Steel Ingot :23539 is Last Hope

Steel Ingot-Sell

The Grand essentials of happiness are: something to do, something to love, and something to hope for.

Yes ,Weekly chart indicates 23539 is last hope.

Three consecutive close below this level will create unexpected selling.

-I expect price level of 22065–21574.

-Don’t trade blindly and neverDogBark

To know more join us.

Updated at 6:01/18th Feb/Baroda

10 Positive Assertions

                                                                             positive-energyI want only what the market wants !
I enter in the market only when all of my indicators are pointed in the same directions !
I place stops as I enter trades !
I let any trade go that misses my entry !
I only initiate trade with a target price and a risk reward ratio of more than 1 : 1.
I have a reason to exit every trade !
I stay peaceful, calm and cool and see any and all of my emotions in a disassociated
vision apart from me while trading !
I cut my losses short with every trade !
I focus on each trade meeting its trading plan to measure success.
I trade in a regulated, even and controlled way so that I am always prepared in my mindset to pass on all trade should there be none for the whole day !

Have Lunch with Warren Buffett for $25,000

An eBay auction is currently running this week, which is offering the winning bidder lunch with famed billionaire and investor Warren Buffett, one of the top three wealthiest people in the world.

All proceeds of the auction will be donated to the Glide Foundation in San Francisco, which provides help for the homeless and poor.

The current bid on the auction is $25,000, and if no one else bids, it wall be a bargain, as last year, the Canadian firm Salida Capital Corp. paid $1,680,300 for the lunch, and two yours ago, Zhao Danyang paid $2,110,100. The auction ends Jun 11, 2010 at 7:30 pm PDT or 10:30 Eastern time.

Overconfidence in Trading

Overconfidence bias is an magnified belief in your competence as a trader. Any trader who finds themselves thinking that they know the business inside-out and that they have nothing more to learn and that profits are theirs for the taking, may well suffer from an overconfidence bias. 

Dangers of Overconfidence 
Overconfident traders tend to get themselves into trouble by trading too frequently or by placing tremendously large trades with the plan of making a killing. It’s not inevitable, but an overconfident investor invites misfortune. 

Are You Overconfident? 
If you want to identify whether you have a tendency to be overconfident, ask yourself, “Have I ever delayed or reversed a decision because I couldn’t accept that I was wrong?” Likewise, you could ask yourself, “Have I ever placed more on a trade than what I know is really sensible?” 

Overcoming Overconfidence 
One way to overcome an overconfidence bias is to stick to a strict set of risk management rules. These rules should limit the number of markets you invest in, the number of Contracts for difference you trade at one time, how much you are willing to risk on any one trade and how much of your account are you willing to lose before you take a break from trading and re-evaluate your trading strategy. 

Jea Yu, Way of the Trade -Book Review

WAY OF THE TRADEHigh frequency traders are a fact of life in the markets. They justify their activity by claiming that they provide liquidity. But, Jea Yu argues in Way of the Trade: Tactical Applications of Underground Trading Methods for Traders and Investors (Bloomberg/Wiley, 2013), the algos/HFTs generate volume and magnify momentum “by luring in and trapping the greatest number of participants on the WRONG side of the trade so they can kidnap all the liquidity and ransom it out to the highest bidders. … They don’t steal liquidity, just as kidnappers don’t steal their victims. They just borrow long enough to extort the highest prices for the return.” (p. 15)
Whatever we might think of high frequency traders (and the debate rages on), retail traders simply don’t have the firepower to compete directly with them. They need new tools to navigate a treacherous landscape.
Jea Yu, cofounder of UnderGround and the author of three earlier books, introduces the reader to the ideal trader for these conditions: the hybrid market predator who has “the precision timing of execution, risk averse scaling, and technical analysis of the daytrader, the premeditative assertiveness tethered by patience and risk management of the swing trader, and the relentless investigative fundamental prowess of the investor. Whereas all three roles have butted heads in the past, now they are components that converge to manifest into a more efficient market predator that can seamlessly shift between skillsets to adapt to changing landscapes, climate, and terrain.” (p. 43) Of course, as we know, easier said than done. (more…)

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