A lesson for others to learn

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.

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

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

I have to admit that I am panicked yaar, it is 4478 now. If I cover at this rate, I would be left with nothing in my account to trade for tomorrow. I dont understand why market is on the rise continuously for the past 4 trades and is it wrong to expect that it will come down tomorrow?

cut half of the positions....
never xpect the mkts 2 perform as per our xpectation....

I made a brave decision at last (had no other go). I covered at 4486.55 the remaining 3 lots. Now I have nothing in my hands, neither the stocks, nor money to trade. Hope, beginner_av, and Sudoku have some words of wisdom for me.

no wisdom can bring in the lost time.....but

Every moment of ur trade is a picture which u had never seen b4 & which u'll never see again..... So njoy trading & try 2 make each trade beautiful .....of course ....with a stoploss

Stoploss is there only to save us from getting into difficult situations and those who did not utilize it will tend to suffer.

Chilloo!!
Your state of mind is exactly the same as most of the newbie including me, have patience and strictly stop trading for a while and do a lot of reading and digging, Trading in the zone by mark douglas is the best to start with to get on with proper mindset, later you can follow other books which is recommended in his book n website specially murphy's TA.
Get a system and trading plan which suits your personality for help refer blogs in traderji specially Saints and other experienced.
It is really a pitty that we dont have good papertrading sites to practise, but where there is a will there is a way.

"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.....