I am not the guy in this post and I am just sharing this. His trading journey is just amazing. It's a long post but I read it and it's really thrilling.
PART I
Whatever I'll share here, It will be my point of view. It was a story of a trader and his journey towards finding the real truth. First, I always tried to study the human psychology behind the trading. I'll gradually explain it in this forum.
Journey towards trader'shood - My initial entry
First, I explain how did I get a trader instict inside me. I came to Delhi to appear for for competitive examination (Indian Civil Service and I was from science background). In that process, Harsad Mehta scam had surfaced and the BSE SENSEX has crashed from 4400 to 1600 in couple of days. At that time, that fall had completely shaken the capital market as well as India. Till that time, I was less aware of capital market. Gradually some fascinating story about Harshad Mehta published in media. At this point of time, some interest towards stock market had been generated. In the later part of 1993, I shifted my room and started to stay with some students who were belong to commerce background (It was due to frustration for not qualifying for Civil Service Examination). At that time, IPOs were a craze. They applied to some IPOs from their pocket money. Sometimes they got allotment and sometimes they not. But whenever they got allotment, there was a mini party. First I couldn't understand all these things but gradually things were clearer to me and I developed some interest towards stock market. Then an IPO issue from RELIANCE house had hit the market. It was IPO issue of RPPL and RPEL. At Rajiv Chowk, I saw a big line (really big) at Bank of Baroda building. I knew from them it was for that IPO issue. I came to my room and talked these things to my fellow roommates. They said it was a good issue but unfortunately, they don't have any money. So they encouraged me to go for this issue.
At that moment, I've 1500/- rupees as surplus money. So I decided to apply for it. These issues were par issues and you have to pay 250/- as application money, 250/- as allotment money (in case of allotment) and the rest 500/- as final call. I applied for 500 shares, four in the name of my friends and one in the name of mine. These issue were
oversubscribed by more than 100 times.Fortunately, I got four allotments in the name of my friends but there was no allotment in my name. The entire allotment process took more than two and half months.Finally I paid 1000/- rupees as allotment money. These four allotment had suddenly brought me into limelight in my friend's circle. Wherever I
went, everybody was asking me for some kind of treat as if I was a millionaire. In fact, I threw some parties to my friends. Everybody said you will get astronomical amount on listing. At those times listing occured approximately after six months.
I remembered my feelings in the previous night. I was completely restless. Now the D'day had come. Lol, the listing price was 20/- per share. Now all my friends who were talking about astronomical listing had got vanished. My room-mates advised me to transfered these shares into my name and keep them for future as there was no harm in
keeping these shares because they belonged to a good industrial house. So I applied for transfer to my name. Fortunately, the company did not ask for the final call. In between, almost six to seven months had been elapsed and the price of both the companies had come down to 8/- rupees. Suddenly, I heard some rumours regarding some development in Reliance and the prices of RPPL & RPEL started climbing. Within one month it touched around 135/- per share. I couldnot believe in my eyes and sold all these shares to a broker for 50000/-. He even did not hear any words from me and gave 50000/- rupees as cash. Since I had never seen that amount in that time, so I did not ask a single question to him. After sometime, I came to know that the price of these two companies will touch 200/- ruppees in near future. In fact, the news behind the price spiral was their merger with Reliance. At the time of merger, their price was around 130/- per share and they never crossed 150/- mark. Anyway, I've pocketed 50000/-
ruppees within one year by investing just 2000/- rupees.
Entry into Secondary Market
Till that day (around mid 1994), I was completely frustrated because of failure in Civil Service Examination (ICS). I thought myself as very good at studies and my papers in ICS were Physics and Mathematics. It was my third chance and I had cleared Prelim two times before but could not able to score much in Mains. But the profit of 50000/- had changed my view for ever and suddenly I saw a ray of hope in life. After that day I completely abandoned the ICS and thought about taking Financial Market as my next career. But first I wanted to give couple of years as a try. In the next one month, after discussing with my friends, I thought it was better to go for secondary market as primary market was a lottery. Till that day, I was completely ignorant of stock market. Forget about Technical Analysis and Fundamental Analysis.
In search of secondary market and to find a reliable broker (in those days where manipulation was the norm), I had searched Nehru Place, Bhikaji Cama, Cannaught Place, Rajendra Place like a mad man. At that time, since I was staying in South Delhi, I zeroed on a Dehli Stock Exchange broker who had a office at Nehru Place. I contacted him and conveyed my intention. At that time, NSE was not established and Delhi was one of the most promising stock exchanges and trading was done for two hours in afternoon and it was an open cry system. When he heard me he was literally very happy. He immediately registered me in his client list. In this process I had never require anybody's help. Only casual discussion with room mates. Since they were from commerce back ground, from them I came to know about some market related terms such as Book Value, EPS, PE, Dividend, Bonus. I zeroed in these terms. I bought a Capital market magazine and using that magazine I shortlisted some share. My criteria was CURRENT MARKET PRICE SHOULD BE LESS THAN 10/- and BOOK VALUE SHOULD BE GREATER THAN 20 & IT SHOULD BE A DIVIDEND PAYING COMPANY. On the basis of that criteria, my first purchase was 3000 Aravali Leasing & Finance (ALFC) @ 8/- and the second Purchase was 2500 Rampur Distillers (Now it is Radico Khaitan) @ 10/-. At those time, transfer of shares took almost 3-6 months. When my shares were on transit, suddenly price of ALFC had been doubled. Fortunately, both the companies had transfered these shares into my name within one month. By the time I got those shares, ALFC was quoting at 12/- per share. Since I had seen the price of 16/- so I decided to wait for some period. Finally I sold ALFC @ 15/- per share and Rampur Distillers @ 13.50 per share. From that day, I decided that I will never send for transfer. On the basis of that criteria, I invested for the next one year and believe it or not my entire 50000/- had turned into whooping 6,40,000/- (around August, 1995). Actually, I was already becomes a hero in the eyes of my broker and my friends also. Everybody thought, I got inside information from somewhere. But the truth was something else. But in this process, I met various people in this market and that gave lots of insight regarding how market works.
DOOMS DAY
Now everybody wants to know how this was possible i.e. how 50000/- becomes 6,40,000/- in one year. In fact, I don't have that answer. I think some credit goes to IGNORANCE and some credit goes to the system of that era. At that time, a settlemet procedure took almost 15 days to complete and if you wanted to take delivery, it again took minimum 21 days to have delivery. So automatically, when I trade for delivery purpose, I got those delivery after more than one month. In between that period, the price of a sub par (below 10/-) security becomes 12-13 rupees or more. So I got around 40-50% return within 45 days. The most astonishing fact was that market was in a downtrend in that period. Even now when I look back to my past, I become completely dumb. Anyway that was my golden era of my career.
