Trading on 21th Nov 2008

These are my trades today. 

BHEL:

Trade 1:

Bearish View, Short, Entry: 1270, Exit: 1257

          I have identified the reversal quite well, so the entry was good. The exit was bad, as fear of loosing what ever money i got has made me to exit from the trade early. It is very clear that the down move is continuing. This trade showed me that i need to work on my fear of loosing profits earned.

Trade 2:

Bearish View, Short, Entry: 1252, Exit: 1245

Good thing about this trade is, instead of glorying myself about profits i made in my previous trade or cribbing bad about my bad exit. I was watching the markets and without any emotions entered short immediately after i realized that there is still some down move left. The better part is, i entered even if the price is less than my previous exit. This time the exit was better, waited for enough time to let the markets give the signal that the down move is over.

SBI:

Bearish View, Short, Entry: 1138, Exit: 1120.5

In this trade, the down move is identified very well and the entry was perfect. The down move happened in just 2 Min's after the entry, i am probably not ready for such a quick move. The anxiety created by this fast move made me fearful, so i existed the position :( even though there is a lot more down move left.

Moral of the day: Work on you fear and also work on identifying good exit points.

This is my first post on trading, would work on improving the quality of blog from next time :)