Before
entering trade
1) I will
wait for Nifty Futures current market price (CMP) to reach either the
Buy Above or Sell Below level
2) Once it reaches either of the levels, I will take a long entry at or
above the Buy level or a short entry at or below the Sell level.
3) I will ensure this entry is fearless and decisive.
4) I will adapt position sizing which is recommended as per my account
size and risk taking ability.
While
in trade
1) If I am
long in the trade, I will keep a strict watch on the Sell below level
and will keep my stop loss 2 points above that level.
2) If I am short in the trade, I will keep a strict watch on the Buy above
level and will keep my stop loss 2 points below that level.
3) As and when these levels move, I will adjust my stop loss maintaining
the 2 point gap.
4) During the trade, if the difference between the Buy above and the Sell
below level becomes less than 10 points and remains like that for 15 minutes,
I will abandon the trade in between, without insisting for the target.
5) I will exit the trade ruthlessly at the target and will not wait for
more.
6) After the trade is over, I will shutdown the terminal and walk away.
No way the market can lure me into another trade.