- Never allow a profit to become a loss. If a profitable trade turns into a losing position, then you have lost twice. Consider taking a portion of the trade as a profit, and if your long term opinion is favorable, then let the rest ride for the duration of the trade.
- Always start the day with your focus on good trade execution and not on big money. Money will take care of itself. A rational mindset trumps irrational behavior every minute of a day.
- Oversee each day carefully, but let a profitable week be your goal. Individual trades may go against you, but a week of stellar opportunities will await your mouse click. In other words, don’t gamble on a bad set up just to get even for the day.
Archives of “January 11, 2019” day
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Do Anything -Still Only 5% Traders will earn-Open Challenge
-Avoid Blue Channels :100%
-Don’t Trust Results +Fundamentals :Everything Manipulative
-Highest level of Insider Trading -Happens Here (But Nobody will ever be caught )
Technically Yours/ASR TEAM
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Optimism & Pessimism
Optimism means expecting the best, but confidence means knowing how you will handle the worst. Never make a move if you are merely optimistic.
Optimism can be a speculator’s enemy. It feels good and is dangerous for that reason. It produces a clouding of judgment. It can lead you into a venture with no exits. Even when there is an exit, optimism can persuade you not to use it.
You should never make a move if you are merely optimistic. Before committing your money to a venture, ask how you will save yourself if things go wrong. Once you have that worked out, you’ve got something better than optimism. You’ve got confidence.
Do U know this Fact about Currency ?
This is very true about stock trading and life in general.
It is the way a man looks at things-Reminiscences of a Stock Operator
“It is the way a man looks at things that makes or loses money for him in the speculative markets”, states Livermore. It is the habitual attitude that sets the experienced professional apart from the beginner. The ego driven thought patterns, not unlike the thinking of crowds, tends to be shallow and superficial.
Three different examples of successful large-scale trading campaigns are given to illustrate the thinking and the attitudes behind the trade. The first case study relates the correlation between activity in different ag markets. The second is an example where Addison Cammack uses the information from a tipster as a means of playing for position in the general market. The third campaign centers around a repeating theme: the opportunity needed to liquidate a large, profitable position. Often, the large trader must liquidate when the market is there to absorb a large line. Days of high liquidity and high volume are opportunities that must be watched for and acted upon quickly. In each example, the thinking of the crowd (and that of the tipster) is contrasted by the correct assessment of the large trader – this is one of the most important themes that is repeated in every chapter.
It occurred to me that Larry always has a reference to where he learned his lessons. That is, he always has a story or an example of the actions of other traders to support the rational of his actions. I only just realized that he must have done the very same thing I am doing now… researching and learning all he could from others.
The Power of Regret
Everyone knows that chasing price is usually not beneficial, we either end up catching the move too late, or we get poor trade location, which makes it more difficult to manage the trade.
However, there are other forms of chasing that are just as common, maybe more common, and just as counter-productive. As a trading psychologist I see these all the time.
Traders who are not profitable are often too quick to chase after new set-ups and indicators, or a different chat room, if that’s your thing. Obviously, we need to have a trading edge, whether it is from the statistical perspective of a positive expectancy, or simply the confidence in a particular discretionary strategy such as tape reading, following order flow, market profile, etc.
Chasing a trade is the fear of missing out. The fear of missing out is associated with various emotions, including regret. In my work with traders and in my own trading, I’ve seen the incredible power of regret. There’s a lot of talk about fear and greed in trading, but the power of regret is often overlooked. Some of my own worst trades, and those of my clients, often have a ‘regret from missing a prior opportunity’ component. When I finally finish my book on the psychology of financial risk taking, I will include much about this overlooked but very powerful emotion.
Somewhat related to chasing a trade, is impulse trading. They both have in common the underlying feeling of the fear of missing out. It’s tempting for me to talk about impulse trading here, but it really deserves its own piece.
20 Wisdom Points for Traders
(1) Be faithful & honest with yourself in your trading, be diligent & consistent & it will bring you Prosperity.
(2) Those who work their plan will prosper, but those who chase fantasies lack judgment.
(3) Steady plodding brings prosperity; hasty speculation brings poverty.
(4) Those who want to do right will get a rich reward. But those who want to “get rich quick” will quickly fail“.
(5) Trying to “get rich quick” is wrong & leads to poverty.
(6) Wealth taken from gambling quickly disappears; wealth from diligent effort & hard work grows“.
(7) Follow the rules & keep your financial life intact; ignoring them means financial ruin.
(8) A person without self-control is as defenseless as a city with broken-down walls.
(9) The wise control their temper. They know that anger causes mistakes.
(10) The intelligent are always open to new ideas, in fact they look for them. (more…)
Some days you feel as if you can do no wrong no matter how stupid u are .Without Trading levels -Strategy :Don't Trade
90% or More Traders do same ………….What she is Doing ?Just Don’t Know Trading levels /Strategy and Trade Daily
Forget about Creating Wealth ,U will not able to Mint Money -It’s Open Challenge
Remember one Thing :U are Wasting Your Precious Time & Money if u not earning ,Don’t worry about Blue Channels-They Mint Money from Companies/Manipulation during Trading season /Advertisement.
Your Broker Minting Money :By Taking Brokerage ,GOVT Minting Money from TAXES.