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50k to 5Lac journey by trading USDINR-using RSI and ST |
smsmss
White Belt
Joined: 13 Oct 2009
Posts: 123
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Post: #16  Posted: Sat Jan 19, 2013 10:29 pm Post subject: hihi |
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| sw_das wrote: | Trader is bound to fail with this irrational target. Anyway good luck.  |
how is it irrational? |
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NittinP
White Belt
Joined: 23 Sep 2012
Posts: 48
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| Post: #17 Posted: Sat Jan 19, 2013 10:51 pm Post subject: |
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Guys,
I am bit conservative person and hence my risk taking apitite is low. I believe in playing safe as much as possible.
Making 50k to 5Lac idea seems vague.... but number says its possible.
18month is long duration... as lot size will increase so that emotions will change...
So plan is 50k to 1lac to 2lac to 5lac... then next target will come..Delhi bohut dur hai... so just believing in starting journey
Great traders have said trading is game of continuous study and controlling and managing emotions. Speculation is serious business in which 90% is emotion, 5% strategy and rest 5% is discipline.
After analysing equity, commodity, currency etc... I realised curreny is the instrument which moves in specific direction which you can capture as move is visible and catachable. Currency is bigger picture of whole economy and not specific sector, market or result.
Now, Trading strategy.... I will update here... its being developed and tested. Results are good and very encouraging... I doing little bit optimisation to remove wip-saws.
Goal is 20ps per transaction per week... That's it
Thanks,
NP |
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NittinP
White Belt
Joined: 23 Sep 2012
Posts: 48
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| Post: #18 Posted: Sat Jan 19, 2013 11:07 pm Post subject: |
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I am using Angel broking Diet Odin.
Indicators:
1] Smart Trend (14, 1.5)
2] RSI
3] TF: 15minute
whenever candle is created below smarttrend go Short and do vice-versa.
RSI indicate whether market is oversold or overbought, hence other decision will come in effect.
I have hired dealer which doing trading using this setup with some additional rules, results are good and we believe we can convert 50k to 5Lac in 18 months.
I am going to use Sharekhan account as I am power broker of Sharekhan and I will not need to pay hefty brokerage.
Key to success is DISCIPLINE, CONSISTENT and PERSISTANT
Our Emotions are biggest enemy.... we need to win over it by remaining consistent and beliving our trading strategy.
To overcome all this I have hired punter who will trade exactly as I have planned. LIKE Machines.
Daily EOD, I am gonna review... incentive is only on accuracy...and not on profit/loss.
Regards,
NP |
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Vevensa
White Belt
Joined: 12 Jul 2011
Posts: 59
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| Post: #19 Posted: Sun Jan 20, 2013 8:33 am Post subject: |
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Hi NP,
Congrats. You have identified correct instrument to achieve your target. I won't be surprised if you achieve the target much before your expectation of 18 months. Key here is discipline.
I have studied USDINR and started intraday trading last month. I got a return of 30% on my capital in one month from 17/12/12to 16/1/13. I would have easily got another 30% or more if I was more disciplined. My entries were perfect but didn't take all the trades. Exits were almost always wrong and inconsistent with original trading plan.
It is not important which system you are following, results will be good if you are consistent.
Best wishes to you. |
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sldesai
White Belt
Joined: 03 Nov 2008
Posts: 8
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| Post: #20 Posted: Sun Jan 20, 2013 9:34 am Post subject: |
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before making such plans, please visit Nial Fuller on his articles about price action strategy. he is pioneer in various aspects.
http://www.learntotradethemarket.com/forex-trading-strategies.
he is absolutely against day-trading, as also against charts below hourly time frame. |
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amitkbaid1008
Yellow Belt
Joined: 04 Mar 2009
Posts: 540
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| Post: #21 Posted: Sun Jan 20, 2013 10:40 am Post subject: |
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sldesai
It is not important that which time frame you are trading so day trading is also works for many who got their strategies right.
For that matter some way ridicule the technical or charts itself then you should not use charts for trading.
Even some may be against trading like Warren Buffet so all should stop trading
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opportunist
White Belt
Joined: 27 Apr 2010
Posts: 356
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| Post: #22 Posted: Sun Jan 20, 2013 12:35 pm Post subject: |
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| pkholla wrote: | "If I am successful in this, then target is 10Lac."
Nitin : why are you so modest? If your method can turn Rs 50000 into Rs 5 lakhs that is 10 times. So your next target should be Rs 50 lakhs. I am looking fwd to hearing more details from you.
