Last 15 days has been a great learning experience for me, I lost quite a big amount in Commodity trading.
Am I feeling cheated or sad, well no... I guess I've reached the stage where emotions don't last long it just vaporizes after a while just..like money made and lost in day trading.
What prompted me to go in for Commodities, well I thought markets are at an all time high I should get out of it and invest in the growing commodities markets.....
Rationale used : Be fearful when others are greedy and greedy when others are fearful ..
Rationale not applicable always, even more in Indian Markets.
Some lessons I've learnt :-
Never follow things in greed.
Investing without knowledge or research will hit your hard.
Never rely on others research or judgment, its your money you take the call and do your own research.
Don't shy away when asking about the financial statements, its your money.
Stick to investments you have knowledge of egg. equities,real estate etc.
Learn from your mistake.
When in doubt get out!! I exited the commodities as I was clueless after a spate of losses.
Tough times don't last tough people do.
Day Trading is a very flawed method of trading.
Technicals do not work on daily or weekly charts a minimum of 3-6 charts would be a decent indicator.
I've re-entered the Secondary Market when Sensex is hovering around 9600... Good Judgment or Sheer Foolishness only time will tell.
http://www.karvycomtrade.com/ is a good site to learn about commodities, though its at its infancy in India.