Tuesday, June 3, 2014

Nifty, having reversed in hour t/f, extended its gains in day T/F.


anand said...

Letter to JN
A Confession of a Member of Losers Anonymous : I invite personal experiences of people here.
In last 1 and 1/2 year I have worked to be disciplined with Stops, triggers, etc; learn TA/EW; reading trading psychology for 2 years and worked on personal indiscipline.
As is told that in the first year target is for break even, I must feel good that despite many drawdowns I am able to save the precious capital.
So in 1st year – I have been able to trade HEMA-LEMAs –Good With Trend BUT not Trading ranges – which take my gains made in impulse moves. Have not been a pure JNSAR trader (sticking with plain SAR was never my effort and never did it purely), I want to learn good trading and not just money as of now.
So far “rivers were rivers and mountains were mountains”- initial learning and discipline. But my biases for shorts, giving back gains, not sitting out, not putting stops , overtrading, etc were there as is with a beginner and some of them are still there.
Over this time, I have now been able to put longs as well, follow the triggers for entries, keep SL at 20 points, etc. But I do commit mistakes at times and 100% discipline is missing.
Now as I confessed a few days back – I am glad to have sustained 1st year (just 1 on this long journey)- and now when I am moving to 2nd year where I must be able to ride both longs and shorts smoothly, part book and not only wait for re-entry but have to learn intraday as well.
Rivers are no longer rivers and mountains are no longer mountains.
I am not going to give up since I know this stage arrives in any skill learning where you start doubting yourself if you are made for it or is this worth the efforts and focus? (I recall learning typing is such a skill where you learn the basics easily –but learning the skill of speed typing- becomes tedious and many give up at that point ; but beyond that you get fluent)
Losses- I have made large in the past and recovered – yes almost losing what I could not afford to and attended 5 AA Meetings as well after that.
Now, I am not in loss- back to breakeven, though I have not retained the gains made in this bull run. So many times I have started again in last 15 months - I am ashamed to tell but I always came back :-). Why should I now start again this time? Difference is: Now I am INTO IT….No more testing waters / running sprint- but preparing for a marathon.
Good things: I am able to see patterns, able to see waves (as a beginner and not Master) and understand TT well even if I still struggle with Indicators and channel drawing which comes with experience. Time has no substitute- I have to give my 10,000 hours. So it’s too early to give up.
Have started giving EoD posts whether I made loss or gain for the day – now the pain is not that much since its part of game.
I also know, I must stay on the path – markets are forever. I might be just at the tipping point.
I am learning to cope with newer/ unseen risks like freak trades hitting / SL jumping, wrong trade entries (Yes longs instead of short / wrong price/ wrong type of orders)
May major problem (to be specific) :
My entries are as per trigger (Easy since entry is a science?) but am not good at exits especially part booking and re-entries. Get whipped in intraday moves even if my originals are ok. Intraday trades hit me and are not comfortable.
Master has been kind enough to guide me and I had decided to stop , sit out and do paper trades- in a way punish myself before I am back… But his post mentioning my name- made me write this and take that last trade !
A long mail – but many of you would have gone thru this path and can guide me….!! My fears are now raising their heads and before self-doubting takes me in – I want to work on it…and ready to start again from tomorrow..!!
Thanks for reading this confession…Hope 1 day I read it and see how far I have reached..!! And hope it makes me better like my earlier “rock bottoms”! Cheers !! All the best to the great souls here ….!!
An Unworthy Disciple of a Great Master….! I feel really bad wasting your precious guidance..!!

shriram said...

Anand: prima-facie, i faced similar issues..

my own SWOT told me the following:

1. Due to part-time nature of my trading, SAR based ENTRY was NOT USEFUL for me
2. My nature was to Hit-n-run.. so I had to look for diff. ways to enter & exit the market (OTM writing)
3. PATTERN TRADING offers the best ENTRY & pattern Tgts are easy to work out & trail for guys having trouble following an EMA

To me, market is like an opponent whom u cannot defeat.. it only allows breif windows to jump in & out... so u go pap-pap-pap with the left jab & unleash 1 right hook when the market is weak & get the hell out !

Hit n Run, Stick n Move, put on the Dance shoes in the Boxing ring. Thats the only way to survive.. not by being "RIGHT" , but by being " Hi_Prob" oriented

See if this helps. Best wishes :-)

Prabhanshu Raman said...

