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rssAre You Doing These 7 Mistakes ?
* You’re a momentum trader and you’re trading a slow, low volatility market;
* You’re a trend trader and you’re trading a choppy, range market;
* You’re a research-oriented big picture trader and you’re getting caught up in short-term price action;
* You’re a skilled short-term trader and you’re locked in a longer-term directional market view;
* You’re a contrarian fader and you’re getting run over in high volume directional flows;
* You’re an independent thinker, but you’re distracted and influenced by the views of others;
* You’re a trader who reads others well at the table, but you’re isolated from other traders;
A great way to lose money is to not understand yourself and how you’re wired cognitively. If you’re a deep thinker, you’ll lose money sitting at the trading table. If you’re a fast thinker, you’ll lose money dabbling with investment theses. The route to success is to be who you are when you’re functioning at your best. Working on improving your discipline, controlling your emotions, and following your process is not helpful if you’re sitting at the wrong table to begin with.
Positive awareness trumps negative self talk
The language you use as a trader can provide either positive reinforcement through honest self awareness or negative results through demeaning self talk. In other words, when discussing your trading with others or in your journal become aware of how you view yourself. Do you see yourself as an amateur, a whipping post, a loser? Do you blame an indicator or the market or an advisor for your failures and lack of discipline? When you are with others do you brag about your winners and hide your losers? All of this talk is based on fear: fear of being wrong, fear of what others might think of you and your decisions; fear of the market; fear of being afraid. When you practice positive self awareness you create a fertile learning environment that allows you to grow and progress as a BETTER trader, not focus on BECOMING a GOOD trader (implying that you are a bad one). When I work with individuals I often hear the following: “If I would just do this I would become a good trader” or “If I had your discipline I would be a able to make money.” These statements are grounded in a sense of doubt and fear. Instead, these statements should be replaced with “I am becoming a BETTER trader because I know the market cannot hurt me” AND “I am becoming a BETTER trader the more I stick with my rules.” See the difference between the two? One is focused on the joy of progress; the other on the fear of not being good enough. Are you focused on progress or failure? Listen to yourself and you will quickly figure it out. It is EASY to get down on yourself and much HARDER to remain positive in the face of adversity.
95% Traders Must have this Plate
Technically Yours/ASR TEAM
Mark Douglas Trading Psychology Video should change Your perspective about market for good
Best Sketch For Bear & Bull Market
Sugar :15.43 crucial support
Dear Traders ,Readers -In my last update about Sugar on 15th March.I had written below 19.18 level it will crash to 15.43-14.19
On Friday it closed at 15.66 level.
On 1st April made low of 15.46.
Now break below 15.43 will take to 14.19 level.
Three Consecutive close below 14.19 then …It will crash to 10.44 level.
Below 15.43,Watch more panic in Sugar Stocks.
I will update more next week.
Updated at 23 hrs/25th April/Baroda
Bertrand Russell on trying-not-to-try and happiness
Extract From R.W. Schabacker's -Stock Market Profits :Written 82 Years Back
It is very interesting to note that the forefathers of technical analysis, unlike many snake oil salesmen of today, while espousing the benefits of technical analysis, went to great lengths to warn future chartists of the many dangers inherent in charting, such as the desire to be right. Schabacker, in his classic Stock Market Profits, published nearly 80 years ago, writes in an eloquent prose few today can match
No trader can ever expect to be correct in every one of his market transactions. No individual, however well he may be grounded, no matter how much experience he has had in practical market operation, can expect to be infallible.
There will always be mistakes, some unwise judgments, some erroneous moves, some losses. The extent to which such losses materialize, to which they are allowed to become serious, will almost invariably determine whether the individual is to be successful in his long range investing activities or whether such accumulated losses are finally to wreck him on the shoals of mental despair and financial tragedy.