The waiting failed….

The waiting from the beginning to understand the market turned sour as I traded in Tata steel which I forgotten to trade for long time. The waiting was so desperate as the day is going to be closed but the earnings were negligible. As I wrote in the morning I was forced to trade because I need to prove that I can trade in any condition. The thinking of making money forced me to jump in to trade that was proved wrong.

I normally trade with great precision. The positive side of the trade is that I sold 250 Tata Steel and bought a lot of 382 shares of the Future at the same price. The feel is that the market will eventually fall. This idea is right for the scrip but the market was bullish due to RIL, Bharti and SBI pulled the indices up.

Had I stopped there to sell more would have yielded good results as the scrip likely to benefit me a lot but the markets were so bullish. The further selling at higher level with 500 more could have yielded but proved wrong when I failed to cover at 223.85 level, a forced selling at 225.30 added 1000 rupees extra loss. The total loss amounted to Rs1750/-.

The lesson is never jump to trade. The conviction can be right but the direction shall match with the decision.