Earning Profits - Still Unstable Mind

#1
Dear Friends,

I am a newbie trader and recently started trading along with my job based on the advice of my colleague who had done trading earlier but now stopped it.
I have always read stories of how trading is like gambling and its like a tukka agar laga to diwali warna diwala hain,,,

I had my share of losses in these months but the profits are more, i have been immensly profited in FnO specifically in Futures and in Options not able to strike well, In FnO I have done 3-4 Futures intraday trades and per day earned profits like 8K, 13K, 4K totalling 34K and out of that losses are 6K and another 18K is in options the CMP of which is now around 10K so even after total loss of 8+6=14K I have profit of around 20K..

Now all my intraday futures have repeatedly repaid me benefits, so i am worried, now you will ask why i am worried when i am making profits, I am worried that I should be disciplined and keep a stop loss / limit for myself earlier I had kept that I would try to earn 10-15K in month, but today i find that target achieved in 2 days itself then on the other trading days shall i just not trade and be silent or trade???


Now looking at my intraday profits the colleague who had stopped trading years ago, is thinking of opening a trading account again and start trading. Also during muhurat trading on Sunday I earned 8K profits in intraday, within that 1hr of trading and in other days with a glance at the screen along with office work i am making money of 8K - 13K which is numerous times my daily salary for 8 hours ,,, Also my one colleague mentioned that it is so cool without doing anything you earned 8K, without doing anything without doing anything :confused::annoyed:


I then thought that i had invested my time and efforts in selecting one stock out of the thousands and during the trading time, had kept a watch with glitch in heart that my money is at stake, even though it was upmove, i had so many queries in mind regarding the min profit, if my profit was 2 K and i came out at 2K and within the next half hour it moves further UP i could have got 10K as profits, so when exactly to come out I was not knowing and with every downmove i used to fear losses, so i had invested my money and taken risk ,,, which gave me the profits i earned.

Another thing that people in general advice and believe that such money (money earned without hardwork) will not stay for long, even though i am not a superstitious / god fearing person I am now having a wierd feeling that whether is the trading devil is luring me with profits so that i keep on doing trading and then when i have a loss i would be forced to lose my mind and trade with revenge attitude and end up worse.

I am not telling that the money which i have earned or anyone earns is not the hardwork / smartwork but tell me how to convince my mind that i am fully eligible to reap the benefits of the profits that i earned and not feel afraid or guilty that tomorrow something will happen which will take away all the profits with it..
 

stock72

Well-Known Member
#2
I guess every one will enjoy ur post ...as every one must have gone through these
Ok now
1) if u feel guilty just see our politicians .secondly make ur views broader .When US (FED) just printing and soaking whole world with their dollar what wrong in earning money from market .in Tamil there is a proverb .."u will be fool to wear underwear when whole nation is nude ". To convince u I wrote above things. But the fact is money from market is well within all moral ethics .
2) here the imp point .earning money is NOT easy in market .we will get profit some times in row .but discipline, money management Etc all to be in place .a lot to learn .
 

sudoku1

Well-Known Member
#3
Dear Friends,

I am a newbie trader and recently started trading along with my job based on the advice of my colleague who had done trading earlier but now stopped it.
I have always read stories of how trading is like gambling and its like a tukka agar laga to diwali warna diwala hain,,,

I had my share of losses in these months but the profits are more, i have been immensly profited in FnO specifically in Futures and in Options not able to strike well, In FnO I have done 3-4 Futures intraday trades and per day earned profits like 8K, 13K, 4K totalling 34K and out of that losses are 6K and another 18K is in options the CMP of which is now around 10K so even after total loss of 8+6=14K I have profit of around 20K..

Now all my intraday futures have repeatedly repaid me benefits, so i am worried, now you will ask why i am worried when i am making profits, I am worried that I should be disciplined and keep a stop loss / limit for myself earlier I had kept that I would try to earn 10-15K in month, but today i find that target achieved in 2 days itself then on the other trading days shall i just not trade and be silent or trade???


Now looking at my intraday profits the colleague who had stopped trading years ago, is thinking of opening a trading account again and start trading. Also during muhurat trading on Sunday I earned 8K profits in intraday, within that 1hr of trading and in other days with a glance at the screen along with office work i am making money of 8K - 13K which is numerous times my daily salary for 8 hours ,,, Also my one colleague mentioned that it is so cool without doing anything you earned 8K, without doing anything without doing anything :confused::annoyed:


I then thought that i had invested my time and efforts in selecting one stock out of the thousands and during the trading time, had kept a watch with glitch in heart that my money is at stake, even though it was upmove, i had so many queries in mind regarding the min profit, if my profit was 2 K and i came out at 2K and within the next half hour it moves further UP i could have got 10K as profits, so when exactly to come out I was not knowing and with every downmove i used to fear losses, so i had invested my money and taken risk ,,, which gave me the profits i earned.

