Jun 6th '20 - Trades till now.

Jun 1st Trades

SBIN

Formed a p-pattern with a LONG entry @ 167.5, SL @ 165.3 and TP @  171.3. R:R - 1:1.73

Price went up to 171.2 and then retraced.

12:21 - SL 168.7
12:37 - SL 170.3
Trailing SL hit @ 12:43
Day Hi 171.4

Balkrisind

Formed a p-pattern with a LONG entry @1129.3 SL - 1119.3 TP - 1154.3 R:R - 1:2.5.  R:R - 1:2.5                                                               

Closed at 3:15pm.
The trade could have been avoided since the candle before breakout candle was not a bullish candle.

The TP was too far on Mar 2nd '20

Jun 3rd Trades

Bergepaint

Formed a p-pattern with a LONG entry @512.3 SL - 508.7 TP - 521.7 R:R - 1:2.5.  

13:08 - SL modified to 509.7
13:54 - SL 512.3
14:20  - closed at 513.45

When I discussed the trade with my mentor, he said that 522 was a wrong TP since there was a resistance around 517 and when I checked it was infact 515-515.4 that was the low of Apr 24th.

Escorts

Formed a p-pattern with a LONG entry @993.3 SL - 984.3 TP - 1004.7 R:R - 1:1.27.  

When I discsussed the tarde with my mentor, he told me that the resistance of 1005 was too far and it was infact in May 2018.

The price went upto 1003 but retraced.

12:40 - SL 991.3
12:41 - SL 994.3
12:54 - booked @ 996.5

Godrejind

Formed a p-pattern with a LONG entry @ 341.3 SL - 337.3 TP - 348.7 R:R - 1:2.11.

13:06 - Booked 80% i.e. 56 @ 349.95
13:06 - SL 345.7 for remaining 14
13:15 - Trailing SL hit

Kotakbank

Formed a p-pattern with a LONG entry @ 1375.3 SL - 1362.7 TP - 1428 R:R - 1:4.18.

13:00 - SL 1367.3
13:46 - SL 1367.7
14:07 - SL 1382.3
14:18 - SL 1392.3
14:38 - Exited at 1424

My mentor was also eyeing this trade at 1379. He was sure that it will fire after 12:30.

Jun 4th Trades

HDFC

Formed a b-pattern with a SHORT entry @ 1794.3 SL - 1807.7 TP - 1771.3 R:R - 1:1.72.

First short trade that I took confidently.

12:03 - was showing some reversal hence squared off @ 1773.6 however it went further down and ow made 1759. Piv was @ 1766

HDFCBank

Formed a b-pattern with a SHORT entry @ 1025.3 SL - 1032.3 TP - 1002.3 R:R - 1:3.29.

11:35 - Started reversing hence squared off @ 1006.7 however it made a low made 992. Piv was @ 999

Indigo

Formed a p-pattern with a LONG entry @ 1064.7 SL - 1053.3 TP - 1114 R:R - 1:4.32.

14:55 - SL 1099
14: 57 - SL 1102
15:02 - Trailing SL hit.

TVSMotor

Formed a b-pattern with a SHORT entry @ 352.3 SL - 355.7 TP - 343.7 R:R - 1:2.53.

Discussed the trade with my mentor and he cautioned that there is good support at that level. I reviewd and found that indeed there was a support at 351.5. The stock did not move below 350 and reversed and hit the SL.

Including the TVS trade, at least 3 trades were not clean. There has to be more effort in shortlisting the candidates which has the "move" potential.

In these patterns the SL is not very deep hence the R:R can be good however its important to judge where the pattern is forming vis-a-vis the VWAP and previous day range (my mentor does not consider the shadows/wicks in the previous day range) and to know if there is ample room for the trade to move i.e. the "Free Trade Area (FTA)".

The patterns are simple. All one needs to do is be aware of the location and the FTA.

The 10 trades have yielded 29% approximately, which is huge.

May 27th '20 - Birth of a new Hope?

Losses, Losses, Losses.

That's all I have been encountering and the two reasons for that has been:-

1. Not sticking to a method.

2. Not sticking to a SL.

Every time money was put in the account, it went down faster than it went up. Tried day trading, tried swing but got the same result. The balance went up for few trades and then it started going down and the loop of repeating similar mistakes continued.

The trades started as a day trade and owing to no adherence to my SL, it became a swing trade and then the stock went so much down that it became an investment hence the balance got stuck and I kept on losing time to make any improvement.

