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Mint Money -Avoid Blue Channels

  
Analysis, Education
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539-

Just see Nifty Future kissed low of 4790..Not broken till this time of  12:40.

SBI as written zoomed above 1934 & kissed 1960 level (Written tgt for Traders : 1960-1967)

Sterlite :Cracked heavily from 745—716 level.

Refresh your memory :Last week written to sell and exit from all Real Estate stocks and my Focus was on HDIL ,DLF….Just see what happened ?

RNRL :On Friday kissed 92.25..never crossed that level and now kissed low of 87.

Always Remember :Trading runs in cycles: some good; most bad. Trade large and aggressively when trading well; trade small and modestly when trading poorly. In “good times,” even errors are profitable; in “bad times” even the most well researched trades go awry. This is the nature of trading; accept it.

-Awesome for Readers …But Routine for my Subscribers……

Updated at 12:48/14th Sept/Baroda

 

 

Don't Overtrade !!!

  
  Education
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art74img1 

Even a daytrader trading a five minute chart has no need to trade every day nor to trade all day long. You should be filtering your trades so that you take only the best of the best.

Overtrading was a problem that took me a long time to overcome because I did not know what I was looking for. Overtrading is a very serious problem, and veteran traders learn to avoid it. In fact, one way to know if a trader is a mature professional is to know if that trader conquered the problem of over trading. (more…)

Learning from mistakes and moving on

  
  Education
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A Subscriber of mine asks me the following question …

“When should a trader know when to say it is enough and I need to get out of the position. More importantly, how do you find a balance between learning from a mistake and not being weighed down by it on your next trading decision.”

Here was my advice:

* if you have “edge” in a trade, then winning or losing on a trade will be determined long before you find out the outcome (profit/loss) on the trade.

* important to focus on the process of the trade… making ONLY high quality trades

* your job as a trader is not to determine or decide how much you make or lose…that is up to the market. Your job is to put on trades with “edge.”

as far as not being weighed down by the mistakes, my suggestion is to begin a “lessons learned” spreadsheet where you document mistakes you make and the lesson you learned from it.

I also suggest you start a qualitative trading journal that way you can get the emotions out of your head and onto the paper.

this will help you move past your barriers and get some closure on them so you can be focused on the next trade.

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