Don't hope. The market doesn't give a shit about your hope……..
Archives of “January 2, 2019” day
rssTrading Vs. Professional Gambling
Marcel Link in his excellent High Probability Trading is not the first to equate the skills of the professional gambler with the skills needed to succeed as a trader but he does it very convincingly:
[The professional gamblers] don’t take unnecessary risks or gambles. They know when the odds are in their favor and will bet more when the odds get better. If the odds aren’t there, they won’t risk nearly as much, if anything. They know how to protect their winnings, and they know how to call it a day when Lady Luck is blowing on some other guy’s dice. Having this discipline lets them come back to the table the next day. […] (more…)
Great Traders: Five Distinguishing Features
* Everyone is wrong in the markets at times. The difference between the great traders and the unsuccessful ones is in how long they stay wrong.
* Addictive traders get high from action; great traders get high from mastering markets–and mastering themselves.
* Great traders do their best work when they are not trading; unsuccessful traders do not work when they are not trading.
* Every loss of discipline is a self-betrayal; great traders are true to themselves and stay disciplined as a result.
* Great traders focus on the two things they can always control: when they play and
how much they bet.
You will never achieve greatness by minimizing your weaknesses. At best that will
bring you to average. The path to greatness lies in maximizing strengths: becoming
more of who you are when you are at your best.
If you think…
If you think you are beaten, you are;
If you think you dare not, you don’t.
If you’d like to win, but think you can’t,
It’s almost a cinch you won’t.
If you think you’ll lose, you’re lost,
For out in the world we find
Success begins with a fellow’s will;
It’s all in the state of mind.
If you think you’re outclassed, you are;
You’ve got to think high to rise.
You’ve got to be sure of yourself before
You can ever win a prize.
Life’s battles don’t always go
To the stronger or faster man;
But soon or late the man who wins
Is the one who thinks he can.
The longer you trade the more you will realize the significant of this book
How Big Is The Universe?-VIDEO
Five Steps To Consistent Profits
- Work on yourself and your personal issues so that they don’t get in the way of your trading. This step must be accomplished first; otherwise, it would interfere with each of the other steps.
- Develop a business plan as a working document to guide your trading. This business plan is not to raise money, which is the purpose of many business plans. Instead, it’s designed to be a continual work-in-progress to guide you throughout your trading career. The business plan actually helps you with all five of the steps. The plan also includes an overview of the big picture influencing the markets you will be trading and a method for keeping on top of those factors so that you will know when you are wrong.
- Develop several strategies that fit your view of the big picture and understand how each of these strategies will perform under various market types. The ultimate goal of this step is to develop something that will work well under every possible market condition. It’s actually not that hard to develop a good strategy for any particular market condition (including quiet, sideways). What’s difficult is to develop one strategy that works well under all market conditions—which is what most people attempt to do. (more…)
MCX Crude :Update
Last close Rs.3460
Laxman Rekha at 3548.
Crossover/Close above this level will take to 3688-3735 level.
Support exist at 3444-3426 level.
Once breaks and closes below 3426 level….Watch panic upto 3373-3355 level.
Do u want to know Trend of any Metal /Commodity ..just send me 
[email protected]
Updated at 20:36/29th May/Baroda
The Universal Principles of Successful Trading – 5 Points
A book review for Brent Penfold’s book “The Universal Principles of Successful Trading: Essential Knowledge for All Traders in All Markets”
This book is excellent for traders that are ready to accept its lessons. You need a foundation in trading to understand the importance of what the book is advising, and take the principles seriously with an open mind. Once you are through the rainbow and butterfly phase of trading, and realize that you will not be a millionaire in a year, this book will help you get focused and become serious about trading.
Here are the six universal principles of successful traders:
1). Preparation
Author Brent Penfold is in the minority, believing risk management is the #1 priority in trading. Brent believes that once you get your trading system and position size in place, you must use the amount you will risk on each trade to determine your risk of ruin. The book shows exactly how to figure this out using Excel. He believes that if your risk of ruin is not zero, then you will eventually blow out your account. Risking 1% to 2% of your capital in any one trade usually gives you a zero percent risk of ruin, but it also depends on your systems win/loss ratio. Make sure to test any system with a minimum of 30 trades and then determine your risk of ruin. I would advise a larger sample size in multiple market environments. A trend following system that looks brilliant in a trending market may result in a 50% draw down in a choppy or range bound market.
2). Enlightenment
Your most important goal is to lower your risk ruin to zero. In trading, the trader with the best ability to cut losses short wins. Simple trading strategies work the best based on traditional support and resistance levels, while trading with the trend on either reversals or break outs. The 10% of winning traders in the market win by treading where others fear; buying on break outs when they first occur, and going short when a new low is made. Buying into key reversals when a security finds support or resistance, and reverses at the end of a monster trend, is also a tactic of winning traders.
3). Developing a trading style
You must choose your own personal style of trading: swing trading, trend trading, etc. You must also trade based on your chosen time frame: intraday, short term, medium term, or long term. (more…)
Over Trading
Overtrading is a major obstacle for profitability. People tend to overtrade when they don’t have a plan for the trading day/week.
If overtrading is a major issue for professional traders, lack of discipline is a major issue for developing traders. (more…)