After getting so much money, I became completely restless. Gradually, I thought it is very easy to make money from this market. So I thought about to take more risk. In last one year, I came to know about a term called FORWARD TRADING, but I did not know much.
After someday, suddenly I found an advertisement regarding trading in forward market from a broker at Bhikajicama Place. He gave four times leaverage. So I immediately contacted him and came to his office for a meeting. At that moment he had some meeting in his chamber. After sometime, he called me to his chamber. There I saw a big graph paper lying on his desk and there were some graphs on that paper. He was talking to somebody in his chamber regarding charts. He was uttering some words like candles, good reversal and 100% accurate. At that moment I could not understand anything from his words but it was my first encounter with Technical Analysis. From him I knew some basic things about forward market. He advised me to first take some investment on leverage basis then go for forward market. At that moment, all my money were lying with my first broker at Nehru Place. When I went to him to take my money, he very strongly opposed to the idea of leverage trading. But I took all my money from him and started to make more visit at Bhikajicama Place. My first leveraged trading was Jai Prakash Industries in forward market at Delhi Stock Exchange. I took 20000 shares @ 60/- per share . All costs me around 12,00,000/- with 5,00,000/- as margin money. I kept 1,40,000/- with myself. It was Friday and this day was the turning point of my life. On Saturday, i.e. the nextday, around 9 A.M. a person from his office came to my room and called me to contact the broker immediately. I was completely surprised by this act and immediately went to his office. There I came to know that I have to take those shares as delivery because of book closing. I tried to convince him that this deal was not intended for delivery as it was done in forward market. But he forced me to take the delivery as there was a dividend of Rs. 2/- per share. So it came around 40,000/- rupees. Since I did not know much about rules and regulation of the market so I agreed to his idea send those shares to transfer into my name but at the address of the company. He also charged me a interest of 2% on 7,00,000/- per month and took some writings on a stamp paper. It made me very nervous and I already got a hints of my wrong doing but I had no option. At that time JP Ind. was considered as a blue chip company and the transfer process took almost 3-6 month time. After 3 months, the price of JP Ind was around 35/- per share. Now everybody get tensed as I had already lost my part (5,00,000/-). Again to my disbelief, all shares were returned to me as bad delivery. I rectified all those bad delivery and when I got those shares in my name after two months, the price of JP Ind was 9.80/- per share. That means the entire value of the investment was 1,96,000/-. Still I was short of 5,00,000/- to get away from his liability. The only positive point was I had already gave him 70,000/- as interest money (which I had taken from my 1,40,000/- deposit, I kept with myself). Again I gave 40,000/- (which I got as dividend) to him towards his initial prepayment. So he had good faith on me. Now it was completely impossible for me to pay back 4,50,000/-.
But he was no way to hear my words. So I decided to start day trading in this market and my net worth was 70,000/- rupees.
Enter Day Trading
Within that trading phase of my life, I convinced my father to take some risk in stock market. He was totally a non-risk taker. After understanding my interest, he invested around 1,00,000/- in IPO as well as in secondary market. These two investments were IDBI IPO issue (where he got 400 shares at 135/- per share) and 1200 shares of Eicher Motors @ 40/- per share. Total investment was around 1,02,000/-. After keeping for more than year, that investment did not yield a single rupee (in fact there was a loss of 22,000/- on MtM basis) whereas his other investment in US 64 had earned him around 16% per annum with tax benefit. In fact, that put me in a very embarrassing situation. In case of IDBI, which was belived to be the best investment in that time, had taken more than 10 years to cross its IPO price. Since I wanted to start day trading, so I was needing some more money to pay back the interest due and to have some extra balance also. So I convinced my father and took those IDBI shares and Eicher Motor Shares from him. Actually, he gave me those shares in sympathy after seeing my failure in competitive examination. He also wanted to see my success. When I got those share, I immediately sold them in market and realised around 91,000/- rupees (still it was a loss of 11,000/-).
Now I had 1,60,000/- rupees but I did not know what to do with them. Before starting my trading career, I beg to that broker to spare me the interest component and after some heated discussion he agreed to cut down the interest from 2% per month to 1% per month. In gave me a huge relief. In that time, there were not much charting facility and the internet was out of the reach from a common man. All these facilities were used by either brokerage houses or high net worth investors. I had not seen them in any broker's office. When I discussed about trading with my broker, he offered me whether I wanted to go to Delhi Stock Exchange Floor or do Screen based trading (As NSE had already marked its presence.). I decided to go for screen based trading and to trade 4 to 5 times per week. He happily agreed to me. He charged me a brokerage of 0.15% (Just think there was no STT, very low transaction charges around 100/- per crore, no service tax & no stamp duty). My first position was +100 Reliance @ 330/- and I sold it at 334/- and got 300/- as profit (after deducting the brokerage). But in the subsequent trading, there was not much profit but I managed to keep my deposit intact. Although there was no loss but I had to pay 4500/- as interest. In the second month, same thing happened which put a lot of pressure on me. In the mean time, I was very close to 2-3 dealers of that office who operated NSE terminal. They constantly encouraged me. Suddenly a mishappening occured. At that time apart from software scrips, other famous counters were ITC and TATA TEA (Now Tata Global). I ordered to buy 100 ITC @ 830/- but one of the dealer wrongly bought 1000 ITC @ 830/-. For the next one and half hour we did not check our position as it was not in our favour. Suddenly ITC moved to 870/-. At that time I went for launch. When I came back I saw everybody was looking at me and my broker asked me '' are tune kya kardia". Your ITC was on move. Since there was a profit of 40/- so I told him to book profit in 100 shares. I thought my position was nil and went to my room happily. In those time DSE opened 30 minutes earlier than NSE and closed 45 minutes after the close of NSE. Around 7:30 PM suddenly I saw my two dealer friends came to my room and said you had done a marvelous thing and what will you do with your rest position. First I can't understand their words but they said I had open position of 900 shares of ITC. At that moment I was completely dumb. I clearly remembered I could not able to sleep in that night. In the next day, I saw ITC was quoting 890/- at DSE. Finally I sold all those shares at 895/-. I had realised 60,000/- as profit for this unexpected trade. I immediately paid 60,000/- to my broker and went to my home for holiday.
