diary of a day trader
- Thread starter TraderRavi
- Start date
- Tags best trading diary day trading make money in daytrading nifty futures nifty options
- Status
..
Dear Ravi.
If you can not make money in trending market than you can never ever make money from sideways or range market.
Better you develop in mastering the disciplined trading.
Before entry ask yourself three questions.......................
1- Is this trade a low risk high probability trade.
2- are traders already long or short before my entry.
3- is number of shares as per my 1% rule of margin account.
If you can not make money in trending market than you can never ever make money from sideways or range market.
Better you develop in mastering the disciplined trading.
Before entry ask yourself three questions.......................
1- Is this trade a low risk high probability trade.
2- are traders already long or short before my entry.
3- is number of shares as per my 1% rule of margin account.
Dear TraderRavi,
You may wonder why I respond to you. I went through all your posts starting with the first one. I usually don't do that. Reason is simple. You just reminded me. I also started with some 80k in November 2010 and have poured almost Rs.200k or more till date.
In the beginning I Made some profits to the tune of Rs.3000 in first few days. My trade volume crossed Rs.30 lakh in One Week time. Its simple when you make three Rs. 450000 (Rs.83000 * 5 times) trade a day, thats almost equals Rs.15 lakh a day. In weeks time, I felt like a Master of Heaven. Then the unimaginable happened.
I was suppose to stick to "One Trade a Day" policy after over trading, irrespective of Profit or Loss. That particular day (still one or two week since I started trading), I made profit of Rs800, and I was suppose to stop it. But greed has no boundaries. So I went for Short on the same stock after booking a profit going Long thinking Stock Price Reached Yesterday's High and wont Advance. All these happened before 11.am.
Stock price was still advancing and day being Monday (new week), I did not realize usually Mondays tend to be Green.
The price kept on advancing almost nearing 1% loss. Being a new trader, who did only few trade and made profit on gut and luck, there was no SL. I had never tried it. Mine was bulk buying and selling. I was little wary of the Price Advancing, but I thought Price would scale back and I would make profit just in time before Square Off at 3.00 Pm starts. Time now past 11.30 Am I believe. Price again scaled back to near my Buy Price. But Instead of clearing my position with brokerage and Rs.200 to Rs.400 as loss, i waited further.
Then I did the unthinkable. I went to bed to take some rest with an Alarm near me expecting the loss to be a maximum of Rs.4000 on Rs.450000.
By the time I woke up around 2 something PM, stock price had gone all the way up 5 percent. I almost fainted. Rs.17000 gone never to return. My initial Rs.83000 plus some profits I made now looked like Rs.68000 something. The price I had to pay for laziness and one or two hours sleep.
Then I realized even A double Room in Taj Hotel Mumbai for a day didn't cost that much. I said that to my brother. But there was nothing to be done.
After wards I did very few trades. Nothing went good. In Dec.2010, when JP associates lost all its value and reached Rs.100, I bought that stock with my left over money hoping to recover my loss.
But there also I went wrong, instead moving upwards, that stock was dragged down to almost never expected lows of Rs70s. But I had to hold till I recovered my losses. And last friday (15.4.2010), JP Associated crossed Rs.101.
But in the meantime in March 2010, I brought new cash since I was stuck with JP Associate, this time trying more careful.
Again lightening struck me in the form of Areva T&D. I tried to short. I was right but my entry was wrong. I entered with Market Price. The very day when Nikkei lost 6% because of Fukushima.
That very day within 3-6 minutes of market opening my new capital was down by Rs.17000. That almost broke my heart. Then I realized one right trade can correct all my losses.
But I try to be more careful and trade in small quantities with maximum of Rs.100000 trade per day.
Brought some more cash, bought One Bank Stock and One Nifty Stock as Collateral for my trade and for to recover my losses in a years time and some liquid cash to take care of my trading losses with Maximum Loss Rs.1000 a day including brokerage.
