becoming a big loser ... plz help.. plzzz

[Smart_trade]

one wrong decision nd the entire last 7 seven days profit goes to Mr. Market's pocket.. what a bloodbath on my tracker today

One wrong decision would cost you 1-2 %. How last 7 days profit gone ? You obviously are taking higher risks than your account merits.

Smart_trade

 

[manishchan]

Thanks TraderRavi..!

I went through your trading diary and looks like you started daytrading like i did.. my problem is that i get better at TA with every trade but my psychology takes over within days and kaboom... i loose all coz of heart over mind..

Many times I hav thought of giving up on trading and forget my dream of working frm home against bakwaas cotporate kon.....
any comments/duggestions based on your 3 years of trading... ?? Does it hv ny future at all ?

 

[manishchan]

One wrong decision would cost you 1-2 %. How last 7 days profit gone ? You obviously are taking higher risks than your account merits.

Smart_trade

True Smart_trade... i started the day with a small loss... which i thought was a good decision but i exited on sl.... and then mind plays trick...placdd another order which caused nig red... reversed my stratgy nd yhen came another big red... just a bad day with blunder..sometimes our mind forgrts basics of trading.. hehe... looking forward to start fresh tmrw... with fresh mind..

 

[shashank yadav]

what is ur strategy ?

 

[manishchan]

A few dt i have learnt ftom TJ... the very basic is to go long in upmove nd short when down... use 38, 50 retracement nased on hw the nifty is moving..etc etc...other dn dt i use stochastic,macd, amd moving average.... all this work great but my biggest enemy is my psychology which changes looking at the price... hv been trying to work on that...

But i think if therr is one great strategie dt nyone can give is dt...dont trade for price, trade for being right on ur technical without letying ur emotions control u.... i get to do dt many times and it proves right all the time.... just need to learn hw t stay out of emotions..

 

[TraderRavi]

Thanks TraderRavi..!

I went through your trading diary and looks like you started daytrading like i did.. my problem is that i get better at TA with every trade but my psychology takes over within days and kaboom... i loose all coz of heart over mind..

Many times I hav thought of giving up on trading and forget my dream of working frm home against bakwaas cotporate kon.....
any comments/duggestions based on your 3 years of trading... ?? Does it hv ny future at all ?

Manish bhai , I m manmauji trader , I know only one rule " your profits should be greater than losses"..........result as you would have known from my diary........
still I have not given up , hum hunga kamyab ek din.............:thumb:

 

[VIKAS 21]

In Trading our self confidence plays a very big role,5-6 bad trade means it will take a lot of time to recover from all that nd to boost our morale.

My opinion is that stop day trading till the time u feel u r very perfect in chart reading, even the big traders get their SL hit, bcoz it is very difficult to catch a trend for a newbie in day trading....

start taking positional trades & in very small quantity....( as it is easy to catch a trend in positional trade than day trade)

before taking a position read chart several times, use indicators as minimal as possible, see carefully its previous support/resistance levels, study candlestic patterns & recognise them at support/resistance levels...

alwaz consult seniors before taking a trade.....

I am sure u will get ur confidence level very soon.

 

[manishchan]

And I'm back.. I'm back.. I'm back :clap:

Took a longggg break after some heartwrenching losses. Did loads of studies during this break and I'm gonna start slow & low with no emotions attached.

 

[VJAY]

And I'm back.. I'm back.. I'm back :clap:

Took a longggg break after some heartwrenching losses. Did loads of studies during this break and I'm gonna start slow & low with no emotions attached.

Welcome back wishing you a best of luck in your trades.....

 

[manishchan]

Going good so far.... I havn't been able to book big profit but havn't lost either. I feel more confident now because most of my calls are falling right ! [] I am just getting out of my call early in fear of loosing the gained trade..... but quite happy with the small profit everyday !! Yo Yo YO !!