iCharts Discussions

[kingkrunal]

congo man... good going.,..

[XUV 500]

[rk_a2003]

Hi Shahii,

Just now I came across this thread and felt happy. I guess what you said must not be new to any trader who is sufficiently experienced in the market.

Those 3 months must be of a trending market (Though I don’t know which months they are). Still you outperformed all the traders who participated in the contest.

The real difference must be here..... You must be well disciplined with a good trend following strategy.

Congratulations! Again.

[chandrujimrc]

Hi Pawan congrats.

[bharatpatel]

Hi Pavan,

You have set an example and proved that one can opt for trading as a career.

Keep it up.

Regards,

Bharat.

[Shahii]

Hello Guys,

People want to know my system, But to me, making Profit from markets is not about the system, Its about winning over your own emotions, its about the commitment, the determination and some motive behind it. Find some motive, give your sweat and blood to it, Success will come for sure.

I found my motive from somewhere - will tell you my story - When I was In 12th standard, I came to know about IIT, I dropped one year after 12th, joined one coaching institute, tried my best but couldn't go past preliminary round. Second Attempt means waiting for one more year.. So I joined a PVT Engg College in a city near my hometown. My dream was shattered. I knew that I was just near the success, but due to societal pressure, I didn't drop one more year and failed to get into IIT. Then came 3rd year of Engineering, I thought, Lets try IIM now , wrote CAT.. couldn't crack it. I used to get good score in Quants in Mock Tests but my verbal was not up to the mark due to my schooling from small town. In the mean while I joined an IT company after finishing my college. After few years, I wrote CAT again that too when I was married, had daughter and had a home loan. But again couldn't crack

That unfulfilled desire to get into IIT/IIM was always there in some corner of my mind. Then One fine day I thought -"I am bad in verbal, so what.. but I am good in Quants, Let me work on my strength than to crib about my weakness. Moreover, Many of the Guys from IIT/IIM get into number crunching game and work as Investment banker only. Let me try something of this sort. So what - If I don't have formal degree" I knew that there is unlimited potential in financial markets which can be tapped.Why shouldn't I excel in this field to satisfy my burning desire to do something for which even IITian and IIM guy will look me with respect. I found my motive that day, and started working on my goal. I had trading account opened few years ago, which I had blown up a couple of times. I started trading again with my new motive to excel in this field.

One key point which I kept on reminding myself - "CAT/JEE aspirants have to wait for one year to improvise to write CAT or JEE exam again. You have this market open everyday. you can learn from your mistakes everyday. I was fully determined this time . No matter what - I wont give up." I had met one full time trader named Speculator("ichart handle") with help of Rainbow("Ichart handle"). There were many other examples ( to name a few, "Twist", "Jimmie" from icharts) who were working full time in trading. So I had the evidence that yes its possible to be profitable even if the odds are against the trader. I kept on working and working trying to learn something new everyday. In the process I started treating money as number, Yes its purely a number. Even its a money making game, Detachment from the money is necessary to win this game.

Many times I am up M2M with 50k-60k, while my TSL locks only 20k, I am ready to give back my 30-40k to the markets and wait for my stop loss to be hit. And many times, this 50-60k M2m reaches to 80k-100k M2M and my TSL moves up and locks up 50k, and then further M2M reaches 140k , My TSL locks up 100k. How many of us can do it comfortably. If we can do this and ready to give some paper profit back to market -> We can win this market over long run. That's why I said its not the system, its the winning over the emotions of greed and fear.

One Last piece of advice - Don't give up, There will be times when you will feel like giving up, but Just don't give up. The only problem with the Financial market is that "not giving up" means burning some more money.. But remember we can not just come and straight away making money from very first month. It took me 5-6 years to start making me money. So You have to understand that you will have to pay tuition fee. The cycle has to be completed. The steps are - Blow up your account for few times -> Break even for a couple of years - >Start making Profit. You can not directly jump to third step, no matter how many seminars you join, how many books you read.

Its my personal opinion is that - if one is ready to invest 5-6 years in this field and ready to blow up his account a number of times then only he should invest time and money in this. otherwise there are many other fields, where you can excel.