Excused myself saying, "good that this has kept the funds stuck as that will prevent me from day trading".

However, deep inside I prayed, hoped, begged that the price goes up so that I can start making money. DID NOT HAPPEN.

I wanted to play just the Pullbacks (PB) but in live markets, entered before the PB happened or at a lower level thinking it will be a better bargain while not considering that the price has started reversing. 

Then the averaging of the loser happened at regular intervals. Sometimes it paid off giving a false hope that yea this worked and when it did not, it took away all the profits. tsk. tsk.'

Price action is what I wanted to trade as have shunned indicators for a long time however the understanding was not being implemented. 

Read Wyckoff, Stan Weinstein, a bit or Mark Minerveni, saw Linda Raschke videos and the list is long. Nothing worked because of the fact that I did not persist with anything for a long time. I jumped and hopped from one method to another, from one trader to another, from one author to another.

Gathered knowledge about price action, market profile, day trading, swing trading however the results were still poor.

On May 26th '20, while visiting one of the many Telegram channels I was part of, saw a message of a gentleman mentioning how he has been trading price action for the last 2 years and has been successful. He put up a link to his Youtube channel with a "Note: This is not at all promotional.. sharing here which is working for me".

As usual I got attracted to it and visited his channel, and boy was I surprised. He had posted the charts of his trades and explained the logic of why he took those trades. All were breakout trades and even though I avoided taking breakout trades as against PB trades I watched all of his previous videos.

Was hooked. 

Send him a DM on Telegram and he responded. I kept of asking him queries and he kept on answering. Did backtest on stocks and it seemed great.

Started paper trading on live charts from Jun 1st '20, with a notional capital of 15k. Took two trades and made a gain of 4.9% before brokerage and govt. expenses.

Was so happy that it worked. Shot him many queries and he gracefully replied. He guided me when I made mistakes. He showed which trades he is taking live. He showed me the path. He became my mentor in a very subtle way. I kept bothering him and he kept responding.

From 1st Jun to 5th Jun, took 10 trades and 9 out of those ended in profits. Really.

One which ended in loss was a wrong selection as the support was very near and I shorted it. Yes, I started shoring which was a no-no for me.

A gain of 29% on those 10 trades is awesome.

Will post the charts of the trades I took and why. 

This seems to be the beginning of new journey. How efficiently I handle it will define how I fare in this.

When I gain enough confidence, and that I will because I have understood the patterns and have been able to identify them in real-time, I will start trading with just 5k in equity only.

6th Feb '16

Still making similar mistakes. The biggest is not putting SL while taking a trade.

Most trade are PB trades which are going fine but I need to incorporate SL properly to see consistency.

Paper trades on 8E21S strategy is going superb. Since implementation of the strategy on 11/12, the success rate is 94%. The best part of the strategy along with my modifications is that the max loss on any trade can be 32 points per lot and the max win is unlimited.

The RR is 2.4

Paper Trades:
Nov Month : 28.5 Points
Dec Month : 119.5 Points

Date  : Net Points (including all costs)
04/01 :   51.2 (Trade exit date).
08/01 : 301.1 (Trade exit date).
13/01 : 166.3 (Trade exit date).
19/01 : 148.1 (Trade exit date).
21/01 :   84.1 (Trade exit date).
25/01 :     2.1 (Trade exit date).

Jan Month : 753.0 Points

Date  : Net Points (including all costs)
02/02 :  161.3 (Trade exit date).
04/02 :  122.3 (Trade exit date).

Feb Month : 283.5 Points

All I need to do is implement the same in my current plan or at least get out of trades @ 22 points. Have not been able to replicate due to a lot of biases however have to have a firm resolve of implementation alongwith SL management.

Date  : Net Points (including all costs)
08/01 :   44.6 (Trade exit date).
11/01 : 106.1 (Trade exit date).
12/01 :     5.9 (Trade exit date).
13/01 : 150.1 (Trade exit date).
15/01 :   11.2 (Trade exit date).
28/01 : - 74.3 (Trade exit date).

Jan Month : 243.6 Points

Date  : Net Points (including all costs)
01/02 :    47.8 (Trade exit date).
03/02 :  - 60.7 (Trade Active).

Feb Month : - 13.0 Points

I missed my Jan target due to my poor trade management and am down in Feb due to poor SL management.

However, I will only get better from here.

I will achieve and exceed what I am aiming for.

11th Jan '16

A very beautiful beginning indeed.

