Trading Diary of a Novice Trader (MIN NIFTY)

A

Ajit57

Active Member
#11
#11
Did a very strange thing today ... I short one MinNifty at 5188 ... was sure that it will go down ... Stochastics were showing over sold ... it went till 5183, then it shot up ... Went till approx. 5226 ... But don't know why, I shorted one more lot at 5219 ... Now waiting for tomorrow ... :(

Maybe it may prove out to be expensive ... Anyways, will keep a stop loss at 5225 ... i.e. maybe around 1000/- loss ... :mad:

But just had the feeling that nifty will go down ...

Hope for the best ...
 
timepass

timepass

Moderator
#12
#12
Ajit57 said:
Did a very strange thing today ... I short one MinNifty at 5188 ... was sure that it will go down ... Stochastics were showing over sold ... it went till 5183, then it shot up ... Went till approx. 5226 ... But don't know why, I shorted one more lot at 5219 ... Now waiting for tomorrow ... :(

Maybe it may prove out to be expensive ... Anyways, will keep a stop loss at 5225 ... i.e. maybe around 1000/- loss ... :mad:

But just had the feeling that nifty will go down ...

Hope for the best ...
Click to expand...
If the nifty futures are above xx80 & rising, I assume that it will surely touch the next hundred, if the futures are above xx40 & rising, I assume that it will surely touch xx50 - attraction to round number. So, those are generally not good places to take short positions.
 
ashutosh.krsrivastava

ashutosh.krsrivastava

Active Member
#13
#13
Ajit57 said:
Did a very strange thing today ... I short one MinNifty at 5188 ... was sure that it will go down ... Stochastics were showing over sold ... it went till 5183, then it shot up ... Went till approx. 5226 ... But don't know why, I shorted one more lot at 5219 ... Now waiting for tomorrow ... :(

Maybe it may prove out to be expensive ... Anyways, will keep a stop loss at 5225 ... i.e. maybe around 1000/- loss ... :mad:

But just had the feeling that nifty will go down ...

Hope for the best ...
Click to expand...
Did exactly that, shorted at 5170, sl triggered at 5190, Icicidirect ne dhoka diya, login hi nahin hua... Ab today morning squared off the position at 5230.. 1600/- loss... Ab soch samajh ke trading karna hoga... :confused:
 
A

Ajit57

Active Member
#14
#14
Hi Friends,

Thanks for the reply ...

Now, the actual scenario (fact) ....

I saw Nifty Futures opened at 5125 and went till 5135 :annoyed:

But had an idea that actual values could be seen only after 9.30 to 10 a.m. (Had read many times in TJ ;) )

So waited and saw Nifty F slightly going downwards ... Then at 11, when the policy announcement came, just before that NF went down and again jumped up till 5225 ... I had kept a SL of buy of 5130 (I had purchased two MNF at average 5203) ... Luckily, it didn't touch 5130 ... Then started the downfall ... :clap:

Kept on trailing the SL and finally kept at 5185 (atleast some profit ... )...

And 5185 hit and I am out ...

So finally a profit of 37 points minus brokerage ... Really felt like a hero :p

(I converted a loss of 1000 to a profit of 500/- ... :clapping: )

Tx

Ajit
 
A

Ajit57

Active Member
#15
#15
Hi TP, Ravi and other experts,

I have a question moving around in my mind after today's trade ... When at the start of the month (for NF), we know that even if we buy or sell NF at a particular rate, we can somehow manage to achieve profit if not now then after 2 to 3 days, then why do we have to have a SL and exit the same day (I know that is Intraday), but still if we can wait for a day or two and convert the loss into profit, then its better to wait rather than book losses ... I know that in a volatile market, NIFTY can go up to any no. of points thereby triggering our losses to a great extent, but atleast a person can wait for day so that he can turn his losses into atleast evens or some profit ... I am sorry, if it is a very stupid question, but I said what I felt like.

Tx
 
soft_trader

soft_trader

Well-Known Member
#16
#16
Ajit57 said:
Hi TP, Ravi and other experts,

I have a question moving around in my mind after today's trade ... When at the start of the month (for NF), we know that even if we buy or sell NF at a particular rate, we can somehow manage to achieve profit if not now then after 2 to 3 days, then why do we have to have a SL and exit the same day (I know that is Intraday), but still if we can wait for a day or two and convert the loss into profit, then its better to wait rather than book losses ... I know that in a volatile market, NIFTY can go up to any no. of points thereby triggering our losses to a great extent, but atleast a person can wait for day so that he can turn his losses into atleast evens or some profit ... I am sorry, if it is a very stupid question, but I said what I felt like.

Tx
Click to expand...
What if Nifty Goes against your position 200points? and the next day opened with a gap of another 200 points? All your margin will be vanished till you wait for your breakeven.:annoyed:
 
timepass

timepass

Moderator
#17
#17
Ajit57 said:
Hi TP, Ravi and other experts,

I have a question moving around in my mind after today's trade ... When at the start of the month (for NF), we know that even if we buy or sell NF at a particular rate, we can somehow manage to achieve profit if not now then after 2 to 3 days, then why do we have to have a SL and exit the same day (I know that is Intraday), but still if we can wait for a day or two and convert the loss into profit, then its better to wait rather than book losses ... I know that in a volatile market, NIFTY can go up to any no. of points thereby triggering our losses to a great extent, but atleast a person can wait for day so that he can turn his losses into atleast evens or some profit ... I am sorry, if it is a very stupid question, but I said what I felt like.

Tx
Click to expand...
You can not presume the course of Nifty. It may not return to your buy/sell point during the series. There is no fixed rule for movement of the index - there is no holy grail. Don't let anyone tell you that this is a sureshot formula.
 
Smart_trade

Smart_trade

Moderator
#18
#18
Ajit57 said:
Hi TP, Ravi and other experts,

I have a question moving around in my mind after today's trade ... When at the start of the month (for NF), we know that even if we buy or sell NF at a particular rate, we can somehow manage to achieve profit if not now then after 2 to 3 days, then why do we have to have a SL and exit the same day (I know that is Intraday), but still if we can wait for a day or two and convert the loss into profit, then its better to wait rather than book losses ... I know that in a volatile market, NIFTY can go up to any no. of points thereby triggering our losses to a great extent, but atleast a person can wait for day so that he can turn his losses into atleast evens or some profit ... I am sorry, if it is a very stupid question, but I said what I felt like.

Tx
Click to expand...
Dont let this thought ever come to your mind again....you will save small losses but one day surely get mother of all the losses.....which will cripple the trading account....then to salvage the trade we go on adding to loosing positions( you did that yesterday but you were lucky....)......and get out when the loss becomes unbearable to us and/or our broker...:D

This is not a new thought....every new trader tries that and blows his account....in the long run you will realise that it is a bad trading practice....cut your losses quickly......that is the only way to survive and prosper in the market.


Smart_trader
 
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