Another thing that people in general advice and believe that such money (money earned without hardwork) will not stay for long, even though i am not a superstitious / god fearing person I am now having a wierd feeling that whether is the trading devil is luring me with profits so that i keep on doing trading and then when i have a loss i would be forced to lose my mind and trade with revenge attitude and end up worse.

I am not telling that the money which i have earned or anyone earns is not the hardwork / smartwork but tell me how to convince my mind that i am fully eligible to reap the benefits of the profits that i earned and not feel afraid or guilty that tomorrow something will happen which will take away all the profits with it..


aha, my favorite subject ,human psychology n behavior..nd being a student of dis subject, i lv its very nature.
now cming 2 ur point-bt before i xpand my post let me also tell u dat don't take anything frm d txt as an unhealthy criticism .know dat its nt my emotions , philosophy or beliefs bt based on true facts of how a human mind works.


I am a newbie trader and recently started trading along with my job based on the advice of my colleague who had done trading earlier but now stopped it.
I have always read stories of how trading is like gambling and its like a tukka agar laga to diwali warna diwala hain,,,
u r newbie n instead of getting into d core of d subject, u hav jumped into d unknown waters jst bcoz sm1 convinced ur mind 2 follow him blindly?why did ur collegue stop trading? get d reasons. reading stories n believing in stories is totally difrent frm wch u chose 2 b wid gambling mindset stories wch r only devastating.



I had my share of losses in these months but the profits are more, i have been immensly profited in FnO specifically in Futures and in Options not able to strike well, In FnO I have done 3-4 Futures intraday trades and per day earned profits like 8K, 13K, 4K totalling 34K and out of that losses are 6K and another 18K is in options the CMP of which is now around 10K so even after total loss of 8+6=14K I have profit of around 20K
why u r focusing more on profit part n why u r nt eager 2 solve d loss part as any professional trader wud do?isnt der a possibility dat u may lose d remaining 20k too ?

Now all my intraday futures have repeatedly repaid me benefits, so i am worried, now you will ask why i am worried when i am making profits, I am worried that I should be disciplined and keep a stop loss / limit for myself earlier I had kept that I would try to earn 10-15K in month, but today i find that target achieved in 2 days itself then on the other trading days shall i just not trade and be silent or trade???
again u r bargaining on d profit part n nt on ur mistakes wch u shud do.know dat 2 emotions can nevr occur at d same time.if u r worried, u can never b happy at d same time n vice versa.focus more on ur weakness.jst focusing n doing nothing wil stil depress u.u hav 2 take actions at d same time while focusing on ur weakness.

Now looking at my intraday profits the colleague who had stopped trading years ago, is thinking of opening a trading account again and start trading. Also during muhurat trading on Sunday I earned 8K profits in intraday, within that 1hr of trading and in other days with a glance at the screen along with office work i am making money of 8K - 13K which is numerous times my daily salary for 8 hours ,,, Also my one colleague mentioned that it is so cool without doing anything you earned 8K, without doing anything without doing anything :confused::annoyed:
ur collegue is probably feeling left out of d game while seeing ur profits n fr whatever reasons he stoped trading, his mind is convinced dat dis time he wil succeed.did u tel abt ur losses 2 d oher collegue ? i bet u hav nt .
d abv episode so far shows yet another interesting pattern..its dat u r relying on d opinion of others 2 mch wch naturaly translates dat ur self confidence is at d lowest.did u once question d opinion of ur colegues before venturing lured in dis field ?
understand urself , ur strengths n weakness n certainly b firm in making decisions based on ur beliefs (true beliefs) rather den depending on others opinion bcoz acting d opposite wil only ruin ur self esteem in d long run.


