Ok. So which system/s will I follow?
Before I list down the systems I plan to follow, this is the snapshot of my progress so far. April just about started (from Derivatives perspective) and I am already in RED.
What a curve :-D
This will change.
For Day Trading.
1. Gann Square of Nine (inspiration Bramesh Bhandari)
2. Gann Square of Nine - Counter Trade (inspiration Bramesh Bhandari)
3. OHL (inspiration Bramesh Bhandari)
4. GAP filling (inspiration Bramesh Bhandari)
5. Price Action based on Decision Points (inspiration Nifty Nirvana)
(Will not disclose any details of of BB methods. NN method is free for all so may share them)
For Positional Trading.
No System as yet. Will add when zero-in on something. (Important as I do not intend to keep myself glued to the screen forever)
Rules.
Putting a set of rules is the easiest thing to do however adhering to them is the actual thing. Have not followed these rules till now, will I do it going further?
Not sure but then why am I putting up a this whip?
1. EGO and Trading CANNOT go hand in hand.
2. No bargain hunting i.e. if the long entry price as per system is 8521, then will not enter at 8518 to gain 3 points as bargain.
2. Will be DISCIPLINED enough to adhere to systems fully, even when they give me a string of losses.
3. Will lock-in profits via TSL while looking for big gains.
4. Not getting emotional during trades.
5. Not taking revenge trades.
6. No panic to enter or exit a trade, more so during entries. Markets are there to stay even if I am not able to enter one day or one week or one month.
7. Will always ensure capital protection when I am in profits and moreso when I am not in profits.
8. Will NOT average out my losers. Will only add when I am in profit.
9. Two successive losses in a day, means no more trade for the day. Four successive losses in a week, means no more trade for the week.
UPDATE based on 10th Apr trades.
Two losses in a day, successive or not, means no more trade for the day. Four losses in a week, successive or not, means no more trade for the week.
UPDATE based on trades till 2nd Apr.
Two losses in a day, successive or not, means no more trade for the day. Two losing days in a week, successive or not, means no more trade for the week.
10. No Hoping/Praying. Only Discipline and adherence to EP, TP, SL, TSL.
11. No adjusting of SL once in the trade, ONLY TSL can be adjusted towards the profitable side.
12. Become friendly with my psyche and market action. Learn. Rinse. Repeat.
As little as 5 net points a day (post brokerage and other costs) will give me 1000 points in a year. This is as good as 100% return for the year.
No need to try and become filthy rich in a month, but if done consistently it will happen sooner than we can imagine. Once we become consistent with the methods and execution, scaling up will be a minor thing.
Very important to document the WHY of the trade.
Best of luck to me. It will all fall in place.
Before I list down the systems I plan to follow, this is the snapshot of my progress so far. April just about started (from Derivatives perspective) and I am already in RED.
What a curve :-D
This will change.
For Day Trading.
1. Gann Square of Nine (inspiration Bramesh Bhandari)
2. Gann Square of Nine - Counter Trade (inspiration Bramesh Bhandari)
3. OHL (inspiration Bramesh Bhandari)
4. GAP filling (inspiration Bramesh Bhandari)
5. Price Action based on Decision Points (inspiration Nifty Nirvana)
(Will not disclose any details of of BB methods. NN method is free for all so may share them)
For Positional Trading.
No System as yet. Will add when zero-in on something. (Important as I do not intend to keep myself glued to the screen forever)
Rules.
Putting a set of rules is the easiest thing to do however adhering to them is the actual thing. Have not followed these rules till now, will I do it going further?
Not sure but then why am I putting up a this whip?
1. EGO and Trading CANNOT go hand in hand.
2. No bargain hunting i.e. if the long entry price as per system is 8521, then will not enter at 8518 to gain 3 points as bargain.
2. Will be DISCIPLINED enough to adhere to systems fully, even when they give me a string of losses.
3. Will lock-in profits via TSL while looking for big gains.
4. Not getting emotional during trades.
5. Not taking revenge trades.
6. No panic to enter or exit a trade, more so during entries. Markets are there to stay even if I am not able to enter one day or one week or one month.
7. Will always ensure capital protection when I am in profits and moreso when I am not in profits.
8. Will NOT average out my losers. Will only add when I am in profit.
9. Two successive losses in a day, means no more trade for the day. Four successive losses in a week, means no more trade for the week.
UPDATE based on 10th Apr trades.
Two losses in a day, successive or not, means no more trade for the day. Four losses in a week, successive or not, means no more trade for the week.
UPDATE based on trades till 2nd Apr.
Two losses in a day, successive or not, means no more trade for the day. Two losing days in a week, successive or not, means no more trade for the week.
10. No Hoping/Praying. Only Discipline and adherence to EP, TP, SL, TSL.
11. No adjusting of SL once in the trade, ONLY TSL can be adjusted towards the profitable side.
12. Become friendly with my psyche and market action. Learn. Rinse. Repeat.
As little as 5 net points a day (post brokerage and other costs) will give me 1000 points in a year. This is as good as 100% return for the year.
No need to try and become filthy rich in a month, but if done consistently it will happen sooner than we can imagine. Once we become consistent with the methods and execution, scaling up will be a minor thing.
Very important to document the WHY of the trade.
Best of luck to me. It will all fall in place.
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