2nd April Over Confident Shorting Of Reliance Power Stock Slapped Me Across The Face
Dear Friends
It was 2nd April Thursday 2009's trading session Nifty Up 130 points and Reliance power at Rs108.50 ....
I was too negative on share market , seeing Nifty up by at 130 points ,I even did not feel the need to see the charts of Reliance power and went on and shorted Reliance Power at Rs 108.50 ...........I was very sure share market will atleast dip 30 points down on Nifty (if not more )being on 5 month high range ..........
Later I found that I am trapped markets are not in mood to backtrack .....but my confidence was not shook at 3:59:23 PM I brought back Reliance Power at higher price 111 refusing to buy back the same at Rs 108.25 earlier ..........
I spent 5 hours(time energy money) to earn a loss just since I was overconfident of markets to fall by atleast 30 points that never happened ...........
I learnt that markets always move in surprising directions and nowhere else ,share market operators has tendencey to move market against news flows and expectations to trap retailers ..........
At 3:30 PM I was thinking when most of long position holders would have made good money
why GOD made me to be negative on markets to earn a loss why GOD did not make me positive on markets ????? I hope someone from you would answer my this question ........
From next time I will try to have more patience and better control on my emotions ...........
Your suggestions are highly appreciated ........
Thanks
Ganesh