A plunge in Indian Stock market

[sspms2002]

I am not a pro , but i think mixing up swing and intraday trading will create a mess in your mind.
It is better to stick strictly to either intraday or swing.

Thanks Sybarite for mentioning the same.
Actually i wanted to write my behaviour on the same lines in this blog..

I started my Trading doing scalp trading where in based on momentum i would enter a trade and make 1-2 rs on 200-300 shares size...ie rs 200-600 in a trade..

I could do it 3-4 times a day mixed with some negative trades , and could make around 500-1000 daily...but then on a big losing day i would lose them all for that week..

Slowly i started looking for bigger profits rather than scalps..so i would look for a swing kind of entry where i could make rs 2-10/share..

Bur what has started to happen is in the look out for swing trades i have stopped booking small profits of Rs 500 - 1000 and wait for trade to go more in my favour..to be frank always...I would not get out if a trade after showing me Rs 1500 in profit goes to -1000....its just not fitting my head of now when to exit such trades...

many a times i have closed trade in loss after seeing a profit of Rs 1000+ on single trade...

Some time i think that i should better have a target Profit and just stick to that strategy ie book profit as soon as it reaches Rs 1000 for that trade..

But to be frank i am in dilemma on the path where to trade just 1 min/5min scalp kind of trades or look to work for swing trades on 5 min/30 min TF...

I guess scalps is not the way to go for long term..but i am not able to get into groove for the swing part of trade of yet...

 

[sspms2002]

Today was a decision day on my delivery trade of MARICO..

It opened around 378 and then dragged towards 372...i had seen from last few days that it was getting support at 372..so i waited to break it to exit ..

It got support again and started climbing up..it slowly went past 378..and as it reached 384 which was my entry price i exited...a profit of Rs 2400..but its not technically a profit as i just got even out..

the stock went till 389 and then retraced till 384...

I was finding it difficult to find stocks to trade today as all stock were up already and were not budging much...

I thought of Entering in RELCAPITA but could not find any good entry price...also it was already up 5% when i though of entering..though it went on to gain 9-10%...

 

[Sybarite]

Thanks Sybarite for mentioning the same.
Actually i wanted to write my behaviour on the same lines in this blog..

I started my Trading doing scalp trading where in based on momentum i would enter a trade and make 1-2 rs on 200-300 shares size...ie rs 200-600 in a trade..

I could do it 3-4 times a day mixed with some negative trades , and could make around 500-1000 daily...but then on a big losing day i would lose them all for that week..

Slowly i started looking for bigger profits rather than scalps..so i would look for a swing kind of entry where i could make rs 2-10/share..

Bur what has started to happen is in the look out for swing trades i have stopped booking small profits of Rs 500 - 1000 and wait for trade to go more in my favour..to be frank always...I would not get out if a trade after showing me Rs 1500 in profit goes to -1000....its just not fitting my head of now when to exit such trades...

many a times i have closed trade in loss after seeing a profit of Rs 1000+ on single trade...

Some time i think that i should better have a target Profit and just stick to that strategy ie book profit as soon as it reaches Rs 1000 for that trade..

But to be frank i am in dilemma on the path where to trade just 1 min/5min scalp kind of trades or look to work for swing trades on 5 min/30 min TF...

I guess scalps is not the way to go for long term..but i am not able to get into groove for the swing part of trade of yet...

I think , you should divide your capital into two halves, keep one half for your scalping thing and another one strictly swing. Dont convert scalping trades into swing trades.

 

[sspms2002]

I think , you should divide your capital into two halves, keep one half for your scalping thing and another one strictly swing. Dont convert scalping trades into swing trades.

It would be too difficult...as now i am ingrained with many though processes after reading a lot of stuff...

Trend is Your friend..Let profits run..3 wave price motion...123 pattern..etc..so now i don't book profits but i try to fulfill these above insights..

But all these are good on trending days..and a killer on Choppy days...

So one of the things that i am looking for is to identify the kind of trading day it is..and then utilize the knowledge to book profit or let the profit run..

 

[amitrandive]

Yes in Hindsight it seems i bought at a high price..

But the day before it bought it , it made its 52 week high of 407 and then on next day after Huge market fall it went down and i bought it..

It was difficult to perceive if that was still a high price at that time..

No sure how Seniors would analyse when to buy?

only thing that could have stopped me buying would have been a though that it still is not at any previous level..

