Archives of “January 14, 2019” dayrss
1) Forget about performance and results numbers (i.e. P/L, Wins vs. Losses). These numbers only blur the plan and increase the anxiety on not losing on next trade. This aggravates the proper mindset to prepare to trade properly. Perfectionists will not execute well and will try to focus on buying low (bargain hunting to win) when the entry is not right.
2) Create the trading plan and write it into details to avoid ambiguity. This helps prevent loosely interpreted actions and end with too much leeway and perfect execution won’t be successful.
3) Focus on the charts and work toward identifying and preparing the entry and exits. Having these numbers in mind will keep the focus on the executing at the right prices.
4) Focus on the Risk:Reward ratio in mind. Having this ratio will keep the execution precise because any miscue will change the ratio in negative way. If the ratio is set, chances of the making the perfect entry and exits are higher. (more…)
– Understand that each and every equity analyst has an axe to grind, you can listen to an analyst on Blue Channels or read their reports but one must understand where they are coming from and how they are biased.
– Mute financial television 99.9% of the time and don’t get fooled by the over-utilized enticing ‘Breaking News’ banners.
-Just watch Beautiful babes (Anchors )….Nothing else.
-Everything else from Source base to Breaking NEWS is Manipulative only
Techncially Yours/ASR TEAM/BARODA
Curiosity may have killed the cat but impatience has been the slow death of many a trader. The market has a way of rewarding those rare individuals who respect the market’s fickle temperament. The market does what it wants to do when and how it wants to do it regardless of our need to be right, right now, about our trade. We can either accept this fact and trade accordingly or we can challenge the market’s authority and risk not only our pride but our money to boot. Pride may be good for the ego but will get us nowhere when our brokerage account is depleted. Patience eliminates acts of desperation when we do things we would not ordinarily do, such as jump into trades when there are none, add to losers, and double up to make up for a recent loser.
1. Have a process w unbreakable discipline. Great trades sometimes come with small losses. Keeping losses in check is key… there is always another day and capital is a traders lifeblood.
2. It’s a marathon and amazing opportunities come to those with patience, available capital, and a thoughtful plan. Timeframes are key and patience can mean waiting an additional 15 mins, an hour, a day, or a week, or legging into weakness or out of strength similarly. Exiting profitable “long” trades in fractions (while raising stop-loss levels) allows you to let them run and maximizes profits.
3. The trend is your friend but don’t marry it. Letting emotion get the best of you often leads to lost profits. Become balanced and make sure that you can make money bull or bear. Get to know yourself. Do an honest assessment and work within skills & psychology. Stretch yourself but don’t try to be someone you’re not. And that goes for life as well.
4. Don’t second-guess yourself due to “the crowd.” Let your plan (and your stops) do the second guessing.
5. Respect others like you respect your money. Work hard, give freely. Make money.
It seems clear, doesn’t it? The purpose of trading is to make money. The trade is planned, entered, and exited with the goal of increasing the size of one’s trading account. What other purpose would there be?
The dictionary says this about purpose:
“something set up as an object or end to be attained : intention b: resolution, determination”
The purpose of trading is to not lose money.
The purpose of trading is to practice discipline.
The purpose of trading is to use my talents.
The purpose of trading is to grow.
Or how about:
The purpose of trading is to express my true nature. I was meant to be a trader.
Maybe the purpose of trading is simply to trade. Because that is what you have been called to do, or what you are meant to do, or it’s the highest expression of your nature as a producer rather than a consumer. When you trade successfully, you are disciplined, you are growing, you are using and developing your talents, you are making money, and you are creating wealth from scratch. But most of all, you are trading because it’s the right thing to do for you.