Revenge trading at it’s best
I was having a negative bias and entered 23500 April 3 pe at 130 and exit at 30pts sl. Then entered 24000 April 3 CE at 44 and it went up till 60. Exited that at 56. I had also entered 27 march 23600 CE at 45 and it went up to 69. And stupid me was holding onto 100 and then it crashed. at this time my loss was just 200rs and I should have just closed for the day. but it was looking very bullish.
The final status! I think trading is not meant to me, my 35k Dhan account is now 10k
Worse part, I feel like trading again to get back the money. I am not gonna trade on Thursdays and Fridays. Only kkpp trades on thursdays
I need to have happy ending for the week
It makes me wonder, how easily I am losing 5k for the day. And I am still revenge trading even when there is 1000rs loss and making it a 5000rs loss. Crazy!!!!
I think RSI is very helpful in knowing when to exit
When going in bullish mode exit when RSI is above 70 and enter again when RSI is at 50
Similarly exit shorts when RSI is at 30 and enter again when it is at 50.
Also observed 200 moving average acting as resistance in 1 minute charts
Also it seems the first 5mins is a good time to enter the markets. seems to have short trend. But based on RSI.
9:30, 9:45, 10:30, 11:00 all seems like good point to enter the market. I think best strategy is to follow the markets with small SL when RSI is around 50 hoping for reversal.
Gonna write this on the black board and follow it!!
It’s best to always be done with the trades and just close the charts. I have better things to do with my time!!
Why you should not revenge trade?
because 5000 loss is better than 7000 loss! Here you go!
I think this is the worst day in Dhan, I have lost 25k of the 35k I have invested but I still have 10K yaaay! lets see if I can grow that!!
Today nifty was very range bound being the month end expiry but BN gave some moves towards the end. I think we can always see the direction in the price premiums on expiry day
Multiple trade options towards the end. And this opportunities come only once in a month!!!
Only good thing out of the day is that I learnt to use RSI