Seniors - Have you all gone through bad phase of intraday trading

[shrinivas]

Friend after 7 yrs in the Mkt as Full Timer lost in a single day 86K in Jan'08.

kindly publish your gains too

 

[shrinivas]

Somehow I feel there is nothing as a 'bad phase' in day-trading. There can be a 'bad day' but once the day is over, the 'bad' is over. Tomorrow is a brand new day with brand new opportunities.

If you do your homework well, take help from sources that have proven track records, and religiously use stop losses, there is no way you can loose very much continuously. Losses become heavy when you are possessed by hope, fear, doubt and greed.

Hi venkatswamy,

some things look very good to read....but when you see the screens,you are not able to control the emotions......

I also made money...but got wiped out within a month due to my emotions and not following the s/l.....


basically if we bought a stock for Rs. 50/- and it goes upto 70/-..slowly it moves down to 60/-,people accept their limited profits and exit thinking this was fate...but when a stock of 50/- comes to 40/-,god knows why to wait for it's pullback....emotions are uncontrollable this time and they exit after it shoots down drastically...

but thanks to saint,ashish and others,this market was good for me..I did not trade and had come out long long back.....I do not have time to follow the market day to day......

hope you understand..

ganeshhity

 

[venkatswamy]

Hello, ganeshhity,

I completely agree with you. That's the reason I wrote there can be 'bad days' and you cannot loose 'continuously' in day-trading. To my mind, success in day-trading lies in the ability to let bygones be bygones. And start each day afresh. When you let the losses of yesterday linger, you're sure to falter today also.

OK, so on one day you let your emotions take over and if you buy at 50/- and the price drops suddenly to 40/- you forget s/l and hold on "hoping" it will recover. In the process you ultimately decide enough is enough when the price is 20/- (say) and get out. You have to learn from this exercise ... do not do the same thing tomorrow.

You just cannot let yourself get wiped out in one month. And, if you have, then you must have (1) chosen wrong continuously, (2) overlooked s/l continuously. This is not done.

 

[columbus]

Friend after 7 yrs in the Mkt as Full Timer lost in a single day 86K in Jan'08.

I read somewhere that 90% day-traders lose money,6% are in break-even bracket and 4% make money.Most persons try to be in 4% bracket , ultimately find themselves in 90% bracket.

I certainly count Asish and Saint in 4% bracket.

 

[TFL]

Of course everyone loses in the market sometimes. Some lose many times. But then perseverance is the key. Learn from your mistakes and do not repeat the same mistake again. Think that if you were on the other side of trade then what you lost would have been your profit. There are unlimited opportunities in the market every trading day wether it is going up or down. As a trader one must learn to take advantage of those opportunities. I have lost too and that too during a raging bull phase. So someone must have won because for every loser there is a winner. It is a zero-sum game after all.

Of course everyone loses in the market sometimes. Some lose many times. But then perseverance is the key. Learn from your mistakes and do not repeat the same mistake again. Think that if you were on the other side of trade then what you lost would have been your profit. There are unlimited opportunities in the market every trading day wether it is going up or down. As a trader one must learn to take advantage of those opportunities. I have lost too and that too during a raging bull phase. So someone must have won because for every loser there is a winner. It is a zero-sum game after all.

Dear ARMHM,

Yes, its a zero sum game but it doesn't mean that, 'for every loser there is a winner'.

The possibilities are widen like... every one can be winners, everyone can be a looser, for a looser there can be a winner, for a winner there can be a looser.

Hari.

 

[mitasatyajit]

I have a world record of buying high of the day and selling low of the day in intraday trading. No one could beat me so far.

 

[uasish]

Once when i was constantly eroding my Capital in Daytrading,out of sheer frustration & anguish i started looking for advise from successful Guys.
So i posted a mail to the famous Larry Williams,who that time won 3 times in a row the World's Best Trader Award & who personally used to attend to his mails.
In my mail i described him then whenever i buy/short Price does the exact opposite & i land up in loss,so what is the remedy.
He wrote me back a one liner 'Do the Opposite',i got extremely furious & thought that as he is now Gr8 so he is showing attitude.
After i calmed down & thought deeply how Right he is ,if only if i could have taken opposite stance then now instead of my Capital being minus 1.5 Lack would have been plus 1.5 lack.
So money can be made in daytrading ,i am wrong Mkt is right.

 

[uasish]

Like many of our members i started to look for clues to understand the inner dynamics of the Mkt,so that my daytrading ventures Loss at least can be arrested.
Read few books,discussed with many seniors,searched many forums,nothing concrete was there ,though there where some guideline but those some times worked & some times did'nt.
I started looking for the clue from outside Capital mkt. domain & found (one of my fond author of western classics was Louis L'Amour at that time) that the Injuns (the red indians) where better versed of the terrain than these cowboys.Injuns looked for Signs to Read the terrain,(such as a twig half broken on the path says that a light weighted person crossed it,maybe a woman than a man).The Tiger Hunter Jim Corbett used to Read the Tiger's activity by reading the signs left on the terrain.
So my 1st change of attitude occured let me NEVER ANTICIPATE but Follow Price.
I also knew nobody on the earth can not buy or sell SECRETLY ,their buy/sell has to have a reflection in the chart.This chartist clan mostly have diluted their Focus by making lots of Price Derivatives ,like RSI MACD STOCH MA crossover etc etc & tried to see Price THROUGH that Prism only.Once it does not conform ,(which many a time it does not), to that then i again become a rudder less ship.So i started undertanding the Maths behind & exactly what these Price derivative can do & what they cant.A endless time consuming activity post mkt.
Then one day i discarded these things & started seeing Price as TREND & it's pullback or retracements,got some indication, some thing better becoz now the Stops became very tight,and a new approach of the WAITING game started,along with keen observation on Volume.
Later on i found there are few Resistance & Support Points in charts where Price is stalled some times arrested & reversed.(I doubt how many of us tried to fig. out WHY yesterday Price went to 2228 & NO FURTHER ,WHY WHY).

