ST da, you are a real MENTOR for many of us here at Traderji. You have given not only great entry and exit rules but also posted about MM and mindset of trader. Now adding to that are these TRUE stories. Many of us come to market hearing the bright side but nobody wants to hear or know the dark side. But thats painfully true .....
These stories must have made tremendous impact on the way you trade and this realized knowledge is what we are getting from you.
Thank you Da.
Regards,
Gaur_Krishna
These stories must have made tremendous impact on the way you trade and this realized knowledge is what we are getting from you.
Thank you Da.
Regards,
Gaur_Krishna
Actually stock72, I did not want to say but as the topic has come, let me put some very hard and bitter facts . I dont know how many years you have traded the markets, but I am sure I have traded much longer than you so consider this as an sincere advice from a wellwisher.
Markets are not fergiving every time...sometimes they are ferocius and they kill trading careers,destroy families and even kill a person. I have known a very large traderfrien who was an operator and used to trade 1 to 1.5 Lakhs RIL position...had capital of over 1 Cr and he went on adding to his long positions and finally had to borrow from the pivate financers to keep the position....this continues and he made a loss of 2.5 Cr and finally committed suicide as the creditors were after him and market was crashing. He had jumped in a river bed from a bridge and was 10 feet deep in mud.I had gone to the police station and the hospital to claim his dead body and you know something ? in next 1 month market improved and he would have made small profit on his long positions, but at that time he was driven to the extremely step and the trading career and the family is destroyed.
Another trader I know came from other business, he made money and came to markets and he was overconfident...he also went on building long positions in TISCO and over 3 months lost over 1 Cr...that man has become a mental patient and is destroyed now.
One very close friend had huge positions in software boom period and had kept that position on outside badla. He told me that he had an Excel sheet and at one point he was in profit of more than 60 Lakhs...them markets crashed...some shares were on downside trigger and he just could not liquidate, so his financers forceliquidated and he lost all the money so much that he had to make his wife work and had problems paying his son's school fees...he had to liquidate his 1600 sq ft AC office, his 2 storied bunglow and 4-5 plots ....
Given the above cases to tell you how bad and ruthless the markets can be if we are overconfident....
Wish you all the very best for December and thereafter.
Smart_trade
Markets are not fergiving every time...sometimes they are ferocius and they kill trading careers,destroy families and even kill a person. I have known a very large traderfrien who was an operator and used to trade 1 to 1.5 Lakhs RIL position...had capital of over 1 Cr and he went on adding to his long positions and finally had to borrow from the pivate financers to keep the position....this continues and he made a loss of 2.5 Cr and finally committed suicide as the creditors were after him and market was crashing. He had jumped in a river bed from a bridge and was 10 feet deep in mud.I had gone to the police station and the hospital to claim his dead body and you know something ? in next 1 month market improved and he would have made small profit on his long positions, but at that time he was driven to the extremely step and the trading career and the family is destroyed.
Another trader I know came from other business, he made money and came to markets and he was overconfident...he also went on building long positions in TISCO and over 3 months lost over 1 Cr...that man has become a mental patient and is destroyed now.
One very close friend had huge positions in software boom period and had kept that position on outside badla. He told me that he had an Excel sheet and at one point he was in profit of more than 60 Lakhs...them markets crashed...some shares were on downside trigger and he just could not liquidate, so his financers forceliquidated and he lost all the money so much that he had to make his wife work and had problems paying his son's school fees...he had to liquidate his 1600 sq ft AC office, his 2 storied bunglow and 4-5 plots ....
Given the above cases to tell you how bad and ruthless the markets can be if we are overconfident....
Wish you all the very best for December and thereafter.
Smart_trade