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10 Rules Of Success by Andrew Carnegie

1. Define your purpose.

Create a plan of action and start working toward it immediately.

2. Create a “master-mind alliance.”

Contact and work with people “who have what you haven’t,” Hill says.

3. Go the extra mile.

“Doing more than you have to do is the only thing that justifies raises or promotions, and puts people under an obligation to you,” writes Hill.

4. Practice “applied faith.”

Believe in yourself and your purpose so fully that you act with complete confidence.

5. Have personal initiative.

Do what you have to without being told. (more…)

Patience pays…

patience-ASR
FEDERALBANK-ASR
 
 

Recommended to Buy Sept Future at 223 on  2nd Sept ,While updating trading at 240 level.(Still looking Hot and fiery )

neyveli-ASR

 

Recommended to Buy on 2nd Sept at 130 level.Just see today is 4th session and now stock trading at 141 level ,our written target was of 145 level.

Always Remember :“All human wisdom is summed up in two words – wait and hope”

The Common Elements Of Success

Don’t miss to Buy this Book ,101% read it !!

Super TraderFrom time to time I have been asked to offer my perspectives on things I have found common in successful traders. I have always struggled with my reply to that question because there are only a few traders of which I have gained enough understanding of what they do every day to achieve their results.

However, in Van Tharp’s latest book “Super Trader,” he provides 10 common characteristics frequently found among the best of the best among the hundreds of traders he’s worked with throughout his career. Like me, I think you may find it of interest!

  1. They all have a tested, positive expectancy system that’s proved to make money for the market type for which it was designed.

  2. They all have systems that fit them and their beliefs. They understand that they make money with their systems because their systems fit them.

  3. They totally understand the concepts they are trading and how those concepts generate low-risk ideas.

  4. They all understand that when they get into a trade, they must have some idea of when they are wrong and will bail out. (more…)

The Elements of Achievements For Traders

Faulkner’s list of the six key steps to achievement  

  1. using both “Toward” and “Away From” motivation;
  2. having a goal of full capability plus, with anything less being unacceptable;
  3. breaking down potentially overwhelming goals into chunks, with satisfaction garnered from completion of each individual steps;
  4. keeping full concentration on the present moment – that is, the single task at hand rather than the long-term goals;
  5. being personally involved in achieving goals (as opposed to depending on others); and
  6. making self-to-self comparisons to measure progress.

Robert Krausz’s basic tasks necessary to become a winning trader.

  1. Develop a competent analytical methodology.
  2. Extract a reasonable trading plan from this methodology.
  3. Formulate rules for this plan that incorporate money management techniques.
  4. Back-test the plan over a sufficiently long period.
  5. Exercise self-management so that you adhere to the plan. The best plan in the world cannot work if you don’t act on it.

Trading Recipe!

RecipeforsucessThe recipe for success in trading are as follows:

  • *Identify a signal
  • *Take immediate action
  • *Feel good no matter what the result, as long as the trade is consistent with your technical bias based on sound probabilities

On the other hand, experiencing hesitation or self-doubt, just at the moment of action, is the recipe for failure!

Honesty & Experience in Trading

Honesty:

Trading introduces you to yourself and you can’t ignore it. The mentor was just being honest.  He saw the guys impatience.  The more emotionally the guy got about the reality of the situation the more angry the guy got.  Trading is difficult because money is an imperfect feedback mechanism.  The habits you create early on you may continue to pay for throughout your career even it if paid you in the beginning. The good habits you create may not pay you for awhile or you may not be able to see them paying off.  It take a strong person to keep going without rewards.

Experience:

If I have learned one thing it is never to discount others experience. If someone has something to say I am smart enough to learn something from it.  That does not mean that all experience are created equally efficiently.  But completely discounting it is dangerous.  About everything I have ever done I started off thinking I was smarter than everyone else.  It started with my parents and continued to football and trading.  Each step I got better.  However it is important to take the information and make it work for you.

Livermores Seven Trading Lessons

Lesson Number One: Cut your losses quickly.

As soon as a trade is contemplated, a trader must know at what point in time he’ll be proven wrong and exit a position. If a trader doesn’t know his exit before he takes the entry, he might as well go to the racetrack or casino where at least the odds can be quantified.

Lesson Number Two: Confirm your judgment before going all in.

Livermore was famous for throwing out a small position and waiting for his thesis to be confirmed. Once the stock was traveling in the direction he desired, Livermore would pile on rapidly to maximize the returns.

There are several ways to buy more in a winning position — pyramiding up, buying in thirds at predetermined prices, being 100% in no more than 5% above the initial entry — but the take home is to buy in the direction of your winning trade –  never when it goes against you. (more…)

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