Thought For A Day
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rss2018 has been a relentless -25% bear market for the world's largest investment banks.
YOU MIGHT BE A TRADER IF…
You look at mountain ranges and see 5-wave structures and 61% retracements.
You look at the night sky & see a hammer pattern instead of the Big Dipper.
You are Catholic and you confess to the Priest that you broke your own stop loss rules.
You might be a trader if you’ve ever considered opening your own Fibonacci’s Italian restaurant.
You might be a trader if you know that Head and Shoulders isn’t referring to a shampoo
You go to the bathroom during market hours and it costs you Rs 50000/-
You regularly check the futures on your iphone when you get up in the middle of the night to take a leak.
You would take a knife to a gun fight and a gun to a knife fight.
The only cable channel number you know is CNBC
Someone asks you how you are doing and you answer either resting or poised to go higher
When shopping or eating out, you rate the company’s service as a buy, sell, or hold.
Your last trade was your “dumbest” trade ever and the one before that the second dumbest ever
You routinely starve yourself from 9:15 to 3:30 IST
Great Trading is Great Technology
tech·nol·o·gy [tek-nol-uh-jee] noun
1. the branch of knowledge that deals with the creation and use of technical means and their interrelation with life, society, and the environment, drawing upon such subjects as industrial arts, engineering, applied science, and pure science.
2. the terminology of an art, science, etc.; technical nomenclature.
3. a technological process, invention, method, or the like.
4. the sum of the ways in which social groups provide themselves with the material objects of their civilization.
Probability of Success
Market is rallying and you missed out? Here’s a chart flow of my thought process when that happens
Know When to Trade (and When Not to Trade)
Successful traders know when to trade: they trade when their system tells them to. That might seem like an obvious point, but people too often forget it during the excitement of actually having money on the line.
A trader should be governed by his or her system, not by the circumstances of the moment, the market, or the outcome of a few trades. Keep a long-term perspective which focuses on developing a consistent, repeatable strategy. You won’t know what is successful or what fails if you constantly change your reasons for trading.
It is hardest to keep this kind of control when you’re experiencing losses. But this is also the most crucial time to be consistent. Otherwise, you won’t know how to avoid downturns in the future, or how to prevent them from becoming too damaging. (more…)
Indeed
13+1 Habits For Traders
1. Have a plan before you initiate a trade. A detailed trading plan is your blueprint to success. It will help you define you as a trader, the way you trade, will help you find, execute and manage trades with ease and most importantly will help you put the education puzzle together.
2. Always analyze all closed trades, winners and losers. Having a trading journal will help you identify what works for you and what not; it will funnel you in the right direction. It is by far the most helpful method of personal trading introspection.
3. Maintaining a positive trading attitude will improve your money management and risk management skills. A negative trading mentality will alter your thinking and mindset. Your attitude will determine whether or not you are profitable with your trading. Your attitude is more important than your market knowledge and even your level of experience. It is important how you react to the market and not what the market will do to you.
4. Controlling Emotions. Emotional swings and emotional stresses impact your mental state of mind and will affect your trading decisions. When you trade with emotions you don’t trade clearly and rationally. Some books talk about separating your emotions from trading. But how is this possible? To even try to separate emotions is like fighting a losing battle, taking control over them that is a different story. Trading involves the most emotional COMMODITY in the world which is….money. Money outlasts hate, love, greed and anything else you can ever imagine. The only way to control your emotions as a trader is to have a solid trading plan.
5. Trade in the zone –Focus is key in trading. Make sure you are do not have any distractions around, no internet browsing, no phone answering, no kids playing, it should be just you and the charts. Let the charts speak to you and they will tell you what to do. (more…)
Patience pays :Unexpected Money !
And Just see …In this series ,I had recomemmended to Buy :
Wel.Corp ,NLIGNITE ,SCI ,VIDEOCON ,MLL & GE Shipping
Now every 2nd person is running for these stocks……….!!
Do u Know……..Why ?
Because they dont know to look at chart ,While u Trade always keep stoploss mentioned for Particular stock (Don’t be rigid in loss or while making Profit )
Lack of “patience” and “discipline.”
While these two virtues are over-worked and very often mentioned when determining what unsuccessful traders lack, not many will argue with their merits. Indeed. Don’t trade just for the sake of trading or just because you haven’t traded for a while. Let those very good trading “set-ups” come to you, and then act upon them in a prudent way. The market will do what the market wants to do — and nobody can force the market’s hand.
You All Need 4 things :Money ,Mind ,Method & Target !!
(Everybody is having Money ,Mind (Not for Trading purpose )…Nobody is having Method and 101% No Trader is having Target (In a Day …What to Expect ?Or in Week or in Month)
Updated at 8:01/29th Sept/Baroda