In my hometown, I had many friends who had just started their career in stock market. I had not disclosed my mishappening with anybodyelse but at a party I told to a friend that I had 20000 shares of JP Ind. @ 9.80 (which were still lying at Broker). So I asked him about its current price. I had mentally booked loss @ 9.80 and thought since it had come down from 60/- so it might go to 20-25 rupees. So it will be better to wait for some time. Now after that unexpected profit, I was mentally a bit relaxed. In the nextday, my friend said JP was quoting at 13/- (before it was quoting between 10-11.50). So it also gave me some confidence.
After 15 days I came back to Delhi and discussed the current status of JP Ind with my broker. He told me he had the news of 30/- within next 2-3 month timeframe. In fact within the next 15-20 days JP Ind touched 19/- rupees. So I thought, it will be better to wait for a month and dispose all shares around 25/-. By thinking so, I did not trade for next one month. But contrast to my belief, JP Ind had come down to 12/- in the next 10 days. In fact, I literally cried for not selling at 19/-. But in the next 15 days, it again touched 17/- rupees and I finally sold all at NSE at 16/- per share. I had realised 3,17,000/- after deducting brokerage. Now I had to pay 2,85,000/- to my broker to settle all my dues. I felt better than the previous situation and thought seriously about day trading. At that time there were no Tips (market call) services. So I subscribed to Dalal Street Flash News for short- term trading as I was completely ignorant of charting. It was a weekly news letter and I subscribed for six months. It published on every Sunday's evening but to my disbelief I received it around Thursday by post. So in the next one month, in fact I incurred a loss of 25,000/- rupees in trading because of that news letter and I completely lost faith from that news letter. The subscription of that news letter cost me around 25,000/- rupees which was a complete waste. Now 50,000/- loss in month put me in great pressure. I even couldn't able to concentrate in anything.
First time I saw some charts in Dalal Street Flash News although I could not understand them. In the meantime, I saw a person at the broker's office who was always looking at market depth screen and always asked the dealer to show (Shift + F10) in NEAT terminal. Initially I could not understand this but gradually I asked the dealer about (shift + F10), he told me this was the Hourly movement of that particular scrip. After gazing for sometimes I could not able to draw any conclusion since every day that data had been changing. One day, I asked that person regarding (Shift + F10). He told me " Chart banao sab samajh main aa jayega". In fact I did not know how to draw charts. One of my dealer friend casually said just buy a graph paper & plot the price. I took that line very seriously and immediately bought a graph book from the market. From the next day I started to collect the market movement data of 5 scrips. After plotting for 7-8 days, things started to get clear. These were only bar charts without opening and closing prices. It was the hourly range. Since there was only one goal in my mind to repay all the dues of my broker as soon as possible. At this point of time, I had around 1,00,000/- as balance. So after plotting for 10 days, these graphs fascinated me very much. I started to gaze these charts for hours in my room. Finally I requested that person to give me some past datas. After some initial hesitation, he gave me past 60 days data of 5 scrips for 1000/- rupees. I had to write those datas from his diary. For that purpose I had to go to his home.
Although I was very raw in the market, but at the same time I started to understand the mechanism slowly. First I noticed that when a move (upward or downward) started it lasted for 6-7 bars. In those six-seven bars, not a single bar breaks the low of the previous bar in an uptrend and no bar breaks the high of its previous bar in case of down trend. The most important thing that I noticed was the last bar (range) which was biggest among these six or seven bars. After that bar the trend reversed almost 80% times. Now the biggest mystery was how to find that trend.
PART II
Now I started to plot charts on graph paper and the picture was getting clearer. With my recent findings, I wanted to trade. I thought it was better to have some logic behind every trade. At the same time, I knew that I had to make profit and my capital should be intact which was very very difficult.
Anyway on that belief, I decided that my entry will be in third bar and the target will be the first 15 minutes of the sixth bar (whatever the rate it is). In adverse case, I will exit at the low of the first bar. On that theory, my first two entries (a long position) netted me a profit of 3000/- rupees. It gave me tremendous confidence. But to my disbelief, my next three to four trades were landed me in a net loss of 5000/- rupees. On the other hand, I had to pay around 3000/- as monthly interest to my broker. For my monthly expenses, I was completely dependent on my father but gradually I found pressure from my home to do something. So I was in a depressed condition. Some of my friend's in Delhi (who knew my situation) advised me to forget about my commitment, go back to my home and started something afresh there. But there was a guilty feeling in my mind and thought I had cheated somebody (my broker). In fact, at that moment I was completely mentally weak. I just wanted to get away from this situation but I didn't have any way (Yes, there was a way - That was to tell the truth to my father which I didn't). So I decided to continue. From the present perspective, I think it was a foolish decision.
Now I again analysed the situation and thought since the trend reversed from sixth or seventh bar 80% of time so I decided to go for counter trend trading. My initial parameter were I would enter in the last one-two minute of the seventh bar, in case of adverse movement, I would close the position at the end of the ninth bar (if its low/high is lower/higher than the eighth bar.). On that basis I initiated a short position in 200 ITC shares. At those time one can carry forward a position (long/short) to the next settlement through a mechanism called ALBM (Automated Lending and Borrowing Mechanism) which was started by NSE. But unfortunately, in the next two hour I lost 8000/- rupees. Later I came to know that it was a result day for ITC. Anyway, with frustration I came to my room and started analysing my situation. Finally I decided that this trade might belong to those 20% failure rate category. Then I went for a long position. Again to my disbelief, the trade went against me and there was a huge eighth bar but the price just started to reverse back. I wait patiently and luckly there was no ninth bar low and closed the position at cost because of my nervousness. After that trade I stopped for two to three days and try to get focused again. My next trade was short 300 shares of Satyam. This trade gave me a profit of 12000/-. But in the subsequent trading, I could not make any gain. Now I analysed the entire situation and my findings were
1. I had only datas of 5 scrips (Reliance, BHEL, ITC, TATA TEA and Satyam)
2. Since I analysed on hourly chart, so a signal comes after 4-5 days. On that basis the total number of trades I could do is 4-5 trades per month.
3. As per my capital I only took one position at a time.
4. When a trend started, almost all 5 scrips follow the trend but after 3 bars, only one or two scrips follow the trend but the rest either reversed the trend or went into sideways mode.
