Nifty Futures Trading

[Sats]

Re: Time to Stick my Neck Out ,Nifty 7300

Gautam,

It was a gr8 exp from which everybody can learn.... appreciate ur post..

Sats

 

[sanx]

Re: Time to Stick my Neck Out ,Nifty 7300

@gkpc , hmm .. some things in the learning . Thanks for sharing btw .

 

[lvgandhi]

Re: Time to Stick my Neck Out ,Nifty 7300

Hello friends, sharing my fears my greed and my indiscreation....

As u all know I do day trading only....I exit at 3.25 or earleir whatever i have in hand.

I do not take a fresh position after 3.00

At 2.45 I was long, at 2.55 I got a short signal, I exited all longs!!!
Made an error : I was all through trading 4 lots but started trading 5 lots,squared 4 lots only. At nearing the close my friend, also my broker pointed it out....
The price had shot up and my greed overcame me : I asked him to hold it!!!
So i was long in one lot nifty at close yesterday.
Seeing the Us mkt,. i sent a pm and a mail to rkk, we admonished me for my indiscreation and said, the loss would be worth it, if i learn a lesson and do not repeat it in future as it was just one lot, he said God was kind on you!!! He advised me to hold it with 10 AM bars low as SL with he said to trade only that lot tomorrow i.e today..... He also advised to limit the trade size lower on big gap moves becoz in this set up of trade we were looking to gain just 12 points to start with and we may not get time for fast in and out, and more so vecoz i was still new!!!!

Today market opened with a gap down, 10 am bar low was 4380, mkt started rising. In kolkata ind. I got a buy at 10.15 above 4408.70.... I wanted to make up my losses in overnight position, i went long in 4 lots more total 5 lots!!!! To start with in my anxiety I read the chart wrong!! The signal wasnt there till then as per rules!!!! (DID NOT FOLLOW THE RULE : WHEN IN DOUBT READ THE WRITTEN RULES!!)

At 10.45 the candle closed inside, the long trade was void!!! THe new signal i got was to go long above 4414 at 10.50, it did not trigger!!!

I was still holding 5 lots long (1+4) and then i got a signal to short 4393, i shorted 10 lots (net 5 short) booked BIG loss in the long position of yesterday and 4 longs taken today.
After the short got triggered the price started to move up...i was nervous!!! (Frankly never was i so nervous even on my first day of on line trade). I was to reverse to long above high of 11.10 AM bar!!! In my anxiety I went long even before the bar was completed!!! Had I waited I would not have gone long as the high of this bar plus filter was not triggered. My short of 4493 went down upto ~4375... but i had in between taken a long trade and stopped and then a short trade, which did give some profit!!!
Then went long and got some profit.... but all in all have lost entire profit of June plus some more!!!! All due to KOLKATAA MEET INDICATOR!!!!
MOST CERTAINLY NOT , the error was 1000% mine!!!!! My greed, my indiscreation,my indiscipline!!!! My anxiety!!! My nervousness!!! My not heeding to advise!!!

Freinds i made a mistake , a blunder , should have exited my long yesterday when it was pointed out to me!!!
I was advised not to compound my mistake!!! But in my greed to recover losses resulted in much more. I traded fully today though i was anxious!!! A calm mind is as required as the regular price movement to day trade!!!

Just wanted to get the entire thing out of my system hence posted it here!!! Also this writing may also help me be better in future!!!

Regards

Gautam

Acknowledging one's indiscretion by self is a great virtue. You have it and you are in right path.

 

[deb99891]

Re: Time to Stick my Neck Out ,Nifty 7300

Hello friends, sharing my fears my greed and my indiscreation....

Gautam

painfull
but u have the edge to overcome it
as a day trader i learnt also from this lesson
best of luck
regards

 

[gkpc]

Re: Time to Stick my Neck Out ,Nifty 7300

Oho....Gautam,lemme assure u that if these things don't happen to u,u will not become a robust trader and a confession that the indiscipline and faults happen to me as like most of us here.
U r in d very right direction,carry on trading.Nothing to worry.A very smart trader in d making....congrats to u and rkk.
Best wishes.

Hari Om, Sir, Diffficult to convey in words my indebtness to people on this forum,,, A simple post above by you, but its sooooo valuable for a learner like me... It is doing woders to my confidence... have recd a few PM too...Thanks all!!!!!!!!!!!!!!

I in my anxiety sent an SMS RKK and he said almost the same thing as you have written, I was hesitating to go long at above 12.05 bar, Kol Indicator had givena signal...The low was 4375 and high 4408... rkk just asked me to ask myself why am i hesitating....is it becoz of my nervousness that i might yet again loose or am i trying to predict the market... i was still not convinced, he disconnected a lot angry just saying to answer a simple question : Would I have gone long here had it been any other day!!!
My answer to myself was YES!!! I went long at 4410.10 , got it at 4414.40 due to jump in rates, and am still holding those longs (did only 3 lots) with trailing SL at 4459.80. Exited 1 lot at 4480 , holding 2!!!

WOW what a day it turns out to be,, a life time lesson learnt in practicle!!! Shall never ever forget it!!!!

Best Regards
Gautam

 

[gkpc]

Re: Time to Stick my Neck Out ,Nifty 7300

Trailing SL was moved to 4565.80, got hit!!!! Exited balance 2 lots!!!

 

[gkpc]

Re: Time to Stick my Neck Out ,Nifty 7300

hv gone long again at 4477 !! SL now cost

 

[gkpc]

Re: Time to Stick my Neck Out ,Nifty 7300

partial exit at 4499!!!

 

[Saint]

Re: Time to Stick my Neck Out ,Nifty 7300

Gautam,

We have all had our losses,part of trading.....We have all had stupendous losses secondary to stupid decisions,.......part of growth as a trader.You've a great attitude,my friend,for great success.Take this as part of the learning curve,the money lost as tuition fees for an excellent lesson taught by the Market.

As the famous poem goes.....

"When things go wrong, as they sometimes will,
When the road you're trudging seems all up hill,
When the funds are low and the debts are high,
And you want to smile, but you have to sigh,
When care is pressing you down a bit,
Rest if you must, but don't you quit.

Life is queer with its twists and turns,
As everyone of us sometimes learns,
And many a failure turns about
When he might have won had he stuck it out;
Don't give up, though the pace seems slow -
You might succeed with another blow.

Often the goal is nearer than
It seems to a faint and faltering man,
Often the struggler has given up
When he might have captured the victor's cup.
And he learned too late, when the night slipped down,
How close he was to the golden crown.

Success is failure turned inside out -
The silver tint of the clouds of doubt -
And you never can tell how close you are,
It may be near when it seems afar;
So stick to the fight when you're hardest hit -
It's when things seem worst that you mustn't quit. "

You are a fighter,my friend........now fight back!

All the best!
Saint

 

[gkpc]

Re: Time to Stick my Neck Out ,Nifty 7300

http://en.wikipedia.org/wiki/****_happens

Oh yes!!!!! Forrest gump (The movie), remeber the scene vaguely!!!!
Yes I agree !!!!
Best Regadrs SGM
-Gautam