Another thing that people in general advice and believe that such money (money earned without hardwork) will not stay for long, even though i am not a superstitious / god fearing person I am now having a wierd feeling that whether is the trading devil is luring me with profits so that i keep on doing trading and then when i have a loss i would be forced to lose my mind and trade with revenge attitude and end up worse
if u read stories of successful people like henry ford, warren buffet, ambanis,donald trump n 100s of others, u wil see dat dey didn't had enough resources n failed many times,bt dey never forgot der goal wch in der case was collecting money at d same time being persistent n believing in demselves even wen everything looked bleak.dey nevr lost hope.ask any of dis people of der success n d word LUCK wil hardly b heard frm dem.
yes, only hard work n acquiring d right skills with consistensy n persistence wid a confident mindset wil land u wher u see urself.jst being emotionaly imbalnced by d red n blue of every tick wil make ur emotions swing d way a pendulum works.
:)
 
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#4
Thank you very much friends for your replies actullay yesterday i had a big loss i.e in futures but i am still holding the contract of IOB 28 Nov 2 Lots @56.05 so i am happy at how the things have moved, actually i just am immature and go by the recommendations of i click 2 gain or moneycontrol experts views , based on the recommendations i just look at the stock chart and take intuition on the stock whether it will be favorable or not, I have not done any technical study of the stock nor any past data reference nor do i know how to read the charts in technical terms, , i just looked at charts of intraday, 5 days , 3-6 months and take a stand on it, till now it has come right but yesterday 07 nov 2013 it came wrong, so now i have decided to take a break to this and try my hand at understanding and studying the markets

The human psycology of greed in me overtook my common sense and yesterday i bought intially 1 lot of IOB futures at 56.2 and when the prices further dropped without even thinking of the consequences i foolishly bought another lot in anticipation that it will increase the same day and i will make double profits,, , i dont even know what should have been my stop loss to exit out of the contract,, I did not had the discipline to keep a stop loss and exit, just like any other new trader, i just kept on telling that even if the stock goes down it will come up come up,, etc without realizing that it is going down and down,, hence first i need to learn the rules of stop loss, so in the event of wrong selection i can limit my losses,, thought there are ups and downs in intraday i need to study which down will really go down and which down may be able to spring backk,,, i,e get by basic concepts correct,,

welll this is just learning for me and i am happy that this loss happened yesterday so that before jumping to any other contract i will thoroughly analyze and enter,, until there were profits we feel high when loss comes we hit the ground.. Hence to make profits i need to create now a stop loss plan for every contract that i decide to go so as to limit the losses,,,

thank you for your suggestions and advice,
 

manishchan

Well-Known Member
#5
So it has been more than a month.. whats up with you now ?
Thank you very much friends for your replies actullay yesterday i had a big loss i.e in futures but i am still holding the contract of IOB 28 Nov 2 Lots @56.05 so i am happy at how the things have moved, actually i just am immature and go by the recommendations of i click 2 gain or moneycontrol experts views , based on the recommendations i just look at the stock chart and take intuition on the stock whether it will be favorable or not, I have not done any technical study of the stock nor any past data reference nor do i know how to read the charts in technical terms, , i just looked at charts of intraday, 5 days , 3-6 months and take a stand on it, till now it has come right but yesterday 07 nov 2013 it came wrong, so now i have decided to take a break to this and try my hand at understanding and studying the markets

The human psycology of greed in me overtook my common sense and yesterday i bought intially 1 lot of IOB futures at 56.2 and when the prices further dropped without even thinking of the consequences i foolishly bought another lot in anticipation that it will increase the same day and i will make double profits,, , i dont even know what should have been my stop loss to exit out of the contract,, I did not had the discipline to keep a stop loss and exit, just like any other new trader, i just kept on telling that even if the stock goes down it will come up come up,, etc without realizing that it is going down and down,, hence first i need to learn the rules of stop loss, so in the event of wrong selection i can limit my losses,, thought there are ups and downs in intraday i need to study which down will really go down and which down may be able to spring backk,,, i,e get by basic concepts correct,,

welll this is just learning for me and i am happy that this loss happened yesterday so that before jumping to any other contract i will thoroughly analyze and enter,, until there were profits we feel high when loss comes we hit the ground.. Hence to make profits i need to create now a stop loss plan for every contract that i decide to go so as to limit the losses,,,

thank you for your suggestions and advice,
 
#6
Dear Friends,

I am a newbie trader and recently started trading along with my job based on the advice of my colleague who had done trading earlier but now stopped it.
I have always read stories of how trading is like gambling and its like a tukka agar laga to diwali warna diwala hain,,,

I had my share of losses in these months but the profits are more, i have been immensly profited in FnO specifically in Futures and in Options not able to strike well, In FnO I have done 3-4 Futures intraday trades and per day earned profits like 8K, 13K, 4K totalling 34K and out of that losses are 6K and another 18K is in options the CMP of which is now around 10K so even after total loss of 8+6=14K I have profit of around 20K..

