Nifty Trading Project - Day 3

 

RULE: STRICT STOPLOSS & TARGET IN NIFTY CHART

RULE: ACCEPT LOSS BEFORE DANGER

RULE: ENTER 1 TRADE A DAY ( NO OVERTRADE)

RULE: NO GREED & FEAR

RULE: TAKE WHAT YOU NEED AND MIND YOUR WORK

RULE: NIFTY IS NOT YOURS

RULE: DO YOUR HOMEWORK

RULE: FIXED TRADING CAPITAL FOR ONE MONTH

RULE: DON'T BREAK THE RULES

Hi Traders,

Today as usually i opened the chart window, OI table and the trading terminal. As per my rule, i should not trade today because i decided not to trade on Thursdays ( expiry day). But i made the mistake that i entered into a trade.

As per the OI data, the nifty have a downside expectation. After nifty broke down a support line i have drawn yesterday and a pivot support, i entered into a PE position with 2000/- capital.

The nifty stuck there for sometime and reversed into bullish suddenly. I didn't book loss when nifty crosses my resistance line or stoploss. I was in the disagreement of loss and expect that nifty will come down. I waited so long and i book loss at 1 pm.  That was my mistake that should be corrected soon and taken care seriously. Book Loss if trade goes wrong. 

Then i overtrade to recover the loss and end up in more loss. I should not do that also. Today i broke two rules and i got the punishment from nifty that two big losses.

So, follow the rules and never break them.

Bye