A plunge in Indian Stock market
- Thread starter sspms2002
- Start date
Today was a bad bad day of trading for me..i am utterly frustrated with my trading of today...
I had 200 shares of TATA Motors of yesterday , the stock opened strong..and as it was moving up i bought another 200 at 586...so my Average price now became 585 for 400 shares...
the stock had strong buying and it swiftly went to 591+...The Open Profit was around 2400 +....But i didn't book a penny there as i was thinking that it is strong and it may strive to reach 600..or its 52 week high...
It started back from 591...and i did nothing but to watch it fall...i covered 200 at 586....
After playing there at 586-587..it gave a big spike down and breached 582-583 price...and i just did not covered the rest 200 shares..(just in HOPE of it going up again)
After that i watched it go heavily down till 572.....and then by day end retraced back till 576-578...
I am still holding it..with an Open loss of around 2000..
Stocks Traded: TATA Motors
P&L : Open Loss of around 2000...carrying the position for delivery again..
Till now may major losses are when i had taken stocks for delivery..
The day when i take them for delivery they look very strong...but the next day the story reverses...
TATA Motors today may be bad trading from my side as it gave a good profit for me to book..but i couldnot materialise it..
I had 200 shares of TATA Motors of yesterday , the stock opened strong..and as it was moving up i bought another 200 at 586...so my Average price now became 585 for 400 shares...
the stock had strong buying and it swiftly went to 591+...The Open Profit was around 2400 +....But i didn't book a penny there as i was thinking that it is strong and it may strive to reach 600..or its 52 week high...
It started back from 591...and i did nothing but to watch it fall...i covered 200 at 586....
After playing there at 586-587..it gave a big spike down and breached 582-583 price...and i just did not covered the rest 200 shares..(just in HOPE of it going up again)
After that i watched it go heavily down till 572.....and then by day end retraced back till 576-578...
I am still holding it..with an Open loss of around 2000..
Stocks Traded: TATA Motors
P&L : Open Loss of around 2000...carrying the position for delivery again..
Till now may major losses are when i had taken stocks for delivery..
The day when i take them for delivery they look very strong...but the next day the story reverses...
TATA Motors today may be bad trading from my side as it gave a good profit for me to book..but i couldnot materialise it..
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Sspms2002
Its better if you don't take delivery in stocks which you have selected for day trading.
Day trading means that you should have an exit plan for the same day.
Even I've traded this way by taking delivery of stocks in a HOPE that they will show strong movements the next day but i failed most of the time. And I've learnt from my mistake. Now i make sure that when I'm taking intraday trades i exit the same day.
Its better if you don't take delivery in stocks which you have selected for day trading.
Day trading means that you should have an exit plan for the same day.
Even I've traded this way by taking delivery of stocks in a HOPE that they will show strong movements the next day but i failed most of the time. And I've learnt from my mistake. Now i make sure that when I'm taking intraday trades i exit the same day.
My utter frustration has inspired me to write Trading rules for me , I am writing these trading rules for my self to see how many i breach/follow each day.
Day Trading rules:
1. Enter at or near Consolidation area or else have very tight stop out.
2. When in PROFIT , book 50% at 50% retracement of price from HIGHs/LOWs or near the Target price and rest at next good move below that 50% retracement point or Target Price.
3. Never ever let Decent profit turn into a loss.
4. When in LOSS, book when loss is at MAX Rs 500-800.Watch for 2-5 min before entering again.
5. Slow down after 3 continuous LOSSES & reduce size to become comfortable.
6. Add position in Profitable position at Consolidation area and rarely to loss.
7. Watch out after a Home run..take singles before going for a boundary again.
8. Review the trades to see the good/bad focus areas.
Day Trading rules:
1. Enter at or near Consolidation area or else have very tight stop out.
2. When in PROFIT , book 50% at 50% retracement of price from HIGHs/LOWs or near the Target price and rest at next good move below that 50% retracement point or Target Price.
3. Never ever let Decent profit turn into a loss.
4. When in LOSS, book when loss is at MAX Rs 500-800.Watch for 2-5 min before entering again.
5. Slow down after 3 continuous LOSSES & reduce size to become comfortable.
6. Add position in Profitable position at Consolidation area and rarely to loss.
7. Watch out after a Home run..take singles before going for a boundary again.
8. Review the trades to see the good/bad focus areas.
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