It’s been more than 1.5 weeks of active trading sessions. Active in terms of my consciousness, effort, and time investment.
I have been reading, listening and watching all sorts of information and absorbing everything like a sponge and, I am very sure this is what comes with every beginner trader- The fire to learn more, the fire to grow more both in terms of financial portfolio and knowledge in the niche or markets.
Now, this has nothing to do with the comparison to smoking, but the fact that with all the pros trading, investing and markets have, there are serious problems and dangers which seem to be blurred to out to newbie traders like me and need to be consciously instilled. Read more about the exact image headline of economic times here.
Moreover, this is to do with ‘control’ over yourself than over letting something so exhilarating like intraday trading taking control over you.
So, I decided for my Day #10 of trading day. I will NOT TAKE A SINGLE trade no matter how positive I am on it. I also intentionally closed all screens and forced myself to sleep. If I can close things after analysis and sleep peacefully that is a good indication that I my body has a good control over me. Now I in no way mean I am a ‘trading saint’. I have not yet received huge rewards neither have I received huge losses, the pressure to recover what takes away the control. All I mean is that I want myself to be ready and have control over me, always, before the situation jiggles my control.
To talk about the analysis of the day- I used Ichimoku Clouds, VWAP, and price action pattern analysis. Since I had consciously decided not to trade, I also had to put in my best analyzing, so that the result I get is what I should be able to abstain from in participating.
I consolidated all my analysis on NTPC where I saw a beautiful convergence pattern forming from a few days and was expecting a breakthrough soon.
I have drawn two lines to mark the clear supports and resistance the chart has been taking since June 6. I was actively observing at around 11:30 when the big marubuzo candle was formed (on bottom right of the screen) breaking it resistance and taking a temporary uptrend.
I was sure that going intraday long after breakthrough might very well be profitable. But, after while that green candle was forming, realizing my analysis is correct- I SHUT DOWN everything and went to a sweet afternoon nap- indicating my control over trading and not the control of trade over me.
Overall, the objective I started with- Achieved, and I am proud of me : )