Please give entry, SL and target, indicator settings, TF (ie complete trading system)
Rgds, Prakash Holla |
Philip, a young king of Macedonia won a lot of wars in Greece conquering lands. When he reached Sparta (known for their fierce fighting skills immoratlised in hollywood movie "300"), he sent them a message, "You are advised to submit without further delay, for if I bring my army into your land, I will destroy your farms, slay your people, and raze your city."
Their laconic reply was: "IF".
My observation to this post is also "IF"
Regards,
Oppo |
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opportunist
White Belt
Joined: 27 Apr 2010
Posts: 356
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| Post: #23 Posted: Sun Jan 20, 2013 12:37 pm Post subject: Re: 50k to 5Lac journey by trading USDINR-using RSI and ST |
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| amitkbaid1008 wrote: | | opportunist wrote: | A word of caution. Usually such grand designs especially with a high target is self defeating. Why dont you keep a week's target or even a day's target so that you can make course corrections to your strategy when you find the going is tough.
Regards,
Oppo |
Oppo
In trading setting even a lower target in short term like 1day or 1week will make it more tough than achieving a target for some long term like 6months of 1year
So no mean keeping a daily/weekly target |
Amit,
I go by my experience only. What I have achieved I measure only by my daily returns. My only parameter is whether I had a positive ledger at the end of the day. I don’t say I am positive everyday but my losses are small and every two days combined I am positive for the last 3 months at least. Small wins add up to a significant victory is what my philosophy says. For the last 3 ýears I have been trading I have used a large range of such wonderful targets and strategies only to find them as rainbows on a rainy afternoon – colourful and temporary. And I don’t announce a win until I achieved it. Otherwise it is a sure sign of a novice indeed.
When you choose a long time frame with a reasonable ROI you allow a large room for failure which is good except that you plan to fail ....you are not hard focused to bring the best out of you and depend on time to cover up your mistakes. Only consistency and discipline can see you through . That is easier said than done.
Whenever somebody announces a grand plan with fantastic ROI number I can’t help recalling my early days in trading when I used to conjure up those fantastic numbers on my excel sheet. Thousands adding to lakhs everyday by increasing my lot sizes and getting an exponentially fatter profit only IF I get to profit every single day of trading. Alas excel sheet projections are very far from actual trading. Even if one can be consistent on profits with small lots, larger lots bring different challenges – some psychological and some systemic. Psychologically one is gets more depressed losing large amounts of money even if it is pre planned as Stop Loss. Systemically a large lot is prone to trading slippages as large orders tend not to get filled at the right price.
My only point is that one should discuss what he has done in the past instead of what he can do. A little good achievement is a lot better than a grand good projection.
Regards,
Oppo |
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rakpeds
White Belt
Joined: 24 Jun 2012
Posts: 481
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| Post: #24 Posted: Sun Jan 20, 2013 1:35 pm Post subject: |
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| NittinP wrote: | I am using Angel broking Diet Odin.
Indicators:
1] Smart Trend (14, 1.5)
2] RSI
3] TF: 15minute
whenever candle is created below smarttrend go Short and do vice-versa.
RSI indicate whether market is oversold or overbought, hence other decision will come in effect.
I have hired dealer which doing trading using this setup with some additional rules, results are good and we believe we can convert 50k to 5Lac in 18 months.
I am going to use Sharekhan account as I am power broker of Sharekhan and I will not need to pay hefty brokerage.
Key to success is DISCIPLINE, CONSISTENT and PERSISTANT
Our Emotions are biggest enemy.... we need to win over it by remaining consistent and beliving our trading strategy.
To overcome all this I have hired punter who will trade exactly as I have planned. LIKE Machines.
Daily EOD, I am gonna review... incentive is only on accuracy...and not on profit/loss.
Regards,
NP |
ok... now a bit of questions:
1. Smart Trend -- what is it exactly ? Is it Supertrend of icharts ?
2. Which USDiNR you have backtested? NSE or MCX ????
3. Share the backtest result and a detailed method on entrry exit and use of RSI ...
thanks |
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NittinP
White Belt
Joined: 23 Sep 2012
Posts: 48
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| Post: #25 Posted: Sun Jan 20, 2013 4:49 pm Post subject: |
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Below are the answers
1. Smart Trend -- what is it exactly ? Is it Supertrend of icharts ?
YES
2. Which USDiNR you have backtested? NSE or MCX ????
NSE
3. Share the backtest result and a detailed method on entrry exit and use of RSI ...
I am already using this trading strategy. Exact trade details... I will post here once my journey starts.. on daily EOD basis as far as possible ..
I want to track progress on daily basis... I have put punters on job to trade with strategy (rules) in their hand and mind... and I am only focus on EOD result... isolating myself from emotional atyachar..
