“I am not attracted to the stock market because of the money. The issue is winning, to be the best at something. My goal is to be the best trader in the world. If you’re the best, you don’t have to worry about the money; it comes flying through the window”.
If you are looking for some recreational movies relating to the stock market and Wall Street, which you can watch on DVD or Blu-ray, you should check out the following;
Enron: The Smartest Guys in the Room
Wall Street Cowboy
starring Roy Rogers
In the trading world, you will either make money or lose money on any given trade. All that matters in the end is making more money when you’re right than you lose when you’re wrong. Knowing this, traders have learned to accept failure as part of the game, but they also use the information they acquire from their mistakes as a learning tool. Frequently, what they learn from losing money is more valuable than what they learn when they make money” |
How would you be able to tell? Here is a quiz that will help you decide. Answer Yes or No to the following questions.
If you answered Yes to as many as two of the questions above, you have some elements of a no-rules discretionary trader. However, if you answered Yes to 6 or more questions above, you definitely are a no-rules discretionary trader.
Chances are you seldom make money in the market because you are not playing a winning game. You probably make many mistakes. In fact, since you don’t have rules, I would consider everything you do to be a mistake until you have a set of rules in place. How can you effectively learn from any of your trading experiences if you do not know which ones are mistakes? (more…)
How many times have you broken the rules?
For many traders, promising to follow rules doesn’t work for long. One reason is willpower fatigue, a well-documented phenomenon. I regularly receive emails from traders who are very bright and hard working – often with a degree from a top school or a successful prior career– and they are so frustrated with themselves about ‘breaking rules’ in trading.
For most traders, the work required to succeed is not what was expected. Trading discipline is not about willpower to follow rules. It seems like that on the surface, and it sort of is in the beginning of one’s trading career, but there are three reasons why simple willpower is not the answer for long-term success:
First, discretionary trading means by its very definition that we must use our judgment to make a decision – not simply use willpower to follow a rule. (more…)
Here is what traders choose to worry about (among others I am sure). These so-called worries are usually in the form of a question and revolve around losing money:
1. Will this trade make money?
2. Will this trade hit a profit target?
3. Will this trade reverse quickly against me?
4. Will my gain turn into a loss?
5. Will unknown news affect my trade?
6. What if I have not done enough homework?
7. What if my strategy is not sound?
8. Will Cramer disagree (I had to throw this one in)?
9. What if I get out too soon?
10. Did I buy the right stock?
11. What if I miss a potential move?
Winning, Losing, Money and Success are just a few of the many aspects of life that people use to determine the worth of others as well as themselves.
In reality, it is not these results, but how we respond to them that will make our journey one that we enjoy and desire to continue doing, or whether we quit.
As a trader, the understanding of probabilities and how to make them work for us instead of against us will provide great power for you as you move forward in your trading career.
Those Who are having Money in Foreign Banks and taken Money (Illeagely out are more Intelligent then authorities )
In Population of 125 crore + (U Don’t have exact figure too ….What is the population of this country )…Just 627 or 1000 people ??
We are writing from Years in India only 10000+ people control 95% or more wealth + Power.
POWER + MONEY with :
* Existing + Non Existing MP + MLA = 3000+ or 4000 ?
* 100 Corporate Houses x 20 people close to each of them ? = 2000
*100-200 BOLLYWOOD STARS + PRODUCERS =?? (How much they earn ,How they earn ….No Logic ,No Calculation )
* 100 + Cricketers…………………..Do we need Cricketers or Bollywood people in progress of this country ?They are creating wealth for themself
* 29 states in India :Means 100 super rich people in every state connected to politicians and having power
Above is India & Rest is BHARAT ,Mera Bharat Mahan………….No worry @ all.
What’s important about money to you?
This is an uncomfortable question because we aren’t used to thinking about money in those terms. But it’s one of my favorite questions to ask. Even before talking about goals or building a personal balance sheet, you might find it helpful to ask yourself this question.
While I’m not certain of the question’s origins, I first learned of it about a decade ago in a book by Bill Bachrach. It was about the importance of understanding your values when making important financial decisions. I’ve been using the question ever since. (more…)
1) Diversify: If you have a pattern you trade successfully, you don’t have to grow your size. Instead, look to diversify to a different pattern (different market, different time frame) not correlated with the first. You’ll smooth out your returns, as one pattern makes money while the other experiences drawdown. You’ll also achieve the portfolio manager’s goal of superior return for less risk exposure.
2) Review Entries: Review your trades for the week and see how much heat you took on your winners. This will give you an idea of how good your entries are.
3) Review Exits: Review your trades for the week and see if the market went in your favor or against you after you exited. This will give you an idea of how good your exits are.
4) Work Orders: Get into the habit of working orders to buy at bid, sell at offer or to place orders between the bid and offer to avoid paying a price that is out of line with “fair value”. For the frequent trader, the single tick saved by good execution adds up over time.
The successful traders I’ve worked with never stop working on themselves. This is equally true of successful athletes, musicians, and chess champions. Small, steady improvements can create massively greater performance over time.
