A plunge in Indian Stock market
- Thread starter sspms2002
- Start date
Today was a bloodbath for me...It all started at 9.15 as the market opened...
I had seen on TV just before market opened that ITC will be strong as Government had removed the ban...I was Long as the market opened..
It showed me +500 and then started going backwards..i booked -500
Then i did the same in PFC...Saw some good profit and then booked -480
I was ok till then as i was feeling that those could have been positive..
But then i also became aggressive and started trading random stocks..and most of them gave losses...i guess my mentality was negatively set after the first few losses..
Then i got stuck in a bad trade in Reliance....it broke a level and i was LONG, But it came back..and started in opposite direction...and my internet got dc...
Ultimately booked another big loss..
Stocks Traded: Many
P&L : Red 1560 after commissions
Mistakes: Traded open with out any plan...and stop losses
Traded stocks with out watching them for at least 5 mins.
I had seen on TV just before market opened that ITC will be strong as Government had removed the ban...I was Long as the market opened..
It showed me +500 and then started going backwards..i booked -500
Then i did the same in PFC...Saw some good profit and then booked -480
I was ok till then as i was feeling that those could have been positive..
But then i also became aggressive and started trading random stocks..and most of them gave losses...i guess my mentality was negatively set after the first few losses..
Then i got stuck in a bad trade in Reliance....it broke a level and i was LONG, But it came back..and started in opposite direction...and my internet got dc...
Ultimately booked another big loss..
Stocks Traded: Many
P&L : Red 1560 after commissions
Mistakes: Traded open with out any plan...and stop losses
Traded stocks with out watching them for at least 5 mins.
Today was a bloodbath for me...It all started at 9.15 as the market opened...
I had seen on TV just before market opened that ITC will be strong as Government had removed the ban...I was Long as the market opened..
It showed me +500 and then started going backwards..i booked -500
Then i did the same in PFC...Saw some good profit and then booked -480
I was ok till then as i was feeling that those could have been positive..
But then i also became aggressive and started trading random stocks..and most of them gave losses...i guess my mentality was negatively set after the first few losses..
Then i got stuck in a bad trade in Reliance....it broke a level and i was LONG, But it came back..and started in opposite direction...and my internet got dc...
Ultimately booked another big loss..
Stocks Traded: Many
P&L : Red 1560 after commissions
Mistakes: Traded open with out any plan...and stop losses
Traded stocks with out watching them for at least 5 mins.
I had seen on TV just before market opened that ITC will be strong as Government had removed the ban...I was Long as the market opened..
It showed me +500 and then started going backwards..i booked -500
Then i did the same in PFC...Saw some good profit and then booked -480
I was ok till then as i was feeling that those could have been positive..
But then i also became aggressive and started trading random stocks..and most of them gave losses...i guess my mentality was negatively set after the first few losses..
Then i got stuck in a bad trade in Reliance....it broke a level and i was LONG, But it came back..and started in opposite direction...and my internet got dc...
Ultimately booked another big loss..
Stocks Traded: Many
P&L : Red 1560 after commissions
Mistakes: Traded open with out any plan...and stop losses
Traded stocks with out watching them for at least 5 mins.
Never trade blindly on the news. See what the chart does.. good news not necessarily can pull the script up and bad news not necessarily can push it down.. Just stick to your method and the chart
Today was a day when i ran through different emotions a trader goes through.
I only looked at ITC today..I bought it at a good price 384.60 , 600 shares..and it was dangling a bit before moving up...holding on size is a bit tough..any sudden whipsaw and we go in heavy Red....
But anyways..it broke 385 and started trading up..i had this urge to book profit as it moved up a little and then came back to 385...it was tough to hold against desire to book profits...it crossed 385.50...and i though of putting a STOPLOSS of 384.90....and alas i did a blunder..instead of changing the Order Type to STP ..i had LMT...and it booked the profit at current market price ie 385.60...I was cursing myself for such a mistake..as i saw more potential in it..
But then as it started trading at 386..i bough another 600 shares there...it moved up past 387..and then did returned to 387...every time it was retracing the urge to book profits was huge...anyways i don't know how but i kept holding it..
It went to 389.65 and started moving a bit back wards...it was big profit there..but i thought that let me hold on to it ..as there was huge buying ..it is a normal pull back...it came back slowly to 388.40 area and i was cursing myself for not booking at highs....
It was a lot of emotions when it started trading around 388 and 388.50..everytime it touched 388 , i was ready to hit out..and then it used to go back to 388.50 area and then reverse to 388....it was tough ..and a very thin line in booking profits or still holding it...
As it crossed 388.50 again..i was relieved...but people started coming on offer with huge size and that again sent fear in me of booking it....
to cut story short....i kept a little more patience and booked at 389.45..
after some time it crossed a major hurdle of 390 and started trading at 392..
but i did not wanted to trade further...
Stocks Traded: ITC, RELIANCE
P&L : Green 2197 after commissions
I do feel that it should gap up on monday..as there are lots of buyers around 390..and that will be a good support level for it...
I only looked at ITC today..I bought it at a good price 384.60 , 600 shares..and it was dangling a bit before moving up...holding on size is a bit tough..any sudden whipsaw and we go in heavy Red....
