Trading with a sting
- Thread starter Scorpion King
- Start date
I ended my first week of trading with a profit of 200.00 on a trading capital of 10,000.00. I had one loosing day on Thursday. On Friday I was long on DLF, But I closed the position too early, by not wanting to miss out the profit earned. But DLF rallied too hard after that and I only watched it making an up move.
Anyway, got a very good taste of trading, and emotions of trading. I had a discussion with my trader friend on my 1st week's experience and how to approach the next week. We talked about the emotion that made me closing my trades early on Friday and how the loss from Thursday affected my trades on friday. It was good to learn about how psychology is playing a big part in a day trader's life.
Have made few changes to trading approach..
Like
> Will take position in multiple of 3 and booking 2 parts at fixed target with letting the 2rd part ride the market's wave or being stopped out with trailing stop loss.
> Will keep maximum 2 positions open at a time.
> IF a trade is not working for a long time, better to get out of it instead of waiting for stoploss to get hit.
Entering in to the 2nd week.
Starting Capital = 20400.00
Current Capital = 20600.00
Today I will be tracking TATAMOTORS, TATASTEEL, DLF, BANKBARODA
Anyway, got a very good taste of trading, and emotions of trading. I had a discussion with my trader friend on my 1st week's experience and how to approach the next week. We talked about the emotion that made me closing my trades early on Friday and how the loss from Thursday affected my trades on friday. It was good to learn about how psychology is playing a big part in a day trader's life.
Have made few changes to trading approach..
Like
> Will take position in multiple of 3 and booking 2 parts at fixed target with letting the 2rd part ride the market's wave or being stopped out with trailing stop loss.
> Will keep maximum 2 positions open at a time.
> IF a trade is not working for a long time, better to get out of it instead of waiting for stoploss to get hit.
Entering in to the 2nd week.
Starting Capital = 20400.00
Current Capital = 20600.00
Today I will be tracking TATAMOTORS, TATASTEEL, DLF, BANKBARODA
I did 3 trades today, 1 in loss and 2 in profit.
Shorted TATASTEEL below 1st 5 min bar. Could not book partial profit in time and the entire position went for a stop loss. Lost 102.00 rupees. The shorted again below 9:50 candle as it failed to cross the opening bar's high. This trade went for a profit and trend was little clear as well. Made 65 rupees in the 2nd trade.
Shorted TATAMOTORS below 1st 5 min bar. with a stop loss above 5 min bar high. And BINGO, TATAMOTORS was in a clear down trend today. Shorted at 403.60. Avg buying price was 396.8. Net gain = 202 rupees.
Net 3 trades, 2 in profit and 1 in loss. gain for the day = 165.00 rupees.
Shorted TATASTEEL below 1st 5 min bar. Could not book partial profit in time and the entire position went for a stop loss. Lost 102.00 rupees. The shorted again below 9:50 candle as it failed to cross the opening bar's high. This trade went for a profit and trend was little clear as well. Made 65 rupees in the 2nd trade.
Shorted TATAMOTORS below 1st 5 min bar. with a stop loss above 5 min bar high. And BINGO, TATAMOTORS was in a clear down trend today. Shorted at 403.60. Avg buying price was 396.8. Net gain = 202 rupees.
Net 3 trades, 2 in profit and 1 in loss. gain for the day = 165.00 rupees.
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