Hello Everyone, Hope you all are fit and fine ... Stay Safe and Trade safe...!
As predicted in previous analysis, BnkNifty was in Down Trend and Sideways .
BankNifty to Open Neutral/Small Gap Up .... Tomorrow ...!
Resistance Level : 1. 35000 is immediate Strongest Resistance level . 3. Good resistance exists at 35500 and Strong Resistance is developing from 35000 to 35500.
Support Level : 1. 34500 is Strong Support level. 2. 34000 is next Good Support Level .
Important Note : 1. You saw a good Upward Rally from 32400 to 34500, as shown by Black Arrow. 2. The most imp part on 24th, at the end of the day we saw a Doji Candel .. What does it means ? ... A Trend Change ... 3. Today we saw a downfall as predicted yesterday, with Bearish Engulfing Candel .. What does that mean now ? ... A DownFall ..as we already saw.
One suggestion, don't just jump into the trading immediately as soon as the market Opens, Wait for atleast 5-15 min.
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itsvijay545
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Sir i booked loss yesterday of 30k in banknifty.plzz suggest me how to cover my loss plzz
Try to follow the following basic things:
1. Follow my basic mantra ... Learn and Earn ... earning will be automatically followed by learning.
2. Stop trading based on tips, calls and service providers ...
3. Strictly used Stop Loss in each trade you take.
4. If you trade on particular strategy that you are confident about, then stick to that for atleast 3 months .. don't keep on changing startegies after every loss or SL hit.
5. No overtrading, max of 3 trades in a day ... whatever and where ever the market goes ... this will help to control your greed ...
6. After every 4 days of trading take atleast break of one day.
7. Unless you have an experience of 5-6 yrs in trading, do not trade with large qty. Practice with small/one lot for 3 months ..during this your mind will be trained to follow the Process ... and once the Process is set in your mind ... nothing will stop you from becoming a Good Trader.
8. Options are High Risks -- first and then High Rewards ... so unless you have the knowledge about Options ..stay away from it .. trade in Equity/Cash.
9. Never trade in the market with mindset of recovering losses, you will loose more and more ... Trade with the mindset of taking good and profitable trades ..automatically losses would be recovered.
Let me know your trading style and knowledge about trading ... may be in personal or in public (would be much better, many of others will get benifitted by reading this), will guide you accordingly.
Most imp pt:
1. Behind every trade you take .. note down :
- Why did you take this trade?
- Based on any condition ... breakout , pattern formation, news in the market, service provider ..etc
- If trade was in loss -- figure out what went wrong .. if you are not able to figure out ..we can discuss ..this way you will improve... try to avoid such scenarios
going further
- If trade was in profit -- figure out what was right .. try to follow such scenarios going further..
2. Give enough time to learn market:
- Market cannot be learned in a day, as we spend time in completing graduation or PG courses ..treat market as a course for atleast 4 yrs and learn.
- Never dream of becoming rich or wealthy in a day or month ... No one has become rich in a day or month ...
I think these pts are enough to get started again. All the Best.