I thought...
...I could never go wrong with my 10pt stop particularly after that 42k rupees loss in Satyam contract. But now I realize how big a role emotions play!!
Well, I was short from 2505, and going by the looks, I shorted it again at 2456. Immediately after I shorted, the markets started to recover. (Needless to say, I was nervous about playing using two contracts...) Well, initially, I looked at 2472 as my stop. And now at 2494, I am still holding those two shorts, looking for an exit.
It's very clearly mentioned in my rules that if you find yourselves at the wrong side of the market, don't wait for the market to give you an opportunity to scratch the trade - Get out ASAP
Right now the situation is like this - I covered my two contracts at 2491, bought one at 2489, and am still holding that at 2475 - But this time, I feel I can be a little soft on myself - The drop from 2485 to 2470 was very fast, I couldn't even make up my mind whether to square off or not...But still I have violated the 10pts stop - I should have got out at 2479 and would have got a good weekend's sleep ;-)
Hence, from a profit of more than 5000rs, I ended up the day in a booked loss of 3500rs and a notional loss of 1.5k - Boy, I need to find a way out of this!!!
Well, I was short from 2505, and going by the looks, I shorted it again at 2456. Immediately after I shorted, the markets started to recover. (Needless to say, I was nervous about playing using two contracts...) Well, initially, I looked at 2472 as my stop. And now at 2494, I am still holding those two shorts, looking for an exit.
It's very clearly mentioned in my rules that if you find yourselves at the wrong side of the market, don't wait for the market to give you an opportunity to scratch the trade - Get out ASAP
Right now the situation is like this - I covered my two contracts at 2491, bought one at 2489, and am still holding that at 2475 - But this time, I feel I can be a little soft on myself - The drop from 2485 to 2470 was very fast, I couldn't even make up my mind whether to square off or not...But still I have violated the 10pts stop - I should have got out at 2479 and would have got a good weekend's sleep ;-)
Hence, from a profit of more than 5000rs, I ended up the day in a booked loss of 3500rs and a notional loss of 1.5k - Boy, I need to find a way out of this!!!
posted by Dipu at
11:30 PM
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