Today was one of those days where it was better off doing any other chores than trading. It was just not the day, with Nifty barely moving, things were static, Ril was no exception either. I decided to do a quick scalp trade by shorting the Ril Fut. Below is the first chart I put up when I initiated the trade. I was wrong here for many reasons; I tried to preempt the move, I didn’t wait for some more confirmation, in short I thought I was SMART.
Now look at the second chart at the end of the session, I did achieve the target what I had in mind. But to wait for these 15 points for the whole day was just not worth it. Anyway I got out at breakeven earlier in the day. The reason was simple; I had a Scalp trade in mind and it just didn’t move immediately as planned, so I guess I considered it as a Time Stop thingy and got out. Though it never breached the Stop I had, but the wait was frustrating. Infact I have annotated the second chart as to where I ought to have shorted to have the desired result; time wise and target wise. Any way no damages done just a lesson learnt learn to control the URGE!!!
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