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Wednesday, May 6, 2015

6/5/2015, wednesday




Very tough day.  Learnt a few lessons the hard way. 

Missed the downfall @ DO.

1) Skipped BRN BOF short, as LH had been made.

2) Shorted below RL. Got 7 points. Was trailing anxiously with  18 points SL, at the swing high, at one time.

3) Longed at spike and Ledge. Got 9 points.

4) PP Long. Stopped out. Gave 10 points. Momentum was less, as the price moved up to fill the order. Didn’t notice this and paid the price.

5) Took another short. Gave 6 points. Price moved down after stopping me out.

Disclaimer: I am not a Research Analyst, registered with SEBI. I maintain this blog only for my own learning purpose and recording my thoughts on intraday activity of Market. I do not give any kind of trading advice to anyone. My methods will result in severe losses. Hence please do not follow me.
 
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7 comments:

  1. SuMaMay 6, 2015 at 4:53 PM

    Yes KS, it was a very tough day.
    Once I missed the big down-move early on the day, it payed a heavy toll on my psyche. I was behaving like a mad fellow playing emotional roller coaster.
    TiZ

    ReplyDelete
    Replies
    1. nifty for breadMay 6, 2015 at 5:36 PM

      Hi Tiz,

      Absolutely. I was also totally restless. When the first 2 trades go well, it is your day and whatever you do subsequently have a high probability of becoming winners. Today, it went the other way around. Still miles to go and a lot to learn.

      May I know your name?

      Thanks,
      S.Karthikeyan

      Delete
    2. SuMaMay 6, 2015 at 8:37 PM

      I am Sunil Manohar from Kolkata.

      Delete
  2. UnknownMay 6, 2015 at 11:43 PM

    Yes. tough day. especially if we miss the big move in the morning. psychological impact will be more. most of the time we do revenge against the market and try to show we are smart ..and endup paying more.. watch out similar days..

    if we miss the big move in the morning: we will do following mistake:

    1. more number of trades.
    2. more trades towards to catch the bottom without confirmation..that too counter trend.
    3. against the trend entry. counter trend trades.
    4. sometimes high volume.
    5. will be stopped out left and right.

    the rules I will try to follow:

    1. never go counter trend immediately after the big move. wait for consolidation then go with trend.
    2. skip sometime to consolidate after big move.
    3. look for opportunity after 1 pm to go with trend. we can try some test trades as well with trend.

    please validates the points and add yours.

    Thanks,
    Aristatle.S

    ReplyDelete
  3. nifty for breadMay 7, 2015 at 8:55 AM

    Hi Aristatle,

    You are right. I can't add anything more to it.

    Normally after a big fall, price will consolidate and then move up due to exit of critical mass or continue to fall. On this day, neither of the two happened. Price was just chopping around after the fall.

    Obviously there was total confusion due to the sudden huge fall. One needs tons of experience to spot it live market and remain on the sidelines, like ST did. Still I have to travel a lot to reach there.

    Thanks for the comment.

    ReplyDelete
  4. UnknownMay 8, 2015 at 11:30 AM

    I am learning along with you...So please always stop me or comment on my opinion.

    ReplyDelete
    Replies
    1. nifty for breadMay 8, 2015 at 3:02 PM

      Hi Aristatle,

      I have always commented on your opinions. I also eagerly await your opinions. As you said, let us learn together and become better traders.

      Thanks
      S.Karthikeyan

      Delete

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