Paper Trades:
Nov Month : 28.5 Points
Dec Month : 119.5 Points

Date  : Net Points (including all costs)
04/01 :  51.2 (Trade exit date).
08/01 : 301.1 (Trade exit date).

Jan Month : 352.3 Points

Started live trades on 08/01 with TWO lots. Since there was no entry as per the 8E21S method, I started doing some price action trading. Primarily PB and BO trades.

Have been fortunate enough to have entered and exited at right places.

Highlights:
1. Have been able to curb impulse trades. However juicy it seemed, have not entered at EOD.
2. Have not looked at getting big profits, its all have been to have a positive day i.e. capital preservation is first priority.
3. Kept SL as soon as entered the trades.

Date  : Net Points (including all costs)
08/01 :   44.6 (Trade exit date).
11/01 : 106.0 (Trade exit date).

Jan Month : 150.6 Points

Now I need to ensure that I keep a sane head and keep nibbling on my target of 300 points. I will not be available the next week so will not keep any open trade past this Friday 15th Jan.

May I achieve what I wish for.

1st Jan '16

A Brand New Year.

Good beginning to the year. Started paper trading with TWO lots now.

As per plan, booked ONE lot at 1.5 R.

Nov Month : 28.5 Points
Dec Month : 119.5 Points

Date  : Net Points (including all costs)
01/01 : 53.5 (Exit date will change when both lots are liquidated)

Jan Month : 53.5 Points

May I achieve what I wish for.

31st Dec '15

Last day of the year and I resolve to adhere to the rules of my method by 100%.

I will be going live soon with this method and may go live with 2 lots.

1st lot will be booked at 1.5 R and second lot will be as per exit rules.

Nov Month : 28.5 Points

Date  : Net Points (including all costs)
01/12 :     -7.7 (Equiv)
03/12 :    21.1 (Equiv)
07/12 :   -26.0
08/12 :   -13.0
09/12 :    43.0
10/12 :      4.2
11/12 :      2.0
15/12 :   -32.0 (Trade exit date)
22/12 :    58.0 (Trade exit date)
24/12 :    38.8 (Trade exit date)
30/12 :    31.0 (Trade exit date) 

Dec Month : 119.5 Points 

Highlights:
1. Target for Dec of 100 points met. 
2. Two consecutive months of positive closing. 
3. 51 trades in Nov vs 22 in Dec.
3. As per Lance Beggs, trades should not be looked upon in isolation but in a group of 20 each for positive or negative outcome. Based on that:
       5th to 16th Nov -->   49.3
     16th to 23rd Nov -->  -65.0
23rd Nov to 3rd Dec -->  53.7
 7th Dec to Current  --> 142.7

With 2 lots now, Jan target is 300 points.

Target for 2016 identical  (adjusted for 2 lots now)as 2015. Did not meet the targets in 2015 even by a long pole. Will meet in 2016 for sure. It is MY year. The beginning of turnaround.

Nifty Futures	Target Points for Month
Jan-16	300
Feb-16	300
Mar-16	300
1st QTR	900
Apr-16	350
May-16	350
Jun-16	350
2nd QTR	1050
Jul-16	400
Aug-16	400
Sep-16	400
3rd QTR	1200
Oct-16	450
Nov-16	450
Dec-16	450
4th QTR	1350
Annual	4500

I believe I am doing things correctly and will continue to make changes to ensure I am doings things correctly.

28th Dec '15

Day trades were getting a bit too swift for my liking. Not that I was not able to tackle it but it was more time-consuming.

Also reverted to NF as BNF as a monster was too good for my current skill level. Will catch up soon with it.

Made some modifications in the Subhadip's MA method. Have not backtested BNF with this method, just NF and the results were encouraging. Between 4th Nov to 14th Dec, it gave 469 points; much better than my monthly target of 100 points.

 So started paper trading on it since 15th Dec.

Date : Net Points (including all costs)
Nov Month : 28.5 Points

Date  : Net Points (including all costs)
01/12 :     -7.7 (Equiv)
03/12 :    21.1 (Equiv)
07/12 :   -26.0
08/12 :   -13.0
09/12 :    43.0
10/12 :      4.2
11/12 :      2.0
15/12 :   -32.0 (Trade exit date)
22/12 :    58.0 (Trade exit date)
24/12 :    38.8 (Trade exit date)

Dec Month : 88.5 Points

No. of trades has decreased. 51 in Nov vs. 22 in Dec till now.