Now I had only one option i.e. to take position in all scrips. But my capital did not permit such type of trading. So for me it was completely a multiple question - answer type situation. That means I had to device some other method of trading.
Till that time, surprisingly I found every person who was in the market, was a looser (100%). But again to my dismay, I found they came again and again to the market with the hope that they would recover their loss which was never happen. This type of situation made my belief more miserable. Now I desperately wanted to run away from this situation but I was in such a position that I could not think to leave that broker. Also I felt pressure from home to either start a business or to join in any organisation. At that moment, I had around 98,000/- as balance money. So I decided to stop trading for the time being and pay 3000/- as interest amount to my broker for sometime and search any other means to repay his amount.
So I told my broker regarding my feelings. He gave me one week time to discuss the matter again.
After one week, when our meeting starts he inquired about my qualification. I told him I had completed my PG in Mathematics and also I had a MBA degree in Finance from IGNOU and a LLB degree. Also he inquired about my activity after the market hour. I told him about my manual charting practices and let him know about my latest findings. After looking all these things, he quite impressed about me. In fact, he was very impressed on my commitment to repay his dues. So he offered me to join his organisation. I joined his organisation as NSE dealer with a salary of 10,000/- per month. From this 10,000/-, he would deduct 5000/- towards his principal. My nature of the work was to trade in the market on behalf of the company. After six month of trading, he would evaluate my performance and may offer some performance based incentive also. Before trading, he will give some training for two month. Before getting that offer, I was totally depressed but that offer served as a ray of hope for me. With that offer, I found huge relief from my home front also.
In the next two month, I went through a proper but an unconventional type of training which from present day perspective was quite abnormal.
Journey Towards Professional Trading
I joined that Organisation around October, 1997 and my first week was totally eventless. I simply came around 9:30 AM and left for my room around 6 PM. After first week, my boss (Broker) called me to his chamber and gave me a sheet. That sheet contained daily clientwise profit/Loss statement. He said just go through it and I will give such statement for the next 5/6 days. He wanted my view on that report. After 5/6 days, he just wanted my view. I told him that I could not understand any thing from these reports. He first told me now you were the employee of this company, so don't discuss anything with anybody regarding our discussion. Try to keep it as secret as possible. I promised him to keep that secret intact. Now he told me, just look at the report, this was the clientwise trading (day as well as positional) report and almost everybody was a looser. Now we had made a process to make profit from these loosers. Whatever the profit you incurred from your trade you will be given 15% of the profit as incentive. At that moment I was so happy I could not even explain it in my own words. There were almost 200/300 clients trading on daily basis and just imagine everybody was a looser. Now he told me he had the data base for the past 2 years. From that record he found that some clients after loosing their initial capital came back to the market again after some time. He marked them as potential candidate. Their number was around 60. Now among these 60 clients, he allotted me 10 clients to handle.
Before starting any trading, he gave me a software to conversant with the numeric key pad and gave some training about NEAT terminal. I had to practice it for two hours daily. Now in our back office, he made my sitting arrangement. Beside me, there were another four persons. Our sitting arrangement was completely separate from others. Now he told me how to initiate a position. First I had to monitor the daily trading position on live basis. At that time, the surveillance process was not so robust. So I had to depend on the dealer who was punched the order for that client. That dealer told me about his (client's) position on intercom. Now I watched his position on my screen. If he squared up his position, then I had to do nothing but if he wanted to carry forward for the nextday, then I had to open a reverse position just 20 seconds before the market closing. After that I had to wait for the position to be closed by the client, then immediately I squared up my position. Another thing which I noticed there was the cumulative client position (it was provided by the company). I found when market was near or at the immediate top, there were huge client-wise long position and when the market was near or at the bottom, there were either huge short position or severe unwinding of long position. At those points, if my marked client had any position which was supported by the market (that means if my marked client was long and there was huge outstanding long position with somedays of market rally), then I had to build up a short position that was 20 times of that client volume with subject to capping at 10 lakhs, then I had to wait for the client to close his position. It was the exact modus of operandi of the total system. In that process, sometimes you gained and sometimes you lost but ultimately you will be a winner as eventually, that client will loose his money. In that belief, I started my trading after one and half month. In the first two month I was not able to make any profit (although there was no loss). Then my boss came and told me in a heavy voice that you must learn this skill from your colleagues and if you can't able to raise your performance then he might fire me. Now I felt the real private job pressure. I analysed my performance and I found most of these 10 clients trade in the B-Group shares which can not be carry forward to the next day and most of them were delivery based. So I told my boss regarding this issue but he did not want to hear any thing and said you have to concentrate on these 10 clients. Finally, I concentraded on 2-3 clients whose most trades were in A-Group shares. I thought, I should raise my normal volume to four or five times that of the client's volume so if there were any loss then I had to leave this company otherwise I would able to pay back my dues. It was a make or break type of situation. Fortunately, in the third month, I was able to make a profit of 40,000/-. That made my boss happy and he said me to concentrate more on trading. Average monthly profits of my colleagues were around 80,000/- to 1,00,000/- in the last 10 to 12 months. That also encouraged me a lot. Do you believe, in the next five month I had pay back all his dues (i.e. 2,80,000/-). At that time, I had already became a star performer. I noticed everybody's attitude towards me had already changed. In this five month, my average monthly profit was above 3,50,000/-. I remembered that day, when I paid his last due. I was totally mad. I made parties with my friends whole night as if there was no tomorrow. In fact, it was the most satisfying day of my life.
Now everybody must be curious to know how it was possible? I'll try to explain my view from present-day perspective. First, at that time brokerage for intraday activity was very high. To do counter trade activity, you need a good reliable data which can be obtained only from a brokerage house. You must do a thorough research before initiating a trade. That loosing trader must trade at most two trades per day. The most important point which I notice (which is also applicable to almost 100% cases today) was initially a client initiate a position on intraday basis but when it started to make loss, then that position converted to positional trade. Maximum times in those trades he suffered maximum loss. In fact, in recent times, I tried to replicate that type of trading activity again in my home town as I was posted as regional manager there. Believe me, again I got success and those counter trades were in commodity segment. But I can not continue it for long as my stint as regional manager was short.
Now come to my story. Gradually, brokerage rate for intraday trading started to fall. It was between 0.075% to 0.1%. More and more people chose for screen based trading. Their intraday activities were incresing gradually. So it was gradually became very very difficult to counter trade. In the next six month, I was not able to make any profit. To my surprise, the financial condition of my company was deteriorated very rapidly. I did not have any clue about that. Finally I decided to quit that company. Till that date, I was manually charted the graphs of those 5 scrips. Suddenly, I found a requirement from a brokerage house at Rajiv Chowk. It was a post for market analyst. Fortunately, I got that job.
