Trading Report February 23, 2011

On this day, I shorted nifty futures contract between 5480 and 5490. after remaining in this region for the major part of the trading period, it began to move slowly towards my target (which was set between 5430 and 5440 levels).

Needless to state – the target was achieved by 15:00. 🙂

A market that is all poised to fall will fall. No matter the amount of buying pressure, it is bound to drift lower.

My sincere advice to the fellow day-traders – everyone says follow the trend. However, today, if you had followed the trend, you would have bought at 5480 levels thinking that the market may surge higher. Yes, on some days you may get lucky by blindly buying / selling. I personally know a couple of traders who lost their previous week’s earnings just because they thought that the market may surge past 5500 levels today.

And lastly, never enter the market without any proper preparation. Fine tune / discard your strategies if they are ineffective. Experiment your strategies on other international markets, likewise. All markets tend to act in a similar fashion. So something that brings you profit here must also work out there. If not, it is time to alter your trading strategy.

One Response to Trading Report February 23, 2011

  1. kimberly says:

    yeah nice 🙂

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