Hi Traderji and experts and members!
I'm Mohd. Asif Ali Rizvan, from Hyderabad. I started investing since january 2007 with a capital of 2 lakhs. Started with ICICIDirect demat service. made 10k pm by diversifying.
Then came the quest for DayTrading - in August 2007, Paid 70k to the markets for learning the basics like how stops work, how to convert from margin to delivery.. thanks goes to reliancemoney's stupid trading platform also.
Since, september i was doing ATST and recovered all the losses 70k + 70k with atst till december 2007.
In january, Markets turn bearish without a clue (though i was expecting feb 1 2008, when FII could push the market down with their huge money). got almost all my money in TTML 4000@63, RPL 300@240, nagarfert 1000@75.
with Just 70k left for day trading. and I'm losing more in my day trades than winning. The market is moving exactly opposite to my understanding. Perhaps market knows what i'm going to do and takes the opposition role
My interest is only Secondary market.. cause IPO's has more risk than equity and the money will be stuck with the issuers for a month.. till the listing. I fear futures.. may be because i don't understand them.. or perhaps.. heard more people got burnt with futures.
intially i did swing trading on monthly basis.. like buying a scrip on weekly low support and holding it for a month.. if it reaches 10% then i'll exit.
later came atst.. which gave 2% daily. Buy ttml @ 35 sell it at 36 tomorrow.
In August 2007, i wondered what if the market become bearish and the prices keep on falling? then I found short-cover.. did it many times. but still stops get triggered. I hope TA will help me in day trading.
but with day trading.. i'm mostly seeing momentum as my entry.. like twice to thrice number of buyers and enter the scrip. with a very tight stoploss of 10ps on a 50-100rs scrip.
I have realized that day trading is indeed stressful but it all about how we *react* or *act*. I made silly mistakes when in greed or in fear. I understand that I do need to overcome my emotions to become a good day trader.
I'm learning TA .. Teach a man's fish.. Hope to benefit from it.
please bless me! thanks