Tuesday

Are you into daytrading

First thing
In a realtime mkt,everybody is in emotion-hurry.

Second thing
In a real time mkt,people dont feed stoploss.
This makes things worse if power fails or net or pc crashes out.
If mkt is falling you need to feed critical stoploss,as soon as entry is executed.
If mkt is rising you need to feed trailing stop to protect profits.
it is not easy to do.
Last thing

KEEP A TRADING DIARY

try to note at exact minute what you thought or fed what order etc.
Trade ,if daytrading,with a broker that has auto squareup like indiabulls,icicidirect,sharekhan.and have a telephone contact to call and squareup.
most brokers give you the record of orders fed etc
you have chart of the day
match up both find out what went wrong.
then comes how to prevent it.
This is preparation.

To analyse what happened and what went wrong

you need to record data
1.At what time you did what?
example
bought maruti at 1122hrs at 821
you bought but you did not place stoploss,
you bought at resistance not at support

so please remember step by step what happened what you did, record it then analyse it.
This is called trading diary.

THE DIARY IS THE TOOL to change your deep rooted thinking if at all it is in a wrong direction. question is you want to use it or not.

If u analyse understand then you can handle it next time and prevent heavy lossby the way
who is your broker?
do you have ups power back up?
do u have cyber cafe near by?
can u get another internet connection?
LIVE chart can tell you if you are at support or resistance.

for examplesee maruti
810 and 815 are supports lowest prices
822 819 823 828 are resistances
If you draw a line passing through most points(MINIMUM 3) on lowside that is support line it must have more than 3 points on it,if it has 20 points strong support.

Resistance also try to draw a line passing thru(minimum 3 points).or more points better
Once u get support and resistance lines try buying at support and selling at resistance
not easy but needed

Remember Take care of losses. then profits will take care of themselves.
prority ORDERLOSS CONTROL, NEXT BREAKEVEN NO LOSS NO GAIN-NEXT PROFITS

You need to pass thru these three stages,each stage needs lot of time.

I can trade myself without loss.
about making profits,yes I do, but limited gains only.

HAPPY TRADING from now

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