Lost 40K today in banknifty..:-(

[deadbrain]

Hi

Having failed in intraday, I paid 12k to a service provider from Indore today. They told me to go long with 2 lots of banknifty at a certain price. It went up, made a high and came back, I added 2 more lots considering it has broken high of the day and should make new highs. But to my badluck, it took U-turn and started going down. I checked with the service provider if I exit the position and book losses. They said, it will come back up. In minutes of time, it went 200 points below. With cold hands and feet, I booked the loss at 40K.

My losses are now 2.5 lakhs till date\. I started in 2010. Nothing seems to be working. I even dont know what should be stop loss of banknifty which is so volatile.

 

[marimuthu13]

Hi

Having failed in intraday, I paid 12k to a service provider from Indore today. They told me to go long with 2 lots of banknifty at a certain price. It went up, made a high and came back, I added 2 more lots considering it has broken high of the day and should make new highs. But to my badluck, it took U-turn and started going down. I checked with the service provider if I exit the position and book losses. They said, it will come back up. In minutes of time, it went 200 points below. With cold hands and feet, I booked the loss at 40K.

My losses are now 2.5 lakhs till date\. I started in 2010. Nothing seems to be working. I even dont know what should be stop loss of banknifty which is so volatile.

just post your service provider call as it is..they sould have provided SL at any cost , and also target price...

for intraday in BNF, SL should not be more than 75 points if u r looking for profits of 100-150 points...

 

[deadbrain]

In the morning, they said call will shoot above 17875...and they will tell SL later. It made a high of 17915.. and then... down and down... I saw losses multiplying, so had to exit at 200 points loss even though service provider said there is not much chance of going further low. I was afraid of losing all money if it went further down and exited, 200 points low.

 

[kharikumaar]

To start with depending on service providers to give you tips is stupid. they couldnt care less if you gain or lose.

if you are not sure how to trade banknifty, not sure of the stop-loss then why are you trading the instrument.? you should understand that more than 90% of the traders lose money and they are definitely the retail traders. it would be of help if you go try and learn something of technical analysis, go through the forum study the various strategies/methods which are given here, try to papertrade for sometime on these strategies , chose one/two which suit your trading temperament and then do your trades. deciding on a stoploss is your prerogative, there are no fixed methods but you will find suggestions here which you can consider.

it's time you realise that all these tips providers are bunkum, start learning and creating your own trades.
one guy i met who used to work for a tips provider even told me that they have a simple strategy of sending sell signal to half the people and buy signal to the other half. on of which is bound to happen.

if you seriously want to continue trading better learn to do it scientifically, and there's no better place than this forum for you to do it.

 

[Somatung]

@Deadbrain

Good lesson you learned today. Be happy that it happens today and not happen in a later stage by which you may even would have a bigger amount of money on the table.

Now go away from those guys, take it as it is, make some new plans and absolutely take your time to mentally recover from this in case it hurt your mind.

A glass can be half full or half empty. You made it already being half full with this experience. :clapping::thumb:

Keep on going by what you want to achieve and do not loose any hope by having such, not wished experience. Learn from it and move on. :cheers:

Dan

 

[suri112000]

First 3 years into trading will invariably result in losses whatever you do. It is not your fault to suffer such losses as there is no authentic and reliable information about trading profession. It is the undue hype about trading which elevates new traders' desire to make quick money. In the process, the trader tend to ignore the risk involved in the trade as he eyes only probable profits. Unfortunately, the occasional and random profits for a new trader will result in pulling him to bet/risk more than he can risk. Eventually, the unexpected strikes and takes away a bigger pie of trader's money. Now, the trader becomes psychologically weak. This is the state of traders, the gullible tips providers are targeting by promising to recover the lost amount. Most of these tips providers donot give SL and Target in advance. The people who give NEVER hit targets. I have followed their calls for 3 months and maintained a dairy of events to see if at all they are profitable. None of them is profitable. It shows that they are not having any profitable system. Tukka calls based on Tukka views.

Firstly, suspend your trading with actual money for about 1 month completely.

Secondly, take a stock of your actual position now. Amount left with you for trading and amount you lost in trading. If possible, measure amount of loss/win on each trade. Calculate brokerage, charges also. Now, is the remaining capital sufficient to trade?

