Lack of discipline and not adhering to a rule will result in missed trades.

No matter what happens, you have to adhere to a rule. The trade was so simple here. Below were some of the confirmations for this trade:

1. Open = Low

2. Above 200 Moving average.

3.  Three white soldiers.

Even though the overall sentiment was negative, this stock was making higher highs. Was perfect buy.

NavinFluor - Could have easily made 7-8%


The next stock was AegisChem. It was a perfect buy but then due to overtrading and wrong trade only thing I did was make loss and gave a lot of brokerage.



Comments

Post a Comment

Popular posts from this blog

Image
 Trading Journal - 2 Dec 21 MISTAKE - Didn't follow rules. After SL hit take double position and double target. IndusInd Bank Indigo IEX Biocon - Take profit at the moving average with a SL of .5% Today the market was all +ve so need to take profit early in all short stocks. If the market is negative then I can let profits run in shorts but in a +ve market in any +ve candle need to get out of the short trade. In ONGC did the mistake of shorting the stocks on seeing the third red candle. It was a buy stock wth stoploss  below the 5th candle wick. Sun Pharma - it was a buy call - higher high in first 3 candles In Axis bank entry was correct but trailing stoploss should have been used especially if there is a bullish engulfing candle at the bottom  Heromotoco - followed the rules and earned the profit Learning for today - Always follow rules and cut your losses. If more than 2 stoplosses in a trade don't enter again. Also, once overall loss for the day is 2% of the overall c...
Read more