30.10.2015

Entry 1 - Joined at 10:24, but identified the Entry 1 at 10:30 when prices Bounced again from IRH after PB. Did Not Enter at the PB because I was not much confident as Next FTA was near. Thought that exact low risk entry was at PB of PDC only. Entry Avoided.

Entry 2 - Went Long when Prices has given a TST-FTC signal of IRH and Prices found support at Minor Up Trend Line. Had to scratch the traded when prices comes down due to micro SL Management.

Entry 3 - Short at Entry 3 for the following reasons:

1. Prices had broken the Minor Up Trendline

2. Very fast and wide rejection of last attempt to test the previous swing high shows bears had taken the control

3. Prices had failed to take support at IRH third time.

Trailed the position with Swing Points and covered as marked. 

28.10.2015

1. Went Long - Thought Process - Prices were Holding on Day Open (8204) and earlier at 11:27
and 11:25, Two BO attempts to break Lower Range got failed. SL was below the Pin Bar made at 11:27 which got hit
as marked by Blue Line.

2. Went Short - Thought Process - Prices BO at Lower Range and sustained in the area.
Kept SL above the BO Bar. Covered the Position as marked by Blue Line

3. Again Went Long - Thought Process - Last Leg was Bullish and it seems that Bulls have taken the control. SL Hit as marked by Blue Line

4. Went Short - BO of Range Low. Covered the Position as Marked by Blue Line

Result of The Day - The Day Closed with a small Loss and moreover i made my Broker Happy.

 

Mistakes -

1. Ignored the Rule of Master Candle as in both Long Positions earlier i decided to on the following conditions:
 - At No. 1 Long Position, i first decided to went long only once the prices closed above line marked as NS BRN as it is high of the BO candle also
    but went Long when see that prices are holding at Day Open.
2. At Second Long Position Also earlier  i decided to go long only once the prices closed above the last swing High candle made at 13:33, but wnet long in Hurry.

3. At the starting of day i was in view that prices had opened below the PDC and prices are in the Sell Zone and i will only look for the Short Opportunities
 but meanwhile i forced my self to take Counter Trend Positions and Ignored the Current Bias

How to Learn Day Trading

Replica from Nifty Nirvana. Thanks for the Guidance.

http://niftynirvana.blogspot.in/2012/02/how-to-learn-day-trading.html#comment-form

How to Learn Day Trading

If you are ready to take a little effort, you can learn it really fast.

I assume you have some basic knowledge.

First thing you have to do is selecting your time frame. If you cant stand the Formula 1 speed of 1M chart select 3M or 5M.

Now decide how many points of Nifty you need to capture. If it is 10 add another 5 points for commission and slippage. So you may need minimum 15 point move.

Next step is to open your historical chart. Mark all the 15 points or above moves on this chart. Note down or better mark on the chart the following

1. Location from where the move started ( HOD, LOD. PDH etc.}

2. Location where the move ended

3. Locations where the move paused

4. Notice and note down the pattern which triggered the move (BOF, TST, BPB etc)

5. Mark where you could have entered with the least risk. With a minimum RR of 1:1

6. Decide on your high probability patterns and high probability locations

Do it at least on 100 charts. The more the better.

Now go live with Mini Nifty. Stick to your locations and patterns. When in doubt stay out. Don’t chase. Maintain strict discipline. Slow and steady will win the race.

Don’t worry if you cannot invent  You can always do Reverse Engineering

06 Oct 2015, Tuesday

Prices opened Full Gap Up on the day and initial Bias was UP. Took first trade Long in the direction of Bias but the Location was not an DP. Closed the trade with a small loss of 7 Points (including Brokrage). Prices Re-tested the PDH and RN DP. It was a Good setup to enter short but did not enter as I was already in long position.

Prices approached to the MSP-8125 and the most of the bars were overlapping bars which shows a range in market. Entered Long on Second BOF of Day Low and MSP-8125. Prices moved up and after breaking the MSP prices came down rapidly and hit my SL.

By this time, I noticed that prices are moving in a descending channel and decided to buy on BOF of Channel Low Line. BOF of Channel Low happened and Entered Long. Covered the Position on FTA.
 

05 Oct 2015, Monday

On the day I traded with the On-Going Analysis and Trading Sheet Process and as we can see from charts that I took the first trade long on BPB of RN and covered it once the BO candle closes. Thereafter I went for some work and came back near about in noon. Till than I was following my set processes and when I re-joined then I left the on-going analysis apart (refer the On-Going Analysis Sheet of the Day) and did not wish to log into that and took three counter trend trades (Short) one after another and bring my account from profitable to loss account.

 

Lesson Learnt -

 

1. Follow the Process as it controls the urge to enter immediately without any thought which is a bad habit in me and must be controlled. This is the only procedure by which it can be controlled.

2. Always trade in the direction of Current Market Bias.

15 Sep 2015 & 30 Sep 2015 - Method of Improving Discipline During Trading

The above charts are showing trading done by me on 15th Sep and 30th Sep 2015. I have taken a long time to accept the reality of the act done by me which is quite clearly visible on the above charts. I badly hit my accounts and my confidence to trade too. It took me a long to analyze my mistakes and pen down those mistakes and then to find a way to check these mistakes. The details are as below:

 

15th Sep 2015 - Mistakes

 

(a) Lack of Discipline

(b) Entering into Trades one after another seems like doing revenge trading and trying to chasing the market instead trading

(c) Lack of Trade Management

(d) Money Management is Totally Missing

 

30th Sep 2015 - Mistakes include the above and below line

 

(a) Trading against the market Bias.

 

I recognize the above mistakes needs to be corrected and after various + and - processes, finally I developed a process which automatically prevents me for doing these mistakes. The only requirement is to update the data in the excel file and it will automatically calculate the data and I need to analyse and refer this data on regular basis during the session . The snap shot of the process is as follows:

 

On-Going Analysis:

The sheet is self explanatory and inspired from the chart technical.blog.com. It will be used to log the on-going analysis during trading sessions so that I can concentrate on the well determined DP and I should not chase market one after another trade.

 

Trading Sheet:

 

It will be used to log the trades to know and get updated about the current account status so that I can judge and take a effective decision on upcoming trading session. It also includes a "Trading Feasibility Check" Module which gives me a correct idea that if my SL get executed then what will be my account status and on the basis of that I can make the effective decision.

 

 

I am sure that if I will follow the process then I will skip the above mistakes automatically.

 

Happy Trading :)