. Put effort to minimise taking wrong/invalid trades. The winning ratio will increase dramatically if this is checked.
4. Review rules on scaling in and start incorporating adds in live sessions.
5. A checklist for exit to avoid pre mature exits.
=====================================
A lot to be done, A long way to go.
But once success is a habit, its all downhill.
... NEVER GIVE UP...
So here I completed my first month of the challenge. There are total 36 trades with only 30% accuracy and closed the month with a net loss of 2.7% (including all costs). The project started with a negative curve, even though I slowly recovered the losses and managed to enter in to positive by the mid of 2nd week, but many wrong trades/wrong decision made me eventually loosing those gains, and for last 10 trades I am on a loosing streak.
Things that went right
1. The biggest achievement for me was to keep going no matter what. By the first 3 days of the challenge I was down by more than 3%. In past many times I had been to this situation, and my usual action was to take a break. I used to stop trading for few days and used to come back only when my psychology gets okay to accept the loss. but not really working on the factors of why the loss happened on first place. But this time I stayed in the game to find out where I am going wrong. I reduced the risk to be in the game. Kept trading my methods to expose its weakness and kept improving on few needed points. So no more running away from market to hide the weakness, This time my intention is to expose all..All the loose ends will get connected this time.
2. Second positives for me was to sincerely maintaining the trade logs to keep a watch on my P/L.
3. With the above two points I am now closely watching my methods and my performance from a day to day basis. may be i wont be able to express this in words, but I feel a tremendous satisfaction inside me (even if I am not profitable) )which I had never felt before and this gives me the confidence that my target can be achieved.
Things that went wrong
1. Lots of wrong trade due to bad judgement during market hours.
2. Lots of missed trades
3. Not used scaling in properly to make most out of a trade.
4. Bad trade management almost in every winning trade (pre-mature exit)
Points to Focus on for next month
1. Many small tweaks were applied to the system over this 3 weeks, With a discretionary system this can be proved detrimental in long run. So complete whatever work you feel is necessary on methods as soon as possible and keep fixed guidelines for live actions
2. Categorise the trades in to specific trade setups, and include the name of the trade setups in trade log. This will help to evaluate the trade better and even in long run it will help to find out the profitability factor of each trade setups, and one can act on high probable setups.
3. More practice to eliminate error in judgement during live market. Put effort to minimise taking wrong/invalid trades. The winning ratio will increase dramatically if this is checked.
4. Review rules on scaling in and start incorporating adds in live sessions.
5. A checklist for exit to avoid pre mature exits.
=====================================
A lot to be done, A long way to go.
But once success is a habit, its all downhill.
... NEVER GIVE UP...
Date 1 6 2018
First trade was a LONG on LT. on the first attempt I jumped ahead of setup, and entered LONG and scracthed after that. When the setup manifested I entered long for 2nd time, but this time failed to check HTF where the HTF candles are nullifying the setup indicating a no trade. But I entered for the 2nd time and also added to LONG. Lost big here on 2 back to back mistakes.
3rd trade was a SHORT on TATAMOTORS. Price faced resistance near previous day high but 5m trend failed to trend down. Everything was correct from my side on this trade.
Trade details
Net Positions
Contract Notes
Weekly Report
First trade was a LONG on LT. on the first attempt I jumped ahead of setup, and entered LONG and scracthed after that. When the setup manifested I entered long for 2nd time, but this time failed to check HTF where the HTF candles are nullifying the setup indicating a no trade. But I entered for the 2nd time and also added to LONG. Lost big here on 2 back to back mistakes.
3rd trade was a SHORT on TATAMOTORS. Price faced resistance near previous day high but 5m trend failed to trend down. Everything was correct from my side on this trade.
Trade details
Net Positions
Contract Notes
Weekly Report
Date : 4 june 2018
Trade 1 was a SHORT on TECHM. The SHORT trade became slow and grinding after the entry, My exit bit early as I got aggressive for the trade was not performing. Minor profit.
2nd trade was a LONG trade on CIPLA, price failed near previous day low. Entry was timed well as per the setup, and so was the exit. Scaling in could have been used to make higher return. During the next big fall after a failure near day high I could not time my entry for a SHORT trade and gave that trade a let go..
