My Trade Dairy - mravi

Look u are basically trying to say that if u keep a lot of food in the fridge ull be tempted to overeat .... the very fact that ur talking about temptation of overtrading leads me to think u have no plan how to approach trading isnt it?

make a plan first about how much u want to risk per given trade for beginners .5% of account is suggested for experienced 2% that ways ull get some experiece before u loose it all.

Am not trying to scare u but that the truth ull have to suffer lots of loosing at first u have to consider it as tuition to the market , and keep discipline if u define a stop loss just get out dont think how y when buy the time u find the answer ull be in a deep hole , when a position goes in your favour take some profit but not all this way ull allow the stock to breathe , since you trade futures if u trade only one contract play with a risk rewad of atleast 3:1 othewise dont take trade.

Trade with money u can afford to loose this is very imp as this will allow u to trade with a free mind.

In trading what u think is not important what market think is most importatnt therfore dont have an ego.

As far as stock selection is concerned u should trade stocks that are sure to move its ok not to know which direction they are moving but they should move , i am a day trader i trade stocks which are in news as they are sure to move and will get a lot of liquidity traded IGL today gaped down 47% then whet up 50 rupees then came down 30 rupees voulume was about 50 million shares i hope and pray to get such stocks every day.

You have to find your own methods sticking to one stock never helps as ull trade it even when it is dead and loose buckets trying to make ticks.

Hope it helps you as i said have a plan b4 each and every trade and get the F out when it trades against you dont ask how y or when otherwise ull get a tight slap from the market.

Exited the LONG position of TATAPOWER @ 104.

Went LONG on IRB @ 188.35 at market close yesterday. Exited position today at 194.

Went LONG on AXISBANK @ 1180. But market surprised me totally. Holding on the position.

cant believe you went long in a falling market when the whole world was selling off you have a long way to go buddy , just make sure if market gives you a chance to exit you get out otherwise the paintrain will take u to a good ride.
European markets are down a lot and us markets are down now just pray to god that you dont get a gap down.

Sure. Thanks for the guidance Ryan. I will watch closely, and exit as soon as I get a chance. Are you watching sugar stocks? If so which stocks do you consider for trading?

Here is my understanding about AXISBANK. I know the conclusions are not in favor of the LONG position :annoyed:. But I still feel AXISBANK can take support 1140(+/- 10) as long as NIFTY stays at > 5130(+/-10) .

RBI Credit Policy is on 17th (Tuesday). I thought I would be able to ride the news.

Dow Jones chart looks as following. It just tells me that it could not break MA(50). As of now I think it is Panic only.

http://stockcharts.com/c-sc/sc?s=$INDU&p=D&b=5&g=0&i=0&r=1334389809014

As of now, AXISBANK chart looks as following (All are bleeding red!):

Daily Chart:


Hourly Chart:


As per my understanding 1140 can provide some support for AXISBANK.

If I go by F&O open interest also, AXISBANK - there are negative indications for my position. OI built-up seen 1200, and 1250. OI reduced at 1200 and 1150.

And NIFTY may also reach 5130(+/- 10 range) where it can take support.



My strategy as of now is to Add one more lot around 1140 - with strict stop loss @ 1120.

Continuing to hold to the AXISBANK position.

"But I still feel AXISBANK can take support 1140(+/- 10) as long as NIFTY stays at > 5130(+/-10)" This is awsome analysis you now have a if statement ready if this does not happen and the supports are breached then what will you do should be your next statement.

Now you have to visuaize all scenarios including sector play how good are the leaders sbin and icicibank doing in relation how is bank nifty doing , what is your entry exit plan. This are just some ideas my expertise is in day trading so i donot know sucessful techniques needed for swing trading but in general u have to be ready for all scenarios.

Also indicators like open interest can go for a tosss when the news is unxepectedly good or unexpectedly bad , so if you are expecting news in a particular stock then look at open interest in a sense that if its heavy on one side then how the stop losses will affect the position of the stocks.

As far as sugar is concerned ill trade them on news the leader renuka was coming off a few days back and is now forming a base if it stays above 30.5 and overall market is not coming down then it can challenge 42 but for this to happen it needs a catalyst in the form of some positive news which i will wait for.

Exited AXISBANK 1190 today before the RBI announcement as I am not sure what will happen.

This is a bit of random/timepass trading , after the positive rbi news , the stock went from 1190 to 1120 and then came back to 1190 u should look to reastablish your position here as you were waiting for this all the while , not doing so is a big risk and you are not doing justice to your analysis rather just trading with your emotions , i am pretty sure if the position was down like 1100 u would have tried to hold on to it so that it comes back to 1180 this is the most important skill in trading get out of stocks if your unsure but get the hell back in when it gives you a chance