I believe that - One will be successful or not ? It just depends upon how strong one's desire is.

Having said all this - I am still a learner. There are many better traders than me who trade in Zerodha itself, but by God's grace I was given a chance to be profiled first. I have a very long way to go to become a better trader.

All The Best And Happy Trading
Pawan/Shahii

[veerappan]

[rk_a2003]

[nithesh_n]

Well Said Pawan..... Really Inspirational..... And your words are 100% true... Market have its own way like a flow of water falls . Only three trends.. Upwards, Downwards, Sideways .... We have to within that like a boat, but not opposite to trend. But, you lied that your verbal is poor. Compare to me your verbal is far better.

All the Best for your future trading

[veekas]

congrats

[Shahii]

[NittinP]

Congrats... Its great achievement.

You have achieved financial Freedom which even your boss don't have

[RKM]

Congrats, Pavan! Your achievement and your discipline are both truly inspiring. You say that even if one blows one's trading account a few times, success can be achieved as along as one adheres to one's system with dedication and learns to keep emotions under control....that means there is still hope for so many of us!

Best wishes, and hope you continue to inspire those around you.

RKM

[Shahii]

Here is How I used to think my early days of Day Trading .. Sharing my Personal notes of my daily Observations about Nifty with all of you.. .This is just to show that keeping so many rules is not good.. Because at every price, few rules will saying you to go short, few would be saying you to go long.. and you will break your head and then market will move away and you will finally miss the bus.. Make your system as objective as possible, There should be either a Buy or Sell or Out from market. But again, what suits me may not suit you.

This is a draft copy which I am sharing you unedited. So please excuse me for bad writing. And Again.. Dont break your head too much for these observations.. Just read it for entertainment.

----------------------------------------------------------------------------------------------------------------------------------------
When i say uptrend, it means 15tf is in uptrend.

1. when we are in uptrend try to find and trade bullish wolfe waves and vice versa.

important - Whenever I see +90 +100 in nifty spot, i should exit any long positions if any.. and exit short if vice versa... there is no point betting against it. i had observed it many a times and been punished many a times too playing against this.. If possible try to play contra against it with 10 point of stop loss.

When there is a old trend line coming, the best strategy is to assume that it will work atleast for 20-30 points and price will give a pullback for atleast few points, so stop loss of 20-30 points is not valid for such trades, better exit and then take a fresh call once that level is crossed.

2. Try to book profit fast for morning shorts/longs in contra trades .


3. if nifty comes down or up 30-40 points in just 5 mins. .try to exit the position fast .. because price can not be stable with such a fast move. [very important rule.], u will get a better chance to enter again


4 Sometime a price is moving 5-10 points in every 15 tf candle and nifty moved 50 points straight in one direction and suddenly there is a big point candle formed with good volumes.... No need to take an entry now because very good odds are there that this is the climax of the trend. But there could be 50 points move and then 25 points correction and then again 15-2- point candle is formed with good volumes.. this could be a safe entry.


5. mostly the third rejection on 15 tf fails, but before failing it mostly try to retrace 61.8% to its intraday move and whenever rejection fails there is at least 40 points move after breaking the fake rejection high/low. So use this info to catch more points than scalping for just 20 points.

6. Whenever 34 ema on 15tf starts turning flat , try to see price movement wrt 34 ema on 30tf and 60tf, it will guide the next move.


7. After a big move of 150-200 points , always buy or sell the first bullish/Bearish 15tf 34 ema rejection... it is bound to make a new high or new low and accordingly a new pivot, almost all the times. There are many participants who are looking for this pullback..So all big shots will push the price away from 34 ema.

8 . I have observed that i predict targets of the moves very accurately, but not using of it for exiting my position. so lets use my knowledge to exit at targets rather than just catching plane 20-30 points.. I can catch 35-40 points generally with my understanding of the price flow. so lets not settle for less and make more of nifty..
But again i m not in favor of TSL in my best trading system. because price has to pullback after massive moves..... So i will exit at targets without trailing TSL

9. Keep on trading every singal my system gives.. and be prepared to take profits any time after 20 points.. Generally price will give me second chance to enter again with the same stop loss..no harm in that but keep the same stop loss and dont take entry for the third time.. 2 times is enough.