For a good strategy check this post.

http://www.traderji.com/technical-a...h-high-probability-breakouts.html#post1055551

 

[sspms2002]

For a good strategy check this post.

http://www.traderji.com/technical-a...h-high-probability-breakouts.html#post1055551

Thanks Amit..that indeed seems a fine way to enter..I just have a doubt that, is that a Limit order at high of Red candle or a STOP LIMIT order at High of red candle...?

 

[sspms2002]

Today was a tough day..mainly because of one thing...I only tried to go LONG and today was not a day for LONGs...

After yesteday's news on FDI , i was very bulllish on MEX India and REL CAPITAL...

I had preplanned yesterday that i would buy at open as they would fly just after open...

But i saw practically the saying come true today...BUY at Rumours and Sell at NEWS..


Both the stocks drifted much lower after opening and remained in negative territory..

I Booked some profit in MAX INDIA after it came till 498-499..i LONGED it to ride it till 504-505...But it was a tough ride and the stock came back and drifted lower...i made around Rs 1000 in that

The i had a LONG in VOLTAS and made around Rs 600 in that..

I was up rs 1600 at that point..


Then i picked relcapita to trade and it was trying to consolidate at 493-494 level..I was thinking that this news should have a positive impact on it and that should be the bottom of it..

I tried to find the bottom multiple times in it and just when it was going up...a big red candle would change the whole scenario..

In that pursuit to find the bottom , i tried to trade opposite to down trend..

4-5 trades in there and made more than 2200 in loss..

(For a moment i thought , if i didn't had a LONG position in it , what would i have done, and i was seeing that i would have SHORTED it without any hesitastion...but my position was making me think opposite/or not to think rationally)


So now i was cursing myself heavily and taken a vow to not trade for a couple of days or do Paper trade...

Stocks Traded: RELCAPITA , MAX INDIA, VOLTAS
P&L : Red 749 after commissions

 

[amitrandive]

Thanks Amit..that indeed seems a fine way to enter..I just have a doubt that, is that a Limit order at high of Red candle or a STOP LIMIT order at High of red candle...?

Yes , it is a Stop limit order at the high of the red candle.

 

[sspms2002]

I was looking to find something to sharpen my Candlestick pattern recognition skills...

Just found below shared by Seniors..
http://www.chartgame.com

Do we have any other resource/app/website/software around playing chart candle by candle??

 

[Riskyman]

Today was a tough day..mainly because of one thing...I only tried to go LONG and today was not a day for LONGs...

After yesteday's news on FDI , i was very bulllish on MEX India and REL CAPITAL...

I had preplanned yesterday that i would buy at open as they would fly just after open...

But i saw practically the saying come true today...BUY at Rumours and Sell at NEWS..


Both the stocks drifted much lower after opening and remained in negative territory..

I Booked some profit in MAX INDIA after it came till 498-499..i LONGED it to ride it till 504-505...But it was a tough ride and the stock came back and drifted lower...i made around Rs 1000 in that

The i had a LONG in VOLTAS and made around Rs 600 in that..

I was up rs 1600 at that point..


Then i picked relcapita to trade and it was trying to consolidate at 493-494 level..I was thinking that this news should have a positive impact on it and that should be the bottom of it..

I tried to find the bottom multiple times in it and just when it was going up...a big red candle would change the whole scenario..

In that pursuit to find the bottom , i tried to trade opposite to down trend..

4-5 trades in there and made more than 2200 in loss..

(For a moment i thought , if i didn't had a LONG position in it , what would i have done, and i was seeing that i would have SHORTED it without any hesitastion...but my position was making me think opposite/or not to think rationally)


So now i was cursing myself heavily and taken a vow to not trade for a couple of days or do Paper trade...

Stocks Traded: RELCAPITA , MAX INDIA, VOLTAS
P&L : Red 749 after commissions

I have read some of your posts. I see a lot of emotions in your posts. Its like Shah Rukh Khan trying to explain what he was feeling when he was trying to enact something. I'm sure you are carrying these same emotions when you are taking trades. Go easy. Its just a trade. Its just money. Its not the end of life if you make a few bucks or loose a few. What is important is that you enjoy the process. Its only when you find the process enjoyable, you will truly succeed. Remember there is not a single soul who doesnt loose money in the markets. What is also so important is that you dont take it so personally. Stop punishing yourself with all these thoughts about what you could have done right. Its only in hindsight that you can say it was right or wrong thing to do. Remember at that moment you felt going long was appropriate and you went long. You lost and its ok. Remember to trust yourself. Dont try to be a winner. Be a winner!