Hi Anand,
I m still in your situation. Started with tips then gut based trading. After loosing, started learning. But failed again. But now confidence is returning based on whatever I learnt here. Still not able to make money. So started following below rules:
1. Since trade based on patterns give tgts and sl. I am writing my analysis on paper and act only on them.
2. No trade based on ew (yet to learn this art completely. But takes trade where I feel risk is less. Like after end of wave 2.
3. I started acting on retacement strategy which Sir taught us. If diff between 61.8 and 80 is big, then I dont take that trade.
4. No trade, if I m not comfortable or confident.
I suggest make plan before mkt opens and act only on them. No issues if you are missing other good trades. For ex. I have taken bhel today as it's broken triangle on upside yday and didn't bother what tatasteel is doing. As I couldn't find any pattern in tisco yday, so it was out of my list
Hope this might help you. Just sharing what I m doing now

Harsh Mehta said...

@Anand... most of us share the same story as urs.. and I have seen its only discipline that we all lack in common. We all use our ways and means to enter a trade but still keep losing money.

Since april I decided to concentrate only on making money and forget all other tools. Enter a trade based on whatever logic but take a predefined profit target and get out. Then forget ur trade, ur logic behind it and just taje a fresh breath for next opportunity.

This way it was easy for me becoz for first time I made money on each and every trade. Becoz my target was fixed. MAKE MONEY. Once you see positive returns on ur trades, ur confidence will come back on its own.

Ananyavrat said...

Fii buying started again...
Wave 3 higher possible?
As downside seems limited....
Contra view...such high trader sentiments and largest retail stock future positions in most broking firms....
Ilango sir whats next?

Pattern Trading said...

Good evening master and all blog mates

Orchid Chemical Chart update : Click here

durga said...

good evening master n blog mates
@anand--why society thinks people who earned money are successful?bcoz it involves many natural n unnatural skills,only few can master.if yu are a good person --you r just good but not sucessful.
in any field if the end product is MONEY= its same .
earning ==making money in markets is by no means easy but not difficult..you will soon know it.in regular civilian life yu make money by your intelligent skill--your skill is capital. but here yu keep money to get money.
once your money is out there competetion starts --to steal it.ther are many unwritten rules here.
but first yu shud know the rules then yu will know wt is between lines. you need to have some other source of income based on all your exp, before yu came to markets.the losses here must b not more than 10-20 percent of tht regular income..tht way yu can enjoy the game. as yu know master told it TRADING IS A PERSONAL JOURNEY.
I.IAM A surgeon and i had a health problem(rt hand) lasting few months.my economy shattered.then i thought of ths as alternate source ,this is nearly 5 years ago.i lost money in the first two years next two break even and 5th year iam making money. ican pull the trigger wth confidence .luckily i came acros this blog nearly 4 years ago. but took long time to come to understand the intricacies of trading and understand the teaching. iam a first n last hour trader ,,bcoz of professional work .but i found out that is more rewarding..now i know intuitively my trades as master says it yu can start f feeling the markets. may be i wrote daily notes.. all my trades errors--where iwent against TT- N- MASTER..where i followed his observation,, fr 4 years --later automatically i began seeing the --
similarities in setups.just keep doing that. i realised the toughest job is sitting thru the trade --but soon yu will enjoy the DANCE of market.
already you are lucky having found MASTER n his group..ther is a saying wn the student is ready he will find the master.the people n the blog is quite addictive.one day very soon you will b proud of what you are doing- markets rewards the disciplined.. DISCIPLINE is not difficult --after all yu are following your rules .then wt is the problem?just think wn you have a problem--THE HARD THING IS THE CORRECT THING== and follow it.. let wt may come.ther is enormous money here --dont yu want yur share of it? by just doing wt you are supposed to.?
in fact if master permits we can discuss here the real trades executed by our members--wt hapnd
n lessons learnt--turmoil one has gone thru--at least once a week(SUNDAYS).so that newbies learn to spot the trades. its more like --HOW I DO IT--FOUND IN OUR JOURNALS--N continuing education ..passing experience instead of intelligence.
by the by the last trade i kept day low as stoploss since price diff is too small between 61 and 80,
so..LASTLY remember PAIN CAN BE A STIMULUS--JET LEE..bye... all the best (.iam bit free ..did i wrote equally long letter? ).GOOD DAY

J.R.Julius said...
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J.R.Julius said...
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deepak pinto said...

Bullish candle yesterday at the end of a down move.
Follow up today with a brief test of the gap fill.
Last hr upmove closing near high of day.
Got one more day to break 0 b line if this is indeed a impulse after a flat ending 7216.
Bullish but near resistances

Num Char said...

Can Stock Trading be considered as Entrepreneur Activity ?


Amit Agarwal said...

Can anybody give the formula for JNSAR?

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