My Trade Dairy - mravi

[mravi]

I trade using moving averages. Still refining my method. I will list down the reasons for my entry and exits. Anything useful links I find would help me/others.


Current Position:
1) Long on TATAPOWER-FUT @ 103 - SL: 101.
Reason for entry - There was a moving avg. crossover yesterday in hourly chart, also Buy signal in Daily chart.
Resistace at: 105 (Pivot), Support@ 100

2) DLF CE@220, CP:3.5
Entered as insurance for my DLF (Short Position) - Short exited already, holding the CALL.

Thanks
mravi

 

[mravi]

Today I will be tracking LICHSGFIN and YESBANK. In case my stoploss is hit in TATAPOWER I will be taking longs in one of these two stocks when the odds are favorable. YESBANK is attractive to me around 360 and LICHSGFIN around 260.

It appears to me that my entry into tata power does not have favorable chances as a sell signal came late in the afternoon, and I did not trade because of fear. There are two news items on this stock. One joint venture successful another failed. Hoping to exit with minimum loss or minimum profit.

Market need to take support around 5257 levels then the bounce back may be profitable.

All the best.
mravi

 

[mravi]

Nifty broke the support. Both FII DII Data indicates low volume. Both are net sellers. DOW Futures are negative.

Stayed in my postions of DLF, TATAPOWER. Went long on SINTEX-FUT @ 84.

 

[ryan4ucar]

I trade using moving averages. Still refining my method. I will list down the reasons for my entry and exits. Anything useful links I find would help me/others.


Current Position:
1) Long on TATAPOWER-FUT @ 103 - SL: 101.
Reason for entry - There was a moving avg. crossover yesterday in hourly chart, also Buy signal in Daily chart.
Resistace at: 105 (Pivot), Support@ 100

2) DLF CE@220, CP:3.5
Entered as insurance for my DLF (Short Position) - Short exited already, holding the CALL.

Thanks
mravi

Buddy ur first trade looks shaky u are placing stop loss(@101) above support(@100) means ur not confidant that stock will bounce if it touches 100 or ur randamly throwing darts

 

[ryan4ucar]

Today I will be tracking LICHSGFIN and YESBANK. In case my stoploss is hit in TATAPOWER I will be taking longs in one of these two stocks when the odds are favorable. YESBANK is attractive to me around 360 and LICHSGFIN around 260.

It appears to me that my entry into tata power does not have favorable chances as a sell signal came late in the afternoon, and I did not trade because of fear. There are two news items on this stock. One joint venture successful another failed. Hoping to exit with minimum loss or minimum profit.

Market need to take support around 5257 levels then the bounce back may be profitable.

All the best.
mravi

Dont trade if u fear losing money , or trade in cash market with less shares

 

[mravi]

Thanks ryan4ucar.

Yes. It is shakey. I am jumping between time periods. Hourly and daily charts which I need to fix. The question I have in mind is can I do positional trades in futures.

How safe it is? May be a dumb question. But I am not sure about that aspect.

 

[mravi]

Following stocks looked interesting:

ALOKTEXT1 - Chance of LONG

BAJAJAUTO - Chance of LONG

Charts are hourly charts.

 

[ryan4ucar]

Thanks ryan4ucar.

Yes. It is shakey. I am jumping between time periods. Hourly and daily charts which I need to fix. The question I have in mind is can I do positional trades in futures.

How safe it is? May be a dumb question. But I am not sure about that aspect.

Dont worry no question is to dumb in trading , first of all get ur own psycology right b4 u jump into trading its more important to know urself first second of all jumping into futures is not the smartest thing to do illl assure you when u loose ull loose a bucket and when u win ull be so desperate to take profits that ull sell it in the first uptick .... thats y start in the cash market using scaling in and scaling out methods.

Also if ur new relax there will be time to make money in your 1st year no matter what you do u are most likly to loose money this is the time when ull be at your worst and may be you have the most money to trade also , later on ull have the brains but not the cash so relax and learn the trade and skills involved.

About technical analysis i dont like to guide people as there are many ways that money can be made , you should try different ways trading with real money even if its one share and then find ur way either day trading or positional only u will know better nobody can tell u.
Hope it made sense keep working on ur game.

 

[ryan4ucar]

Following stocks looked interesting:

ALOKTEXT1 - Chance of LONG

BAJAJAUTO - Chance of LONG

Charts are hourly charts.

Good way to learn is when you put up charts explain in detail y u think u should be long if you take trade then what scenarios you want to see like for example if it goes up quickly ill wait for it to consolidate then go up another leg then ill take profit , or if it comes down to this price no mater what i am selling or if it goes sidways and not doing anything ill get out after a certain time because this is not what i expected , have many if then statements ., simply dont say good long and good short it sounds a bit stupid actually to the one who is reading your post because a good long for u might be a excellent short for a professional trader who actually has a plan on how to go abouut it hope u understood.

 

[mravi]

illl assure you when u loose ull loose a bucket and when u win ull be so desperate to take profits that ull sell it in the first uptick .... thats y start in the cash market using scaling in and scaling out methods.

The question is how to deal with this problem? I think the only way to do it is keep practicing (that means loosing money also?).

I do have another thought, as I don't want to quit trading futures:

1. Keep 2.5 lacs in bank account. I am not sure about the implications of keeping so much amount in broker's account and if it will be good idea?

I need to point out one more problem - if so much money sits in broker's account it is possible that more lots will be bought. Now that is a real problem with respect to trading psychology, and I should say I have been through it (with normal stocks only ).

2. Then stick to couple of stocks/or may be one stock/NIFTY alone. One question I have in mind here is - How do the professionals trade? Do they scan through lot of stocks? Do they scan through all stocks using their software, or stick to couple of stocks?

I agree with SG on the fact that most of us are market followers. I am not market maker.

One thing I am understanding now is - sticking to a single stock, or couple of stocks is a good idea.

But the question still I have is - if we like to trade in multiple stocks, how to choose these stocks? Well even single stock also.

The advantage with sticking with one stock is - after a while we will understand how it moves with respect to NIFTY/Market.

Is my thinking going in the right direction?

Reg. those two charts ALOKTEXT can move up after crossing 20.70.

BAJAJ-AUTO - I am still not confident.