1 intraday system right now, in middle of adding another - hopefully.
Have a few more things half ready in intraday but ill probably first look at swing and investing type things for diversification (Might try some discretion here).
Lot of work, what about you ?
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I also have a system for intraday but have added a bit of discretion as well in that as I couldnât find any edge purely on mechanical system.
How much experience you have in the markets ?
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Too many years, about a decade now. Some wasted initially in trying to find something that works for me - NiftyNiravana/Traderji etc.
Then finally got a good source but even then struggled for few years until i moved to testing data. Profitable since last 2-3 years, first with semi discretion and then fully automated it when i found the day to day work to be not worth it. I still work, but not with eyes/heart glued to market for full day.
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Bro can you explain a bit about mechanical systems?
Two types of methods to trade:
1.) Discretionary: Gut based trade, because either you âfeelâ or it looks like it is going a certain way, hence you take a trade.
2.) Mechanical: It is a rule based trading approach/system. Either you make a programming code by putting in logic to take trade only when certain conditions fulfill or you can also manually look for those conditions and then take the trade.
For e.g. taking a trade only when a candle closes above dayâs high and with stochastic or other indicator also in favour. You can then either set a fixed Stoploss:Target ratio like 1:2 or time based target also.
Such type of trades are known as mechanical trades where in you have removed all biases and emotions and take trades only when your system allows you to based on a set criteria.
Such systems can be back tested as well on platforms like âStreakâ and âKuantâ, which will show you whether this logic has worked in the past or not.
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as a beginner what should i followâŚdiscretionary or mechanical?
and which is most preferable?