What has been your biggest mistake when trading? Your learning from it?

General
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Contest#2, ending 2nd July 16

To make learning fun, we are starting a contest on http://tradingqna.com/. One question is asked every saturday and the best answer will win Rs 10,000 in cash on the following saturday. 

Do participate and invite your friends. I am guessing will help all. Contest is open for everyone trading on the exchanges. We will contact the winners on the email address used to register while creating a tradingqna account.

We are not declaring contest winners based on who gets most votes.  So no need to down vote others to win. :) 

Click here to see contest #1.  

Winner : Dhiraj Sharma

@Dhiraj, we will contact you on the email ID that you have used to register for the  cash reward. Alternatively, you can also reach out to us, send an email to [email protected]. 

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Biggest mistake - Not keeping a track of bigger events like Brexit/FOMC/etc

​Learning - To keep track of these events and to reduce position size when these events are about to happen. Thanks,

Rahul

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My Biggest mistake while trading is that because of hope for maximum return i used to wait and not executed even after my target has already been achieved and not keeping stop-loss hoping that the market will climb again… What i have learnt from this is that i should always set target and if the target is already achieved i should execute eventhough the market is still up because it can even go down lower than my target anytime and to always set stop-loss because we don’t know whether it will go up or down. Thanks alot. KAMBIAKTHANG KHUPTONG

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Giving too much emphasize to news event (Be it Brexi/Rexit/RBI Policies/FOMC/Results etc.) and forgetting what are charts actually telling us. We all have particular way or system which we follow for trading. But, we forget that altogether and get too much emotional with ‘NOISE’ around. More specifically media which we watch/read make our concentration diverted from Price chart and base reality itself. All event creates such a horor that its going to be end of the world for market (in case of -ve event) and ‘Main Reh Gaya’ feeling (in case of +ve outcome). The thing which I learnt (after taking too much losses by trying to outsmart market and be of view that I will make jackpot playing this event) is stay away from market when one does not understand the impact and base reality of particular event. By doing that one can be stress free which is also of utmost important for trader and also save money which is also money earned! Market is not going anywhere. But series of big losses can throw one out of the market forever!

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NOT KEEPING A JOURNAL for analyzing Past Trades.

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I am 19 years old and its been only six months now that I am trading. I started my account with 70K then I lost almost all of the money. Now I have only 6K in my account. What I have learnt is from every mistakes you learn something. So now I do not bother about my losing trades because it teaches me a lot of lessons to do better and perfect my trading methods.

My mistakes and my lessons from it:

1) When I started my trading account with 70K I used almost all my margin benefits to trade. Basically I am intraday trader. I was just looking for huge profits in a quick time. But whenever market move some inches down, I was feared and used to sell quickly as my emotions took over me and booked losses. And then market again moved up right after that. It happened over and over again. It was so frustrating at times. I was having a good profit in first few days, idk I would say it luck or not, I used only two TI i.e. Stochastic and RSI and followed it blindly untill I am starting to lose. I was basically trading on F&O and I lost almost 40-50K on doing that. It was very foolish for a novice like me to trade on F&O without having proper experience and proper trading system

.2) I used to watch lot of youtube videos on how to trade, how to gain profits, how to select best stocks for Intraday, how to use TI efficiently and lots of all coming in my subscribed zone because I subscribed many of them. But honestly it was of no use. I copied them perfectly and gained nothing but losses. I did take trading calls from media houses but then I seen so many articles and also in tQA that their calls are crap.So thankfully I didn't tried them and it saved me a little.

3) I was feeling devastated and I took break. I have seen in tQA about the list of recommended books. I read few of the books like "Market Wizards" this book helped me a lot. It gave me a clear perception that there are no shortcuts to success and you can never win against market you just have to go in a flow with the market. The main thing I learned from this is that everybody had their own RMS and risk/reward ratio to deal with. And that particular book had helped me a lot and it urged me to study closely how markets work, its price actions, breakouts, RMS. I started to read some basic chapters in varsity and it did help me to get an image about the markets nature.

4) Then I again entered into market and this time with small capital of 10K and I tried to use various TI to suit me and to get signals. The TI I used was Stochastic and RSI and this time I modified it and looked at it to find when it actually gives me signals of breakout. I got my 1st trading system. But again for few days it worked but again I started to lose with big, I had no methods from where to exit my position. Now my balance came down to 6K. I learned from it that never exit because of fear and never enter due to greed. Just follow your trading plan, experiment it if it doesn't work then find and move to another trading system.