Its like hiring driver to drive Ferrari on express highway with the speed of 120km per hr.
Driver has been given crystal clear instructions on speed limit, turns, indicators, rules, law etc... so that owner will bear all the losses and profit..
Now owner of the car is sleeping in the back seat and will check every 30minutes to ensure driver is not sleeping and breaking any rules.
I don't want to argue with one here on my style/method/strategy... I think, its more important to start journey with vision in mind and plan in place rather than seating on sideline.
New experiences will bring in new changes... which come only during journey and not at comport seating in home..
Anyway....
LETS SEE>> how all GOO...
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opportunist
White Belt
Joined: 27 Apr 2010
Posts: 356
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| Post: #26 Posted: Sun Jan 20, 2013 8:53 pm Post subject: |
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| NittinP wrote: | Below are the answers
1. Smart Trend -- what is it exactly ? Is it Supertrend of icharts ?
YES
2. Which USDiNR you have backtested? NSE or MCX ????
NSE
3. Share the backtest result and a detailed method on entrry exit and use of RSI ...
I am already using this trading strategy. Exact trade details... I will post here once my journey starts.. on daily EOD basis as far as possible ..
I want to track progress on daily basis... I have put punters on job to trade with strategy (rules) in their hand and mind... and I am only focus on EOD result... isolating myself from emotional atyachar..
Its like hiring driver to drive Ferrari on express highway with the speed of 120km per hr.
Driver has been given crystal clear instructions on speed limit, turns, indicators, rules, law etc... so that owner will bear all the losses and profit..
Now owner of the car is sleeping in the back seat and will check every 30minutes to ensure driver is not sleeping and breaking any rules.
I don't want to argue with one here on my style/method/strategy... I think, its more important to start journey with vision in mind and plan in place rather than seating on sideline.
New experiences will bring in new changes... which come only during journey and not at comport seating in home..
Anyway....
LETS SEE>> how all GOO...
|
While I cant help being critical or even cynical about the naivete of your statements I do applaud your courage and enthusiasm . Wish you luck and more than that I wish you keep your enthusiasm intact.
Regards,
Oppo |
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skd2012
Yellow Belt
Joined: 03 Oct 2012
Posts: 948
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| Post: #27 Posted: Sun Jan 20, 2013 9:57 pm Post subject: |
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| Back tested results and real trading are two different things. It is not practical to trade every signal as it is considered in backtesting. Also emotion and charges have impact in real trading in great deal. Also market changes everyday, method/trick changes over time as well. |
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mayurnsk
Moderator
Joined: 18 Jan 2007
Posts: 216
Location: Nasik, Maharashtra
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| Post: #28 Posted: Sun Jan 20, 2013 11:44 pm Post subject: |
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sw_das
Hi
Nice to see you back & so much active on our forum
Regards
mayurnsk |
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ProTrader
Site Admin
Joined: 06 Jul 2008
Posts: 433
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| Post: #29 Posted: Mon Jan 21, 2013 6:58 am Post subject: |
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This post does not belongs to strategies. Moving to Trading Journal.
Thanks...PT |
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rakpeds
White Belt
Joined: 24 Jun 2012
Posts: 481
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| Post: #30 Posted: Mon Jan 21, 2013 10:59 am Post subject: |
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| NittinP wrote: | Below are the answers
1. Smart Trend -- what is it exactly ? Is it Supertrend of icharts ?
YES
2. Which USDiNR you have backtested? NSE or MCX ????
NSE
3. Share the backtest result and a detailed method on entrry exit and use of RSI ...
I am already using this trading strategy. Exact trade details... I will post here once my journey starts.. on daily EOD basis as far as possible ..
I want to track progress on daily basis... I have put punters on job to trade with strategy (rules) in their hand and mind... and I am only focus on EOD result... isolating myself from emotional atyachar..
Its like hiring driver to drive Ferrari on express highway with the speed of 120km per hr.
Driver has been given crystal clear instructions on speed limit, turns, indicators, rules, law etc... so that owner will bear all the losses and profit..
Now owner of the car is sleeping in the back seat and will check every 30minutes to ensure driver is not sleeping and breaking any rules.
I don't want to argue with one here on my style/method/strategy... I think, its more important to start journey with vision in mind and plan in place rather than seating on sideline.
New experiences will bring in new changes... which come only during journey and not at comport seating in home..
Anyway....
LETS SEE>> how all GOO...
|
agreed on all the points bro except one...
as mentioned in the very first post and also as u said that u already using this strategy ...
so it will be helpfull that if u draft and post the strategy in details....  |
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