Opened my new trading account with RK Global last week and downloaded ODIN once RK Global guys sent me my login id and password. Logged into ODIN and I couldnt understand a thing as I am too used to the ICICDirect's portal who have made a killing from me over the years. I tried trading using tips from the TV guys and ended up eroding my account by Rs5.5Lakhs within 3 days. Yes thats stupid and I am trying not to repeat that. This was back in Jan 2012 so its been a while since I tried doing a day trade.
Day 1 on RK Global Friday 3Rd 2014 :
Transfered Rs30000 and bought Britannia and some random price I cant remember now and made a loss of Rs394 then I bought Britannia again for dilevery at the end of the day as it looked like a good positional thing to me at the time.
Day 2 :
Transfered Rs 300000 into my trading account and tried my hand on ODIN this time as someone very kindly replied to my thread where I asked about how to place an order and put a stop loss.
I was going to buy ITC but ended up pressing F2 and selling instead and when I realised my mistake I cut my loss and was Rs6500 under. Lost my balance I suppose and my ego guided me to buy again and I listened to my ego and went for it (stupid mistake) I bought 6k+ shares on margin and my stop loss triggered within 20 mins and I bought again at lower levels only to sell again at a loss. Price dropped sharply at 3:15 so I bought ITC for dilevery 958 shares in total and I intend to keep it along with 25 shares of Britannia that I bought on Friday.
Was under by another 15000+ by the end of the day. Only consolation being Aban offshore that rose 9%+ which is sitting in my core portfolio.
I am stupid and driven by emotions.
I used whatever was in my account and the leverage to buy one single script.
I even tried to transfer another Rs5lakhs from my bank account but thankfully slapped by a message saying I have already used up my daily transfer limit (didint know there was such a thing)
I bought a book Trading for a living by A elder and read 200 pages at one go on Sunday enening and understood very well that I would loose money as soon as I mix emotions with my trading decisions and I promised myself that I wont do it... I broke my promise and I did exactly that.
Learnt a lesson : Never put all your trading account money into a single trade. I will hopefully remember this when the market opens tom morning.
Moral of the day : Knowing something and using that knowledge are two different things. I knew I shouldnt be making impulsive decisions but I did. I need to work on self control and discipline and stop being stupid.
Stupidity will cost me money. I wont be stupid if I want to stop loosing money.
Day 1 on RK Global Friday 3Rd 2014 :
Transfered Rs30000 and bought Britannia and some random price I cant remember now and made a loss of Rs394 then I bought Britannia again for dilevery at the end of the day as it looked like a good positional thing to me at the time.
Day 2 :
Transfered Rs 300000 into my trading account and tried my hand on ODIN this time as someone very kindly replied to my thread where I asked about how to place an order and put a stop loss.
I was going to buy ITC but ended up pressing F2 and selling instead and when I realised my mistake I cut my loss and was Rs6500 under. Lost my balance I suppose and my ego guided me to buy again and I listened to my ego and went for it (stupid mistake) I bought 6k+ shares on margin and my stop loss triggered within 20 mins and I bought again at lower levels only to sell again at a loss. Price dropped sharply at 3:15 so I bought ITC for dilevery 958 shares in total and I intend to keep it along with 25 shares of Britannia that I bought on Friday.
Was under by another 15000+ by the end of the day. Only consolation being Aban offshore that rose 9%+ which is sitting in my core portfolio.
I am stupid and driven by emotions.
I used whatever was in my account and the leverage to buy one single script.
I even tried to transfer another Rs5lakhs from my bank account but thankfully slapped by a message saying I have already used up my daily transfer limit (didint know there was such a thing)
I bought a book Trading for a living by A elder and read 200 pages at one go on Sunday enening and understood very well that I would loose money as soon as I mix emotions with my trading decisions and I promised myself that I wont do it... I broke my promise and I did exactly that.
Learnt a lesson : Never put all your trading account money into a single trade. I will hopefully remember this when the market opens tom morning.
Moral of the day : Knowing something and using that knowledge are two different things. I knew I shouldnt be making impulsive decisions but I did. I need to work on self control and discipline and stop being stupid.
Stupidity will cost me money. I wont be stupid if I want to stop loosing money.