5) My 2nd trading system I started experimenting just two weeks ago. I used TI i.e. Starc, coppock and Stochastic. It did gave me profits and my account moved up from 6K to 7.5K. But I still couldn't find my perfect strategy where I shoud exit, what I should target and where I should put my SL. That's why it cost me again and my 7.5K comes to just 5K and I added 1K more.
Flow with your profits, have strict SL and never be emotional and egoistic.

6) And now I moved to my 3rd trading system I still not experimented it, I will experiment on this monday. Lets see it works or not. TI I am using this time is EMA, Ehler fisher. This time I am with full proof plan with proper targets and SL, thats my RMS, till now I am not focussing on risk/reward ratio since my account is too low.

7) Its a never ending process, more you make mistakes more you become better better and better. Success need failures but failures don't need success. Its a one way. Have patience. Sometimes not to trade is a very good strategy. I just look for perfect opportunity(breakout) and being calm if I missed it or don't get it, because some others shining opportunities are still waiting for me. I don't let my emotions run my systems now.

8) I was trading 10-20 times in a day, it was just sheer waste of energy and nothing else. As days goes on, I decreased it to 4-8. More I become matured trader, more my trading orders decreases.

Trust me, being a novice trader and a journey to become a pro and disciplined trader requires lot of skills and it will transform your life, you will become much more confident.
It had mine. Being so young I would tell you one thing, trading changed my way of living my life. Be positive.

" Work Smart, Not Hard "

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INDISCIPLINE. I WAS SHORT ON BANK NIFTY FUTURE. SO I ENTER SELL ORDER AT MARKET PRICE AND BUY ORDER AT TARGET PRICE. EVERYTHING WAS GOING AS PER MY PLANING. AFTER SHORT TIME TRADE START GOING AGAINST ME SO I SQUARED OFF MY POSITION FROM ADMIN POSITION WINDOW, CLOSE MY TERMINAL AND TAKE NAP FOR SOME TIME COMPLETELY FORGOTTEN THAT I HAVE ALREADY PLACED TARGET BUY ORDER. MEAN WHILE MY TARGET BUY ORDER WHICH I PLACE AT STARTING OF TRADE GETS HIT. WHEN I WAS SLEEPING, WHICH I DIDN'T CANCEL BY MISTAKENLY BEFORE CLOSING TERMINAL. BANK NIFTY KEEP DECLINING THAT DAY AS PER MY VIEWS AND WHEN I EXIT MY NOT IN PLAN POSITION I BUSTED MY ACCOUNT BY 50%. SO I WAS RIGHT ABOUT MY POSITION BUT I EXIT IT TOO EARLY DUE TO FEAR OF LOOSING AND IT GOES AGAINST ME COZ I FORGOT TO CANCEL OPEN TARGET BUY ORDER.

LESSON LEARNT-

1.I STARTED PLACING STOP LOSS ORDERS & DO NOT MODIFY UNTIL STOP LOSS OR TARGET GET HIT.

2.IF SUPPOSE I NEED TO REPLACE OR CHANGE ANY EXISTING ORDER I MAKES SURE THAT PARTICULAR ORDER IS FIRST CANCEL EVEN BEFORE REPLACING THEM.

3.NOW , I ALWAYS CHECK FOR "ORDER BOOK"  WINDOW , IF THERE IS ANY UNNECESSARY OPEN ORDER REMAINING. KEEPS RECORD OF MY TRADES.

4.I PLAN MY TRADE AND HAVE BACK UP PLAN IF POSITION GOES AGAINST ME & STICK TO PLAN.

5.LAST BUT THE MOST IMPORTANT GET ENOUGH SLEEP BEFORE TRADING :D

1146×545

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I will give my answers - just like a confession statement of a  **Doubting Thomas**  (DT)  type trader .  It is in deed an exercise - introspection. 

When he missed a lot of good chances to make handsome profits....

His conscious was querying him. 

 and he was trying to find an answer

He said:  “My biggest Mistakes  when trading ...

Lack of Consistency - Inconsistent - my inability to be constantly Consistent... Nothing else...”

 

Q:  Why inconsistent...??   

DT:  Fear of loosing money...

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Q:  Why are you afraid of losing money...???  Don't you have a clear cut trading strategy ...

DT:  Yes, I do have a nice trading system -  In fact it was thoroughly  back tested  for  4 - 5 years  and  forward tested  more than a year.... but  then...

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Q:  but then.... what?

