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Journal of a Nifty Day Trader


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Journal of a Nifty Day Trader

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  #1 (permalink)
psb1967
Chennai, India
 
 
Posts: 14 since Jul 2010
Thanks: 13 given, 10 received

This is my first day trading journal. I mainly trade Indian stock market.

After working with various systems, I realized the importance and value of following price action and using very basic indicators that seem to be working very well for me. It has also been a valuable experience since started following BM for more than year now.

I wish to begin my day trading journal by presenting my day trading system that I use in my daily trading. I will also add occasionally my live results to support my system.

Although I had been using HMA and Bollinger bands since 2008, on and off, I never realized the full potential of them until recent past and since then, my entire trading has taken a dramatic change.


The features of the present system:

1. The market I trade: NSE, India
2. Instruments: JSW Steel, Tatamotors, SBIN, USDINR futures.
3. Trade only one or two instruments at a time.

Indicators I use:

1. HMA - 26
2. MACD - 12,26,9
3. RSI - 14,6
4. Bollinger Bands - 14, 0.26
5. Murrey math and Pivot Points

Charting software - Ninjatrader 7

Entry methods:

For Long Bulls:

1. Price is clearly above the HMA and Bollinger bands
2. MACD histogram is above zero level

For Short Bulls:

1. Price is clearly below the HMA and Bollinger bands
2. MACD histogram is below zero level

As usual, I use MACD and RSI to measure the strengths and weaknesses of the price movements.

I am attaching 2 charts with 456 sec and 933 sec. The charts are almost self explanatory but in case any clarifications required, I would love to help you out.

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  #3 (permalink)
 devdas 
Al,India
 
Experience: Advanced
Platform: NinjaTrader
Broker: Z
Trading: NiftyFuture
 
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Posts: 1,562 since Feb 2010
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Good start.
I will follow ur post...thou u didn't mention about NiftyFuture as trading instrument.

One more Q, how u deduce odd periodicity of 456 sec and 933 Sec for JWS, are they simply optimized for that..?

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  #4 (permalink)
psb1967
Chennai, India
 
 
Posts: 14 since Jul 2010
Thanks: 13 given, 10 received


devdas View Post
Good start.
I will follow ur post...thou u didn't mention about NiftyFuture as trading instrument.

One more Q, how u deduce odd periodicity of 456 sec and 933 Sec for JWS, are they simply optimized for that..?

Hi Devdas,

Thanks for your reply.

I don't trade Nifty, only JSW Steel, SBIN, Tatamotors and IDFC. I have attached Nifty charts for your reference.

Regarding the timings, after playing with various time frames, I found these time frames suit my trading style and my temperament. I also use for scalping, esp. Tatamotors, IDFC and USDINR, 123 sec. & 231 sec. charts.

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  #5 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
 
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Posts: 2,547 since Jun 2010
Thanks: 3,803 given, 2,836 received

Curious on the Boll. Band Settings?

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  #6 (permalink)
psb1967
Chennai, India
 
 
Posts: 14 since Jul 2010
Thanks: 13 given, 10 received


bluemele View Post
Curious on the Boll. Band Settings?

Curious???? why?

Conventional settings didn't suit my requirement, therefore I changed and tested the present one and it seems to be working.

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  #7 (permalink)
psb1967
Chennai, India
 
 
Posts: 14 since Jul 2010
Thanks: 13 given, 10 received


bluemele View Post
Curious on the Boll. Band Settings?

Attached here my part live trade details along with the chart, highlighting my trade, for reference.

Attached Thumbnails
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  #8 (permalink)
psb1967
Chennai, India
 
 
Posts: 14 since Jul 2010
Thanks: 13 given, 10 received

Today's session ended with less damage despite my ignoring certain cardinal rules of trading -

1. Entering into a trade during lean hours
2. Buying when there is a spurt in the price
3. Entering into a trade with less or no conviction

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Name:	USDINR_090112.png
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ID:	59118  
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  #9 (permalink)
psb1967
Chennai, India
 
 
Posts: 14 since Jul 2010
Thanks: 13 given, 10 received

Not a bad day, after all.

I could make only one trade on USDINR and clocked 12 ticks. I had to stop after that trade since my headache worsened, which has been persisting since last 10 days.

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  #10 (permalink)
psb1967
Chennai, India
 
 
Posts: 14 since Jul 2010
Thanks: 13 given, 10 received


After 10th, today only I started trading again. Had to stop trading for couple of days due to persistent headache; was content enough to just watch.

Today did 3 trades. The first one despite getting 12 ticks within couple of min., was adamantly waiting for 20 ticks and at the end had to close it with just brokerage loss.

Although 2nd and 3rd were good ones I was not entirely satisfied because I am yet to overcome scalping mentality and have to work hard to run the position to achieve at least 20 ticks per trade so that I score more than my break-even level of 6 ticks.

Attached Thumbnails
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Name:	Trade Details_160112.png
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  #11 (permalink)
 yroyal 
India
 
Experience: Intermediate
Platform: Ninjatrader
 
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Posts: 66 since Jun 2009
Thanks: 14 given, 32 received

Can you tell which DataFeed you are using for NSE ?

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  #12 (permalink)
 shsubmit 
Mumbai India
 
 
Posts: 5 since Feb 2014


psb1967 View Post
After 10th, today only I started trading again. Had to stop trading for couple of days due to persistent headache; was content enough to just watch.

Today did 3 trades. The first one despite getting 12 ticks within couple of min., was adamantly waiting for 20 ticks and at the end had to close it with just brokerage loss.

Although 2nd and 3rd were good ones I was not entirely satisfied because I am yet to overcome scalping mentality and have to work hard to run the position to achieve at least 20 ticks per trade so that I score more than my break-even level of 6 ticks.

Great
What is the hit rate and risk to reward ratio on this system ?
Looks good

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