Chart of the Day
Archives of “January 21, 2019” day
rssBet on the horse or not. There are consequences either way.
Great quote by Marty Schwartz which sums up where so many people go wrong in trading.
“Most people think that they’re playing against the market, but the market doesn’t care. You’re really playing against yourself”. – Marty Schwartz.
The full quote is was from the following paragraph from Schwartz’z book – ‘The Pit Bull’s Guide To Successful Trading’. Schwartz himself was one of the original interviewees in the original ‘Market Wizards’ book.
– I’ve said it before, and I’m going to say it again, because it cannot be overemphasized: the most important change in my trading career occurred when I learned to divorce my ego from the trade. Trading is a psychological game. Most people think that they’re playing against the market, but the market doesn’t care. You’re really playing against yourself. You have to stop trying to will things to happen in order to prove that you’re right. Listen only to what the market is telling you now. Forget what you thought it was telling you five minutes ago. The sole objective of trading is not to prove you’re right, but to hear the cash register ring. (more…)
10 Things We Can Learn From Japan
1. THE CALM Not a single visual of chest-beating or wild grief. Sorrow itself has been elevated.
2. THE DIGNITY Disciplined queues for water and groceries. Not a rough word or a crude gesture.
3. THE ABILITY The incredible architects, for instance. Buildings swayed but didn’t fall
4. THE GRACE People bought only what they needed for the present, so everybody could get something.
5. THE ORDER No looting in shops. No honking and no overtaking on the roads. Just understanding.
6. THE SACRIFICE Fifty workers stayed back to pump sea water in the N-reactors. How will they ever be repaid?
7. THE TENDERNESS Restaurants cut prices. An unguarded ATM is left alone. The strong cared for the weak.
8. THE TRAINING The old and the children, everyone knew exactly what to do. And they did just that.
9. THE MEDIA They showed magnificent restraint in the bulletins. No silly reporters. Only calm reportage.
10. THE CONSCIENCE When the power went off in a store, people put things back on the shelves and left quietly.
17 Trading Maxims For Traders
1 Accept the fact that some days you’re the pigeon, and some days you’re the statue!
2 Always keep your words soft and sweet, just in case you have to eat them.
3 Always read stuff that will make you look good if you die in the middle of it.
4 Drive carefully… It’s not only cars that can be recalled by their Maker.
5 If you can’t be kind, at least have the decency to be vague.
6 If you lend someone $20 and never see that person again, it was probably worth it.
7 It may be that your sole purpose in life is simply to serve as a warning to others.
8 Never buy a car you can’t push.
9 Never put both feet in your mouth at the same time, because then you won’t have a leg to stand on.
10 Since it’s the early worm that gets eaten by the bird, sleep late.
11 The second mouse gets the cheese.
12 When everything’s coming your way, you’re in the wrong lane.
13 Birthdays are good for you. The more you have, the longer you live.
14 You may be only one person in the world, but you may also be the world to one person.
15 Some mistakes are too much fun to make only once.
16 We could learn a lot from crayons. Some are sharp, some are pretty and some are dull. Some have weird names and all are different colors, but they all have to live in the same box.
17 A truly happy person is one who can enjoy the scenery on a detour.
Game Plan
Creating a game plan is very easy and you can do in a matter of minutes. Here are the key steps to creating a very basic game plan:
1) Write down your reasons for buying or selling a particular market.
2) Write down your entry point for the market you’re about to trade. Why are you getting in? Did you see a technical set up?
3) Write down when you are going to exit this market. Why and when are you going exit? Was your profit target reached, or were you stopped out?
4) Do not make market decisions during trading hours. It may sound easier said than done, but watching the daily ticks can cause your emotions to go haywire. (more…)
Life Wisdom
There is a Zen story about a poor man walking through the woods reflecting upon his many troubles.
He stopped to rest against a tree, a magical tree that would instantly grant the wishes of anyone who came in contact with it. He realized he was thirsty and wished for a drink. Instantly a cup of cool water was in his hand. Shocked, he looked at the water, he decided it was safe and drank it.
He then realized he was hungry and wished he had something to eat. A meal appeared before him. “My wishes are being granted,” he thought in disbelief.
“Well, then I wish for a beautiful home of my own,” he said out loud. The home appeared in the meadow before him. A huge smile crossed his face as he wished for servants to take care of the house. When they appeared he realized he had somehow been blessed with an incredible power and he wished for a beautiful, loving, intelligent woman to share his good fortune. “Wait a minute, this is ridiculous,” said the man to the woman. “I’m not this lucky. This can’t happen to me.” As he spoke…everything disappeared. He shook his head and said, “I knew it,” then walked away thinking about his many troubles.
There is a great truth hidden behind this simple Zen story. Our mind is like this magical tree. “Whatever the mind conceives and believes, it achieves.”
Up or Down Market-Mint Money
Dear Readers and Traders ,Always remember :
The market is a battlefield. Make sure you are on the winning side
Yesterday I had sent these Intraday Messages to my Subscribers.
-First Message :Buy NF above 4660 will kiss 4690,4730 level in hrs only.
*Grab Bajaj Auto ,Maruti and forget.Both stocks will skyrocket.
*Buy Great offshore ,Worst is over.Recommended at 518 ,stock was sleeping whole day..will roar.
*Buy SBI :Will kiss 2116-2131 & there after 2177.(Do u know it kissed 2172)
*Buy Reliance :Target 1917 ,1944 in this rally.
*Have a eye on 454 for Tisco ,Now at 453.Crossover will take to 464-468 in hrs only.(Stock kissed 473)
*Go short in Bajaj Hindustan @ 198,will kiss 191-185-183 in panic.(In just less then hr it kissed 187 level )
So Jackpot for the day were :SBI & Bajaj Hindustan.
-From morning till end session our Mantra was NF maximum can zoom upto 4730.It kissed 4711.
Always Remember :Knowledge through experience is one trait that separates successful stock market speculators from everyone else
Updated :7:45/5th Nov/Baroda
29 Points for Traders
1. Train with deadly seriousness.
2. Educate yourself.
3. Be vigilant.
4. Take away emotion.
5. Be your sternest critic.
6. Feel your way to a win.
7. Be Patient.
8. Don’t be afraid to lose.
9. Know your strengths and weaknesses.
10. Lead a healthy life and diet. (more…)
The Zurich Axioms – Forecasts Predictions And Prophets
Here’s what Max Gunther, author of ‘The Zurich Axioms’ has to say:
The Zurich Axioms: ‘On Forecasts’, page 62:
Human behavior cannot be predicted. Distrust anyone who claims to know the future, however dimly.
‘Speculative Strategy’:
The Fourth Axiom tells you not to build your speculative program on a basis of forecasts, because it won’t work. Disregard all prognostications. In the world of money, which is a world shaped by human behavior, nobody has the foggiest notion of what will happen in the future. Mark that word. Nobody.
Of course, we all wonder what will happen, and we all worry about it. But to seek escape from that worry by leaning on predictions is a formula for poverty. The successful speculator bases no moves on what supposedly will happen but reacts instead to what does happen. (more…)