Long 10 years: Finally started Diary

#41
i think i loose my discipline yesterday........my exit should be today or 60 points or 15100.........but i exited without hitting any........

fear came into my mind that i m earning 40 points and BN is slipping so better to exit with whatever i m getting..........but as soon as i exit option, BNF slipped...and i earned 0 points..........

lose faith and hence lose profit........... luck favours brave and by exiting early, m i behaved like coward..............?? thought hard on this point but didnt got any answer

One mind is saying atleast u didnt lose points.........and after u exit...BNF slipped further so it was good exit as per trailing SL

Other mind is saying that when u knew (by ur experience) before 11 am toay.....mkt will only be volatile but not go anywhere, then i should have keep the position by 10:45 atleast.........u would be getting 75 points in that case.....target hit

Seniors........pls guide on this dilema
After the exit, there is no point in thinking about all this in terms of would have // should have done this or that . . .

The question is did you follow your rules/plan for the trade?


Plan your trade in advance, and just stick to the plan . . .

Lessons learned can be incorporated in the plan for next round . . .



Happy :)
 

jassinko

Well-Known Member
#42
After the exit, there is no point in thinking about all this in terms of would have // should have done this or that . . .

The question is did you follow your rules/plan for the trade?


Plan your trade in advance, and just stick to the plan . . .

Lessons learned can be incorporated in the plan for next round . . .



Happy :)
thanks Happy sir............... u r rt.........that's human psychology.... on which i have to control......:cool:

i didnt want to ruin my discipline just because my last position would have been in profit if not exited as per revised plan........once decided, we have to stick to our plan........

the writing was also because of emotions...........now waiting for 11 am and then will decide on next trade with again proper target and SL........


4 trades so far.........3 hit target and 1 hits trailing SL.......:clap:

Yes, We can do IT......................................................:):thumb:
 

jassinko

Well-Known Member
#43
Last week was full of mess......lots of indiscipline and lots of rule breaking which give heavy losses but recovered some due to some luck (will say luck as was not sure about trade)

It started on Tuesday.....Aug 5 when i wanted to
short BNF at 15210 and
Short BN 15500 put at 489

but what happened is pure indiscipline and greed...

in last trade..i suffered some 30-40 points slippage so to avoid that..i analysed mkt (in which i m poor) and shorted BNF first and waited for BN call to short instead of shorting immediately......

Mkt gave me 2-3 chances to short at my price (around 480) but didnt took and instead thought of shorting at 510 to earn some extra......but suddenly mkt rises and rate reduced to 460.....

then i did my 2nd mistake:
instead of shorting..i bought BN put at 449 thinking to sell double at some higher price so that i will get my desired price of 489....mkt gave me one chance here as well....price came to 470....but again greed came and put the price for sell at 477...which come but didnt execute and suddenly mkt rises breking its day high and then i sold 2 more lots of BNF but mkt rises more and then i bought BN put 1 more lot at 380 but mkt rises more and i exited at 3:20 with total loss of 10k.....total disaster...i never thought that any day i will suffer loss of more than 3k.......

next day mkt opened gap down and came at my eneterd price and i was too upset that...where i would have earned 1k bucks...i lost 10k.... if i didnt averaged or exited at my Sl.... i would have save 8k.....

then i eneterd infy put 3400 2 lots at 40 since it was abv its resistance but if gapped up next day and then i took 2 lots of 3500 put at 55.....also purchased 4 lots of nifty 7600 put at 76

third mistake i done is i kept option buy overnight unhedged but this time LUCK prevails...mkt gapped down....infy gap down and i recovered some of my money.......

from 50k to 56k and then down to 46k and now i m at 53.5k.....

Total INDUSCIPLINE.........total DISASTER.........total PAST MISTAKES.......total GREED.......total FEAR............. total PRAY MODE.......... total LACK OF PATIENCE........... total RULE BREAK.......:annoyed:

it happened all in 3 days....... all my past mistakes haunted me again........i cursed myself..... was thinking to skip all these trades from here....what others will think of me..........but today i handled myself......did some brave thing that writing these all.......like CONFESSION..........

i m feeling light now :clap::clap:...... its good to write abt ur mistakes.........:)
 

stock72

Well-Known Member
#44
Jassinko...

The basic problem is not with u or me or any trader .. it is in the composition our human mind and the way it made ....

we are trying to control ourselves ... here both entity are same .. the controller and the one controlled .. this is basic flaw and this conflict never end ..
for other than trading activities i have no answer how to over come this conflict .. trying to understand J.krishnamoorthy for past four years still cant able get a piece of it ..

but for trading activity it is easy to over come .. will detail it later ...




