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Archives of “January 12, 2019” day
rssMark Douglas: 7 Keys to Trading in the Zone
“I am a consistent winner because:
1. I objectively define my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.”
It's better to do something and fail, than do nothing at all.
Thought For A Day
Which Kind Of Person Are You?
What kind of person you are “outside the charts” will help determine what kind of trader you will be “inside the charts”.
If you are of the first kind, “the wills”, you will overcome all the obstacles on your way to consistent success. You will accept, even embrace, uncertainty as the driving force behind the next big opportunity for gain. You will lose gracefully and move on to the next trade, knowing that trading is a game of probabilities and possibilities; not certainties and absolutes. You will leave money on the table, thankful for what you were able to gain; not bitter by what was left. If you are of the first kind you will succeed. You will indeed.
If you are of the second kind, “the won’ts”, you will look for the always elusive easy road to riches. You won’t believe in the effort required to become a disciplined trader, driven by solid habits repeated daily. You won’t apply the skill necessary for managing risk as that would require planning and preparation, something you just do not have time for. You won’t develop your own well defined trading edge, depending instead upon others to do it for you. If you are of the second kind your opposition to anything other than what is easy will make it quite difficult to succeed when times get tough, and they will but you won’t.
If you are of the third kind, “the can’ts”, you will blame everyone and everything for your failures. You can’t succeed because you are too busy finding fault in any trading strategy that produces a loss. You can’t succeed because anyone who does so has some special knowledge or gift that you obviously cannot possess. You can’t succeed because the market is rigged. If you are of the third kind…quit. You are a quitter with a quitter’s attitude. Be in the majority. Be a can’t. It’s easy.
So, what kind of person (trader) are you?
Warren Buffett's Childhood Hustle
Move. Body mind connection is no joke. It is what keeps you alive. Few understand this.
Trade with Discipline
“Without discipline, you will be unable to master your ego, create empowering beliefs, have faith, and develop confidence in your abilities. The lack of discipline will prevent your skill as a trader from progressing.”
Making an occasional winning trade, that ignores your trading plan, may provide short-term pleasure, but entering trades unsystematically can adversely influence your ability to maintain discipline over the long term. Why? When you stop following your plan, you are being rewarded for a lack of discipline. You may start believing that abandoning your plan is therefore not a big deal. Then, whether consciously or unconsciously, you’ll begin to think: “I was rewarded once; maybe I will be rewarded again. I’ll take a chance.” Positive outcomes from undisciplined trading are most often short-lived, and the lack of discipline will ultimately produce trading losses.
Who cares if the win is from my plan or not? It’s still a win, right! A win that results from following a trading plan reinforces discipline. A win that occurs by chance (deviating from your plan) will increase your bottom line temporarily, but may cause harm to your psyche and be responsible for future unexplained losses. It reinforces undisciplined trading. (more…)
Amateurs/Professionals
AMATEURS
Ask permission.
PROFESSIONALS
Do. Amateurs are afraid they’re going to ruffle feathers, they’re afraid they won’t have success, they want everyone to feel good about them. Professionals know this is an impossibility. Sure, there are amateurs who don’t ask and do heinous things, but they usually don’t even see the landscape to begin with. Decide and then act.
AMATEURS
Manipulate.
PROFESSIONALS
Make their counterparts believe the behavior/solution is to their advantage. No one likes to be manipulated. They don’t mind being influenced, even if it benefits others at the same time. They just don’t want to be a pawn in the game. (more…)
Forget Fundamentals ,Growth Story ,Inflation ,IIP…..All Manipulated ,Just See Chart and Trade.
FIIs Control Indian Market
Corporate India ,Mutual Funds ,Media …………..Manipulate Indian Market
It’s Not an Art :U Buy Stock at 100 & In Every Decline U Buy Buy Buy Buy Upto 30-40 & Say Hold for 1-3-5 Year Big story !
Which Father in INDIA having Money ?All Corporate Playing Dirty Game (Everybody is Involved ).Corporate Investing (Putting Money )in Mutual Funds…and Manipulate stock easily.
Retail Traders :Are Losers……………………………95% are Losing TONS of Money
Do Anything :Only 5% Traders will Mint Money.
FIIs are like Viagra for Indian Market !