Please go to my third part
PART III
Now my journey as a market analyst started from there.
I joined the new company around December,1998 and my salary was 13000/-. When I joined the company, my boss told me to concentrate on both fundamental as well as technical analysis. Till that day, I did not able to differentiate between technical analysis and fundamental analysis. On fundamental part, I used Dalal Street & Capital Market magazines for analysis. On Technical part, I did not even know the basics. Although I manually drew the charts, I did not even know that it was a part of technical analysis. Generally I thought day trading in fundamentally good company will always end in profit. So I used to recommend him on basis of my raw charting technique and financial results. For me fundamental analysis meant strong book value, good dividend paying track, consistent profitability. My recommendation were just average. So after 10 days, my boss asked me to give recommendation on the basis of technical analysis only. In my office, there was a software lying near to a dealer terminal. Some clients glanced it occasionally but that software was lying there like an orphan in fact completely useless. When I inquired my boss regarding technical analysis, he took me to that software and told me from today onwards, you have to use it, so be conversant with that software in one week. The name of that software was Knight-Rider.
It was my real entry into the world of technical analysis. Although I officially owned that software, I did not even know how to use it. Again I was not so computer literate at that time. So it compounded my problem there. So I think they may fire me after one or two month. But I was not much worried because I had a personal back up of around 1,50,000/-. So I tried to know as much as possible regarding Knight-Rider. First I took the print out of the help file of that software. It was around 1000 pages. Knight-Rider was, in fact, like Reuter. It provided both fundamental as well as technical analysis. It also flashed breaking news during the market hour (Now Knight-Rider was merged with Reuters). From that print out, I was able to know something about support and resistance, Bar Chart, Candlestick Chart, Trendline and some indicators. The part which fascinating me much was Candlestick. So I concentrated entirely on candlestick charting. I used it with my old study of trend analysis. I was always looking for some candlestick reversal pattern after six to seven bars rally or a down move. My accuracy rate was so high, I gradually thought that I got my holy grail. My boss was very happy on my recommendation and he started to trade on my recommendation. He told me to concentrate more on analysis. In the mean time I found that my company was charging intraday brokerage between 0.03% - 0.05%. 0.03% rate was applicable for those clients whose intraday turnover was more than one crore. Before I was paying 0.15% as intraday brokerage. With new found success in analysis, I thought it was better to take another risk with such low brokerage. I had already spent two months in that company. In fact, I was not mentally prepared to do 9 to 5 job. So I told my father regarding my intention and almost forced him to support my view. He finally agreed to my proposal and gave 1,50,000/- to start my new career. Now I've 3,00,000/- as balance money and I required 2,000/- to 2,500/- as my monthly expenditure. I conveyed my intention to my boss, initially he was a little bit upset but finally he accepted my resignation. As a kind gesture, my boss fixed my initial brokerage rate at 0.03% and told me to negotiate in future after analysing my volume. Also I took permission from him to use Knight-Rider. In the last three years, I had gain a lot of experience. With the support of that experience and the new found knowledge, I started my career as a professional trader. It was around March, 1999.
The years 1997, 1998 and 1999 were truly belong to software sectors. Any company (means any company whether it was a garbage or bluechip) with a technical name like software, tech, info or media was the hottest pick. Entire investing community chased them like a hot cake. Do you believe, almost all tech companies were appreciated more than 10 times during a year for consecutive three years. That means a single company was appreciated between 400-2000 times in these three years. Obviously, at the start of my trading career, my entire attention went into this sector. In fact, many scrips clocked a daily gain of 16% (maximum upward permissible limit) for some days.
So I concentrated on these scrips. I gave 2,00,000/- as margin money and kept 1,00,000/- with me for my day to day expenses. My style of trading (analysis) was of counter trend type. In fact when I tried to sell after six or seven up bars in 15 min. chart, the result was mediocre and in the first two month I was not able make a single rupee as profit. Even my broker offered me to join his company again but I politely declined. I gradually gave more time to read the charts. So I had to sit upto 6-7 pm at the broker's office. My broker also wanted my view regarding market. So he let me to sit in his office to analyse the charts. One conclusion I draw from this market was "trading and analysis were both different". In fact, my analysis was far far better than trading result. When one person actively trade in a market, his learning curve becomes much steeper (faster). In the mean time I had already known all the basic principles of technical analysis. In the last two months I realised that I had lost the capability of holding a position for longer time and started to book profit very quickly although I cut losses at stop loss level. Even after taking five to six profits in a row, a single stop loss hit erased my entire profit. After some analysis, I found although I entered as per my strategy but I could not follow that strategy after sometimes. That thing happened because of fluctuation in price. So I decided to leave the office for sometime after initiating a position with stop loss order. I told my dealer friend to intimate me on my pager for any movement. Since the software sector was in strong bullish mode, so counter trend strategy was not working well. So I select some scrips in software sector which were ripe for some correction. In that process, my first entry was in Global Tele System. After initiating the trade with stop loss, I left the office. Within 10 to 15 minutes, I got a massage in my pager that my SL was triggered. I rushed to office and saw Global Tele was quoting at 3% higher from my entry price. It made me very furious as my SL price was the day's low and in that process I lost 10,000/- rupees. I immediately went to knight-Rider and searched for some scrips then again I took position in Zee Tele. To my utmost surprise, stop loss triggered again with a loss of 10,000/- rupees. After loosing 20,000/- in a single day, I was completely shocked and left the trading for a week.
In the mean time, I knew lots people in trading circle. Again to my surprise, I found everybody was a looser. Suddenly, I introduced with a client (Mr. Gulati) in my office by my dealer friend. My friend told me to interact with him more. Since he saw me working with charts, he also took interest in me. I found that he was a businessman. Sometimes back he suffered huge loss in his business as well as in stock market and literally became a beggar. Within one and half year he managed to maintain his family in a normal way due to trading in stock market. It was a great moral boosting factor for me as I had not seen a single gainer in the market (including myself). So I tried to learn his technique. Basically he was a jobber and the company had charged him a brokerage of 0.015%. His daily turnover was between 4 crores to 10 crores. Company had provided him a separate terminal with a dedicated dealer (for a charge of 5000/- to 7000/- rupees). His technique basically based on screen reading. To my surprise, he had a positive payout. In the last two month, he had taken 1,50,000/- pay out from the company whereas I had zero payout. Gradually, I knew that he had accounts with another two brokers and they also charged him 0.02% brokerage. Since I was starved for success so I decided that I will monitor him closely.
