Call it wrapped thinking, but I am satisfied about two things:
- I thought my entry setups were good, expect for the frustration trade in RELIANCE.
- I kept my initial Stop Losses small.
Would patience have given me better entry with such small Stop Loss? I don't think so. With a larger stop loss? Perhaps.
Hardly any of my entries worked. I was not even able to trail my SL. So, objectively, weren't the entries bad? But pictorially they look good to me.
The first trade in BANKNIFTY moved, but I trailed the Stop Loss just a bit too quickly. In the last trade in ICICIBANK, I trailed slower. Quick trailing would have got me out earlier, maybe at breakeven. Everyday, I am flipping between having tight SLs and loose SLs.At the end of the day, my thinking was that small initial Stop Losses are fine, because in any case I have a tendency to get into losing trades. What's the point of losing bigger then. I could trail slower though, because the important thing is to catch the big move. Getiing out quick from a trade - whether in profit or loss - gets me faster into the next losing trade. So moving the initial Stop Losses slower might work.
I have almost given up on this round of discretionary trading. It's been another frustrating round. The objective of trying this out - to minimize (or eliminate) losing days - seems remote.Not sure if I will continue to trade discretionary on Monday. Last year, my discretionary trading trial had lasted whole of 5 days.
My live trading tweets today until I stopped tweeting.
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