SHILPAMED at an infliction point
Buy between 600-620 zone. Once above the breakout of 650.. it will be tough to catch.
If you want to be a successful trader, get equities down first. They will sharpen your skills and reactions.
A trader needs to preserve his capital. No capital means no trading its that simple. Here 'capital' means owned money and not those borrowed from friends or personal loans!
The advantage of owned capital is that
- It gives you peace of mind in executing trades.
- You are not bind to generate substantial profits
- No time pressure to earn to service EMI of loans
- Your other work life balance does not get disturbed
Trades executed should have following flow chart:
Once you have a successful trade in place, nurture in patience and aim for target
It was put best by the famous Jesse Livermore who said “It was never my trading that made me money in the market, but rather was always my sitting tight.”
While any recipient of the so-called 'hot tip' can trade, making money consistently is possible only when you have sufficient knowledge of the markets and skills for technical analysis, which is the science of forecasting prices based on historical data.
For every good trader, there is a time when he forgets whether he is trading to make money or to prove that he is right. When he focuses on the latter, that's when disaster strikes
The only way to get good at something is to do it a lot, practice practice practice, why would trading be any different?