But anyways..it broke 385 and started trading up..i had this urge to book profit as it moved up a little and then came back to 385...it was tough to hold against desire to book profits...it crossed 385.50...and i though of putting a STOPLOSS of 384.90....and alas i did a blunder..instead of changing the Order Type to STP ..i had LMT...and it booked the profit at current market price ie 385.60...I was cursing myself for such a mistake..as i saw more potential in it..
But then as it started trading at 386..i bough another 600 shares there...it moved up past 387..and then did returned to 387...every time it was retracing the urge to book profits was huge...anyways i don't know how but i kept holding it..
It went to 389.65 and started moving a bit back wards...it was big profit there..but i thought that let me hold on to it ..as there was huge buying ..it is a normal pull back...it came back slowly to 388.40 area and i was cursing myself for not booking at highs....
It was a lot of emotions when it started trading around 388 and 388.50..everytime it touched 388 , i was ready to hit out..and then it used to go back to 388.50 area and then reverse to 388....it was tough ..and a very thin line in booking profits or still holding it...
As it crossed 388.50 again..i was relieved...but people started coming on offer with huge size and that again sent fear in me of booking it....
to cut story short....i kept a little more patience and booked at 389.45..
after some time it crossed a major hurdle of 390 and started trading at 392..
but i did not wanted to trade further...
Stocks Traded: ITC, RELIANCE
P&L : Green 2197 after commissions
I do feel that it should gap up on monday..as there are lots of buyers around 390..and that will be a good support level for it...
Today was a good day of trading...
I did only 3-4 trades today and all turned positive...
Stocks Traded: ITC , HINDPETRO
P&L : Green 1600 after commissions
I stopped after 12 PM...but i did saw that there were many opportunities to make money today...
I guess seasoned traders would have done extremely well today...
I also felt i become little defensive when in green as opposed to when in Red...
Need to reverse it...
I did only 3-4 trades today and all turned positive...
Stocks Traded: ITC , HINDPETRO
P&L : Green 1600 after commissions
I stopped after 12 PM...but i did saw that there were many opportunities to make money today...
I guess seasoned traders would have done extremely well today...
I also felt i become little defensive when in green as opposed to when in Red...
Need to reverse it...
Today was an Ok day of trading for me...Though in hindsight it feels like if i would have struck with one stock i would have done better...
The Market and nearly all the stocks were in Red..and i was thinking that its enough of a fall and stocks would resume up...and in that frame of mind...i could not concentrate on proper down trend to any stocks...
anyways..i traded multiple stocks today and feels like i did bad trading...leaving much profits on table...and also missed many outs..
I felt it was a bit shaky to trade today , also as i was flipping many stocks so the entry price was also not good many a times..
Stocks Traded: ITC , HIND PETRO , SUNPHARMA and some others
P&L : Green 893 after commissions
The Market and nearly all the stocks were in Red..and i was thinking that its enough of a fall and stocks would resume up...and in that frame of mind...i could not concentrate on proper down trend to any stocks...
anyways..i traded multiple stocks today and feels like i did bad trading...leaving much profits on table...and also missed many outs..
I felt it was a bit shaky to trade today , also as i was flipping many stocks so the entry price was also not good many a times..
Stocks Traded: ITC , HIND PETRO , SUNPHARMA and some others
P&L : Green 893 after commissions
Today was another tough day for trading...i didn't felt so at the beginning..
I started with ITC and booked 500 profit after seeing a 800+....And the next trade i saw a profit of 400+ but i was in a mindset that stocks may give good move...but today was not that day and the stock retraced back and i held it till it gave 500 loss...
I was flat...after it nearly all the stocks i took positions in closed in Losses..
And as evident now, when in loss i become aggressive...and started flipping stocks to find good ones...
In that Process i today even tried some more volatile stocks with little large spreads...
i was at 1600 loss by 12 PM...Then i got a good trade in HINDPETRO for 800+...but i wished (bad that i wished) the stock to move even further...ultimately i booked 400 in profit..
Stocks Traded: Many
P&L : Red 1255 after commissions
Lessons: Do not overtrade when no edge..or have tight stop loss...(i think
major loss today was not having a fixed Stop loss)
Market provides many opportunities to make money so don't take
unnecessary trades/position
Also , i am not sure but after 3-4 days of profit , there tend to be a negative day..not sure whether it happens to other traders too..
I started with ITC and booked 500 profit after seeing a 800+....And the next trade i saw a profit of 400+ but i was in a mindset that stocks may give good move...but today was not that day and the stock retraced back and i held it till it gave 500 loss...
I was flat...after it nearly all the stocks i took positions in closed in Losses..
And as evident now, when in loss i become aggressive...and started flipping stocks to find good ones...
In that Process i today even tried some more volatile stocks with little large spreads...
i was at 1600 loss by 12 PM...Then i got a good trade in HINDPETRO for 800+...but i wished (bad that i wished) the stock to move even further...ultimately i booked 400 in profit..
Stocks Traded: Many
P&L : Red 1255 after commissions
Lessons: Do not overtrade when no edge..or have tight stop loss...(i think
major loss today was not having a fixed Stop loss)
Market provides many opportunities to make money so don't take
unnecessary trades/position
Also , i am not sure but after 3-4 days of profit , there tend to be a negative day..not sure whether it happens to other traders too..