Have you also gone thu this experience...please share

#11
I could make out that from your post ( reason being I have done that myself for many years ...:D) But remember that you are not in the market with some solemn responsibility of supporting the markets...you are here to trade and make money and earn returns on your capital.

Support and resistances are to be looked at in the overall context of trend in the market....in bull market no resistance holds and in bear markets no support holds. Otherwise how will strong trends develop ?

Buying the dips near supports is a great strategy when the market is bullish. In bearish market you should sell the rallies ....dont believe all the analysts what they talk about supports holding etc ( they get paid for talking that ...we get paid for trading the move )...at 5350 they were talking 5280 as support, then 5200,5100,now 4900....in a really bad bear phase nothing is going to hold....so trade as per the trend. And always trade with stops....

Once this bear phase gets over and bull phase starts, start trading from long side. But let it get over , dont anticipate that it will get over ....

Take care and trade well......

Smart_trade
Thanks again dear Smart_trade.
 

columbus

Well-Known Member
#12

findvikas

Well-Known Member
#17
Everyone said it enough and I have just one thing to add here... never fall in love with your position... get out when the profit is enough for you...

Today I did 2 scalp with 20 lots of Nifty Options which means every single point movement can give me Rs 1000/- move on either side... I closed both positions with just 1.5 points of profit after brokerage of 0.5 point 3:1 is good enough for me... while the same position if I had waited for 15 min more could give me 10-20 points gain in both positions but ofcourse it could give me 15-20points loss as well...

The point I am getting to is... control your emotion... have targets... take profit.. atleast partial and have a SL on the remaining position at cost to give you no loss only gain situation...

Wish you luck.
 

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