Disastrous Trading

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Today was a disastrous trading day.

Thinking of doing the following now:

1. Make this trading style Mechanical to extent possible, though this is still WIP.
2. Wait more patiently for entries.
3. Don't think about reducing the Initial Stop Loss.
4. Stop trading if the Mark-to-Market is positive when a trade closes.

Day Trading Price Action ICICIBANK

Day Trading Price Action TATASTEEL

Day Trading Price Action YESBANK

>>> My live tweets of today's trades <<<

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More lessons about Initial Stop Losses

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I started experimenting with small Initial Stop Losses yesterday. Today, I continued the experiment. The experiment has given me very bad results on both days. Is the market trying to tell me something?

Though the impact of today's misfortune with the small Initial Stop Loss in HINDALCO was much greater, I don't feel as bad about it as the small Initial Stop Loss exit in ICICIBANK yesterday. Something quirky - I don't know why. If I had been able to stick with that HINDALCO long, it would have been perhaps my best trading day this month. But I have still not decided whether to end this experiment with the Initial Stop Loss positioning. The perpetual dilemma about Stop Loss positioning continues....

2 losses in HINDALCO, followed by 3 losses in SBIN. Finally, one good trade in ICICIBANK, but overall a very bad day trading day.

That's trading. You win some, you lose some. You pick yourself up and then move on.... Right!!?

Day Trading Price Action HINDALCO

Day Trading Price Action SBIN

Day Trading Price Action ICICIBANK

>>> My live tweets of today's trades <<<

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Minor Loss in Today's Trading

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As the day started, I was undecided on where to take a trade. I had to choose between SBIN, ICICIBANK, VEDL and TATASTEEL.

First, I attempted a short in SBIN on break of the Opening Range Low. When that did not happen, I shifted focus to ICICIBANK. In hindsight, the right choice would have been VEDL, which kept falling through the day.

If instead to SBIN, I had started off with ICICI, I would have gone long on the break of the Opening Range High, and avoided the losing Short trade. Also, I think that the Stop Loss on that fist Short trade was a wide, but I had to keep it there at the Day's High due of the "One Good Trade" rule. Ended with a loss, though there were opportunities to lock in a profit in subsequent trades.

Day Trading Price Action ICICIBANK

Day Trading Price Action SBIN

>>> My live tweets of today's trades <<<

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Bad trading day

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Started of the day well, but getting a bit aggressive with TATASTEEL cost me a very good day. If I had learnt the lesson about not trailing aggressively during periods of high momentum/volume/volatility, I would have been a happier person.

Day Trading Price Action ICICIBANK

Day Trading Price Action TATAMOTORS

Day Trading Price Action TATASTEEL

>>> My live tweets of today's trades <<<

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Rolodex Trading

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I am not used to trading Stock Futures. Over the years, I have been focused on on trading NIFTY Futures and Options. Rarely, do I trade Stocks or Commodities.

Today, I did not even once check the Nifty Chart. I had my watchlist of Stock Futures. I wanted to focus only on one scrip at a time. So, it turned out to be a kind of rolodex, where I traded each Stock Future in turn.

JUBLFOOD (Jubilant Foodworks)

Was in a bit of a hurry to get on with today's trades. Bad decision (in hindsight). After a whipsaw, managed to pull in some profit with my 4th trade. Then, I thought that Jindal Steel was interesting and shifted focus.

Day Trading Price Action JUBLFOOD

TATASTEEL (Tata Steel)

There was a mismatch between the price in my data feed and the price on my trading terminal. In the confusion, I had to let go a short that was probably a good opportunity. I did not chase that short and shifted back to Jubilant Foods.

Day Trading Price Action TATASTEEL

JINDALSTEL (Jindal Steel & Power)

There was this news about increased steel production and sales by Jindal Steel. I thought that the news was bullish. But when the stock did not react, I was tempted to go short.

Day Trading Price Action JINDALSTEL

ICICIBANK (ICICI Bank)

Caught a very small part of the breakout.

Day Trading Price Action ICICIBANK

SBIN (State Bank Of India)

This one gave me a grand whipsaw, and I could not recover from it.

Day Trading Price Action SBIN

>>> My live tweets of today's trades <<<

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