Thirdly, if you are a day trader, go through this link.........http://www.traderji.com/words-wisdom/94937-learning-curve-day-trading.html

Fourthly, go through this link to know about Tips providers.http://www.traderji.com/words-wisdom/100107-donot-get-cheated.html

Fifthly, go through this link.....and practice paper trades until you become profitable. http://www.traderji.com/technical-analysis/100286-excellent-collection-sts-posts.html#post1113058

Sixthly, go through this link......what the trading is all about. http://www.traderji.com/day-trading/100184-reliable-approach-trading.html

Lastly, make up your mind, money..........then embark on the abandoned ship to set a smooth sail again.

Best of luck.

 

[lemondew]

Please read about money management. That will tell you about SL.

Simple if you ve 50- 50 chance of winning loosing.

10 trade- 5 win 5 loss

profit on win = 1000Rs
5 win = 5000

Loss on sl = 500 Rs
5 loss = 2500Rs

Total profit = 2500Rs

Now if you loose 7 trades and win 3 trades. you can calculate

If you loose all 10 trades that not possible but if it happens do the opposite of what you call provider tells. :rofl:

Its very difficult to win or loose all trades

Hi

Having failed in intraday, I paid 12k to a service provider from Indore today. They told me to go long with 2 lots of banknifty at a certain price. It went up, made a high and came back, I added 2 more lots considering it has broken high of the day and should make new highs. But to my badluck, it took U-turn and started going down. I checked with the service provider if I exit the position and book losses. They said, it will come back up. In minutes of time, it went 200 points below. With cold hands and feet, I booked the loss at 40K.

My losses are now 2.5 lakhs till date\. I started in 2010. Nothing seems to be working. I even dont know what should be stop loss of banknifty which is so volatile.

 

[Rish]

Hi

Having failed in intraday, I paid 12k to a service provider from Indore today. They told me to go long with 2 lots of banknifty at a certain price. It went up, made a high and came back, I added 2 more lots considering it has broken high of the day and should make new highs. But to my badluck, it took U-turn and started going down. I checked with the service provider if I exit the position and book losses. They said, it will come back up. In minutes of time, it went 200 points below. With cold hands and feet, I booked the loss at 40K.

My losses are now 2.5 lakhs till date\. I started in 2010. Nothing seems to be working. I even dont know what should be stop loss of banknifty which is so volatile.

From 2010 to till date only Rs.2.5 (including today's lose) lose ?....then...no need to worry..

This happens....learn lesson...

Don't follow anyone..follow your rule..

Nothing to worry...you can win and make money..but, have patience..

:thumb::thumb::

 

[deadbrain]

Hi

I am regular visitor of this forum. I read many threads, tried many methods, read a couple books on candles, daytrading. I tried scaloping, options trading, breakouts trading, first hour strategies. I tried with very low volumes and earned consistently, but the problem was my SL was always far and profit booking always near, so on three successful day trades, fourth day of loss was higher than previous three days profits. If i waited long for let the profit run, it hardly hit the targets and took u-turn and keeping sl near was hit very early. Even in those cases, i never lost any money more than few hundreds, but i truested the professinoal services more than me, and lost in thousands in just couple days.

 

[wisp]

Hi

I am regular visitor of this forum. I read many threads, tried many methods, read a couple books on candles, daytrading. I tried scaloping, options trading, breakouts trading, first hour strategies. I tried with very low volumes and earned consistently, but the problem was my SL was always far and profit booking always near, so on three successful day trades, fourth day of loss was higher than previous three days profits. If i waited long for let the profit run, it hardly hit the targets and took u-turn and keeping sl near was hit very early. Even in those cases, i never lost any money more than few hundreds, but i truested the professinoal services more than me, and lost in thousands in just couple days.

Bro, you have been in this forum since July 2010 and I am sure have read many posts against trading on calls.
Your signature says "I speak what the charts speak"
How did you transfer responsibility for your trades to some Joe who you have never met??

Education needs time and effort.

Experience requires time. Try not to be a jack of all methods, work toward becoming a master of one.