These few things are what i have learnt from Mkt by donating few Lacks .Atleast now with few Wins & lots of Loss i am happy to have survived thus far.

 

[rajendrani]

Once when i was constantly eroding my Capital in Daytrading,out of sheer frustration & anguish i started looking for advise from successful Guys.
So i posted a mail to the famous Larry Williams,who that time won 3 times in a row the World's Best Trader Award & who personally used to attend to his mails.
In my mail i described him then whenever i buy/short Price does the exact opposite & i land up in loss,so what is the remedy.
He wrote me back a one liner 'Do the Opposite',i got extremely furious & thought that as he is now Gr8 so he is showing attitude.
After i calmed down & thought deeply how Right he is ,if only if i could have taken opposite stance then now instead of my Capital being minus 1.5 Lack would have been plus 1.5 lack.
So money can be made in daytrading ,i am wrong Mkt is right.

Like many of our members i started to look for clues to understand the inner dynamics of the Mkt,so that my daytrading ventures Loss at least can be arrested.
Read few books,discussed with many seniors,searched many forums,nothing concrete was there ,though there where some guideline but those some times worked & some times did'nt.
I started looking for the clue from outside Capital mkt. domain & found (one of my fond author of western classics was Louis L'Amour at that time) that the Injuns (the red indians) where better versed of the terrain than these cowboys.Injuns looked for Signs to Read the terrain,(such as a twig half broken on the path says that a light weighted person crossed it,maybe a woman than a man).The Tiger Hunter Jim Corbett used to Read the Tiger's activity by reading the signs left on the terrain.
So my 1st change of attitude occured let me NEVER ANTICIPATE but Follow Price.
I also knew nobody on the earth can not buy or sell SECRETLY ,their buy/sell has to have a reflection in the chart.This chartist clan mostly have diluted their Focus by making lots of Price Derivatives ,like RSI MACD STOCH MA crossover etc etc & tried to see Price THROUGH that Prism only.Once it does not conform ,(which many a time it does not), to that then i again become a rudder less ship.So i started undertanding the Maths behind & exactly what these Price derivative can do & what they cant.A endless time consuming activity post mkt.
Then one day i discarded these things & started seeing Price as TREND & it's pullback or retracements,got some indication, some thing better becoz now the Stops became very tight,and a new approach of the WAITING game started,along with keen observation on Volume.
Later on i found there are few Resistance & Support Points in charts where Price is stalled some times arrested & reversed.(I doubt how many of us tried to fig. out WHY yesterday Price went to 2228 & NO FURTHER ,WHY WHY).

These few things are what i have learnt from Mkt by donating few Lacks .Atleast now with few Wins & lots of Loss i am happy to have survived thus far.

That is exactly the phase I am going through right now, Well I am very new to this day trading and as you said, asking question, reading booking, looking for some kind of tips, book and advice from seniors, well I am doing the same thing. And the way how you had gone through this step by step, the same thing is going on with me.
But ashish da does it means that following the same track one day I will be like you getting more profit

You guys are definately very knowledgeable and you guys sharing your every bit of your knowledge without thinking much that makes you great.

Thanks and regards,
Rajendrani

 

[TFL]

Like many of our members i started to look for clues to understand the inner dynamics of the Mkt,so that my daytrading ventures Loss at least can be arrested.
Read few books,discussed with many seniors,searched many forums,nothing concrete was there ,though there where some guideline but those some times worked & some times did'nt.
I started looking for the clue from outside Capital mkt. domain & found (one of my fond author of western classics was Louis L'Amour at that time) that the Injuns (the red indians) where better versed of the terrain than these cowboys.Injuns looked for Signs to Read the terrain,(such as a twig half broken on the path says that a light weighted person crossed it,maybe a woman than a man).The Tiger Hunter Jim Corbett used to Read the Tiger's activity by reading the signs left on the terrain.
So my 1st change of attitude occured let me NEVER ANTICIPATE but Follow Price.
I also knew nobody on the earth can not buy or sell SECRETLY ,their buy/sell has to have a reflection in the chart.This chartist clan mostly have diluted their Focus by making lots of Price Derivatives ,like RSI MACD STOCH MA crossover etc etc & tried to see Price THROUGH that Prism only.Once it does not conform ,(which many a time it does not), to that then i again become a rudder less ship.So i started undertanding the Maths behind & exactly what these Price derivative can do & what they cant.A endless time consuming activity post mkt.
Then one day i discarded these things & started seeing Price as TREND & it's pullback or retracements,got some indication, some thing better becoz now the Stops became very tight,and a new approach of the WAITING game started,along with keen observation on Volume.
Later on i found there are few Resistance & Support Points in charts where Price is stalled some times arrested & reversed.(I doubt how many of us tried to fig. out WHY yesterday Price went to 2228 & NO FURTHER ,WHY WHY).

These few things are what i have learnt from Mkt by donating few Lacks .Atleast now with few Wins & lots of Loss i am happy to have survived thus far.

Really...I am too experiencing the same thing... Started as a very novice and finally ended up in traderji... and now realising...the price trends.. and going...
Thank you for quoting your experiences uasish sir.

Haribird.