NIFTY rebounded from the previous day.
We had a 102 point fall followed by 129 point gain. What does it tell us about the state of the market? Nothing.
For almost 4-5 hours NIFTY was not going anywhere. Then it just went up and up. These kind of moves have become the norm nowadays. It is good if you are on the right side of such moves otherwise it hurts you badly.
This is how it happened yesterday.
The move was mostly because of RELIANCE and Banking Stocks.
Of Success and Failure:
The month has not gone well for us. February too was a losing month. For the first time we are looking at two successive losing months. I know there are traders/ readers who have never seen two successive profitable months but I am here on a public forum and the results do matter.
There are some readers who are coming out with their well meaning suggestions to tweak the method. Some are doing the post mortem of trades whether the trades should have been taken or avoided.
It is because nobody likes failures. Acceptance of failure is never easy. But the reality of life and trading is that no success is ever achieved without encountering some failures.
We have to keep on doing same thing ( innovative or not) again and again to achieve success. Some time we fail, accept that and move on.
I keep on writing about belief in the methods. It is at such times that belief becomes more important.
The last two days have done this to our positions.
Asian Markets are mixed. SGX NIFTY is down just 16 points. Nothing can be said about the likely market direction today.
We do not take any new trades today.
One of the readers has commented that I should not publish the comments which are criticizing the methods or the trades. This may cause doubts about the effectiveness of the method.
My view is different. All are welcome to share their views, negative or positive. It is discussions which lead to better methods. Only obscene and vulgar language should be avoided and fortunately such instances have not happened so far.
The trading for the day begins in 10 minutes.
Trade cautiously, trade profitably ( does not look likely in the current month).
Disclaimer: This post and examples are for teaching purpose only and are not meant as advice/suggestion to trade in these stocks. Trading in Futures and Options can lead to big losses and should be done with appropriate knowledge and advice only. Mentioning the stocks here does not imply that I have a trading position or likely to take a trade in these stocks.