Now all my intraday futures have repeatedly repaid me benefits, so i am worried, now you will ask why i am worried when i am making profits, I am worried that I should be disciplined and keep a stop loss / limit for myself earlier I had kept that I would try to earn 10-15K in month, but today i find that target achieved in 2 days itself then on the other trading days shall i just not trade and be silent or trade???


Now looking at my intraday profits the colleague who had stopped trading years ago, is thinking of opening a trading account again and start trading. Also during muhurat trading on Sunday I earned 8K profits in intraday, within that 1hr of trading and in other days with a glance at the screen along with office work i am making money of 8K - 13K which is numerous times my daily salary for 8 hours ,,, Also my one colleague mentioned that it is so cool without doing anything you earned 8K, without doing anything without doing anything :confused::annoyed:


I then thought that i had invested my time and efforts in selecting one stock out of the thousands and during the trading time, had kept a watch with glitch in heart that my money is at stake, even though it was upmove, i had so many queries in mind regarding the min profit, if my profit was 2 K and i came out at 2K and within the next half hour it moves further UP i could have got 10K as profits, so when exactly to come out I was not knowing and with every downmove i used to fear losses, so i had invested my money and taken risk ,,, which gave me the profits i earned.

Another thing that people in general advice and believe that such money (money earned without hardwork) will not stay for long, even though i am not a superstitious / god fearing person I am now having a wierd feeling that whether is the trading devil is luring me with profits so that i keep on doing trading and then when i have a loss i would be forced to lose my mind and trade with revenge attitude and end up worse.

I am not telling that the money which i have earned or anyone earns is not the hardwork / smartwork but tell me how to convince my mind that i am fully eligible to reap the benefits of the profits that i earned and not feel afraid or guilty that tomorrow something will happen which will take away all the profits with it..
Hi rsk,
That's very good sign you made profits out of the markets. It is not that easy for a new trader to take money from markets. I would suggest you to with draw your original capital and trade with your profits. If you make a habit to withdraw the profits you make every week or month,it will create a backup for you even if you vanish your trading account capital. Trust me,it will give u enough confidence to deal with the markets. Even if you are over joyed with the profits and take a wrong call,it will help you safeguard your capital. Ofcourse, any trader should learn to deal with SL to minimize losses.
i suggest you to have some insights from Intraday technical analysis, Trading Psychology, money and risk management and decide your strategy before you take a trade. Best thing to do is "Go with the flow of the markets,never try to be a hero by challenging the markets".
Happy Trading !:thumb:
 

amitrandive

Well-Known Member
#7
Thank you very much friends for your replies actullay yesterday i had a big loss i.e in futures but i am still holding the contract of IOB 28 Nov 2 Lots @56.05 so i am happy at how the things have moved, actually i just am immature and go by the recommendations of i click 2 gain or moneycontrol experts views , based on the recommendations i just look at the stock chart and take intuition on the stock whether it will be favorable or not, I have not done any technical study of the stock nor any past data reference nor do i know how to read the charts in technical terms, , i just looked at charts of intraday, 5 days , 3-6 months and take a stand on it, till now it has come right but yesterday 07 nov 2013 it came wrong, so now i have decided to take a break to this and try my hand at understanding and studying the markets

The human psycology of greed in me overtook my common sense and yesterday i bought intially 1 lot of IOB futures at 56.2 and when the prices further dropped without even thinking of the consequences i foolishly bought another lot in anticipation that it will increase the same day and i will make double profits,, , i dont even know what should have been my stop loss to exit out of the contract,, I did not had the discipline to keep a stop loss and exit, just like any other new trader, i just kept on telling that even if the stock goes down it will come up come up,, etc without realizing that it is going down and down,, hence first i need to learn the rules of stop loss, so in the event of wrong selection i can limit my losses,, thought there are ups and downs in intraday i need to study which down will really go down and which down may be able to spring backk,,, i,e get by basic concepts correct,,

welll this is just learning for me and i am happy that this loss happened yesterday so that before jumping to any other contract i will thoroughly analyze and enter,, until there were profits we feel high when loss comes we hit the ground.. Hence to make profits i need to create now a stop loss plan for every contract that i decide to go so as to limit the losses,,,

thank you for your suggestions and advice,
If you are good on the technical front , try and read some good psychology books like

Reminiscences of a stock operator= Jesse Livermore.

If not please try and brush up your technical knowledge by reading books like

Technical analysis of stock trends= Edwards Magee
 

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