I will describe a small personal story with analysis and trading on IRCTC
Here is the IRCTC chart with few numbers are marked in it. I will walk u through the analytical and psychological aspects behind it, point by point.
1/13
1
Strong uptrend
Pattern is under formation
Let me wait for the completion of the pattern
i will go long here
2/13
2.
Pattern formed completely
next day a red bar formed with low volume, i thought supply is less
good to go long next day, if today high is broke out.
Next day, previous high broke out with good volume
Perfect to go long at 2767
Successful bullish reversal after Retesting the recent breakout is the least risky method to go long in strong trending scrips.
Indorama
Welspunind
Mhril
Chennpetro
1/5
Real challenge is finding the right scrips. Whiel making breakouts, stocks will be there in all sorts of news and websites while those on retest where its available far cheaper, will go unnoticed
In my early trading days, i used to feel tremendous pressure when i see big MTM screenshots from others. And also used to feel happiness if they posts their negative MTM screens.
It took me many months to concentrate on my trading process and avoid all the noises around
1/7
The turning poont in adressing the issue was when i identified this as a bad habit. I knew i had to overcome this if i have to progress as a trader. I disnt know where to start or what to do. But one thing i did right was i understood i lacked somewhere in my own trading.
2/7
I started writing down all the tradi g decisons i take along with its outcomes. Repeated that over a month and reviewd it and noted the mistakes and understood my mistakes.
Quite surprisingly, there were only handful of mistakes. But tje problem was i was repeating them.
3/7