Me & My Mom ................................... Our Trading-Our Style!!
- Thread starter msdtime
- Start date
Now let us think what (if any) went wrong today.
1. Nifty :
1st trade was a complete disaster. Although all indicators (VWAP, MAs, RSI) indicated bullish movement. But I was fooled by the Market Depth. There was a sustained selling pressure at the start of the day. Also there was a big Gap up. Nifty moved very slowely but steadily against me. But all this time I was anticipating a downward cliff movement ( like the one witnessed in PNB in last hour).
But around noon the seller vanished and the buyer appeared out of nowhere. The sustained buying started. I immediately reversed the position and could come out with profits.
2. PNB:
The same thing which caused me to sweat in Nifty gave me true signal in PNB. Although 1st candle was Red, all indicators bearish, and even a hammer formed in 2nd candle - I still bought as Market Depth was suggesting HUGE buying orders. Premarket analysis was also Bullish.
Instead I should have shorted and reversed the position with sizable profits as soon as the third candle formed the hammer suggesting upmove. Also my 1st level of pivot was also there. So yes I made a blunder in this trade also.
But my Stop loss was at 109.5, so there was no worry as such.
Just like Tape suggested PNB moved up giving sizable profits.
My target was perfectly at 113.85. The price reached my target twice! but I failed to book profit as PC got hanged.
But happy that PNB never breached my predicted level on closing basis.
Only thing that I am ruing for is that PNB SL order @112.65. which I foolishly canceled. PNB was moving choppy for like 3 hours. There was like 90% surety of the sudden movement either up or down. I was long so up move was good. But when Nifty took resistance at 10590 and overall momentum was lost, I booked the profit. BUT I SHOULD HAVE KEPT THAT SL ORDER OPEN. I have used this simple technique with great results in lull choppy market many times. But Alas, that was not gonna happen. Lost great last minute profit apportunity.
1. Nifty :
1st trade was a complete disaster. Although all indicators (VWAP, MAs, RSI) indicated bullish movement. But I was fooled by the Market Depth. There was a sustained selling pressure at the start of the day. Also there was a big Gap up. Nifty moved very slowely but steadily against me. But all this time I was anticipating a downward cliff movement ( like the one witnessed in PNB in last hour).
But around noon the seller vanished and the buyer appeared out of nowhere. The sustained buying started. I immediately reversed the position and could come out with profits.
2. PNB:
The same thing which caused me to sweat in Nifty gave me true signal in PNB. Although 1st candle was Red, all indicators bearish, and even a hammer formed in 2nd candle - I still bought as Market Depth was suggesting HUGE buying orders. Premarket analysis was also Bullish.
Instead I should have shorted and reversed the position with sizable profits as soon as the third candle formed the hammer suggesting upmove. Also my 1st level of pivot was also there. So yes I made a blunder in this trade also.
But my Stop loss was at 109.5, so there was no worry as such.
Just like Tape suggested PNB moved up giving sizable profits.
My target was perfectly at 113.85. The price reached my target twice! but I failed to book profit as PC got hanged.
But happy that PNB never breached my predicted level on closing basis.
Only thing that I am ruing for is that PNB SL order @112.65. which I foolishly canceled. PNB was moving choppy for like 3 hours. There was like 90% surety of the sudden movement either up or down. I was long so up move was good. But when Nifty took resistance at 10590 and overall momentum was lost, I booked the profit. BUT I SHOULD HAVE KEPT THAT SL ORDER OPEN. I have used this simple technique with great results in lull choppy market many times. But Alas, that was not gonna happen. Lost great last minute profit apportunity.
Look at the entry trade.
She sold then immediately reversed.
And even though chart was crying out loud to book losses and exit she continued on and on in false hope of reversal.
Common game that emotions play in such situations
"Itna loss kaise book karu! Thoda bhi upar chadhe toh fatak se exit karungi!!!"
किमत कभी चढती नहीं, लॉस बुक होता नहीं!!!
Just look at the no of trades and reversals taken.
She sold then immediately reversed.
And even though chart was crying out loud to book losses and exit she continued on and on in false hope of reversal.
Common game that emotions play in such situations
"Itna loss kaise book karu! Thoda bhi upar chadhe toh fatak se exit karungi!!!"
किमत कभी चढती नहीं, लॉस बुक होता नहीं!!!
Just look at the no of trades and reversals taken.
Happy holi to all.
The last two trading sessions went on similar to the one above.
Loss, loss and loss.
I couldn't do anything.
My Mom was a teacher by profession. It seems that while teaching all her life, she has lost the ability to learn. It is not as if she is not ready to take efforts in learning. But it seems that she despise the idea that somebody else point out her errors. At least not her son!!
I tried to tell her that trading is like driving. Even though there are rules, and you must follow the rule, only following the rules do not involve any sort of driving. No rulebook can tell you the exact proper way to overtake the truck. No rule book can ever teach you how to negotiate the heavy traffic. And no rule book can keep you safe from other people's rash driving.
YOU need to LEARN driving which can be achieved only by observation.
When my Mom learned car from one driving school few years back - she had the same experience. The tutor sitting on your left has all the controls at his feet as well. He controls the whole car, and you wont even know it. You start thinking that you have become an expert driver, only to realize that you have been fooled for good. You can't even drive in open ground!!!
The same hold true for trading.
You need patience. You need to observe. You need humility. You need to surrender. You need to rise above pride and prejudices. And you need to accept the verdict of the Market
.
The last two trading sessions went on similar to the one above.
Loss, loss and loss.
I couldn't do anything.
My Mom was a teacher by profession. It seems that while teaching all her life, she has lost the ability to learn. It is not as if she is not ready to take efforts in learning. But it seems that she despise the idea that somebody else point out her errors. At least not her son!!
I tried to tell her that trading is like driving. Even though there are rules, and you must follow the rule, only following the rules do not involve any sort of driving. No rulebook can tell you the exact proper way to overtake the truck. No rule book can ever teach you how to negotiate the heavy traffic. And no rule book can keep you safe from other people's rash driving.
YOU need to LEARN driving which can be achieved only by observation.
When my Mom learned car from one driving school few years back - she had the same experience. The tutor sitting on your left has all the controls at his feet as well. He controls the whole car, and you wont even know it. You start thinking that you have become an expert driver, only to realize that you have been fooled for good. You can't even drive in open ground!!!
The same hold true for trading.
You need patience. You need to observe. You need humility. You need to surrender. You need to rise above pride and prejudices. And you need to accept the verdict of the Market
.
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