PERFORMANCE SHEET UPDATED : http://niftyreport.blogspot.com/2009/11/nifty-performance.html
Sorry for the late call....
Nifty
Long only above 4836 for targets 4861, 4884, 4916
And
Short only below 4797 for targets 4767, 4735, 4713
[1.35] Nifty Short target1 achieved...made 30 points profit :)
[5.07] Nifty closed exactly at short entry level = 4797...means what ??? lets wait and see :)
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BankNifty
Long only above 8655, for targets 8700, 8742, 8873
And
Short only below 8588 for targets 8500, 8434, 8369
[1.38] BankNifty Long target 1 and target 2 achieved...made 87 points profit :) :)
[5.07] BankNifty closed exactly on my long target 1 = 8700..means what ?? lets wait and see :)
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bank nifty now 8750 fantastic
ReplyDeletesir, why dont you post before market start, or atleast at 10 a.m.
ReplyDeleteAanand, I am really sorry for the late post today, usually I post before 10:05 AM.
ReplyDeleteI work for a IT company so I cannot give 100% dedication to the market, but Market is my passion.
Morning at times I have meetings, which I cannot avoid and I cannot sit in the meeting and write blog :), these are the reason why there is a delay in posting.
Coming to your important question on why I don’t post my levels before market open is...
"I HATE PREDICTION BEFORE MARKET OPENS"
For me trading time is 10:10AM -3.15PM, I least bother about where the market is before and after this time. I always focus to get 30-40 points a day which means 600 points a month and 7200 points a year, for me losing 100 points a day means I am lagging 3-4days behind my monthly target 600 and losing 1000 points mean lagging 2-3 month behind my yearly target...which I don’t want to Lag!
how many people lost 1000 points after the election result was announced??
-I don’t want to be looser, even if I loss I should loss only few points.
I also hate to carry any overnight position thats why no BTST/STBT, I have a family to care...I have seen many people carry overnight position and watch those news channel every 10 minute to see where DOW open and ends, next day they get up rush to TV to see how SGX Nifty opened, where is global market, What other technical expert saying…etc, I hate doing these activities.
LESS TENSION, CONSTANT MONEY, HAPPY LIFE and
Life is beautiful, why should I mess it.
Like vivek say "Don’t wooooorrrrrry be happppppy "
:)
Thats a great view about market Uma. I totally agree with you and i myself am working on such stratergy which doesnt have any relation with any of the global markets or listening to any other technical analysts. Just work on one stratergy and develop an indicator and follow it religiously. And one most important thing that i want to add is always maintain a very strict stop loss and as you said earlier never carry overnight positions unless the position which you have carried is just the profits you earned on that day and you already have taken out your capital. What happens in that case is atlest your investment is safe and even if you loose the entire money that you have put in the carry forward position you have nothing to loose. Thanks ones again to throw light on the philosophy of safe day trading.
ReplyDeletewell said Murali..I got the habit of carrying 1 lot of Mini Nifty if I am confident about tomorrow, compared to carrying 1 lot either put/call option coz...if Nifty opens against your position, lets say 100points the max we loose 2000/- in mininifty (100*20)..however the loss on option will be more than what u expected!. Why should i risk in overnight position on option..let me risk on mini :)
ReplyDeleteSir,
ReplyDeleteIts a good habit to windup our position before market close. Personally i was done what ever you mention in your post. Even some time wake up in midnight and check how Dow moving and in the morning after switch on my system the first site i was visited is SGX to know how nifty moving.
Those who are still follow this, for my wish stop this and one more thing to stop watch Business channel for a week.
You feel the different, its my experience and i guaranteed for it.
Once we follow this we love the market and everyday is fun loving day for us.
Take care
S.Saravanan.
Golden Words Are Posted Here !
ReplyDeleteThanks for All :)
Regards
Chandru
Uma in the edveavour to really share your knowledge and making the new day traders aware of the most common mistakes done by any day trader in the begining seems to be really working here. I really appreciate it and wish you all the best. This idea of starting a blog to spread the awareness is really a great idea. Please let me know if i can contribute in any ways. I will be more than happy to do so.
ReplyDeleteThanks Saravana for your soothing reply, i like the way you express it "Everyday is fun loving day".
ReplyDeleteChandra the actual Golden word is what saravana said at the end "Everyday is fun loving day"...who cares about the market now lets go and have a beer with friends..."Night is young lets enjoy it" :)
--UmaMaheswaran