3rd trade was on HDFC SHORT, Attempted short on pullback after the morning sell off. But the trade did not work out and minor loss was made.
4th trade was on TATASTEEL Short. First was in the anticipation of previous day's downtrend continuation. Trade did not work out, there was clear strength coming in on 5m chart. But I failed to scratch it earlier, and made slightly bigger loss.
5th trade was a LONG on TATASTEEL after price breaks above day high in the anticipation of an uptrend. Trade was entered on what seems like a complex pullback, but bulls lost momentum and trade did not work. On this trade too, I had room to scracth the trade earlier which I did not.
Both the trades on TATASTEEL could have been exited on breakeven if I had scratched it on time.
Trade Book
Net Position
========================
Today I had reduced my trade risk to 30% of my actual trade risk, This was done for I was on a loosing streak for last week. Today performance wise day went well, Nothing much will be left to add to equity after the brokerage and commission. But this was necessary., A green day (even if its small) and picking up profitable trades and right entry was hugely needed to gain the confidence back and to stay alive in the project.
Trade 1 was a SHORT on TECHM. The SHORT trade became slow and grinding after the entry, My exit bit early as I got aggressive for the trade was not performing. Minor profit.
2nd trade was a LONG trade on CIPLA, price failed near previous day low. Entry was timed well as per the setup, and so was the exit. Scaling in could have been used to make higher return. During the next big fall after a failure near day high I could not time my entry for a SHORT trade and gave that trade a let go..
3rd trade was on HDFC SHORT, Attempted short on pullback after the morning sell off. But the trade did not work out and minor loss was made.
4th trade was on TATASTEEL Short. First was in the anticipation of previous day's downtrend continuation. Trade did not work out, there was clear strength coming in on 5m chart. But I failed to scratch it earlier, and made slightly bigger loss.
5th trade was a LONG on TATASTEEL after price breaks above day high in the anticipation of an uptrend. Trade was entered on what seems like a complex pullback, but bulls lost momentum and trade did not work. On this trade too, I had room to scracth the trade earlier which I did not.
Both the trades on TATASTEEL could have been exited on breakeven if I had scratched it on time.
Trade Book
Net Position
========================
Today I had reduced my trade risk to 30% of my actual trade risk, This was done for I was on a loosing streak for last week. Today performance wise day went well, Nothing much will be left to add to equity after the brokerage and commission. But this was necessary., A green day (even if its small) and picking up profitable trades and right entry was hugely needed to gain the confidence back and to stay alive in the project.
Date : 06 Jun 2018
Trade 1 was a SHORT on HDFC below 1st 5m bar low, Took this trade as a continuation of previous day's bearish sentiment. But trade did not workout and was scratched.
Trade 2 was a SHORT on YESBANK, a simillar setup like HDFC, But unlike HDFC this trade worked.
3rd trade was a SHORT on HINDALCO, HINDALCO was falling from previous day high after failed to go past it, but the SHORT did not work.
4th trade was a LONG on CIPLA when it bounced from prev day low, This was a high probable setup, My initial entry failed, and I missed the 2nd reentry opportunity. Need to review the SL placement method.
All the trades were taken with only 50% of actual trade risk
AFter 12pm I had to left for some personal work, I had not kept the trade log from the terminal. So posting only the contract note
==============================
Date : 06 June 2018
No trade as I was still busy on some personal work. Will trade tomorrow
Trade 1 was a SHORT on HDFC below 1st 5m bar low, Took this trade as a continuation of previous day's bearish sentiment. But trade did not workout and was scratched.
Trade 2 was a SHORT on YESBANK, a simillar setup like HDFC, But unlike HDFC this trade worked.
3rd trade was a SHORT on HINDALCO, HINDALCO was falling from previous day high after failed to go past it, but the SHORT did not work.
4th trade was a LONG on CIPLA when it bounced from prev day low, This was a high probable setup, My initial entry failed, and I missed the 2nd reentry opportunity. Need to review the SL placement method.
All the trades were taken with only 50% of actual trade risk
AFter 12pm I had to left for some personal work, I had not kept the trade log from the terminal. So posting only the contract note
==============================
Date : 06 June 2018
No trade as I was still busy on some personal work. Will trade tomorrow
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