A lesson for others to learn

ash.paul · #11 23rd July 2008, 03:45 PM

thanks sudoku but does a trader also need luck to be successful??

lalpar · #12 23rd July 2008, 03:52 PM

Quote:

Originally Posted by chilloo

Hi friends, I am relatively new to trading, just 1 month old. I traded as if I knew everything and also earned around 12,000 in MINIFTY but suddenly, the trend did take a bad turn. I went for 5 shorts in August month, all averaging around 3898.00 and when the market raised, I thought it would come down before the day closes. It did not. Then I thought, ok, let us wait and hoped the next day it would fall. But right from Thursday, the market has been rising and now it stands around 4460. Just calculate my loss. A difference of 460 points for 5 Lots , 46,000 just vanished like anything. Had I covered at the initial stage itself, I would not have lost much. Still I am holding 3 lots with me, praying the market comes down at least 100 points tomorrow. No idea what is in store for me.

Yet, I have put up a brave smile, coz I have learned a great lesson through experience.

I learnt the same lesson but I was trading on paper!!!!so better have SL in place and dont allow it to break at any cost!!!!
Square off ur trades at whatever price it is and start trading on paer before u put in real money...
Keep Walking!!
Regards
Lalith

sudoku1 · #13 23rd July 2008, 03:58 PM

Quote:

Originally Posted by ash.paul

thanks sudoku but does a trader also need luck to be successful??

Name 5 words in English that do not have the letter 'A' .................................................. .........................................

a: one Two Three Four Five, till Hundred ...

though the first vovel is absent.....yet these words count trilions & trilions & make or break someones LUCK....every moment..

if u have a proper game plan.....the LUCK automaticaly follow ur plans

apegaonkar · #14 23rd July 2008, 04:23 PM

The mandatory must for traders.
- Trade only with SL.
-Dont violate SL.
- Never add on loosing position ( Else you need very big pocket and finally it may break back bone . This may result in doubting our own game plan).

Hope you have learned your lesson. And not force to engross your mistake.

praveen taneja · #15 23rd July 2008, 06:34 PM

Quote:

Originally Posted by sudoku1

"Fallen flowers cant climb back"
So dont think abt the past,forget the past things,
love d present.
live 4 d future with d beautiful thoughts.........

& trading plans of course.

best of luck 2 both of u guys.....

thnk u sir u r really genious n a ray of hope for all of us who cant earn n booking loss god bless u.ur words are like ten commandants for us thnx again sir

prabhjeetrana · #16 23rd July 2008, 08:37 PM

Quote:

Originally Posted by beginner_av

No you haven't. Thats why you are still holding and praying.

These 11 words describe it all, very well quoted

rajeeparam · #17 24th July 2008, 03:28 PM

Quote:

Originally Posted by sudoku1

no friend.....the lesson is incomplete.....u will make the same mistakes again & again if.......u do not learn 2 put a STOPLOSS.....
always trade with a stoploss.....no matter the loss

When I am obeying stoploss always I had exprienced pric of equity begin to rise after leave long position at stop loss. And When I didn't care for stop loss price of equity fall like ice - Please guide me.

pleaseharsh · #18 24th July 2008, 05:27 PM

Quote:

Originally Posted by rajeeparam

When I am obeying stoploss always I had exprienced pric of equity begin to rise after leave long position at stop loss. And When I didn't care for stop loss price of equity fall like ice - Please guide me.

this happens not only to u but many ppl..
well the so obvious reason is that many traders dont know how to put SL...
they just put hafazardly... i assume that u r aware of pivots points, resistance, support..(if not pls refer to saints thread 'teach a man to fish....')
if u learn and follow pivots than the chances of hitting SL decreases and if SL
triggers it may convey that the trend has reverse....
harsh

praveen taneja · #19 24th July 2008, 05:28 PM

Quote:

Originally Posted by rajeeparam

When I am obeying stoploss always I had exprienced pric of equity begin to rise after leave long position at stop loss. And When I didn't care for stop loss price of equity fall like ice - Please guide me.

hahahahhahaha it happens to me too sometime but still it reduce the loss limit too n save valuable money

prabhjeetrana · #20 24th July 2008, 07:54 PM

Quote:

Originally Posted by rajeeparam

When I am obeying stoploss always I had exprienced pric of equity begin to rise after leave long position at stop loss. And When I didn't care for stop loss price of equity fall like ice - Please guide me.

If your stoploss gets hit 9 out of 10 times than I think there is some problem with your method I think , may be you are not keeping a watch on swing high or low or you may be putting your stoplosses at convinient rather than logical prices.

Try to include Average True Range and Volatility of stock in your calculation of stoploss. According to my views in normal market conditions a stoploss should not get hit more than 4 times out of 5, though there are extraordinary times when this no. can be far higher but on average I think this is the figure you should try to achieve