It’s been more than a week of active trading sessions and I’ve finally got to get a firm hand on Zerodha Kite which in my opinion is the simplest and cleanest interface with all the necessary studies and tools inbuilt on a web platform.
I would like to all the readers and anyone who has joint the trading community recently, who has taken an additional step to learn more about finance & economics, to develop a sense of financial independence and personal finance management ability- to all of them- BE PROUD OF YOURSELF.
You’ve taken an additional step, additional efforts and that’s definitely worth recognition and an accomplishment in itself.
Coming to the trades- on Day #6 I had a quick profit booking on a short trade of RELIANCE within mere 15 minutes. Now that looks like quick money but honestly, I took that trade after a 45+ minutes of surveillance and observing with all technical analysis.
On the same day, day #6 I took a LONG trade on ITC. I went over board and bought 25 shares of ITC bringing my available balance to literally near ZERO.
Mistake- I took a leap way greater than my appetite. Now I did take an MIS trade but the cost equivalent was the same as my actual balance.
Now I did this (and I find this a better choice) to carry forward the trade in case of smaller profit or even a loss.
How it proceeded then? My LONG trade on ITC proved out to be a wrong one. I made an itraday LOSS. But, since I took the trade without margin necessities I simply was able to carry forward a fundamentally strong stock ITC and swing trade that instead of intraday one.
On Day #7 I observed the overall market sentiments. It already had hit lows on Day #6 and was reds on Day #7 as well.
How my thought process was-
1. Yesterday market sentiment closed bearish.
2. Todays open was even lower
3. Uncertainties building
4. No clear indications for technical analysis- even when some did, gut suggested not to.
5. (MISTAKE) I still took a trade. I FORCED a trade.
Now though the trade I took turned out to be a minor profitable one, but honestly it was purely because of 50-50 probability majorly and not the analysis of a trader of an investing mindset. I’ve slowly started understanding difference between what was just a blinder and what was well calculated which is a positive sign.
Key takeaway- No trade is no profit no loss. No profit no loss because of a calculated “no trade” is experience gain- which is a huge profit in itself.