Posted by: Babu Suresh | April 10, 2012

April 10, 2012 Nifty Day Trading

I was just recalling some interesting moments I happened to experience when I was trading NSE from my broker’s branch office and on other occasion when I was a sub-broker for one of the worst brokers I have ever seen. Surrounded by few really serious traders, many idlers whose main reason for coming there was to while away their time. In markets like today, some prominent dialogues especially from idlers, such as, “I know Nifty would go up, that’s what I was telling you all”; “Wait till FTSE opens, our market will go up”; “I got an SMS to buy Nifty”; “In this market you can’t do anything, operators are manipulating”; and many more. I even heard some guys talking about Chinese currency affecting our market lol.

Lack of perseverance, frustration, blame games, lack of concentration could be the only reasons one can lose in markets like today. Its neither due to Dow nor S&P500 nor FTSE nor DAX nor SGX nor Nikkei nor Hang Seng and nor due to operators. Any trader trying hard to practice money management without even knowing an iota of man management has certainly no scope to win in day trading. This is a serious business, needs total seriousness. It can be a fun and full of joy, not only in making profits but by following one’s basic principles and treating and respecting trading as a full time business and learning first to manage one’s own self and above all avoiding the environment filled with idlers, else it will be futile an exercise. It is also noteworthy to mention, perhaps this is the only business where, expressions such as, could have been, would have been, should have been find no place.

I managed to score 38 points from 5 trades of JSWSTEEL and JUBLFOOD. Sensing the mood of the market, I reduced my usual per trade target of 10 points to 6 and 8 wherever necessary and increased number of trades. My breakeven, on the highest side so far as the stocks I trade are concerned, is below 2 points therefore, 6 points a trade is a good deal for me.

Intraday Charts –  10–04–2012





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