Thanx Smart Trade. Yes I could realise that today. Actually its the mental aspect thats creating problems. First you need to identify such days early enough. When your first trade reverses and you get negative MTM, Novices like me get impatient and try to get back the money lost which leads to even more loss of perspective as panic sets in and we stay in market when we should ve quitely stayed out. Exactly what happened today. This is the very thing which I ve been trying to remove Par kambakht hamesha waapas aa jata hain. Seems I need much more losing days to learn the act of maintaining my composure. But all this is easy in the hindsight. How to see it when the drama is unfolding is the trick I guess.
Its the spider s story that comes to ones mind. Just hope I too have the same perseverence as the spider though
Today was a budget day so wide swings were expected. But there is no problems with wide swings. Daytraders live on volatility and quick action. I too had to reverse my position twice today.....but if the trade which is giving you 30 points profit reverses, you mast snatch 5-10-15 or whatever points profits you could....but NEVER let it go into a loss. Your trading capital should be at stake only for initial few minutes. Once the trade moves in profit......and if you see market reversing, pounce on it and grab some profits.And remember that market can reverse anytime without any warning.
The following two quotes describe the attitude day traders must have....they are not my quotes but I liked them. The first one is from some trader ( I dont remember the name ) and the second one is from a great trader Saint :
1) The Tiger must understand that he has to run faster than the fastest deer , otherwise he will die of starvation.
2) In daytrading we either become predators or prey.....we either eat or get eaten......
Just thought of telling you that you need to be aggressive in daytrading. Daytrading is not a relaxed armchair job....it is sitting on the edge of your chair job.....ready to move anyside.
Best wishes ....take care of few things and success will be yours.
Smart_trade