Since I had no obligation, I decided that it is better to stay away from trading for the time being and concentrate in other things. So I told Mr. Gulati to keep me as his dealer since I was very much conversant with NEAT terminal and for that service I will not charge him a single paisa. After some reluctance, finally he agreed with a condition that I should not trade. In fact, it was a good opportunity for me to closely monitor his trade. He did not follow any charts. He was completely a tape reader. These were my observations as a dealer of Mr. Gulati.
1. He basically followed 4 to 5 scrips.
2. These were the scrips which had high volatility and high volume (Basically these were software scrips).
3. He was basically a jobber, at times his position stayed only for few seconds.
4. When he squared up his position in a profit, he let 10% of his position to continue and keep stop loss at breakeven price of that trade.
5. He never took any overnight position (at least during my association).
Believe me, such was his screen reading accuracy, he managed to make a profit of 75,000/- in a single month. My association with him lasted for one and half month. after that period, he switched to some other broker. In that one and half month, I was very fast on key board and told my broker to allot me a NEAT terminal for jobbing. He eagerly accepted my proposal. Again to my surprise, I was not able to make any profit in my first month. In fact, there was a loss (although the amount was not big). My daily turnover was between 5-10 crore and in that month I was generated brokerage around three lakhs with a brokerage rate of 0.02%. In this one month I had not followed any chart. Now I felt pressure on me as I spent six months without any result.
Finally, I decided that I will risk another 50,000/- to 60,000/-. If I will get any success, then I will continue, otherwise I will quit trading. It was around August 1999. Again I went back to the Knight-Rider and start analysing. I decided that I will risk 10,000/- in each trade with a total loss of 60,000/- and after initiating a trade I will place stop loss immediately and leave the seat and close the position by phone just 10 minutes before market close. In that process, my first trade was Software Solution (it was a favourite of Mr. Gulati). At that moment,I had a margin money around 1,60,000/-. So I initiated a long position of 50 shares with a stop loss below 200 points. In this trade I almost earned 20,000/- in a single day. From August, 1999 to February 2000 was the climax period for software sector. During this period, my 1,60,000/- had turned into 8,00,000/- only by positional trade. But when software stocks started to tumble, I lost 2,00,000/- rupees in only two trades. I was completely nervous by their vertical fall. At that time, market was divided into two type of stocks. One was New Economy Stocks (Software, Media and Telecom) and the other was Old Economy Stock (rest). It was a complete taboo to touch Old Economy stock. So I decided to buy some stock from Old Economy Stock of worth 5,00,000/- for long term purpose (more than 5 years) and go for a analyst job. I bought 1000 Bajaj Auto @ 550/- and searched for a new job. Finally I got a job with a NSE broker with a salary of 25,000/- per month. My joining date was 3rd October, 2000 (it was a Tuesday) It was a big achievement for me. On Monday (It was Gandhi Jayanti), one of my newly married friend invited me and some friends for launch. I was coming along with my friends on bike. In front of my friend's house, the bike on which I was riding got slipped. Although the fall was minor, but I suffered the major accident of my life.
After that fall, I had broken my right hand and after diagnosis, that fracture turned out to be fibrous displacia. For that disease, I had to be out from the market for more than one year. It cost me around 1 lakh. I was completely bed ridden for almost six months. From October, 2000 to October 2002, I was in my home town. Around, April, 2001, some people of my town came to me with a peculiar problem. There was a person who was supposed to be a regional manager of SBI had taken around 4-5 Crore rupees from public with a monthly interest varying from 3% to 10%. Now that person was absconding. So these people, after taking all the papers from his office came to me for verification. I found, that manager had entered into the market in 1999 with an amount around 25,00,000/-. Since the year 1999 was the most explosive year for software sector, he made good amount of money in that year after paying 3% to 4% of interest every month. That pay out spreaded like wild fire and it helped him to garner 4-5 Crores from public. In fact, he invested around 3 crores in software sectors and kept the rest amount for interest payment. After taking delivery, he pledged those shares as margin money and started trading. Within 5-6 month time frame, his entire amount had blown up. Right now that person (who was a respectable person in society) is staying at Mumbai and is doing tution for his livelihood. He has never come to his hometown since then. I have met that person personally at Kolkata where he initially stayed. Another incident which still remains in my memory was a suicide commited by a young couple and the story was same as above. I knew that couple personally. That incident occurred at the time of Ketan Parekh scam and the crisis at Kolkata Stock Exchange. In fact, after Kolkata stock exchange crisis, all regional exchanges lost their existence except BSE.
After staying for one year at home, I tried to trade from there. I took 50,000/- from my father again and 50,000/- from my account. It was completely "tukka" and trading was without any chart and the end result was complete washout. It happened within three months of trading. In the meantime, my sister's marriage had been fixed around April,2002. At the time of marriage, we suddenly needed 3 lakhs of ruppees. At that time, I sold my 1000 Bajaj-Auto shares @ 264/- (near its all time low) and gave 2,50,000/- to my father. I had lost 3,00,000/- rupees in this trade. He was very happy. After my sister's marriage, I decided to come back to Delhi again. At that moment my entire family was against my decision to come back Delhi. Finally I came to Delhi around October, 2002.
When I came back to Delhi, I did not have any back up. Since I was coming after a major setback in my life, again my father gave me 2,00,000/- for my future. I knew, this was the last help from my father as he was already retired. After reaching Delhi, I found that everything had been changed. Seven day carry forward system was completely abolished and a rolling settlement was introduced in stead. Most of the regional exchange brokers closed their offices. Paper trading was completely abolished. Future and Option segment had already introduced and the brokerage rate was sliced down to 0.03% -0.01% range. Most importantly, the jobbing activity was at its peak.
So it was very difficult for me to adopt in the new environment. Now everybody seem to be more professional. I went to the company where I got the joining offer, unfortunately that company was also closed and they shifted to real estate segment.