DT:  See... I have a clear cut  entry / exit strategy -  I knew what I have to do... but  I was hit with some whiplashes.... I was terrified... I closed my trade positions.... the moment I closed and sat idle  the market  started trending  from the predetermined trade-able level .... by the time I realize it... it was too late...

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Q:  Why did you sit idle...?  Have you not realized from your back tests & forward tests that,  there are always chances of some whipsaws...??

DT:  Yes,  I know... that was there..  while I designed my trading system / strategy.. I know it is not a holy grail...  but it is an effort to find an edge over others... it is a proactive effort to minimize  whiplashes.. 

At the time of back testing every thing looks fine - the results were encouraging - the handsome profits on the results eclipsed the small losses on whipsaws...  

When I forward tested with paper trades...  No hard cash was involved... there too  handsome profits points were glaring so brightly,  these whipsaw losses were shadowed.

The problem of inconsistency sprouts,  only at the time of real trades...  When I loose money with small whipsaw losses continuously on three or Four trades.. I am sacred...  Once I am away,  market starts trending...  I missed the bus.

And one more major  pit fall is  changing  the position size… frequently --- that affects  the overall performance

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Q:   Is there any thing else  that scares you... other than whipsaws....and makes you inconsistent ??

DT:  Yes….Gap up and Gap down openings.....  and  major event like Brexit

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Q:  Can you elaborate...??

DT:  Assuming I don't have any position....  market open with a nice gap....

But gap up/down opening price point is some where far-away from the predetermined entry / exit trigger price level....What should I do...?  

The long or short entry price point must be nearer to the predetermined level only,  so as to minimize the loss in case market reverses.... I wait for it happen 

At many times,  I found  market runs up or down - continue to move on the same direction as per gap opening - without even a small pull  back.. I missed the bus...  How do I say it...??  Is it inconsistency...? 

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Q:  And what about major event  like Brexit...??

DT:  That is a wonderful case study... I love to share here...  

On the date of referendum  Nifty run up and up... As per My system / strategy  - Long position was triggered...  

In normal circumstances.. I would have bought deep in the money call options and kept it open...  Since the next day referendum results will be out...  I closed all my long trades  and  kept nothing in the position.

Next day market tanked... I was happy  and thanked God for giving  sanity on right time.... Every thing looked nice..  I shorted Nifty as per my level....  that shorts were stopped out with some small profits  and  simultaneously  long positional call was triggered....

There my inconsistency virus hit me badly...  I was not convinced about the long trigger... because every one on TV were crying bear.... waited / waited and waited for the market to come down once again... It never happened... Market was moving up and up  in front of me  and my heart was burning...

There are two things here I noticed.... Two questions that are haunting me...

Am I  right  in NOT taking long trigger  on the day of referendum  and kept my positional longs over night....???

Why I did not go long - when my triggers say so - on the day results were out....???

If these are all  NOT inconsistency --- then what they are...??  

Look at the intraday chart of Nifty - June'16 contract  to see my trade triggers... to witness what I missed...


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Q:  I can understand your feeling....  But do you have solution...??   How are going to come out of this simple but gigantic problem...???

DT:  The root cause of inconsistency is Fear.... 

So, only solution is - Kill the fear....to ahcieve  Fearlessness - निर्भयता

​This is will come  only if I have a sound risk management - - It should be versatile – 

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Q:   How....??

DT:    After  great difficulty – achieved  self- discipline  as to NOT to change  the position size…. And this is one of main / prime catalyst that gave a decisive first blow to the fear.

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Q:  After that…?

DT:   Did some serious home work – took refuge in mathematics.  In fact,  it is an interesting thing when I was working to find out a guidance as to whether the price action reached  over bought  or  over sold levels….  I got a nice by-product  which highlights certain price action area that is prone to whipsaws.   

So, when my pre-determined entry / exit levels  comes with in the range of whipsaw area… I donot trade on those levels.

See the attached chart:



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Q:  And then…?

DT:   One more area that is prone to whipsaws  were also identified…. That is LTPR… Last Traded Price Range…  I apply some percentage point up and below  the LTP (previous contract expiry date)  - If any of my trade trigger levels comes within that range… I avoid that level for that contract… Example -  for trading July’16 contract – I check up the LTP of July’16 contract as on 30-June-2016.

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Q:  Fine….  Then what about  other fear factors  like  gap up / down opening  and ensuing major events….??

