Hi everyone, i am new to intraday trading so i want your help, and suggestions in understanding my today’s mistake while doing intraday trade. Today at 9:33 am i bought 100 shares of MAZAGON DOCK SHIP at 1051 each because the price had risen a lot, a high of 1062 was made few minutes ago, i thought the price would rise more after this, at around 9:32-9:33 am ADX was 54, +DMI at 37, after some time the price rose but not that much & a high of 1055.85 was made at 9:45 am. After this, the price fell instantly & never reached 1051,1052. I thought i should average down, & then i will have an opportunity for breakeven or for a small profit. At 10:47 am i bought 100 more shares at 1028.5 each, the average price became 1039.36 for 200 shares. The price fell even more aggressively after. At 11:18 am i exited the trade by selling all my 200 shares for 1014.38. Did i make a mistake by buying at a high of 1051, what should i focus on while doing intraday next time?
@SpacemanSpiff thank you for taking the time to respond to my question, can you also share a technical analysis of where & how i went wrong in my trade?
take some spare money that you can make 0, like say 10K.
With Qty of 1 share in equities, trade for as long as you can and dont look at loss or profit but rather your trading methodology.
How you select stocks, how you judge trend, your entries, exits, pyramiding etc.
You will learn far more on your own than what a ton of material would do.
In this business, there are no shortcuts.