Imran Naqvi's Journal

[naqviimran]

Hi Immy:

First two trades out of T20. Stopped out. Pls see if I followed all the rules.

[immy]

Hi Imran

Point 1. Have you completed your detailed trading plan within 24 hrs?
Point 2. Are you really sure you can trade that many charts on m1? (I've never been able to correctly trade more than 1 chart/market on m1 in my trading life)
Point 3. What Discipline score have you given yourself for the above trades?

please address each point separately in your reply. thanks

[naqviimran]

Hi Immy,

Point 1: The trading plan was as follows:

1. Only take a max of 2 trades per day for a maximum 1% acc growth
2. Never commit 2% per trade
3. Trade only setup 1 on M1 in the direction of M5.
4. Trade only 2 liquids stocks, while observe others just for the sake of gaining confidence on the system

Point 2: I trade only 2 liquids stocks a day. Rest is only spend screen time.

Point 3: As far as I could see, I observed all the rules. Pls dissect and let me know if there is anything that I missed, brother.

[immy]

Point 1. That is not a trading plan.
Point 2. Select those 2 and be MASTER at it. This will allow your mind to utilise its resources in the right areas instead of creating alot of confusion inside.
Point 3. What matters is your ability to understand "your" rules and then applying it for DS purposes. Again, having a "detailed" trading plan will help.

What you're doing is what most people do when they start trading. They create a 1 page trading plan and think its enough. They don't have any idea what is a trading plan neither do they know the difference between a trading plan and a trading strategy. Most people think about (the question i get asked the most in social settings e.g. today while watching a match someone asked me) "how do you actually decide to trade"? meaning what is your entry criteria. Everyone things its all about that. but that is not what it is.

So once again, i need you to take time out and read Tim Wilcoxs pdf on trading plan and then answer those questions. you can refer to our sample trading plan as well to help you create "your own" detailed trading plan. Have you looked at the Trading plan section?

[naqviimran]

Dear Immy:

The Indian markets are sleeping now. I have just analysed a trade without a potential short opportunity. Do let me know if my analysis is right.

[immy]

Imran,

I'm not interested in these charts. I want to hear something else. [after reading your pm]

You think Perfecting Entry method will make you successful? You think the holy grail of trading is hiding in the Entries? Do you think you need to be able to Predict What's coming? Do you need to know what is going to happen next in order to be successful in trading?

Tell me you have completed your trading plan, Tell me you are ready to apply 5 batches of your T20 ? tell me you are ready to take trading as a business... then we talk.

ps: what are you trying to ask me in your post? You did not ask if the Setup was correct? you did not ask if you followed the flow chart questions correctly/ but assume you're asking me "Will it go this way?" will this become the next C??/ the answer to that, i know as much as you know... about the future..

[naqviimran]

No,no. I am not trying to make you to predict the future, but only understand whether my underlying analysis of the buildup to the setup was correct.

As far as setup is concerned, all rules are being met; I was only trying to work on the law of probability, as you had told me. I was just trying to confirm whether there are high odds of in favour of a c wave. It is only an effort to break the mental morass that I got into when I saw setups not going as they were expected to, despite all rules being present.

I wish to re-assert myself that this is only an effort to bring back my mental balance, rather than finding an errand to success or some gateway into holy grail. Sorry, you got me wrong there. That is not my character. I might appear to be character in haste sometimes, but I truly believe that failure isn’t anyone’s goal, of course, but rather an inescapable potential consequence of trying to do really well. Any attempt to compile superior investment results has to entail acceptance of the possibility of being wrong, I strongly believe. I was just trying to gauge that possibility, even as I have started embracing "being wrong" as correct way to finding success, after reading you PM.

I am always thankful to you for your clear cut feedbacks. They help me a lot.

[immy]

When you try to change your mind in to thinking in terms of probabilities, i.e. to have a probabilistic mindset, you will have to start thinking in terms of BATCHES of trades. You cannot assess your performance and the strategies performance by 2-3 or even 20 trades. Which is why, T20 principle integrated into your trading plan is THE FIRST STEP> i.e. if you really want to excel in this "business" if you're looking for Jackpot, sadly the markets have lower odds of success that buying a lottery.

moreover, I'm NOT judging you. What i'm asking you is true for 99% of the traders (even 100 one could argue). We all at one point look for answers in the wrong areas. Likewise here, in trading specially, the answer lies within. When I know you have a trading plan, I'll know WHAT setup have you decided to trade. When I know What Market are you trading, I will be able to see how well you're doing. When I see an m1 chart of "something" i've never ever even dreamt about, I cannot comment at all. And to comment on a Stock Chart, that on m1 and m5, without knowing its volatility, etc. ??? never gonna do it mate.

I repeat myself, if you'd like to LEARN TO TRADE... Get a GKFX Demo account. Start trading at 8am UK for 2 hrs. Do not look at ANYTHING ELSE. JUST m5/m1 on DAX. Please do this for my sake. 5 Batches of T20. I'll be here , observing every step and every day and night... can you do that for me please? With your speed and pace you'd do all this, (the platform etc within 10min)

cheers

[immy]

Moreover, if you have more time during the day, I'd highly recommend you trade the Hourly time frame wiht 4 pairs. Yes, we only trade 4 pairs on h4 (whereas you look at hundreds of charts on m1, it cannot work) do I sound harsh, may be, but its good for you in the long run. brother.

and yes, when i see a copy of your trading plan in your journal and I see you T20 batches running, I will be commenting on the setups and you can then post as many questions about it as you like. B-) (hug) \m/