re: Day trading Nifty & Banknifty Futures
Dear Vertigo,
I do not post any comment in the forum unless it is helpful or insightful, or at times, a small effort at humor. What I pointed out (or tried to) while responding to you, is to show something that is called hindsight bias, which is a common fallacy in thinking. This comment is in no way meant to be taken personally, and it would be sad to think that a person of your caliber (with whom I have interacted before) would take it as such.
Secondly what I have said is that one cannot foretell the market's reaction to what can be a 'good' budget (defining what is good is subjective by itself) The market has run up a lot in expectation, and even a good budget can be a reason for the market to fall on profit booking. We have too many examples of good news being discounted by the markets - 'good' quarterly results are case in point.
My 2C. And apologies if you found my post as a criticism of your knowledge.
Hi DSM,
First of all my apologies too, i should have explained my views instead of being defensive. Thing is too many people have been commenting based on their assumptions only, i would generally ignore but it was from you so i replied( and i know my reply was also not good), i hold you with high regards and i certainly expect you to provide criticism in a better way.
I see you among the most wisest members of traderji.
My comment reflect frustration which is not due to someone criticizing my knowledge but its due to assumptions people make before criticizing. I was long since 6200 and had plans of shorting on election result day, did so and posted it in forum but some wise member than started giving me gyan about how its only due to luck that i had a successful trade and how i m gonna fail miserably if i continue to do so ..A lot of hard work and planning goes before i decide a trade but people instead of asking the rational behind the trade make their assumptions and start criticizing.
I have been long again since nifty was around 7500 and had posted my views atleast 2 weeks back that i will be long till budget and look to short it on budget day. I exited most positions yesterday only and rest did today morning. My next trade idea was to short on budget day as i didnt anticipate such big fall today. If market has risen today then too i would have shorted it on budget day. But since it fell drastically it showed my failure to take all factors, scenarios into account. Better way would have been to scale in positions starting yesterday. Now i am reconsidering my short view on thursday and if tomorrow and thursday fall continues i will look to create long positions starting monday most probably.
If not for the post-facto realization i would be repeating same mistakes which i certainly dont want to do. My aim is to learn and be better each day.
And we all miss your posts so please start again
.
Regards