Today i entered pretty late because my order didnt get executed.. so when near ur buying price always ready to buy at market price too

10. sometimes even after breaking new high price dont go up very fast.. its okie.. It doesnt mean that every new high will follow with big volumes....

11. Most of the intraday reversal comes from the three little indians.. So always watch out for those three little indians.... there would be a ww also along with three little indians.. but mostly point 4 of this ww is objectionable.. but three little indians are enough to exit position.

12. if market gaps up or gap down heavily, entering too early on OL or OH can be risky especially if going against the 15tf trend.. But can always enter if my jackpot system says.... Always wait for the ema's to catch up , i.e 8ema on 15tf to short or long accordingly.. thats the best entry one can have. and it works almost all the time.

13. Dont demotivated by the loss.. take every trade as a fresh trade, if i see some good pattern and if i can get an entry with 5-6 point of stop loss go ahead i mean... only thing is the risk should not be increased.


14. Whenever RBI declares 25bps raise, people have divided opinions and we see the choppy markets.. . I traded on three RBI policy days and two times i lost heavily and once made moderate gains when it declared 50 bps. 50bps days are one way to the down and every one is a seller those days we can make tonnes of money, so dont exit early on 50bps days... 25 bps days are best to be ignored or play contra, means buy on weakness and sell strength with small stops..

15. if playing ww then respect its targets.. after reaching target there is no point entering without any proper signal..

16. Whenever a prior day is a compressed day with tight range, the breakout from that range is massive so make sure of this point to make maximum points of nifty..

17. very steep ww doesnt work.... on big bullish and bearish days.. WW are contra methods and when market is in steep trend, ww doesnt work.. so better not to play ww on such days and save ur ass..rather be with the trend and enjoy the big gains...... better to identify trending and trading days.. and dont trade wolfe waves on trending days.. keep it only for trading days.. with volume and the slope of TLs we can identify trading vs trending days.

18. Try to play every entry which i get, dont miss any valid entry just because i had made enough money.. at the max i can reduce the quantity by half if there is big stop required, otherwise play every entry of my systems... and try to get full points of nifty.

19. what i observe is I tend to book profits early sometimes even at less than 10 points..., but keep stop loss as more than 20 points for those positions.. This way even if i m wrong 1 out of 3 times i will give away all the gains.. I need to increase my risk -reward ratio.. without it its very difficult to survive in markets... I have to have make myself strong enough to resist my temptation to book early.. If i am trading a channel then until I am booking at the other side of the channel , there is no point trading..

20. playing wolfe wave - since ww entries are from the sweet zone and sweet zone keeps on increasing with the time , So i have to enter at the sweet Zone at the right point.. i can not enter my whole quantity at the trend line and then keep on going thru the pain till the price trades in sweet zone.
Good entry always keeps us at physiological edge otherwise we tend to book early and loose.

21. I haven't taken big gain on such big bullish days. though i have identified it many a times.... So once try to eat up big by trailing stop loss....


22. Buying at pull back is very important because by this way because of the good entry i can have good stop and can have very good reward... Today on 3 oct, because i entered early without waiting for pullback and because of it my stop triggered a bit early and i sold at low... and then it make a new high.. my bad.. i lost 32 points of oppurtuinity...

23. when there is a huge gapdown of 80-100 points, then even though the first candle is a red one it will fail , because people tend to book overnight short positions especially when the prior day trend is -ve and people build short positions... for them buying twenty points costly is not a big deal and they can trigger my stop loss... The first point to short is 8 ema on 5tf, if that doesnt work, then 8ema on 15tf but with atleast 10 point stop and the best is 34 ema on 5tf........

I hope you all enjoyed

Happy Trading
Pawan/Shahi

[vinay28]

"Always wait for the ema's to catch up , i.e 8ema on 15tf to short or long accordingly..."

you mean they touching?