A new trader's diary

#1
Opened my new trading account with RK Global last week and downloaded ODIN once RK Global guys sent me my login id and password. Logged into ODIN and I couldnt understand a thing as I am too used to the ICICDirect's portal who have made a killing from me over the years. I tried trading using tips from the TV guys and ended up eroding my account by Rs5.5Lakhs within 3 days. Yes thats stupid and I am trying not to repeat that. This was back in Jan 2012 so its been a while since I tried doing a day trade.

Day 1 on RK Global Friday 3Rd 2014 :

Transfered Rs30000 and bought Britannia and some random price I cant remember now and made a loss of Rs394 then I bought Britannia again for dilevery at the end of the day as it looked like a good positional thing to me at the time.

Day 2 :

Transfered Rs 300000 into my trading account and tried my hand on ODIN this time as someone very kindly replied to my thread where I asked about how to place an order and put a stop loss.
I was going to buy ITC but ended up pressing F2 and selling instead and when I realised my mistake I cut my loss and was Rs6500 under. Lost my balance I suppose and my ego guided me to buy again and I listened to my ego and went for it (stupid mistake) I bought 6k+ shares on margin and my stop loss triggered within 20 mins and I bought again at lower levels only to sell again at a loss. Price dropped sharply at 3:15 so I bought ITC for dilevery 958 shares in total and I intend to keep it along with 25 shares of Britannia that I bought on Friday.
Was under by another 15000+ by the end of the day. Only consolation being Aban offshore that rose 9%+ which is sitting in my core portfolio.

I am stupid and driven by emotions.

I used whatever was in my account and the leverage to buy one single script.

I even tried to transfer another Rs5lakhs from my bank account but thankfully slapped by a message saying I have already used up my daily transfer limit (didint know there was such a thing)

I bought a book Trading for a living by A elder and read 200 pages at one go on Sunday enening and understood very well that I would loose money as soon as I mix emotions with my trading decisions and I promised myself that I wont do it... I broke my promise and I did exactly that.

Learnt a lesson : Never put all your trading account money into a single trade. I will hopefully remember this when the market opens tom morning.


Moral of the day : Knowing something and using that knowledge are two different things. I knew I shouldnt be making impulsive decisions but I did. I need to work on self control and discipline and stop being stupid.

Stupidity will cost me money. I wont be stupid if I want to stop loosing money.
 
#2
Opened my new trading account with RK Global last week and downloaded ODIN once RK Global guys sent me my login id and password. Logged into ODIN and I couldnt understand a thing as I am too used to the ICICDirect's portal who have made a killing from me over the years. I tried trading using tips from the TV guys and ended up eroding my account by Rs5.5Lakhs within 3 days. Yes thats stupid and I am trying not to repeat that. This was back in Jan 2012 so its been a while since I tried doing a day trade.

Day 1 on RK Global Friday 3Rd 2014 :

Transfered Rs30000 and bought Britannia and some random price I cant remember now and made a loss of Rs394 then I bought Britannia again for dilevery at the end of the day as it looked like a good positional thing to me at the time.

Day 2 :

Transfered Rs 300000 into my trading account and tried my hand on ODIN this time as someone very kindly replied to my thread where I asked about how to place an order and put a stop loss.
I was going to buy ITC but ended up pressing F2 and selling instead and when I realised my mistake I cut my loss and was Rs6500 under. Lost my balance I suppose and my ego guided me to buy again and I listened to my ego and went for it (stupid mistake) I bought 6k+ shares on margin and my stop loss triggered within 20 mins and I bought again at lower levels only to sell again at a loss. Price dropped sharply at 3:15 so I bought ITC for dilevery 958 shares in total and I intend to keep it along with 25 shares of Britannia that I bought on Friday.
Was under by another 15000+ by the end of the day. Only consolation being Aban offshore that rose 9%+ which is sitting in my core portfolio.

I am stupid and driven by emotions.

I used whatever was in my account and the leverage to buy one single script.

I even tried to transfer another Rs5lakhs from my bank account but thankfully slapped by a message saying I have already used up my daily transfer limit (didint know there was such a thing)

I bought a book Trading for a living by A elder and read 200 pages at one go on Sunday enening and understood very well that I would loose money as soon as I mix emotions with my trading decisions and I promised myself that I wont do it... I broke my promise and I did exactly that.

Learnt a lesson : Never put all your trading account money into a single trade. I will hopefully remember this when the market opens tom morning.


Moral of the day : Knowing something and using that knowledge are two different things. I knew I shouldnt be making impulsive decisions but I did. I need to work on self control and discipline and stop being stupid.

Stupidity will cost me money. I wont be stupid if I want to stop loosing money.
Control. Control your emotions into trading 1-2 scripts. I too have gone through similar situation but have improved over years. I used to bet too heavily on NASDAQ index. Have you thought about trading NIFTY or BankNifty futures? May 1 lot at a time. Good luck in your future trading.
 
#4
Control. Control your emotions into trading 1-2 scripts. I too have gone through similar situation but have improved over years. I used to bet too heavily on NASDAQ index. Have you thought about trading NIFTY or BankNifty futures? May 1 lot at a time. Good luck in your future trading.
I have no clue how futures work. I am trying to learn what it is about while I loose some money on stocks.