Last week was full of mess......lots of indiscipline and lots of rule breaking which give heavy losses but recovered some due to some luck (will say luck as was not sure about trade)

It started on Tuesday.....Aug 5 when i wanted to
short BNF at 15210 and
Short BN 15500 put at 489

but what happened is pure indiscipline and greed...

in last trade..i suffered some 30-40 points slippage so to avoid that..i analysed mkt (in which i m poor) and shorted BNF first and waited for BN call to short instead of shorting immediately......

Mkt gave me 2-3 chances to short at my price (around 480) but didnt took and instead thought of shorting at 510 to earn some extra......but suddenly mkt rises and rate reduced to 460.....

then i did my 2nd mistake:
instead of shorting..i bought BN put at 449 thinking to sell double at some higher price so that i will get my desired price of 489....mkt gave me one chance here as well....price came to 470....but again greed came and put the price for sell at 477...which come but didnt execute and suddenly mkt rises breking its day high and then i sold 2 more lots of BNF but mkt rises more and then i bought BN put 1 more lot at 380 but mkt rises more and i exited at 3:20 with total loss of 10k.....total disaster...i never thought that any day i will suffer loss of more than 3k.......

next day mkt opened gap down and came at my eneterd price and i was too upset that...where i would have earned 1k bucks...i lost 10k.... if i didnt averaged or exited at my Sl.... i would have save 8k.....

then i eneterd infy put 3400 2 lots at 40 since it was abv its resistance but if gapped up next day and then i took 2 lots of 3500 put at 55.....also purchased 4 lots of nifty 7600 put at 76

third mistake i done is i kept option buy overnight unhedged but this time LUCK prevails...mkt gapped down....infy gap down and i recovered some of my money.......

from 50k to 56k and then down to 46k and now i m at 53.5k.....

Total INDUSCIPLINE.........total DISASTER.........total PAST MISTAKES.......total GREED.......total FEAR............. total PRAY MODE.......... total LACK OF PATIENCE........... total RULE BREAK.......:annoyed:

it happened all in 3 days....... all my past mistakes haunted me again........i cursed myself..... was thinking to skip all these trades from here....what others will think of me..........but today i handled myself......did some brave thing that writing these all.......like CONFESSION..........

i m feeling light now :clap::clap:...... its good to write abt ur mistakes.........:)
 

jassinko

Well-Known Member
#45
On Friday......

I shorted BN 15000 call at 187
and shorted BN 14500 put at 149

Margin Used: 46000

Reason - BN having resistance at 14930-15010 and support 14660-730
TARGET - will keep till BN break 14930 with force or slip below 690 with force.... approx 50-60 points by this week
SL - 20 points

PS: THINKING to make and write down all my rules here so that it will keep me in discipline......will try to do it by tomorrow
 

jassinko

Well-Known Member
#46
MTM - +20 points as of now

On Friday......

I shorted BN 15000 call at 187
and shorted BN 14500 put at 149

Margin Used: 46000

Reason - BN having resistance at 14930-15010 and support 14660-730
TARGET - will keep till BN break 14930 with force or slip below 690 with force.... approx 50-60 points by this week
SL - 20 points

PS: THINKING to make and write down all my rules here so that it will keep me in discipline......will try to do it by tomorrow
 

jassinko

Well-Known Member
#47
Monday EOD MTM +ve 28 points

Rangebound mkt is good for my trade but small range in BN today was NR7 (i think) so might be tomorrow mkt will break its range........ i will be ready with my SL and target:D

Trying to walk on a single rope hanging in air.............. i realized DISCIPLINE is a two edged sword....we have to treat it very cautiously:)

MTM - +20 points as of now
 

healthraj

Well-Known Member
#48
Jassinko...

The basic problem is not with u or me or any trader .. it is in the composition our human mind and the way it made ....

we are trying to control ourselves ... here both entity are same .. the controller and the one controlled .. this is basic flaw and this conflict never end ..
for other than trading activities i have no answer how to over come this conflict .. trying to understand J.krishnamoorthy for past four years still cant able get a piece of it ..

but for trading activity it is easy to over come .. will detail it later ...
I never knew JK's principles can be applied for Trading. I was a big fan of JK. Read almost all his books on LOVE, FEAR, GREED... Only got confused. Most of the time after reading his books, I went crazy and wanted to run away from the normal life... But the survival for 3 meals a day always prevented me from doing it... It was some 15 years back... May be it is time to go and read once again especially on FEAR or GREED. JK always talks about a third person in you that is an Observer...
 
#49
I never knew JK's principles can be applied for Trading. I was a big fan of JK. Read almost all his books on LOVE, FEAR, GREED... Only got confused. Most of the time after reading his books, I went crazy and wanted to run away from the normal life... But the survival for 3 meals a day always prevented me from doing it... It was some 15 years back... May be it is time to go and read once again especially on FEAR or GREED. JK always talks about a third person in you that is an Observer...
Maybe if you read this 8 pages booklet of 28 Q&As
from Ramana Maharshi, then understanding JK would be easier :thumb:


Happy :)
 

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