So I was little bit demoralised. One of my close friend called me to meet him. In fact he was a floor trader. Before my accident, he was working with a broker with good salary. But when I met, I found he was trading of his own at a broker's office. I asked him about this reason. He told me that sometimes around mid 2001, he got a tips (which he thought was a lottery) from a Mumbai based friend. Without thinking anything he took a leaveraged position in a single software scrip. In that position, he lost almost 25,00,000/- rupees. Because of his good relationship with brokers, he was told to repay the amount without any interest payment. That was the main reason for his trading. He told me he has already repay 15,00,000/- rupees. When I enquired more, he took me to his office and introduced to his broker. The office was situated at Daryaganj. I sat with him for about a month and found that his daily turnover was more than 60 Crore and his monthly payout was around 2,50,000/-. I had never seen such type of payout from jobbing, although Mr. Gulati had a very good monthly payout. I immediately told him to arrange a seat for me there. His broker promised me to arrange a seat within seven days but due to some technical unfeasibility the arrangement can not done. So I again came back to my previous broker and gave 1,50,000/- as margin money. Again I slowly started trading. At Daryaganj, the broker charged everybody 250/- per crore only. At that time, there was no sevice tax, Stamp duty, STT. Only Nse charged 75/- as turnover charges. Now here, my broker charged me 0.01% per crore as intraday brokerage. So my inclination was to trade at Daryaganj but that was not possible at that time.
For the next three month, my trading went smoothly and I managed to take a monthly payout of around 15,000/- to 20,000/-. My entire trading was of intraday type (not jobbing type) and I referred Knight-Rider for my analysis. One day around February 2003, I had a short position in one lot of HPCL future. The lot size was 2000. Unfortunately I was not able to close that position due to link failure. Since HPCL was trading around year's low so my intention was not to take it overnight.
PART IV
Let us come to our story. In fact,for the first time I was not comfortable with this overnight position as it was trading near year's low and it was a Friday. In the true sense it was a real nightmare. On Saturday night, Government's stand on disinvestment announced. They gave particular emphasis on Oil & Gas sector. On Sunday, financial channels like CNBC 18, aired valuation of share price of HPCL, BPCL, IOC etc. above 2500/- mark. But as per my analysis, I thought HPCL might open above 240 as it was closed around 223, my purchasing price. So at best I might incur a loss around 50,000/-. But in fact, it was not the case. HPCL opened at the upper range of the day and I closed my position around 295 same day. With a single stroke, I lost my entire capital. After that loss, I decided to quit the self trading forever and go for a job. After searching for 15 days, finally I found a job as technical analyst with a monthly salary of 10,000/- (there was no incentives). In fact, I was very very desperate to get a job. My new company was totally techsavy. They encouraged people to trade technically. For that purpose, they used Reuter, Metastock, Advanced Get (all were genuine) and Tradestation 2000i. So immediately I got a huge platform to horn my skill. There were independent senior analysts who traded on the basis of chart. It rejuvenated my demoralised mind. In fact I felt guilty, as I blown away my father's money. Slowly I tried to concentrate in my new job.
Initially, my new boss never forced me to trade or do any other thing. He simply told me to explore the net and read as much as possible. He told me he appointed me as his personal trader and be prepared to handle position of value around 2-3 Crore. It excited me much. Finally I started trading and it was in one lot in two to three scrips. I stayed in that company for 14 months. In those 14 months, I made a profit of 12 lakhs.
In between, I found my friend who was trading at Daryaganj, bought flat, car and everything. His monthly pay out was mindblowing. He was a famous name in Delhi's jobbing circle. The very low brokerage rate had always in my subconscious mind and in fact there was an urge inside to trade for myself. After working for 14 months, my salary was increased by only 2500/- without any incentive. I found no stimulant for my motivation. So I ask my friend to arrange a seat at Daryaganj besides him. After one week, he called me to join him. He also arranged Tradestation 2000i for my trading. After knowing all such things, finally I tendered my resignation to my boss.
For the first time in my trading life, I felt myself as a winner because I earned a profit of 12 lakhs. My trading style was mainly of positional type. In those 14 months I found, nobody in my company was a winner. Even those independent analysts who managed other people money were at breakeven level. Basically they made money because of insider news rather than chart analysis. In the turbulent times like defeat of BJP govt. in general election, they stayed aside. We had a company of four traders besides me who traded for my boss. They were also losers. So that profit of 12 lakhs, gave me tremendous confidence that I started to belive that I could make it in trading. Finally I left my job to start trading of my own.
At Daryaganj, in my first month I managed to make a profit around 15,000/- with a margin money of 50,000/-. There were around 200 professional traders. Some of them were independent jobbers (traders) like me and some of them were working for the company. 50% to 60% of them were arbitragers. The most important finding was "most of them were winners". I had never seen so many winners at a single place. It encouraged me a lot. Almost everybody had a margin of 50,000/- and the broker allowed them (including me) to have position in 5000 NIFTY (at that time, NIFTY was trading around 1700-1800 level) in a single trade. Even at these margins some of my friends took position of 20,000 NIFTY in a single trade although they closed the position within two minutes. Profit and loss sharing ratio was between 70-30 to 80-20 depending on your skill. The broker charged 250/- to 300/- per crore. Almost every alternate Saturday night, the broker threw party for jobbers. According to my friends, it was meant for motivating jobbers. From these parties I came to know that my broker was a big cricket bookie but I did not have any interest in cricket betting. There was almost a competition among jobbers to clock highest turnover. It gave them a self satisfaction. Their belief was " don't look at turnover, only look for the profit which you take to your home". In fact their trading style (in fact I had adopted their style) was responsible for such huge turnover. Till that time, the single day turnover record was 198 crore. It was in my friend's name. After somedays, in a single day, I clocked a turnover of 235 crore with a net profit of 8000/-. It immediately made me a hero. Although in the next one week, two of my colleagues broke my record with a daily turnover of 242 Crore and 268 crore. Although I made a turnover of 235 crore, but it made me nervous. So I decided to keep the turnover below 40-50 crore. I generally followed one and two minute chart for trading. In that way, my first three month were passed happily. I took around monthly average of 35,000/-. It was the lowest monthly payout of a trader but I was happy.
