Tell how u lost ur money.

[aditya14]

I also lost money a lot early on:
1) No stop loss even now sometimes i do this mistake(mental stoploss is for mentals)
2) Leverage
3) Options without studying.
4) Small winners big loosers
5) Slippages
6) Manual trading is for losers develop a automatic system with little input.When trading 500 nifty lots you don`t want that 1 second hesitation do you?

You will figure out that trading is hard work and dedication and when you make it you will be very proud and will make back ur losses just have to believe in yourself.
I`m on a 21 month winning streak and I ain`t gonna lose my money now.

 

[mastermind007]

WTF :gun2:

Wednesday, Thursday, Friday?

 

[mastermind007]

hi all, I am trading for last 3 years now and member of this site from last two years i guess ,but never posted anything although i read lots on this site. My case is curious case (as per me) , i started trading in stocks but never made enough money thanks to sharekhan brokerage . It was 10 paisa ,so after 4 months of starting of trading , I switched to futures and i was making money dramatically. I started with 40K ,everything was rosy till one fine day I shorted Unitech and kept this position open and as luck would have it market gapped up and lost 16k in half an hour of market open. I haven't seen market gap up like that since I started trading . It was exactly firstday of my trading after my marriage. Then I was forced to keep quite for a month because of my broker's folly . I did'nt have online fund transfer facility and they knew very little English. Anticipating European markets I damned myself to hell. Everytime I lost money ,it was owing to Europe. Because I am quite disciplined with stop losses and most of time I scalp . I trade with pivot and pivot numbers . I have developed quite an observing mind and know few stocks' behaviour .My favourite are Dlf and Tatamotors. What I learnt from experience is that pros trade different from retailors. And never anticipate things in advance looking at european futures or asian markets just study nifty and stocks and you 'll be better off . One more thing ,never trade scrips like Renuka They are suicidal ...............

You were scalping from sharekhan brokerage? Thats mighty brave. I have a friend in Pune who tells me he paid of his car loan trading Renuka and he would have naming his newborn Renuka had his wife approved.

 

[stock72]

seems you done it .. keep it up ...how to follow a system with distraction ....please give some idea / trick

I also lost money a lot early on:
1) No stop loss even now sometimes i do this mistake(mental stoploss is for mentals)
2) Leverage
3) Options without studying.
4) Small winners big loosers
5) Slippages
6) Manual trading is for losers develop a automatic system with little input.When trading 500 nifty lots you don`t want that 1 second hesitation do you?

You will figure out that trading is hard work and dedication and when you make it you will be very proud and will make back ur losses just have to believe in yourself.I`m on a 21 month winning streak and I ain`t gonna lose my money now.

 

[aditya14]

seems you done it .. keep it up ...how to follow a system with distraction ....please give some idea / trick

I think you meant without distraction.Well just don`t be stubborn is the best advice.Get out quick when wrong.Trade in options and do not go into illiquid stocks.

Do not Daytrade there is nothing worse than risking your health daily and end of 3 years you see no significant gain.Instead learn options there`s lots of money to be made in options once you get through the learning curve.

Don`t get attached to a position always trade in 2-3 buckets not 1.

Even if you don`t keep a Stop loss make sure you have the guts to take that loss early on when u know u are wrong.Praying will not help market has a lot of ppl praying God does not give a damn about us vultures.

By the way some comments about Renuka i saw above.I have a position open in renuka this month will make decent amount in it sure shot so even i love this stock now.

 

[Raghuveer]

Trade in options and do not go into illiquid stocks.

Do not Daytrade there is nothing worse than risking your health daily and end of 3 years you see no significant gain.Instead learn options there`s lots of money to be made in options once you get through the learning curve.

What threads/books/videos/other resources you went thru or suggest to get through the learning curve for options?
Any current threads you recommend??

 

[carbonway]

I lost by pressing buttons at the wrong time.

 

[aditya14]

What threads/books/videos/other resources you went thru or suggest to get through the learning curve for options?
Any current threads you recommend??

Practical is best but here`s what I suggest:
1) Jeff Augen books
2) Amibroker and build your own database so that you can study what happened in past and will give you tons of help to deal with such situations.
3) Study the options greeks they will be the best help.

 

[aditya14]

I lost by pressing buttons at the wrong time.

Nothing worse than not sleeping enough and then buying when you wanted to sell something.

ODIN has this crappy thing when creating position from integrated window where it takes reverse direction by default.

 

[jamit_05]

What threads/books/videos/other resources you went thru or suggest to get through the learning curve for options?
Any current threads you recommend??

Hi Raghu,

I will keep it very short. Start with ONLY one thing.

1) Develop a record of 50 trades such that there should NOT be a single trade in which the STOP LOSS was missed. Be very religious. Take 100% responsibility.

This accomplishment will push you very far ahead in the list of aspiring traders. Consistent success, then, will only be a matter of time.