In my early trading days, i used to feel tremendous pressure when i see big MTM screenshots from others. And also used to feel happiness if they posts their negative MTM screens.
It took me many months to concentrate on my trading process and avoid all the noises around

1/7
The turning poont in adressing the issue was when i identified this as a bad habit. I knew i had to overcome this if i have to progress as a trader. I disnt know where to start or what to do. But one thing i did right was i understood i lacked somewhere in my own trading.

2/7
I started writing down all the tradi g decisons i take along with its outcomes. Repeated that over a month and reviewd it and noted the mistakes and understood my mistakes.
Quite surprisingly, there were only handful of mistakes. But tje problem was i was repeating them.

3/7
I repeated just 2-4 mistakes often. But from hindsight i couldn't identify they all belong just 2-4 errors overrall. It was quite easy to remove them after i recognised what i was fighting against. If i were to analyse the peripheral data, not digging deep, thats misery

4/7
Solution to any problem,
especially in trading is to understand what exactly is the problem. Hindsight understanding is often misleading.
U must make a data backed systematic & methodical process to adress any issue. This leads to success and its sustenance over long time.

5/7
U used to be ashamed to admit my own flaws even to myself. I wanted to live in a fake world where i feel am doing all right. But quickly i understood it wont work in trading. I cannot get NSE to agree and work according to my "am always right" policy.

6/7
1. Analyse urself
2. Understand the mistakes
3. Find solutions
4. Execute them
5. Monitor the outcome
6. Repeat 1 again

Its the loop of liberaring own self from all the flaws and negativity

7/7

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More from @ProdigalTrader

17 Jan
Suppose u r in a long trade in 5min TF,
How would u assess trend is still intact
and
u can scale into the trade to maximize the profitability ?

1.
HH HL formation and pin bar with good vol at vwap or just abv previous low. ADX greater than 25

1/6
2.
Low volumes on counter trend move and price not closing below Vwap

3.
HH and HL formation on 5 min time frame. Volumes expanding when making HH and low volumes when in LL. Price above vwap

4.
SuperTrend 10,2, for scale in at ST retracement

2/6
5.
a). Bullish PA when candle is at VWAP
b). Minimal Overhead resistance (Volume Profile can help) helps in making the stock to trend more easily
c). Can Scale in when Price retraces to VWAP during low volume period mid-afternoon and forms a Bullish candlestick

3/6
Read 6 tweets
15 Jan
Why to avoid looking for trade everyday?
Why should u avoid following those who posts plenty of delivery trade set ups daily?

If u are an equity trader who looks to hold the stock for a short time such as fee weeks to few months,
u dont need to search for stocks everyday

1/5
All u need is to filter the stocks on weekends and prepare levels
When it comes to ur level on any following day, u make an entry
Afterall how many stocks u r looking to hold in ur account?
8-12 mostly
Not more

2/5
For that, if u r looking for scrips daily,
u tend to cut down the potetnial big winners early and
hope from one scrip to another endlessly
removing the chances of getting the big winners

If u create a theme based portfolio based on ichimoku/Elliott wave/gann etc

3/5
Read 5 tweets
7 Jan
Habit of systematic day trader
focuses mainly in how does he prepare himself for the next day.

Lets see how does he do that

(method describes below isnt the last successful method available out there, its just one out of many)

1/9
He needs answer to 4 questions basically in order to take a trader

WHAT - He prepares a watchlist for next day based on trend, both bullish & bearish

WHY - He will analyse the trend based on past data, find out major trend in HTF & chk if its aligned with other LTfs too

2/9
WHERE - depends on if he a pullback trader
(who short on pullback rallies or long while weak corrections)
or a breakout trader
(who long abv or short below some particular event),
he prepares the levels to long/short based on the trend he analysed earlier.

3/9
Read 9 tweets
30 Dec 20
Few concepts upon which day trading systems can be built upon

1.In up trending market look for pin bar with good volume
2.Rsi divergence and macd histogram divergence both at the same time on 3 min chart
3.Open = Low (15min)

1/7
4.ORB with 15 min candle stick along with support and resistance of previous 5 days
5.Pullbacks in Strong momentum (wide range candles + Volume) stocks
6.ORB with volatility contraction and then wide range candle breakout with volume expansion

2/7
7.Fakeout like spring and Upthrust for entry pullback with low volume
8.CPR analysis with standard pivots
9.PDH/PDL breakout with volume, vwap and RSI confirmation

3/7
Read 7 tweets
27 Dec 20
If u are looking to enter a scrip just before the breakout
what would u look for?
How would u identify scrips just before breakout?

Here are a few pointers
Carefully understand the them and use at ur own discretion
(All comments r compiled from a question i posed)

1/23
Price is testing the same resistance repeatedly since long.
But now in recent times it's forming multiple candles near the same resistance with low volume.
Observe it and see for opposite move.
As soon as u get a positive candle, get in to it.

2/23
1. Volume buildup (vol > when resistance point created) along with, increase in OI, increase in delivery % on HTF
2. On LTF, price stalling around breakout area for at least 1-2hr.
3. No major events.

3/23
Read 23 tweets
20 Dec 20
How would u obejectively determine 'Bullish Stocks"
in case if u want to create a mechanical scanner for that

here are 15 directives for that

1st time making ATH after 6-12 months consolidation

1/8
Weekly TF
No breach of previous swing low.
RSI above 70 for continuous time duration
Never breached and closed below 34 week ema.
RS comapre to sectoral index is highest.
Sectoral index is at 52 week high.
Daily:
Position be taken on breakout of consolidation

2/8
Stocks which were trading continuously above 200 EMA,
Monthly RSI >60, Weekely RSI>60,
Market structure on monthly basis HH HL

Stock schould be above daily/weekly/monthly above ichimoku cloud
Relative strength out performing

3/8
Read 8 tweets

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