5.5 lakh loss in just 3 days :confused:
It was a falling knife called kingfisher and the concept of stop loss was alien to me.

------------------------------------

I slept with my face on Elders book and it was page no 230. Still a good 160-170 pages to go and need to read this book atleast 10 times.

I woke up at 10 and instead of running to my computer desk or turning TV on I just sat there waited patiently for my cup of tea and went for a shower (a new for me within market hours) I dont feel the urgency to trade any more. I guess that is a good thing.

I do not have any money left in my trading account so will transfer Rs 5 Lakh to my trading account. Odin is waiting for me to login. I will only trade in one script today and will only use Rs1Lakh. I visiualised this and made up my mind that I wont give in to the temptation of trading with all the money there is in the account. Be it a loss making trade or profitable... Rs 1 Lakh it is. I need to learn how to do this and I will today.

A smaller loss then yesterday would be a good thing for today.

I am not letting the market tell me to trade... I am instead patiently sitting here not taking orders from the market or my ego. I feel like a winner already :)

Aim for today is to transfer 5 Lakh rs to the trading account and only trade with Rs1 Lakh and see if I can leave the money alone knowing that its there and I can use it.
 
#5
25 Britannia and 979 ITC in my DP account and it only shows the current market value not the buying price or the profit loss. I am sure there must be an easy way to see that which I am yet to figure out. ICICIdirect used to display the buying price as well as the current market value and price.

RKGlobal was charging me Rs9 for every trade and I didint have access to advance charts in ODIN so I sent them an e-mail last night requesting change of plan to Rs999. They have already done it for me and sent two e-mails , one for each request.
 
#6
7th Jan First trade:

Bought 5000 sintex at 39.15 and sold at 39.25

Dont seem to find anything else. so I might call it a day here. Made Rs500 minus whatever taxes there are... I guess I pocket Rs400-430 out of that. 15% for the corrupt government would leave me with Rs350 I think.
 
Last edited:
#7
Did three trades today:

went long in Sintex and ITC and did a quick short in Sri renuka sugar which ended in a tiny profit.

Total UP by 1993.55 in intra day.

Sold off 979 ITC from my DP at 317.20 which would have given a tiny profit that I am yet to calculate.

Sold off all my Aban offshore as well which I was holding in my icicidirect account so that would free up some of the capital.

I kept my promise to trade intraday with only Rs10000. Profits from todays trade isint much but I am happy to feel in control of myself and I am proud to squeez a tiny profit out of shorting Sri renuka sugar today.

Lesson learnt : Trading with emotions and ego out of the euqation has a good possibility of profits and losses can be kept at a bare minimum.

I am also happy that I am getting used to ODIN but I am yet to find out where to access advance charts that the e-mail said was now activated for me. Will call customer care and see if they can point me in the right direction.

Promise for wednesday 8th of Jan :

I will come and read this post before logging on to Odin. I will transfer more funds into my RK Global account and still trade with Rs100000 only. I will try to read the rest of the Elders book tonight and hopefully start reading it again if I manage to finish it. Will not do the question answer bit yet as I plan to do that once Ive read the book atleast 5 times or more.

I will keep my stop loss to make sure losses do not run beyond Rs4000 in tommorows session.Any slippages on top of Rs4000 are acceptable so loss beyond Rs4000 purely due to slippages wont count towards the promise to myself.
 
#8
The problem with this profit of Rs 1993.55 is that I risked loosing way more then that even though I stayed well within my limit of using Rs100000 + leverage only at any given time during todays session.

I need to work on my risk reward ratios a bit else my profits will stay small and my losses always way bigger then my winning trades. I dont have a plan on this so I am going to do some research and work out a plan and this has to be ready before my next trade tom morning.
 
#9
No intraday trading as I am yet to come up with a solid money management plan.

Sold 19 ITC that were still in my DP which remained unsold yesterday.

Bought the below towards the end of the day for delivery :

300 Sun Pharma @ 601 (Placed a limit order when it was hoovering at 600 in the last few mins)

300 Reliance @ 847.67 ( Was a market order towards the end of the day when sweaty palms were selling left right and centre )

I am looking to get a price of 340-345 for Sun pharma within this month and I plan to hold RIL for a little longer or sell it if I get more then 5% within the next few days.
 
#10
Bro,

if you dont know how to put a order in odin....... the first thing is you should try to learn that.

all the best



Control. Control your emotions into trading 1-2 scripts. I too have gone through similar situation but have improved over years. I used to bet too heavily on NASDAQ index. Have you thought about trading NIFTY or BankNifty futures? May 1 lot at a time. Good luck in your future trading.
NASDAQ INDEX? .....? GREAT.
 

Similar threads

Zerodha – Open Paperless Account

Open online account with Zerodha. Free delivery trading and Max Rs 20 for Intraday, F&O, Currency and Commodity Trading. Intraday High leverage with MIS, CO and BO.

Name:Phone:
Email:City:
State:
Are you a day trader?