I've made all kind of stupid mistakes like:
1. Initially, when I started trading, used to trade based on questions being asked by viewers on CNBC in "Your Stocks with Udayan". If in response to those questions, the analyst says this is a good stock to keep in your portfolio or very good fundamentals of a company, I used to buy that stock on intraday basis thinking bcoz the analyst said it to be good, it shud go up in intraday.
2. Then, I started doing scalping with huge amounts thinking that its v.easy to earn 1 Re. on a Rs.100 stock on daily basis. Used to think that getting one Re 1. shud not be a problem at all. Lost huge money in this kind of trading which lasted for about couple of months.
3. My recent mistakes have been not that stupid as they were earlier (before joining traderji), but still doing hell lot of mistakes. Mostly do mistakes related to trying to catch a falling knife. This is the most common mistake I'm doing very frequently. Also, I'm finding v.difficult to overcome fear and greed emotions while trading. Every night before sleeping, I think & decide for sure that I've to become a mechanical trader to get any kind of success in trading but in the morning when I put in my trades, everything decided previous night in my mind goes for a toss and I come back to my usual emotions of greed and fear which lead to same loss story. But, one think, I'm becoming confident about every passing day is that my methodologies/strategies are not that bad. Its just the execution part that is incorrect. Knowing for sure that SL is a must for trading and thats my lifeline but still sometimes does not put SL for the fear of getting caught in daily fluctuations or else keep changing my SL to accomodate for my greed & fear emotions.
I'm mostly a swing trader and on rare ocassions, does some intraday trading.
Any senior/friend having any suggestions for me to improve my trading skills etc. (based on point 3), please share your thoughts. I'll be highly obliged.
1. Initially, when I started trading, used to trade based on questions being asked by viewers on CNBC in "Your Stocks with Udayan". If in response to those questions, the analyst says this is a good stock to keep in your portfolio or very good fundamentals of a company, I used to buy that stock on intraday basis thinking bcoz the analyst said it to be good, it shud go up in intraday.
2. Then, I started doing scalping with huge amounts thinking that its v.easy to earn 1 Re. on a Rs.100 stock on daily basis. Used to think that getting one Re 1. shud not be a problem at all. Lost huge money in this kind of trading which lasted for about couple of months.
3. My recent mistakes have been not that stupid as they were earlier (before joining traderji), but still doing hell lot of mistakes. Mostly do mistakes related to trying to catch a falling knife. This is the most common mistake I'm doing very frequently. Also, I'm finding v.difficult to overcome fear and greed emotions while trading. Every night before sleeping, I think & decide for sure that I've to become a mechanical trader to get any kind of success in trading but in the morning when I put in my trades, everything decided previous night in my mind goes for a toss and I come back to my usual emotions of greed and fear which lead to same loss story. But, one think, I'm becoming confident about every passing day is that my methodologies/strategies are not that bad. Its just the execution part that is incorrect. Knowing for sure that SL is a must for trading and thats my lifeline but still sometimes does not put SL for the fear of getting caught in daily fluctuations or else keep changing my SL to accomodate for my greed & fear emotions.
I'm mostly a swing trader and on rare ocassions, does some intraday trading.
Any senior/friend having any suggestions for me to improve my trading skills etc. (based on point 3), please share your thoughts. I'll be highly obliged.