Respect to the trader who acts like a trader
Archives of “January 6, 2019” day
rss“A Little Bit More”
The most successful people in any area of life seem to do what most others also do, but then they do “A Little bit More”.
In trading, many of our friends and associates who do not trade will try and convince us to quit.
This is mainly because they have found that they cannot do what you do. Don’t allow this to change your goals. Keep on doing what it takes..
Thought For A Day
2018 has been a relentless -25% bear market for the world's largest investment banks.
YOU MIGHT BE A TRADER IF…
You look at mountain ranges and see 5-wave structures and 61% retracements.
You look at the night sky & see a hammer pattern instead of the Big Dipper.
You are Catholic and you confess to the Priest that you broke your own stop loss rules.
You might be a trader if you’ve ever considered opening your own Fibonacci’s Italian restaurant.
You might be a trader if you know that Head and Shoulders isn’t referring to a shampoo
You go to the bathroom during market hours and it costs you Rs 50000/-
You regularly check the futures on your iphone when you get up in the middle of the night to take a leak.
You would take a knife to a gun fight and a gun to a knife fight.
The only cable channel number you know is CNBC
Someone asks you how you are doing and you answer either resting or poised to go higher
When shopping or eating out, you rate the company’s service as a buy, sell, or hold.
Your last trade was your “dumbest” trade ever and the one before that the second dumbest ever
You routinely starve yourself from 9:15 to 3:30 IST
Great Trading is Great Technology
tech·nol·o·gy [tek-nol-uh-jee] noun
1. the branch of knowledge that deals with the creation and use of technical means and their interrelation with life, society, and the environment, drawing upon such subjects as industrial arts, engineering, applied science, and pure science.
2. the terminology of an art, science, etc.; technical nomenclature.
3. a technological process, invention, method, or the like.
4. the sum of the ways in which social groups provide themselves with the material objects of their civilization.
Probability of Success
Market is rallying and you missed out? Here’s a chart flow of my thought process when that happens
Know When to Trade (and When Not to Trade)
Successful traders know when to trade: they trade when their system tells them to. That might seem like an obvious point, but people too often forget it during the excitement of actually having money on the line.
A trader should be governed by his or her system, not by the circumstances of the moment, the market, or the outcome of a few trades. Keep a long-term perspective which focuses on developing a consistent, repeatable strategy. You won’t know what is successful or what fails if you constantly change your reasons for trading.
It is hardest to keep this kind of control when you’re experiencing losses. But this is also the most crucial time to be consistent. Otherwise, you won’t know how to avoid downturns in the future, or how to prevent them from becoming too damaging. (more…)
Indeed
