It takes real patience to sit tight and avoid "chul" (forced) trades. We all want same or more profit everyday after market opening. This lead to force trades. Expect nothing from markets & see the magic. Its okay if u don't make money today or tomorrow. (1/n)
Few #brotips :-
1. Just sit tight and wait for price action to scream for u to enter.
2. Never give back more than 30% of ur MTM. If u have given back 30% of ur MTM then its likely that u will end up loosing all the profits and some more (learned this hard way). (2/n)
3. If u are in loss in morning session and after some time u recovered that negative MTM then close the terminal and don't trade for that day. You have already made gains to recover initial loss so few of ur best trades went into that and you may have emotions like regret, (3/n)
fear, angry on yourself or on market etc. So its best to avoid additional trades on that day. Come with fresh mind next day. Also you must maintain a trading journal. Write down what mistakes u done today and do not repeat the same mistakes next day.
(4/n)
4. If u are in windfall profit then do not wait for any indicator or news. Book at least 70% and you can trail the rest with recent swing low stop.
For me yesterday bought Andhra Paper at 245. After that stock closed yesterday at 20% UC yesterday at 254.8. Today it opened (5/n)
at 265. It was windfall profit of 8% on capital employed. So if I didn't book profit then I shouldn't whine when pros booked profit & it closed near 240. So don't run after home run profits. Don't try to squeeze a stock.
Be Humble & Always Respect the market. Happy Trading :)
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