Lost 40K today in banknifty..:-(

Having learnt from you all, I will start afresh.

Please correct me where I am wrong.

1. I will start with banknifty 1 lot only.

2. I will keep strict SL of 40-50 points. Hitting target should be 100-150 points.

3. Will strictly go by the way banknifty behaves, if it breaks high, will go long, if it breaks low, go short with SL as mentioned.

Is there anything that i am missing here?

Please first master a method, then paper trade before playing with money.

Bro, you had asked me which method to use. It is not about any method, it is whether it is going to work for you. How do you know if it is going to work for you? By backtesting and forward testing in live market. Each individual thinks differently at market times (depth of knowledge, experience, mental attitude, risk tolerance, personality all play a role). Your choice of Banknifty may be good but it also is highly volatile. Given your track record of losses, I would suggest you go for Nifty which is more sober. I would sugget XRAY bro's Demand and Supply zones http://www.traderji.com/members-discussion-forums/95624-my-trading-system.html But I would say read, reread, practice, practice again, until you are very comfortable. Why do I say read and re-read you may ask. What I have found is that each time I read a method, I understand more and therefore I find a new nuance that I had missed earlier. So I would say think well, pick a method and master it.

THere are also other methods here that work for people..
VJAY trades pivots successfully http://www.traderji.com/derivatives/99863-pivot-trading-new-way-trading.html
ST Da's thoughts here http://www.traderji.com/day-trading/49521-thoughts-day-swing-trading.html
Avny here http://www.traderji.com/day-trading/89395-master-one-trick-only.html

There's no easy money in the stockmarket. Behind every success story lies hours and hours of learning and years of hard work aka experience in live market, many a disappointment and finally success. Just like how price does not move up in a straight line, so is learning, often you will feel like the market shorted your knowledge and experience, but you rise back up again and again until you succeed.

Primary thing toward next step is forget the 40K lost. Don't try to recover it from the market now, that should not be your goal at this point. Start with a new clean page.



Also check this http://www.traderji.com/words-wisdom/100107-donot-get-cheated.html

Thanks I will read them as many times possible. I know I cannot recover money from market faster. If that was the case, I would have recovered my earlier 2 Lakhs lost. My concern is to identify my weaknesses and wrongdoings and correct them as soon as possible. Daytrading fascinates me and every time I get rejected by the market, I get a strong urge to learn and overcome that.

Thanks for your support! (and my resistance :rofl

I've done many mistakes in trading, but the only thing I never done is to subscribe to any tipster,

:lol::lol:

Bro, of course you can recover the money from the market, but that should not be your goal as you take each trade. Do your home work, plan your trade and trade the plan. Measure of success in the beginning stage is not the outcome of each trade, but whether you traded your plan or broke rules.

Try to have simple system... maximum two setups... master it...
When we are entering the trade we should know what makes the call...
then only we can able to find validity of exit or trailing stop loss or
closing the position... I always have a question in my mind if any one
including me having success rate of my tip or setup why should person
come to floor and selling product or tip rather making tons of money...
Tip provider existence logic itself wrong..

Share trading is not gambling as many people saying... It is high risk
business where lot of learning, Understanding and highest discipline...
also lose and profit are part of the business.. protect capital is equally
important

Learn, Understand, Believe in you and make small, Consistent profit...

All the best, Happy trading

I trade only BNF for my bread and butter , So i can help you in this regard.

1.I have backtested with different SL points.30 points is best SL for intraday.
For intraday swing you can put rs 50 sl.

2.So intraday trading with more than 50 rupee sl is useless.

3.I do use 200 sl , but that is for a swing method(2-8 days).

4.You need to fixed your risk(R Multiple) , then you can compare your risk:Reward.

5.you have variable Sl , then how can you succeed.

6.Finally mark my word , any method will work but unless you don't have Money Management in place you will not succeed.:thumb:

Thanks for your wonderful advice. I had a strategy which gave me consistent profits, and often when i broke the rule, I lost. I earned 90% of time with that strategy, but profits were little and this service provider gave me a trial and I earned 5k in just 20-30 min on banknifty, which made me buy their service as it sounded much better deal. Even on the day close when i lost so much money, i had a fight with them about their wrong calls and told them to refund. They instead told me to buy another 2 lots, and i recovered 6k out of 40 lost. The only problem was neither they gave any stop loss, nor I put any trusting them. Their calls generally have 200 points away stop loss, which is too far. So, i am going to do a more thorough research and put SL up to 50 points and judge their calls as well for the month now that I have already paid 12K.

As far as your other statement, my thought is they might be making money two-folds.

If they are making money by trading themselves, then why not make more money by selling the same tip as well. Who does not want to reap double benefits? I may be wrong though.

Thanks for your advice.

Double benefit.... yes everybody like it.... bottom line is blind call or
position is always dangerous since we don't why we are in position?...
Cheers mate.... Long way to go.... thanks for sharing and enlighten the
future traders....