Hurst Cycles Trading Software - Accurately Forecast Nifty and Stock Cycles

Wednesday, May 14, 2008

May 14th Trading Day - A Review

Okay I admit yesterday was not a very good day for me...I said in earlier posts that generally after having a long string of winning trades, I have a loser like this one...This is why I trade hedged - It reduces profit potential but keeps me afloat.

Coming to yesterday again, it was a tough day to trade...and ICICI made things worse. I know I know bad worker blames the tools but I cannot help but say, if I managed to cover my shorts and flip long as I was meaning to the lows of the day, what a difference it would have been....Trading is a intense pshycological game...And discipline and a straight mind is required...Whenever you find hope, fear or greed crowding your judgement, you should just close out the trade.

ICICI being down in the morning and me missing out on a potential 50+40 NF points both ways made me upset and as a result I could not trade properly...Anyway whats done is done...I am shifting over to Indiabulls from now....ICICI just lost an actively trading customer. Cheers.

Coming to my position now....Yes we went higher...I am not too worried about this since as I said its a very very small positions and before taking it also I knew it was a high risk one since a short squeeze was expected....However I think we might be setting up for a good short point at higher levels a little later....

There are a few things I need to analyse on the charts and also want to watch US market action today before making any decision on my position.

The way I see it, I might do one of the following - Either add to the shorts at higher levels or cover and run...At this point, I dont have a big desire to go long...I think I will wait for some more time before taking positional longs...


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