nifty short at 3542...help me pls

Gurus,

I made a nifty short at 3542....My predictions are completely wrong going by the market reactions now....Would you please advise me on what best I can do now ??!!!

I would like to give you a sincere advice. Please keep it in mind.

Never "Predict" and believe it to be true.

Trading is taking a decision and responsibly managing your decision. Don't use STOPs?

You can always manage it. Don't carry a worry in week end.

Cheer up

Please read my reply dated 7th May 2009, to similar request :

http://www.traderji.com/derivatives/28552-urgent-help-needed-may-futures-short.html#post306735

However, between 7th May and today, a major opportunity has already been lost for squaring up. If the lows of 11th & 12 May around 3554 are considered, they appear like double bottom, indicating an upward surge likely in the near future.

Take care.

Hi
Dont worry
have some more money to average ?
If you can then average after 100 points up move
If no then see the trend and reverse your position from short to long after a loss of 50 points and then square off your long with about 70 points higher
have a nice weekend
:thumb:

sorry bro didnot read that earlier but hedging was best solution with 3700 call but now nothing can be done best of luck and pray for gap down on monday:thumb:

Dear,

What you have done cant be reversed now. Never worry for what you have done. Do nto repeat again. Thats all about markets.

If you see Nifty crossing 3727 for your luck, just sqr off. Monday markets could be either way depending on tomorrow's results. If you are lucky, you make killing on Monday...

If market gaps down... keep 3645 stoploss. Anyways you can check out the lvels in my thread on Monday morning

All the best dude.

Thank you All for the valuable suggestions.....I recently joined this site and I am so so happy to hear off such wonderful guidelines eventhough I am at huge loss

And one more thing pal...

Never do naked future trades in Nifty or for that matter in any stocks. Its for big pocket ppl. Try doing few options strategies so that you save some money for next trade even if you end up in loss