DT:  To kill the fear in such scenarios…. I decided to hedge my positions…  I prefer  Vertical spreads  and some time  Diagonal spreads…  I know clearly that,  this hedging exercise would not nullify the risk in toto… but considerably reduce the impact of pain,  if price action reversed / goes against my position…. Also remember such hedging will cost you some  profits  if the price action goes as per the direction expected.

-

To sum up -  It is inconsistency  that poses direct threat to any trader…  he might be having a world class trade setup / system…. But it is uselss – unless make use of it consistently every time – all time. No compromise on it.  

Also  he must be serious enough  to NOT to change the position size as per his own discretion.   Position size is to be determined well in advance as per his own risk taking capacity that varies person to person.   Serious study should have to be done before determining as to how much quantity to trade – All pros and cons should be studied , analyzed & understood in detail. Once it is determined it cannot be changed…

And the best part is:  understanding these weaknesses / impediments are essential…. That will decide how far a trader will be successful – who sleeps peacefully during night… and enjoy weekends with his family regularly.

Wish you all happy and safe trading..
 

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Dear Team Zerodha,

I started as an investor in sharemarket waiting patiently to my portfolio everyday that wasn’t growing making me frustrated. Day came soon when I realised waiting is not my cup of tea, I sold all my stocks at loss opened account in Disount Brokarage (Zerodha) and start trading.

Initially I traded in equity only but without having stoplosses, some trades went right, but later purchasing D link india made me investor again as It went down so deeply.

Then I realised that trading in F&O is more & quick profitable than in equity specially in options. hence became option buyer without stoploss.

Again initially it went well, I earned profits even as option buyer which made me realise that even option buyers can also make money.

But that was false and I start losing money. I can not forget December 2016 where I lost Rs 92000 in a day in option buying.

Later I came to know that Options strategies help rather that buying naked call or puts. I used Long Strangle for survival but lost 55000 within the series. I read somewhere that it is option sellers who make money not option buyers. I came to know the fact but late when everything has gone. so far I had lost Rs 2,20,000 in share market which was like disaster to all my savings.

Yeah, although every time I was learning from my mistakes. In order to see what went wrong and how to protect myself, I studied various indicators, watched TV, read books on technical indicators, watched videos but all goes in vain and I decided to quit sharemarket forever.

After taking break for a month one day I asked myself was your savings for others? You could have done a lot with your savings for yourself and your family but you just gave away all your money in share market. and now question is how to recover that?? is it possible to recover your money from sharemarket itself? If yes then how?

I realised that studying a lot about share market is not necessary just having working knowledge of what is necessary is enough, the more you indulge in finding profitable techniques, the more loss that you get.

so I revised my studies, noted down necessary point, started trading in futures which is much simpler than options, started keeping lesser and enough amount in trading account that I can afford to lose. Learnt from mistakes that use strict stoploss, never average your losing trade, use simple charting technique, and never keep positions overnite and do trade when you are comfortable with it.

Believe me I am not in a loss eversince I added Discipline in my strategies, and I have hope that I will definitely recover all my losses oneday.

I am still standing…!!!

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Well when I was a beginner my biggest mistake was not placing a stop loss. However, after entire capital eroded I learnt to maintain it. I was fortunate enough that I didn't started with big amount as I believed that it is not an easy task and can take couple of years to be success.

With time I have learnt to place the stop loss the very next minute the trade is executed. And also to withdraw partial profits, maintain record of trades and review the same. Money & risk management and the importance of strategy to follow.

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To not book profits in a profitable option statergy.

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Falling in LOVE with every trade i take, & in order to make it profitable, Not Controlling the Risk in EACH and EVERY trade!

--- I have repeated this mistake several times like a fool and that is a BIGGEST mistake.

The moment I enter I get in a mood that it HAS TO BE  a WINNING trade! I fall in LOVE with it! So psychology/Emotions/Love/Care starts to make decisions instead of Fix percentage Risk trading plan!

I have taken position as per my stoploss and enter price difference so it wont hurt more than 2% of my capital. So in order to make it profitable, the moment i goes against my initial position I used to take another lot to average it on better level and move my stoploss again. This activity has no basis at all!

And Eventually Trade is doomed with huge loss! 

To add to my frustration price again move in my favor after it hit SL Level.

Then I understood whatever loss just happened -- which is a part of trading business --- I am left alone with much less capital than I planned to lose ...so this made capital recovery more difficult unnecessarily..:(

Learnings from this --- 

Psychology has no business in execution of trading plan. Once you let emotions take control of trade, you have starting digging your own grave. 