Then suddenly Delhi Govt. planned to imposes a stamp duty of 150/- per crore. Suddenly all jobbing and arbitrage activities came to standstill. My broker started to collect that 150/- rupees per crore from us with assurance that he would return all the dues if it was not levied by the govt. I found this excess 150/- rupees had a marked presence in profitability. Almost all of my colleagues profitability were downed by more than 50%. Even my monthly payout was come down to 15,000/- - 20,000/-. After sometime, govt. had clarified that the duty will be applicable in financial year 2005-2006. So we all wanted these money to be returned to us. Can you believe, this stamp duty amount in the last six month turned out to be above 10 crores and my broker simply raised his hand and said he was bankrupt in cricket betting. In these due, my part was 5,40,000/-. So I lost all those things. Within one month, his company was bought by another broker. Finally I took my deposit amount from the new broker and went to my home. In the meantime, Mr. Chidambaram levied the dreaded STT and it along with stamp duty was completely smashed the most of the jobbers and arbritragers immediately as it was very very difficult to make profit in current scenario. Only those hardcore continued their journey.
In the last four days I was quite busy in a very unfortunate situation. I came to my home town as a regional manager. At that time one of my close friend, who was also a trader, was trading at sharekhan. I requested him to open an account with our branch. Although he was a loosing trader but from business point of view he generated good brokerage for sharekhan. So he opened an account for my sake. Although my stint as regional manager was very short (about 3 months), but my association with my branch still continues as independent advisor. For the last two year he lost almost six lakhs rupees. On Wednesday (28/11/2012), his account balance was 2.5 lakh rupees. Since our company provides leaverage (almost 7 times) for delivery based trading, he used that leaverage system and took delivery of shares worth 15 lakhs. While going to his home, he met an accident and died on the spot. Today, I sold all his holding and requested my company for total payout as this money will be of great help to his family. In the last four days, he gained more than 3 lakhs. What a pity!
Let us start our journey, when I came back to Delhi, I found jobbing and arbitrage was very difficult to continue. So I decided to join a company and finally joined as a senior technical trader for a company. My responsibility was to trade for the company on the basis of chart analysis. But the work culture of that company did not suit me. So after four months I left that company. In the mean time my marriage had been finalised. So I decided to go back to my old company where I made a profit of 12 lakh.
I decided to go for only investment and invested around 3 lakhs. But unfortunately, my investment was depreciated by more than 60%. It happened in 2006. That incident made my initial phase of married life very turbulent. Although my in-laws knew my job very well but after marriage they told it was a gambling job. That type of view made my life very miserable and I did not able to trade in a profitable way. My boss knew my situation very well and he immediately kept me out from trading. My only job was to advise branch managers, clients and my boss. In that way I continued till September, 2008. In between that period, one of my female colleague (in fact trained by me) made a profit of one crore in one year. Till 25th January,2008, her profit was one crore. In fact she was entitled for a special bonus. At that moment, she was completely uncontrollable. Her body language was so rude, one could not imagine. In the meantime, my boss went to Canada for one month. During that period she lost 25 lakhs and in the next four month she had lost all one crore. In September 2008, finally my boss decided to close the research unit due to bad market condition. So all of us lost the job due to poor market condition. Just imagine my position, the day I lost my job, on that day my son was born. At that time, the situation was so worst that nobody in broking circle answered my call. Again my in-laws were get very furious towards me and that situation completely drained my all resources. Now I left with some few thousands of rupees.
In October 2008, the condition was so severe that nobody in broking/financial community picked up my call. So forget about the job. During the Dushera Festival, I got a phone call from HDFC phone banking service regarding personal loan. Since I was in very miserable state, so immediately I asked them for a personal loan. Since I was not taking my September salary from my office and my salary account was with HDFC bank, so luckily I got a personal loan of 1,45,000/-. My monthly EMI was 4087/- for 48 months. It gave me some inner strength although I knew that I was doing a wrong thing. Actually at that moment my brain was stopped working. The only thing in my mind was to earn some money. I opened an account with my current company and deposited 1,00,000/- as margin money and start trading.
On 25th October, 2008, my boss where I was working, asked me to come to his office to finalise a technical software. At that moment, since there was extreme panic,he wanted my view regarding market. It was Saturday and I told him on Monday, market will form its intermediate bottom and that bottom will hold for next two year atleast.After that Nifty will consolidate for sometime before resuming its upward journey. My target were 4400 and 5000 in the next two year. In fact, on Monday, Nifty made a low of 2252, till today that low has never tested. In the meantime, three months had been elapsed and on trading front I was in loss of 50,000/- and due to my monthly expenses and EMI, my cash balance was also depreciated by 45,000/-. In fact, I was in a horrible situation.
Suddenly, I got a phone call from my old boss and he again offered me to rejoin his company as he was quite impressed in my analysis. In fact, it was like a ray of light in dark. I immediately joined his company for a salary of 22,000/-. Also there was a commission of 15% in profit. Initially my daily profit was around 15,000/- and I was quite happy with that result. Suddenly, that lady (who made a profit of 1 Crore) again joined in our company as an independent trader who will only trade for the company. In her first three day, she made a profit of 15,00,000/- and got 2,00,000/- as bonus. That performance made my boss a little bit greedy (I think). He immediately told me to trade aggressively and start comparing myself with that lady. One of his other instruction was I must have some overnight position (long or short) everyday. As per his instruction I started to trade positionally and ignore intraday trading. My daily profit and loss (mark to mark) figure went into some lakhs.Someday my profit figure shows 6-7 lakhs and someday my loss figure showed 5-6 lakhs. I always used stop loss and never kept any loosing position beyond stoploss level. In that process, I made around 25 lakhs profit in a single month. On the contrary, my lady collegue started to make loss. In the mean time, my company appointed an analyst with very high salary, who came from sharekhan. When he saw our trading, he gave proposal to my boss to trade on the behalf of the company. He told us that he knew some method where he can make more profit. After listening his proposal, my boss allowed him to trade for the company. In his first two days of trading, he made around 5,00,000/- of profit.On third day within 11 AM he again made a profit of 1,25,000/-. After that my boss came to him and said please trade patiently, in fact he was trading Nifty for three-four points with huge quantity. But he was in uncontrollable state. When my boss went to his cabin, he again started trading. I observed that his body language was telling that he was going to commit a big blunder. In fact, what I was expecting had happened immediately. Suddenly I saw all of our RMS staff rushed to him along with my boss. The fact was he was taking long position of 25000 Nifty and at that moment Nifty was trading 25 points below his entry price. After some hesitation, my boss forcefully closed the position below 32 points of entry price. Ultimately he lost 32,00,000/- in a single trade. After that trade, my boss tried to cool him down and advised for more than 30 minutes but at that moment his morality was so low that from the very next day he stopped coming to office.
Now come to my trading. When my boss saw my account with a 25 lakhs profit, he gradully started to build huge positions in my account. When I asked him about the position, he told me always