Hi friends...
It was in the month of december that I entered the world of stock markets. Needless to say I had little idea of how things work. Even the basic thing like buying n selling of shares was unknown. As a rank outsider I had entered this world. Today approximately three months are coming to an end and I thought I ll do a recap of these thre months journey.
The first few days were spent on experimenting with the trading acount. trying to figure out how stuff works and all. This also included lots of random search in the internet and frantic lookout for books on stock markets. With zero knowledge of even the functioning of stock exchanges I really did nt give me any chance of making any headways soon enough. Time passed and some suggestions from a couple of people familiar with the markets had me studying hard the concepts of technical analysis from a couple of books teachin the basics of Technical analysis. Mean while I had already stumbled upon traderji dot com and was immersing myself in the ocean of knowledge here.
I even joined a tip providing firm in anticipation of them being able to naiyya paar lagaaofying me. But then on interospection later, I realized later that if I needed a realistic chance to crack this then I should be able to sustain myself. Tips absolutely wont work, I had to figure out my own way. Thats when I came across some wonderful threads on the forum. But some damage had been done. I had already plonked close to one lakh on the tips which were already in the red. Naturally as any new comer I held on to them expecting them to bounce back when the market regained its upward journey (After all they were suggested by experts and were for longish term) Even today some of those calls are close to 30 percent in red since i had entered. Glad that good sense prevailed and i had pulled off from most positions before too much damage was done.
I had already in this brief space of one month burnt my hands on intraday stock trading. But I used to trade with just 10 K so the damage was limited to around 2 K. As time passed and I picked up more on money management and other important aspects of successful stock trading I started gaining in confidence. Importantly I had nt tried my hand at the derivative sections. Some say it was a good move. Its always better to find your feet in cash segment gain enough experience and then move on to more lucrative and naturally more riskier instruments. I dont know if my decision was right or wrong but I stand by it.
As the market was plunging deeper and deeper, I decided to try out intraday trading once more albeit this time with little bit of reasoning and research into the methods i would try out. I realised this had potential for profits and equally big potential to lose everything too, so money management was of utmost importance.
Yes I stepped out of the normally adviced method of paper trading and I have my own reasons for that which I will share as we move ahead with this journey. Gradually I increased my capital for day trading from 10 k to four K by feb 14. That was the time when i was reasonably confident about making some headways with this and so the decision to increase my capital. In close to two weeks of trading my stats stand as follows
Total initial capital (42500)
Total profit/loss ( - 597 ) ie (aprox - 1.5 %)
No of days with profit 6
No of days with loss 4
Maximum profit day 2117 (ie approx 4.5 %)
Maximum Loss day 7837 (ie approx 20.33%)
P.S Friends I am sharing this with you all in the hope that somebody may see this and learn from my mistakes. It is said that smart people learn from their own mistakes and great people learn form other s mistakes.
The saga has not ended.But Im hard pressed for time now so will continue with the posts when I m back.
Hope it helps....
It was in the month of december that I entered the world of stock markets. Needless to say I had little idea of how things work. Even the basic thing like buying n selling of shares was unknown. As a rank outsider I had entered this world. Today approximately three months are coming to an end and I thought I ll do a recap of these thre months journey.
The first few days were spent on experimenting with the trading acount. trying to figure out how stuff works and all. This also included lots of random search in the internet and frantic lookout for books on stock markets. With zero knowledge of even the functioning of stock exchanges I really did nt give me any chance of making any headways soon enough. Time passed and some suggestions from a couple of people familiar with the markets had me studying hard the concepts of technical analysis from a couple of books teachin the basics of Technical analysis. Mean while I had already stumbled upon traderji dot com and was immersing myself in the ocean of knowledge here.
I even joined a tip providing firm in anticipation of them being able to naiyya paar lagaaofying me. But then on interospection later, I realized later that if I needed a realistic chance to crack this then I should be able to sustain myself. Tips absolutely wont work, I had to figure out my own way. Thats when I came across some wonderful threads on the forum. But some damage had been done. I had already plonked close to one lakh on the tips which were already in the red. Naturally as any new comer I held on to them expecting them to bounce back when the market regained its upward journey (After all they were suggested by experts and were for longish term) Even today some of those calls are close to 30 percent in red since i had entered. Glad that good sense prevailed and i had pulled off from most positions before too much damage was done.
I had already in this brief space of one month burnt my hands on intraday stock trading. But I used to trade with just 10 K so the damage was limited to around 2 K. As time passed and I picked up more on money management and other important aspects of successful stock trading I started gaining in confidence. Importantly I had nt tried my hand at the derivative sections. Some say it was a good move. Its always better to find your feet in cash segment gain enough experience and then move on to more lucrative and naturally more riskier instruments. I dont know if my decision was right or wrong but I stand by it.
As the market was plunging deeper and deeper, I decided to try out intraday trading once more albeit this time with little bit of reasoning and research into the methods i would try out. I realised this had potential for profits and equally big potential to lose everything too, so money management was of utmost importance.
Yes I stepped out of the normally adviced method of paper trading and I have my own reasons for that which I will share as we move ahead with this journey. Gradually I increased my capital for day trading from 10 k to four K by feb 14. That was the time when i was reasonably confident about making some headways with this and so the decision to increase my capital. In close to two weeks of trading my stats stand as follows
Total initial capital (42500)
Total profit/loss ( - 597 ) ie (aprox - 1.5 %)
No of days with profit 6
No of days with loss 4
Maximum profit day 2117 (ie approx 4.5 %)
Maximum Loss day 7837 (ie approx 20.33%)
P.S Friends I am sharing this with you all in the hope that somebody may see this and learn from my mistakes. It is said that smart people learn from their own mistakes and great people learn form other s mistakes.
The saga has not ended.But Im hard pressed for time now so will continue with the posts when I m back.
Hope it helps....