generally every one decides the entry price but fail to decide the exit price and stop loss price. discipline is the key. it is the game to be played by head not heart.
By trader it is presumed the positions are taken for the day only.:
What is written are good but general. Just follow these golden rules:
1. The most important thing is discipline. 2. Whether you take short or long positions, have triggers for stop loss without fail. 3. It wll be a good idea to have profit triggers also. 3. Do'nt compete with the market. 4. Best is to take position after markets have moved. If markets have been up for 3-4 days..chances are good it will dip a bit. same if the markets have been down for many days. This must be watched. 5. Trade only in liquid scrips. Study their movements well. 6. Do'nt curse your luck if stop loss triggers. Live for another day. Markets are'nt going to vanish. They will be there again the next day. Do'nt fight the market or your emotions. 7. When in doubt, do'nt enter or if in position get out. There is always another moment, another day. 8. After taking a position, take a break, read the paper, watch the news. Do'nt keep looking at the terminal with anxitey. It will give you even if you do'nt want it. 9. With time you will learn new tricks yourself. 10.Of course you will become a good psychologist of the market. But do'nt ever think you got it all. Market always has a bigger surprise.
RE:Trading in stocks
by Junglee on Dec 06, 2007 11:57 AM Permalink
Good set of rules for novice traders. But one critical rule both yourself and the articles miss is that "Do not ever be greedy while trading, beacuse that makes you lose balance of mind"
RE:Trading in stocks
by kanu kangal on Dec 06, 2007 03:18 AM Permalink
Seems like you have market experience. My personal #1 is your # 11, then I follow all the other points you have mentioned. Since I trade in options I focus on high volatility stocks like GOOG (Google), BIDU (Baidu.com), RIMM, AAPL (apple).
RE:Trading in stocks
by veejay on Dec 06, 2007 10:25 AM Permalink
These points are the same that can be applied while gambling on a roulette in a casino.. The markets move based on variables far beyond our control.. So does the roulette.. Happy gambling
RE:Trading in stocks
by dinesh kovuru on Dec 05, 2007 10:18 PM Permalink
Appreciate your view points..!!...Hard to practise..but once in motion.shld make the practitioner successful
I had great interest and high hopes about RelianceMoney as I respect Anil Ambani as very innovative. The platform rarely shows right quotes in real time. Sometimes, the clownish browser based platform simply does not open. It's pathetically slow sometimes. It's going to have a untimely demise if it continues like this and it's advisable for day traders in F & O segment to get rid of it as soon as possible. My experience with it is pretty much bitter.
RE:Reason No 9 - Trading with wrong brokers like RelianceMoney
by Rakesh Vankina on Dec 05, 2007 08:03 PM Permalink
Try Religare or Indiabulls. Found them very good. Maybe little expensive but best to have something that works rather than fails.
RE:Reason No 9 - Trading with wrong brokers like RelianceMoney
by pradeep narasimhamurthy on Dec 10, 2007 07:07 AM Permalink
I have accounts with both Religare and Indiabulls, but I feel Religare is better. In Indiabulls, squaring of positions are not done properly and I lost Rs. 30,000 in 15 minutes on November 6.
RE:Reason No 9 - Trading with wrong brokers like RelianceMoney
by Venkat Lavu on Dec 05, 2007 08:06 PM Permalink
You are absolutely right about it.Today on Dec. 5th, the platform did not refresh the prices after 2:44 pm and I had to call a friend who has another acoount and check the prices.
It is slow and pathetic to use.
Made a big mistake taken in by Reliance Brand name. USE IT AT YOUR PERIL.
RE:Reason No 9 - Trading with wrong brokers like RelianceMoney
by julie today on Dec 05, 2007 08:43 PM Permalink
even i hav had a terrible experience wid reliance money.... i was lured by the low brokage bt the software doesn't run and customer service is v.v. poor..i hav taken all my oney out and hav opened my acc wid angeltrade..xcellent software , u don't need anyone....
RE:Reason No 9 - Trading with wrong brokers like RelianceMoney
by venx on Dec 06, 2007 04:48 PM Permalink
its pathetic : the entire day there was a message on icicidirect.com indicating that site was down...this happens too often for comfort...
these big companies are so insensitive and do not seem to have quick recovery procedures...
looks like it is time to move to a better platform...
RE:dont lose money in the trade am telling
by Y Singh on Dec 05, 2007 09:25 PM Permalink
Is it kind of a secret or are you too shy of being a network marketeer?
RE:dont lose money in the trade am telling
by Mayukh Chakraborty on Dec 06, 2007 12:38 AM Permalink
if possible then just mail me with your plan. my id mayukh at aol.in.
RE:RE:dont lose money in the trade am telling
by singaram tiyagarajan on Dec 05, 2007 09:08 PM Permalink
Dear sir, Please send the details of your plan for extra income. Thankingyou
RE:dont lose money in the trade am telling
by Mayukh Chakraborty on Dec 06, 2007 12:39 AM Permalink
if possible then just mail me with your plan. my id mayukh at aol.in.
RE:dont lose money in the trade am telling
by Selvakumaran on Dec 06, 2007 05:59 AM Permalink
i want read your plan.why don't you show your scheme openly.mail me:postselva at rediffmail.com
