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The 22 Days: A Price Action Trader shares his Journey


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  #121 (permalink)
 
iqgod's Avatar
 iqgod 
Mumbai, India
Legendary Market Wizard
 
Experience: Advanced
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Trading: Stocks, Commodities, Futures
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  #122 (permalink)
 
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 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
Posts: 512 since Aug 2011

hey, howdy, my trading friend from mumbai.

thx for sharing with us your attempt to master the elusive trades.

in reference to your attached chart, what was your logic in setting up your reward/risk ratio as shown in your chart, pls?

do you always setup your favorite trade with reward and risk of about 1 to 4 ratio.

looking at your posted chart :

https://nexusfi.com/v/OfZcRWaYws.png:

shorting at 5858.25; as shown in your post;

stoploss setup at 5874.45 (about 16 pts);

profit target was setup at 5854 (about 4 pts).

so money wise, you are risking about 4 rupees to make 1....?

just curious alright?

more power to you, iqdog.

https://nexusfi.com/v/OfZcRWaYws.png

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  #123 (permalink)
 
nakachalet's Avatar
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
Posts: 512 since Aug 2011


iqgod View Post

hi again

did you intentionally leave out your stoploss or

that you are accustomed to your unlimited resources

that sudden and unanticipated market upswings or downswings

are none of your concern at all....? L O L

have another good trading this evening, K?

a short distance trading friend from siam

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  #124 (permalink)
 
iqgod's Avatar
 iqgod 
Mumbai, India
Legendary Market Wizard
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
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Thanks Received: 3,097


nakachalet View Post
hey, howdy, my trading friend from mumbai.

thx for sharing with us your attempt to master the elusive trades.

in reference to your attached chart, what was your logic in setting up your reward/risk ratio as shown in your chart, pls?

do you always setup your favorite trade with reward and risk of about 1 to 4 ratio.

looking at your posted chart :

https://nexusfi.com/v/OfZcRWaYws.png:

shorting at 5858.25; as shown in your post;

stoploss setup at 5874.45 (about 16 pts);

profit target was setup at 5854 (about 4 pts).

so money wise, you are risking about 4 rupees to make 1....?

just curious alright?

more power to you, iqdog.

https://nexusfi.com/v/OfZcRWaYws.png

Hi there!

The stop loss was placed correctly above the pinbar high - however the target should have been 4x atleast (easily, as is now apparent in hindsight, but hindsight is not a tool!) was a result of growing chicken feet. So yes I was risking 4 bucks to make 1 but that was how it was.

Thanks for stopping by!

Correction: iqdog -> iqgod LOL

As to stop losses I had mental stop losses as you can see from following the posts that only 60% trades were winners and others were calmly closed at their mental stop losses. (which was a good thing, because I had a long bias and the market went down a cliff for a bungee jump)

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  #125 (permalink)
 
iqgod's Avatar
 iqgod 
Mumbai, India
Legendary Market Wizard
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097



(in addition to the two contracts I am already holing long)

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  #126 (permalink)
 
iqgod's Avatar
 iqgod 
Mumbai, India
Legendary Market Wizard
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097

1-min



Same on 5-min


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  #127 (permalink)
 
iqgod's Avatar
 iqgod 
Mumbai, India
Legendary Market Wizard
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."

Thanking @liquidcci for that summary that succinctly describes it all!

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  #128 (permalink)
 
iqgod's Avatar
 iqgod 
Mumbai, India
Legendary Market Wizard
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097

I was not updating my journal here but I had been recording many small things that seemed to matter at that moment.

I will be putting them here now that I am reviewing them.

I hope I (and possibly someone else) finds value.

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  #129 (permalink)
 
iqgod's Avatar
 iqgod 
Mumbai, India
Legendary Market Wizard
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097



Violated discipline twice first by entering early TWICE and by scared exit second time instead of allowing market to take out stop or target.

Now I can laugh at myself for it, but this will not do.

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  #130 (permalink)
 
iqgod's Avatar
 iqgod 
Mumbai, India
Legendary Market Wizard
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097


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