No averaging in a losing price move just to satisfy your EGO!

Loss is ANY trade is a part of trading business. You can not avoid it! It will meet you sooner or later. You have only control over limiting it when it comes , by properly taking position size as per your Entry and SL level. And remain strict with it. No SL order modification after entry which increases loss.

This is negative sum game! Once you lose you are playing with LESS. So recovery becomes more and more impossible as you take more and more losses. Nobody has infinite pool of money to add again to the trading account to recover the loss again.

You can only guess but have no control over price move after you enter. Market movements are random. Your Strong wishes to get profit in each and every trade have no power over market at all! So accept the truth and start controlling risk in each and every trade!

5) You have to limit your risk in EACH and EVERY trade to fix % of your capital as per your trading plan. There is no way to escape this!

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I don’t consider the one’s that I have committed during my learning curve real mistakes as they are just part of my learning curve. Honestly, there are many… Even after I got an edge in the markets, I was slowly pulled towards bid and ask (market depth window) and that screwed up my overall perception of the markets. I am a discretionary price action trader, and I day trade 5min. charts. Watching market depth made me nervous and that forced me to exit the good trades early and bad trades late. After some good post session reviews, I came to the realization that I don’t have any business with the market depth to make my edge work in the markets and then I dumped it…

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It was 3.05 pm on an expiry day. Nifty was at around 5550, Nifty 5500 calls was at around 42, 5600 puts at around 48., Sum of both was 90. Ideally 5500 calls and 5600 puts should be atleast 100 right? So I thought if I buy both the options at 90 and let it expire, I will get back 100. 10% return in 15 mins.

So I begged and borrowed to take as much position as possible. Until then, I had a decent trading day.

At 3.15 pm I called my experienced friend, to tell about this opportunity. He told me, I haven't factored in STT cost. Yep! until then I didn't know that STT goes up by 10 times if ITM options let expire. Suddenly I realized, the cost of this trade would be atleast 12 points if I let expire. A loss of 2%.

Since I had leveraged so  much, I panicked.

From 3.15 pm, I decided to time the market and exit calls and puts separately in smaller trades. But I was so  anxious, I started doing this stupidly. I sell calls, market comes down, I sell puts market go up. By the end fo the day, my decent trading day, turned into my biggest losing day. It took me quite some time to recover and come back.

Lesson learnt

  • If it seems like an easy opportunity, it probably isn't. Markets wont' give anyone easy money. "Trading is the hardest place to make easy money" :)
  • Leverage causes you anxiety, and we most likely taking wrong decisions when anxious.
  • If taking an unplanned trade, do it with as little quantity as possible.
  • When shit hits the fan, don't try to be  smart. Find cover as soon as possible
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I AM 17 YEAR OLD TRADER, TRADING FROM MY FATHER ACCOUNT.

FIRSTLY I OPEN AN ACCOUNT WITH ANOTHER BROKER .

I LOST AROUND ALL MY SAVINGS ( THAT I SAVE FROM MY POCKET MONEY).

BUT I KNOW THAT I AM SPENDING THOOSE MONEY ON LEARNING.

AND I LEARN VERY MUCH FROM THAT .

AND MAINLY NOW I LEARN HOW TO ENTER IN A TRADE AT BEST TIME AND PRICE, AND HOW TO EXIT.

HOW CHARTS REALLY WORK AND TECHNICAL ANALYSIS .

I AM TRADING SINCE 2 YEARS AND NOW I EARN GOOD MONEY ON MY HOLIDAYS .

LIKE IN JUNE I HAVE EARNED GOOD AMOUNT OF MONEY.

I DON’T GET MUCH TIME FOR TRADING IN EQUITY.

BUT I TRADE SOMETIMES ON COMMODITY IN EVENING.

I HAVE ALSO LEARN NOW TILL-

  1. HOW TO CONTROL OUR EMOTIONS IN BOTH PROFIT AND LOSS

2.HOW TO MAKE PROPER STOPLOSS

​3.BEST TYPE OF CHART

4.BEST TECHNICAL ANALYSIS

  1. AND PLEASE DON’T TAKE ANY ADVICE FROM ANY ADVISORY COMPNAY.

THEY ONLY MAKE FOOLS NOT PROFIT, AND YOUR WHOLE CAPITAL CAN BE WIPED OUT.

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Hi All,

The below are the mistakes i had committed and the learning from it. And the below are applicable to my trading only and not applicable to my investments.

