A plunge in Indian Stock market

[sspms2002]

Learn price action....

Can you elaborate more..I guess i am trading based on price movement as i see in level 1...basically seeing the pressure...

 

[manishchan]

Yet another day where my folly was getting too aggressive after initial losses.

I opened the day trading HINDPOWER , it had already moved up and i entered long in anticipation of further move..it didn't move much and i had to hit my Out. Loss of 300

Then i traded BHEL , 2 trades in it. first gave me profit of Rs 350 and second gave me a loss of 250. I was net negative now although small.

Then in seek of more action , as stocks were not moving much , i looked at 52 week high scanner and found out a stock not so famous...I thought of taking a small position and entered it..once it started going to my direction i added more...But then alas...it gave a huge spike and as it was a thin stock...less volume ..i was not able to get out on time..i followed the offer till it was down a lot...and then at the lowest of the spike i hit the MARKET out...It gave me loss of 1200.

I got more aggressive then...kept accumulating more small losses.I went till Negative 2000.

But then i got a good move in TATA STeel...It was in uptrend and moving good..
I got a traded of nearly Rs1500 in it....as i captured 4 rupee move in it...

Mistakes: I traded aggressively after initial losses..also i started trading unknown stocks with out watching much..
Also the volume of the stock was not good..I think only A grade stocks are good for a beginner.
To Trade morning session , the price needs to be good..else wait till 10.30 AM.

Also i do not watch any indicator when i am trading..i will need to have a look at them also for confirmation.

Stocks Traded: HINDPETRO , TATASTEEL , TATAMOTORS , BHEL , ONGC..etc
Net P&L : Red 489 after commissions..


Any advise from fellow traders is always welcome.

Never Ever do These !! Rest all you are aware.. you just need to work on it..

 

[sspms2002]

Never Ever do These !! Rest all you are aware.. you just need to work on it..

Thanks manish...now i am realizing why they say that Discipline is required in Trading..

 

[throwawayacc123]

Can you elaborate more..I guess i am trading based on price movement as i see in level 1...basically seeing the pressure...

if you want to learn price action, it will take a long long long long.....time...

Plenty of material on the internet available. Start with simple Support and resistance and price patterns.

Al brooks, lance beggs , Jim herdon...are few of the references..

 

[Moonlite]

Sspms2002....

Read your post .......too aggressive to cover loss.

Keep a cool head and don't panic.

Give a little Take little,
Tomorrow is another day.

 

[sspms2002]

Sspms2002....

Read your post .......too aggressive to cover loss.

Keep a cool head and don't panic.

Give a little Take little,
Tomorrow is another day.

Yes that's right..That's the good thing about trading.

 

[sspms2002]

I just saw the graph of TATASTEEL now, it was clearly in uptrend till the end..and closed at 472.
I just booked my profits at 465, If i would have stayed till end..it would have given me a profit of 2000 more today..

Anyways it seems to be going good..and i think it might gap up and trend tomorrow as well. Lets see...

 

[sspms2002]

Another action filled day for me..or Rather i create all the unnecessary action

I started with Tata Steel..and i hoped it would go up..as it made a small move in morning..I got out with a small loss of 200.

Then i did another Trade in DLF in morning and made 300 Back. Net Positive now.
The 3rd Trade also in DLF , I lost 300. Net zero.

I started hunting...for Stocks...
I saw good moves in TechM..But i resisted it as i learned yesterday not to enter in random unwatched stocks and also it had big spread to my liking...

I made another Trade in DLF in anticipation of a move..It showed me profit of 250...but i was hungry for more...and it retracted back to my buying price..I thought it will jump again from there..but it broke that level and went a little down..i hit Out with a loss..
Ultimately it did went up after my Out...

I was also looking at Reliance..i think i saw some news regrading it some where...
So i bought it at a good price just before its break out and it gave me profit of 800.

It then gave a full move back from top..but as it was in uptrend it had only thought of LONG..thank god i didn't long it on its false Pullback..it was a sell off..

I am not sure how to identify if its a PullBack or a sell off..Any advise from fellow traders?

Also i missed to enter a very good upmove in DLF...I don't know after a terrible news and stock coming down from 150 to 110 ...why it is again getting strong...

Stocks Traded: DLF, TATASTEEL , RELIANCE
P&L : Green 584 after commissions.

 

[sspms2002]

Every week , i will try to take up a Technical Indicator and would try to dissect it..
The coming week i will work on MACD...and see its advantages and disadvantages....

I will jot down my findings here...

 

[sspms2002]

A good day if stock trading today...I guess its the same for all of us..

My First Trade today in HINDPETRO gave me Rs 900 in profit..and the second gave me Rs 200 in profit in Reliance.

I closed the day at 10 AM only..to keep the profit and not indulge in further action.
I think i should have waited till 1 PM, as may stocks made very good movement..

I guess many Traders would have made a killing today..

Do Share.

Stocks Traded: HINDPETRO , RELIANCE
P&L : Green 1075 after commissions.