Trading Report February 11, 2011

India’s Index of Industrial Production results were due out today. In the morning the market was reflecting anxiety and was trading in a narrow range. As anticipated, the results were not satisfactory. Panic followed and the markets dwindled to 5170 levels. I bought at this point and squared off in between 5235 – 5240. πŸ™‚

Update: They say greediness / over trading never pays in the stock markets. I learn’t that lesson today. Despite making a killing profit in the initial trade, i reentered the markets – this time I shorted at 5270 levels. The contract fell (as anticipated by me) to 5240 levels; only to rise sharply and close at 5312. My stop loss was set at 5310 levels; it got triggered.

Long story short – I lost the profits made in the initial trade. Now I have to pay my broker for the losses incurred as well as the brokerages! I never thought that the Nifty would rise in this manner. There was relentless buying pressure from the bulls.

It seems that I still have to go a long way before being entirely successful in this domain.. 😦

Forex Update: Entered EUR / USD long at 1.3515. Exited at 1.3560. πŸ™‚


About Praveen Pious Francis
A part-time blogger who has a wide range of interests including investing in the stock markets across the globe and broadband technologies in India.

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