Buy low sell high: Mistake

When i was trading in my earlier days I usually identify the stocks which are trading lower and will buy those stocks and vice versa in the hope for the price reversal. By following this strategy i wiped out entire capital for more than 3 times. Learning: Only after 2 years I had realized this strategy is not perfect. So for me it's seems the guys who sold or bought stocks (counter party) from me made profits. So decided to do opposite I.e buying the stocks that are flying and vice versa.(I won't tell you about the results just try it for one month and post your results here)

Averaging: Mistake

Usually what I did during my earlier days was averaging my losing positions on the hope of price reversal and my most of the positions were closed by my brokers RMS team around 3.20 PM not in profits but the in huge losses. Learning: Don't average any of your positions even if it is winning ones.( winning one _ This view might be contrarian to some successful traders) Now while enter into trade(as per my trading strategy) i will also enter the stop loss as well as target. I will never modify or add or reduce them what ever happen.( This is how you should respect you trading strategy) Again i won't tell you what happened at the end try it for one month and post the results here.

Expectations on returns and leverage: When i was trading earlier usually i have 15 to 20 k in my account and buy 2 to 5 lots of nifty futures on the expectation the nifty will raise 300 to 400 points in intraday( But that was never happened).And majority of the time again at the end of the day my brokers RMS team squared off my positions in loss. Learning: Nowadays i usually have at least 50 k in my trading account to trade one lot of nifty. And majority of Time i won't expect more than 50 points in nifty intraday.

Peace of mind;

When i was trading earlier days usually my mind won't be in peace so I was keep on changing my strategies and i had made loss even in very good strategy. Learning: The reason for lack of peace in mind was i didn't had any strategy. I just entered into trade and expected the trades will make profits for me.Now I have strategy and i know when to enter into trade and When to book profits and When to trigger my stop loss. So the pre defined strategy is giving me peace of mind while trading.

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In Beginning, Trading is full of mistakes, it's matter of time you identify them & remove those mistakes.

When it comes to my Biggest Mistake it's : "LACK OF PATIENCE & DISCIPLINE". 

Being a Trader doesn't mean always to be in trade, Have Patience for a high probability setup and pattern to trade. Let the Trade come to you. This also helps in avoiding my second big mistake i.e Over-Trading.

If you haven't sleep well, Dont trade, Going through losing streak, take a break. Trading is one field where making things simpler is harder than making it complicated.

So Be Patience & Discipline ,cause "If not God ,then put the Odds in your Favour" .

Be Selective in Trades, Sometimes Peace is better than being Right.

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  1. BIGGEST MISTAKE: FLASH NEWS BY EXPERTS - last month there was flash news by so called experts not to touch stock CANARA BANK which will go down up to Rs 140.00. After seeing this I sold my positional huge quantity of CANARA BANK at about Rs 184.00 Now it is @ Rs 218.35. A big loss only in one month !!! 2) LEARNING FROM IT: FLASH NEWS MAT KARO, FLASH NEWS MAT DEKHO, FLASH NEWS MAT SUNO. (bura mat karo,bura mat dekho, bura mat suno-film : jeene ki raah)
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Hi all, I started trading 2 years ago in commodity market…Especially Crude Oil…Only intraday…I lost 1 lac in my first year of trading…I used to win small and lose big…Overtrading…revenge trading…Chasing price…Fear of missing opportunity…Buy high sell low…These were my biggest enemies… Then i paused and thought what is going wrong…and decided not to overtrade… I didn’t trade for few months and then started trading again and i was getting regular profits of Rupees 500 to 700 Rupees on daily basis for few months with some small losses in between…But overall i was in profit… One Day, it was crude inventory day.I Shorted Crude with stoploss of 20 points and it started going against me…i raised my stoploss to 35 points and averaged it with 1 more position…and i didn’t stop until my stoploss of 95 points was hit.and i lost around 35000 on that day. I cried that day as i lost all and even more than that which i have earned in the past months… That was my turning poin.Now i don’t change my stoploss…if it hits i exit…i wait for next oppurtinity…i never chse price…i wait for my price level for entry… may be today tomorrow or next week…I don’t want to cover my loss on the same day as i used to do it earlier…I had set my targets for loss and profit for the day…I close my system after my targets is reached whether it is a loss or profit…I don’t want to be rich in single day… Thanks

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Some times I’m Wekup late in morning on trading days, This is my biggest mistake. But after solving this mistake im geting wonderful trading system. In present :slight_smile:

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