Augubhai's notes - Smarts, Guts and Luck

[augubhai]

Series of small losses today.

Not doing something right. Overtrading, perhaps.

 

[augubhai]

Today seems to be the cigarette pattern mentioned in the Nifty Nirvana blog. It is either supposed to go up like smoke or fall down like ash - sudden move in either direction.

 

[Smart_trade]

Today seems to be the cigarette pattern mentioned in the Nifty Nirvana blog. It is either supposed to go up like smoke or fall down like ash - sudden move in either direction.

STATUTORY WARNING : Cigarette pattern is injurious for Traders' health and Wealth both....

 

[augubhai]

not a good day for me... also getting bored.
stopping for the day.
I am leaving 1 open 6200CE order open for any upside breakout. cancelled all other orders.

 

[augubhai]

Did some revenge trading, and converted a small loss into a big one. That's the cause of my frustration today. I touched a cigarette and got burnt. I thought I had learnt this lesson earlier...

No charts to post.... because just a series of loss, and then I stopped trading.

Happy weekend everyone!!

 

[muinali]

Did some revenge trading, and converted a small loss into a big one. That's the cause of my frustration today. I touched a cigarette and got burnt. I thought I had learnt this lesson earlier...

No charts to post.... because just a series of loss, and then I stopped trading.

Happy weekend everyone!!

pl post your toady traded chart no matter it's loosing or gaining
happy weekend..........!!!!!!!!!!!

 

[ganeshams]

Did some revenge trading, and converted a small loss into a big one. That's the cause of my frustration today. I touched a cigarette and got burnt. I thought I had learnt this lesson earlier...

No charts to post.... because just a series of loss, and then I stopped trading.

Happy weekend everyone!!

these are all part and parcel of trading journey, may be stages to go further. we should be reacting to this loses the same way as we reacted to those profits we made other days/trades... and then move on....
:cheers:

 

[TraderRavi]

pl post your toady traded chart no matter it's loosing or gaining
happy weekend..........!!!!!!!!!!!

guts needed to post loosing trades.......

 

[PartTime_Trader]

If it has to take 20 repetitions to learn a lesson . . . then 19 won't do . . .

The funny thing is we never know if this was the 19th one . . .

Once we decided to do "whatever it takes" . . . then we do whatever it takes

Cheers
:thumb:

 

[augubhai]

Wow!! When I logged into TJ today morning, I thought that I would have been panned over the weekend for my indiscipline. But here I find a lot of encouraging mail to keep me going

I have made 1 rule to protect me from speedy ruin - on any day, if I lose 1% of my trading capital, I will stop trading for that day.

This will also induce changes in my trading behavior, I think. I will obviously be scared to take trades with 1% risk, unless I have a strong confidence in the trade going my way. (I should mention that in my case confidence = hope with or without basis). That will mean staying out of some trades that I would have otherwise taken, or entering with a lower no of lots.

Today, I have already done 2 losers taken with 0.25% initial risk. Market continues to be in Friday's range, so now I will just stay out and watch it.

Trades so far:
6100CE - long at 42.6, initial SL 40.85, exit 42.36
6100PE - long at 59.7, initial SL 58.9, exit 59.24