Learning through blunders


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It's important to listen to other traders' views and read their threads. I was thinking of starting Equity futures trading. Chanced upon a thread how the trader got a huge loss when the stock gapped up in the morning. 25k wiped out in one stroke!
This is more like no-holds-barred MMA.
most successful traders surviving in this business for a long time are positional. if you are risk averse, you could buy calls. if you are going to use options then there are many possiblities.


intraday has lot of noise. how to get good R:R, you should be abled to extend the game beyond one day.
you should be able to take a bearish position too.


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The moment traders start thinking about their previous trades (how I won that etc), they're in the danger zone. I feel we do need to study written knowledge, but the insight has to present itself while looking at a chart.


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If a rookie trader hasn't been able to increase 1000 Rs. of capital, what makes him think adding more funds will give him a better chance?


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For intraday trading in stocks, the middle bollinger band of 15 min chart seems to be a sufficient target.
Today I had shorted BEML (its daily trend was down) and nice profits were showing. I expected it to hit the LBB and then continue on its downtrend. Suddenly at 14:00, it reversed back up, stopping me out.


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Most learning traders do not realize the seriousness of what they're doing. They fail to observe the rules laid down by the pros. (I'm already winning, so why bother?). Logging of trades and keeping other records are vital, otherwise we will not know what went wrong in a losing trade, and then may repeat the same mistake.

Don't go for shortcuts.
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Never enter as soon as you confirm a trend. Wait for the lower time frame to reach overbought (if shorting) or oversold (if buying).
This will at least minimize your losses. If you win, it will maximise your profits.


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Every trader should burn this into their mind:

Smart_trade said:
Psychologically we as human beings are habituated to expect mercy and leniency right from our childhood. If we dont do our homework, teacher will punish us but not injure us....if we dont get good grades in school/college our parents will give punishment but will fergive us soon...in a job if we do mistakes, our boss does not kill us. All these things have mercies because we are dealing with living beings on the other side.

Market is a non living thing. It has no idea of your position, your loss, your hardships. So it has no mercy...it can ruin the life,families. Not respecting risk is like jumping in front of a running train and expecting the train to be lenient and not harm you much....



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Happened upon this post by a member:
1. long 8759, out 8741
2. short 8721, out 8743
3. long 8745, out 8731
4. short 8720, out 8733
5. short 8728, out 8704 - autosqaured off.

This has happened to me many times, and I believe probably to most learners.


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