My Rules of Trading

Strategy : Follow NDNF site.
Instrument : Futures
Underlying : Nifty
Timeframe : Intraday
Platforms : ICICIDirect Zerodha

Entry :
1) Wait patiently for CMP to come to entry level. If prices do not come to entry level till 11 am, then quit trading.
2) Whenever possible, put buy stop or sell stop orders, time and margin permitting.
3) Take decisive and fearless entry at CMP whenever the price point triggers with the indicated SL and indicated Target.

While in Trade :
1) Wait patiently for target.
2) While waiting for target keep watch on opposite side entry levels. Keep trailing SL with a 2 point margin to reverse trade if required.
3) If I am long and the short entry is within 10 points below my long entry, and remains like that for 15 minutes, I will abandon the trade.
4) If I am short and the long entry is within 10 points above my short entry, and remains like that for 15 minutes, I will abandon that trade.
5) Once I abandon any trade, I will quit trading for that day.
6) When the target of any trade is reached, I will close my position and quit trading for that day.
7) If I get stopped out in a trade with a gain of 20 points or more, I will quit trading for that day.
8) I will quit trading for the day after two trades are completed. I will not take the 3rd trade on the same day under any circumstances whatsoever.

What does Quit mean :
1) Say 'Bye Bye' and 'Thank you' to market.
2) Shut down the terminal.
3) Walk out of the trading room.
4) Enjoy life elsewhere.

What I will keep open :
1) NDNF site
2) ICICIDirect browser trading window
3) Zerodha Kite browser trading window
4) My email window, so that I can read and answer to subscribers as promptly as I can. However, this will have lesser priority when actionable events are expected to occur.

What I will not open :
1) Any window that displays charts. I do not want to see any charts, historical or live, whatever.
2) Any window that shows market depth.
3) Any window that shows advance / declines
4) Any market related news site.
5) Any blog or website that discusses trading.
6) Any TV channel that discusses markets and trading.
7) Any window that depicts my current financial status or the current day's earnings.

Why I will not open the forbidden windows :
Because they create so much noise, that it deprives me of the lovely music that I aspire to hear out of my trading.
Because this noise causes distractions in my mind. These distractions have been harmful to me and my family in the past.
Because I want to march onwards on my path to success and glory, and I cannot afford any more roadblocks in this path.

By Order
Nilesh Deshpande
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