That means I have enough liquid cash to take care of 40 trading day losses amounting to a maximum of Rs.1000 per trading day and enough stock Collateral to trade up to 100K per day. I make sure its not compulsory to trade on daily unless I spot a winning edge.
In the meantime I take time to study price patterns of few selected stocks and trying develop a WIN-WIN trade strategy with Strict Stop Loss and Minimal Loss.
Moral of the Story,,, I don't know what to put. But your story will always remain with me.
You may wonder why I respond to you. I went through all your posts starting with the first one. I usually don't do that. Reason is simple. You just reminded me. I also started with some 80k in November 2010 and have poured almost Rs.200k or more till date.
In the beginning I Made some profits to the tune of Rs.3000 in first few days. My trade volume crossed Rs.30 lakh in One Week time. Its simple when you make three Rs. 450000 (Rs.83000 * 5 times) trade a day, thats almost equals Rs.15 lakh a day. In weeks time, I felt like a Master of Heaven. Then the unimaginable happened.
I was suppose to stick to "One Trade a Day" policy after over trading, irrespective of Profit or Loss. That particular day (still one or two week since I started trading), I made profit of Rs800, and I was suppose to stop it. But greed has no boundaries. So I went for Short on the same stock after booking a profit going Long thinking Stock Price Reached Yesterday's High and wont Advance. All these happened before 11.am.
Stock price was still advancing and day being Monday (new week), I did not realize usually Mondays tend to be Green.
The price kept on advancing almost nearing 1% loss. Being a new trader, who did only few trade and made profit on gut and luck, there was no SL. I had never tried it. Mine was bulk buying and selling. I was little wary of the Price Advancing, but I thought Price would scale back and I would make profit just in time before Square Off at 3.00 Pm starts. Time now past 11.30 Am I believe. Price again scaled back to near my Buy Price. But Instead of clearing my position with brokerage and Rs.200 to Rs.400 as loss, i waited further.
Then I did the unthinkable. I went to bed to take some rest with an Alarm near me expecting the loss to be a maximum of Rs.4000 on Rs.450000.
By the time I woke up around 2 something PM, stock price had gone all the way up 5 percent. I almost fainted. Rs.17000 gone never to return. My initial Rs.83000 plus some profits I made now looked like Rs.68000 something. The price I had to pay for laziness and one or two hours sleep.
Then I realized even A double Room in Taj Hotel Mumbai for a day didn't cost that much. I said that to my brother. But there was nothing to be done.
After wards I did very few trades. Nothing went good. In Dec.2010, when JP associates lost all its value and reached Rs.100, I bought that stock with my left over money hoping to recover my loss.
But there also I went wrong, instead moving upwards, that stock was dragged down to almost never expected lows of Rs70s. But I had to hold till I recovered my losses. And last friday (15.4.2010), JP Associated crossed Rs.101.
But in the meantime in March 2010, I brought new cash since I was stuck with JP Associate, this time trying more careful.
Again lightening struck me in the form of Areva T&D. I tried to short. I was right but my entry was wrong. I entered with Market Price. The very day when Nikkei lost 6% because of Fukushima.
That very day within 3-6 minutes of market opening my new capital was down by Rs.17000. That almost broke my heart. Then I realized one right trade can correct all my losses.
But I try to be more careful and trade in small quantities with maximum of Rs.100000 trade per day.
Brought some more cash, bought One Bank Stock and One Nifty Stock as Collateral for my trade and for to recover my losses in a years time and some liquid cash to take care of my trading losses with Maximum Loss Rs.1000 a day including brokerage.
That means I have enough liquid cash to take care of 40 trading day losses amounting to a maximum of Rs.1000 per trading day and enough stock Collateral to trade up to 100K per day. I make sure its not compulsory to trade on daily unless I spot a winning edge.
In the meantime I take time to study price patterns of few selected stocks and trying develop a WIN-WIN trade strategy with Strict Stop Loss and Minimal Loss.
Moral of the Story,,, I don't know what to put. But your story will always remain with me.
- Status
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