23052013

Nifty gaped down below PDL. IR Formed.. Went short on the break of IRL as BPB of PDL. Nice move down. Expected the BRN to give support. But nifty moved little more. I was looking to go long but could not get a valid signal

22052013

Nifty opened within previous day range, IR formed, Attempted two long trades on BOF of IR Low. Another trade was BPB of PDL/BRN , Layer over Layer. Lost all the three trades.

21052013

Nifty opened within previous day range. IR formed. Broke the PDL/IRL. I was looking to go short. BPB of PDL, but could not get a trigger for a long time. Missed the sudden up move. BOF of HOD/PDC/IRH gave a short signal. Shorted on break of PDL. It was MC low also. LOD was the target. It moved a little more

20052013

Nifty opened above PDH. IR formed. I was expecting a Spike and Channel. Went long on the break of IRH. BO of IRH failed . Scratched the long trade. Later Nifty broke the low of the tight trading range and made another lower range. BOF of range high gave a short. I was prepared to exit at PDH, BRN or PDC. These level failed to stop the fall. Finally covered at PDL.

Goal Setting

Goal setting is an aspect of trading which do not receive proper attention. Goals motivate us to devise a plan and maintain discipline. Goals drive us to take action and are a must if one is to succeed in all walks of life. Absence of well defined goals is drifting aimlessly without a proper destination.

Goals should be realistic and achievable. Otherwise it may lead to frustration and discouragement. Better to start with realistic, achievable goals and raise the bar as you progress.

We need to set performance goals and financial goals. In my opinion performance goals are more important than financial goals. I agree the ultimate aim of every trader is to make money from the market, but focusing on profitability alone will do more harm than good.

If our goal is to make Rs 5000/- a day, trading, it will force us to trade incorrectly. We will lose patience and take mediocre trades anxious to reach the set goals. Once we achieve the daily target, we may hesitate to enter on good setups as we will be afraid to lose already earned profit  and miss the daily target. Daily financial goals are counter productive. Do not set daily financial goals; you will be better with weekly or monthly goals.

Focus on performance goals on a day today basis. Our aim should be to stick to the plan and focus on the process. Define the trading process well and set goals to achieve consistency. Let the correct process allow you to achieve your financial targets.

17052013

Nifty opened within previous day range. IR formed. Skipped BOF of IRL as DO/Range High was too close. Long on TST of  DB Range Low. Scratched later. Another long at the BOF of Range low. TP at BRN 6200. This one made some money. Market was very choppy and range bound for two days. Hope it will make a decisive move on Monday