A plunge in Indian Stock market

[Raghuveer]

Thanks Raghuveer, Yes i am going through YTC book as of now. I also have Steve Nisson's videos but not find them very useful though for the ones i have seen.

Also i don't know about Amibroker , is it freely available to use and can we use it to see bar replay for NSE stocks??

Amibroker bar replay can be used with any data you have.
Get data (by RM) from http ://www.4shared. com/folder/WavaB1Cm/NIFTY50_ALL.html
Google for Amibroker details, how to get/install etc.

YTC web site has several candlesticks related pdf's and videos.

 

[amitrandive]

One bad trade was in Colgate. I heard people on TV saying that Colgate had a correction and now it will move. So I bought a e-margin position thinking that if it not in one-two days, Colgate will FOR SURE move up in five days.

But nothing happened and it stayed in the same range. Exited with loss.

http://deronwagner.hubpages.com/hub/stock-trading-psychology

 

[Prataap_2013]

There was no movement, what to talk of irrational, in Colgate. only on March 31 there was selling but I used that to average, otherwise my loss would have been more.

 

[amitrandive]

One bad trade was in Colgate. I heard people on TV saying that Colgate had a correction and now it will move. So I bought a e-margin position thinking that if it not in one-two days, Colgate will FOR SURE move up in five days.

But nothing happened and it stayed in the same range. Exited with loss.

Many brokerage houses advise clients to buy at the break of a new level or new highs.Better to be patient and buy at pullbacks.

Daily Chart of ColPal

 

[amitrandive]

There was no movement, what to talk of irrational, in Colgate. only on March 31 there was selling but I used that to average, otherwise my loss would have been more.

Check my post below.
That is just a quote I have posted.

It is not directed towards you..Its a general post.
Averaging loosers is a very easy way to blow up your account.

 

[sspms2002]

Check my post below.
That is just a quote I have posted.

It is not directed towards you..Its a general post.
Averaging loosers is a very easy way to blow up your account.

Yes I would concur with Amit...in my short time day trading for last 6 months now..i have been good at day trades or at least i wold say i may not be loosing much there...But my all losses almost happened when i had taken delivery , some times when bigshots on Money control recommended and some times when the stock had shown good profits but then retraced to negative..i took them for delivery in hope that they would retrace and move up further..and i accumulated losses of Rs 5000 on average 5-6 times till now....

This was the major dent in account as well as in my confidence/psychology...

this urge still happens but now i guess i think more in terms of Support and resistance so some logical reasoning behind holding or letting it go...

 

[jagankris]

Yes I would concur with Amit...in my short time day trading for last 6 months now..i have been good at day trades or at least i wold say i may not be loosing much there...But my all losses almost happened when i had taken delivery , some times when bigshots on Money control recommended and some times when the stock had shown good profits but then retraced to negative..i took them for delivery in hope that they would retrace and move up further..and i accumulated losses of Rs 5000 on average 5-6 times till now....

This was the major dent in account as well as in my confidence/psychology...

this urge still happens but now i guess i think more in terms of Support and resistance so some logical reasoning behind holding or letting it go...

When ever you see some recommendations in CNBC or Money control by the so called "Bigshots" it is good opportunity provided you know how to trade them well using the technicals :thumb:.

One thing for sure such counters will exhibit move in one direction (Most likely the opposite of the recommendations :lol:.

 

[Prataap_2013]

Now they are saying markets have stabilized and Yes Bank or BPCL could have a breakout. But I am not risking e-margin trades now because anytime Nifty could correct due to global factors.

Intraday has been good and that's my focus.

 

[sspms2002]

Today was just wait and watch day for me..

I took just one position in Walchandnagar industries...i was Long 400 shares at 205..the stock went up and was consolidating at 211-213 area...

Though it made its High of 215 , but i didnot booked the open profit of now..
I have carried it for delivery...

Stocks Traded: Walchandnagar Ind
P&L : Open profit of Rs 3500 , taken for delivery.

 

[Prataap_2013]

I made money in BF Utilities. Long trade in the morning, booked profits, and then took a short trade in the afternoon thinking the upside was done. But luckily I exited with profit before it started moving up again.

I went short in BPCL and made money. Mata ki kripa hai that I didn't take an e-margin position in this last week!

I kept thinking of shorting Glenmark but it went up with the whole pharma sector.