Diary of a day trader......

uasish · #**141** 30th January 2008, 05:57 PM

It is not the question of Money Tgt,it is catching a trend which may continue from 2 bars to 5 or 25 bars whatsoever.I used to trade like that ,with money tgt,in my dabba trading days,catching Satyam or Tisco from 8 to 12 ( any stock crossing last digit 5 has got a tendency to go to atleast last digit 7 & crossing last digit zero may go to 2,this was my 1st Discovery 5 yrs ago watching the screens,i had no idea what is TA,MACD / RSI blah blah in those days).Going to next zero from 7 & retracing to max 8 was my entry price those days & to liquidate whenever it goes to next last digit 2.
The approach should be to ride the present trend.

subrmanyam · #**142** 30th January 2008, 06:02 PM

Can u help me open an account with your broker who seems to be gracious in giving 250 times expsoure on a small margin amount of Rs. one thousand? I will gladly give him the thousand and start day trading without following ur footsteps.

pulimath · #**143** 3rd February 2008, 12:48 PM

Dear friend,
I am a new member to this message group and with interest I had gone through the past postings,

I ALSO do day trading and I like to post my past experience as following:-

1. I traded only in one stocks ie I traded in Dena bank.

2. My stategy wa simple that I brought/sold 1000 shares at a time and sold/purchased the sam at a margin of Rs.1/
3. The system went on well for many days until greed over took the control of my trading stategy. I increased the volume to 2000, to 3000 to 4000 etc. made profit of Rs.5000/day.

4. I was so confident so that i dont cared for stop loss, untill I realised the importantance of the Stop loss when the price of Dena bank shooted up one day and fell down like a falling stone, which lost me Rs.45600/- in three days trade.

So I wish to say in day trading or swing trade, please control your volume, and use stop loss to control the loss

do any body have similar experience, please write so that it will be a lesson to others also

thanking you,

Pulimath

fast_rizwaan · #**144** 5th February 2008, 09:58 PM

Well said Pulimath,

Greed Makes us Complacent and Careless.. and that's a great reciepe for financial disaster.

I have realized it is wise to not to put more than 10% of your cash in any scrip.

And a stoploss as tight as possible.. even when we are feeling too confident of any scrip, we should put a stoploss at least a few ticks below.. for emergency exit. It is better to lose lesser than to loose more of our money.

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