thanks

What should i do

dear all

i am new to trading and has started intraday and delevery based trading since 01/03/2010.my initial capital was 47000.
i used to trade in reliance,dlf, bhel, rnrl ,lt, rpower,asamco
after paying all the brokerage i have left with 47173 as on date 30/04/2010.
in short i have earned profit of Rs173.

sometimes i use to earn sometimes i use to make loss
looking at this performance please tell me frankly should i dicontinue with the trading ? or are there any chances of imrovement

Regards
Shilpa

Re: What should i do

you've survived a month w/o losing any capital and turned +ve !!! :thumb:

congratulations! many loose their entire capital in 15 days.

this result of yours should encourage you to look back at your trading history to try and check if you book profit early? is your SL too high? or is brokerage eating up your profits? or is it that there are too many stocks that you are entering at one time?

I guess a little tweaking on your strategy/approach will bring in the money.

best wishes.

Re: What should i do

dear
thanks for your reply.

yes i am habitual of booking profit earlier

(eg in case of bhel i use to come out after booking profit of 5rs per share then whatever be the market position)

usually i do not apply stop loss which is very very wrong.

i have deleveries of 100 dlf at wrong prices say 332, 330.35, 336

iniitially if i place a buy trade and if the rate comes down then i make it delvery to avoid loss anf if rate goes up i make it intraday to book profit.but this strategy has proved wrong because now i have deleveries with wrong amount

if i place sale trade and if rate goes up then instead of booking loss i let it go from my delvery

kindly guide whether this strategy is totally wrong

Re: What should i do

You have survived one month. put your heart into it and keep on trying. read as much as possible on technicals, spend time more time on analysis. all the best

Re: What should i do

My 2 paisa:

I don't know much about share trading, but from my experience (trading Fx), I see that you're doing exactly inverse of what you should be doing.

Change your habits, do the Opposite of what you've been doing. Instead of cutting your loss early, you let them ride!! While you should be riding your profits, you cut them short!! While you're trading, is there anybody pointing a gun to your head or what?:gun2:

Else, you're simply donating money to who knows - many smart traders in this very forum!!

Who forced you not to use a Stop Loss?

Remember, even before you put your orders, you MUST know where you should get out and what's your loss (read Risk).

Trust me, you're very lucky. But if you continue your old habits, you won't get lucky every month - 100% GUARANTEED !!

cheers

Re: What should i do

Common looking traders r the best in the world: that is the reason the Lord makes so many of them.

Re: What should i do

:rofl: So true, how else would the lions & sharks survive?? :rofl:

Re: What should i do

dear
very true

will definetly learn from my mistakes.

i will decide stop loss for each and every security i trade .

by adding more funds i will try to make average and come out on the basis of no profit and no loss and pull out the blocked money instead of waiting for a month for desired rate. (as my delevery is of wrong amount) And then will use the same money for smart trading.


also initially my brokerage slab was high which is now changed and is now genuine.

will definetly let you know the weekly results for the same

Re: What should i do


Hi Shilpa,

Good thing you've realized that. I would recommend that in this same thread, everyday after market closes you post:

#1) what trades you've taken

#2) Reason why you've taken them

#3) The chart showing your entry & exit.

#4) Total profit & Loss

WHY? 'coz this would help you immensely since senior and experienced members would post threir views and what could have been done. From this you'd learn more and progress rapidly.

Thanks you,

Re: What should i do

hi
will do the same so that i can receive some expert opinion

Regards
shilpa