Big crash coming tomorrow

uasish · #71 17th October 2007, 11:20 PM

Saint,

I did not trade that.

Asish

Saint · #72 17th October 2007, 11:27 PM

Quote:

Originally Posted by prabhjeetrana

Well the day with whole lot of drama has ended infact well. Today i wished i was those kind of traders who just have a look at their stocks at the end of the day and was somehow saved from this pain of watching screen today.

Think of it yesterday i was holding Reliance energy, Rpl, power grid and Teledata if i had just watched the market at close i would have infact made a profit on these holdings but instead i made a loss of 8% today and have to sit out ofmarket whole of month which is a great punishment itself.

Anyways now we have a story which we can tell when our next generation that how Nifty got locked in the lower circuit and then recovered 8% to end down just 2% down and then there was a trader named prabhjeetrana, who jumped out of ship thinking it was sinking only to find it was not ship but he who was drowning

Hi Prabh,

Gap downs are part and parcel of market moves..........being caught in one is gonna happen some time or other.Have a plan of action next time......For example,a 5 min low.Means we get a gap down,don't react.Wait 5 mins.If it ploughs through,sell and short.If it goes above the 5min high,add to the long.

Nothing wrong in jumping a sinking ship,problem was not getting back on once you realise it's a blast off rocket.

The only way you could escape gaps is if you day trade...........if you do anything more than that,get ready for gaps.Part and parcel of trading.Just have a fixed plan on how to deal with them.

Saint

Saint · #73 17th October 2007, 11:29 PM

Quote:

Originally Posted by uasish

Saint,

I did not trade that.

Asish

.......never mind.Missed money better than lost money.And you are going to have many more opportunities over the next few days.

Good luck and all the best!

Saint

rangarajan · #74 18th October 2007, 09:38 AM

Saint,
could u pl explain this five min gap which u had mentioned with an example for day trading

prabhjeetrana · #75 18th October 2007, 10:14 AM

Quote:

Originally Posted by Saint

Hi Prabh,

Gap downs are part and parcel of market moves..........being caught in one is gonna happen some time or other.Have a plan of action next time......For example,a 5 min low.Means we get a gap down,don't react.Wait 5 mins.If it ploughs through,sell and short.If it goes above the 5min high,add to the long.

Nothing wrong in jumping a sinking ship,problem was not getting back on once you realise it's a blast off rocket.

The only way you could escape gaps is if you day trade...........if you do anything more than that,get ready for gaps.Part and parcel of trading.Just have a fixed plan on how to deal with them.

Saint

Sir i have always followed your trading rules given in ' TEACH A MAN TO FISH' and have gained mostly out of the rules.

The most effective thing that i started to perfectly understand what money management is all about and after making so much of profits through those strategies i dont mind a little loss that occured to me tomorrrow i understand its the part & parcel of this business and i will always remain thankful to you for your teachings.

Regarding Intraday charts, Sir i am a Dentist by profession and am mostly busy with my practice in the morning only sometimes i get the time to view market whole of the day and thats why i dont intend to learn Day trading, i think Positional Trading is ok for me

Hope to keep getting nice words of advice from you Sir

REGARDS