FROM AN EXPERIENCE
Most of the guys I talk to have a trading strategy, most of them have tested it. What they don’t have is the confidence to just stick with it. Trading shouldn’t be a roller coaster, but rather it should be routine like filling out TPS reports.Mental Toughness by Daniel Teitelbaum. In his book he states that you need to break down the walls that are stopping you from reaching success. He has you work on several mental exercises to help you focus on what you need to do. After all, if you knew that you had to take that GOOG trade this morning or your family would die you’d be plenty motivated to take the trade and to do it right.
So what’s the secret? It’s painfully simple – Day Trading (or any type of trading) is like
I think the main reason that most traders can’t stick with it is that they haven’t got enough mental focus. They get tired and sleep in past market open, or they become unsure of themselves so they fail to initalize the first trade of the day when the setup is right in front of them, or they rationalize that some piece of news or the other will do such and such to the market. All of these rationalizations are subconscious disruptions coming to the surface.
If you’ve ever failed to stick with your trading plan and end up taking the one losing trade of the day, I strongly recommend you check out
Make a committment to yourself, to your family and to your trading by taking the next 30 signals without deviating from your trading plan and I guarantee that you will learn the secret to your trading success – you.
Rich people don’t make big bets. Really rich-and smart-people don’t make big bets. First they are not out to “prove” anything, they are out to make more money, and second, they know that risk control is as important as the other two legs of speculation, selection and timing. That is all this business of … trading gets down to, selection, timing, and risk control.”
“Trading well is not easy, but it is something you can learn if you have the perseverance combined with the humility to be realistic about your own strengths and weaknesses.”
“Most often, traders have four fears. There’s the fear of being wrong, the fear of losing money, the fear of missing out and the fear of leaving money on the table. I found that basically, those four fears accounted for probably 90% to 95% of the trading errors that we make. Let’s put it this way: If you can recognize opportunity, what’s going to prevent you from executing your trades properly? Your fear. Your fears immobilize you. Your fears distort your perception of market information in ways that don’t allow you to utilize what you know.”
(to be contd)
TODAY’S TRADING STRATEGY
OF NIFTY FUTURES – OCT 29
OF NIFTY FUTURES – OCT 29
Exactly as predicted yesterday
Nifty futures took a big turn @ 6083
You all exploit the fall or not?
What would we expect today?
Very good resistance btwn 6114-140
Support @ 6035
If trades above 6065 for 15 minutes,
An intraday hike upto 6085-95-105 is possible
Otherwise
If breaks 6035 it comes down to kiss
6016
If 6010 crossed with good volumes
Watch a non-stop slide upto 5992-70
An important support @ 5966
An important support @ 5966
If breached 5966 with good volumes
more slide upto
more slide upto
5943-5897-75-61 is possible
ALREADY ALERTED – NO LONG POSITIONS
BELOW 6140. IT IS SUICIDAL.
(EXACTLY WHAT HAPPENED YESTERDAY?)
PLEASE PLEASE PLEASE
LISTEN TO THE RED ALERTS GIVEN
IN THIS SPACE.
IF NOT WE CAN ONLY PRAY FOR YOU
BANK NIFTY
Buy btwn 12138-58
T1 – 12189-205
T2 – 12215-22-42
Sell btwn 12072-52
T1 – 12020-04
T2 – 11994-88-68
SHARE TIPS TODAY(OCT 29)
Sell McDowell-N @ 1484
T1 – 1474
T2 – 1466
Sell JyothLab @ 281.50
T1 – 279.50
T2 – 277.50
Sell JaiBalaji @ 309.25
T – 306.25
Sell OrchidChem @ 303.9
T1 – 301.90
T2 – 299.90
Sell DhanBank @ 194.5
T – 193.50
AN ASTRAL VIEW
Stock Market Prediction for 29th October 2010
Transiting Moon will be passing through Gemini Zodiac sign. Transiting Moon will be in applying aspect with Transiting Rahu, which indicates some profit booking would be seen at higher levels, but it would be good day for Market. Market may go up between 11.01 and 11.34. Market trend may change after 13.47. Market would gradually go up or nearer to previous closing during last trading session.
Disclaimer
On repeated requests of the readers this astral prediction is started.
Traders are advised to attain some technical knowledge before they get into trades anyway
-EDITOR
A CHECK LIST FOR MARKET GUYS
Here’s a list I came up with for the forgotten man, the hundreds of thousands of traders in stocks, futures and options.
Before the Trade
1. Do you know the name and numbers of all your counterparts, especially if your equipment breaks down?
2. When does your market close, especially on holidays?
3. Do you have all the equipment you’ll need to make the trade, including pens, computers, notebooks, order slips, in the normal course and in the event of a breakdown?
4. Did you write down your trade and check it to see for example that you didn’t enter 400 contracts instead of the four that you meant to trade?
5. Why did you get into the trade?
6. Did you do a workout?
7. Was it statistically significant taking into account multiple comparisons and look-backs?
8. Is there a prospective relation between statistical significance and predictability?
9. Did you consider ever-changing cycles?
10. And if you deigned to do a workout the way all turf handicappers do, did you take into account the within-day variability of prices, especially how this might affect your margin and being stopped out by your broker?
11. If a trade is based on information, was the information known to others before you?
12. Was there enough time for the market to adjust to that information?
13. What’s your entry and exit point?
14. Are you going to use market, limit or stop orders?
15. If you don’t get a fill how far will you go? And what is your quantity if you get filled on all your limits?
16. How much big will you be paying if you use market or limit orders and how does that affect the workouts you did knowing that if you use stops you are likely to get the worst price of the day and all your workouts will be worthless because they didn’t take into account the changing price action when you use stops, to say nothing of ever-changing cycles?
17. Are you sure your equipment is as good and as fast as the big firms that take out 100 million a day with equipment that takes into account the difference between being 100 yards away from an exchange and the time it takes the speed of light to reach you?
18. Are you going to exit at a time or based on a goal? And did you take into account what Jack Aubrey always did which is to have an escape route in case all else fails?
19. What important announcements are scheduled? and how does this affect when and what kind of order to use? For example, a limit before employment is likely to be down a percent or two in a second. Or else you won’t get filled and you’ll be chasing it all day.
20. Did you test how to change your size and types of orders based on announcements?
21. What’s the money management on this trade?
22. Are you in over your head?
23. Did you consider the changing margin requirements when the market gets testy or the rules committee with a position against you increases the margins against you?
24. How will a decline in price affect your margin and did you take into account what will happen when you get stopped out because of margin?
25. What will happen if you need some money for living expense or family matters during the trade? Or if you have to buy a house or lend money to a friend?
(Please refer to ‘OUR POLICIES’ in blog archives
before you leave the site)
For further details,
Contact Admin (Analyst) @
(0)9788563656
MESSAGE TODAY
Though my sight be lost, I do not yet lose my faith:
when I can no longer see, I can still believe.
-IVAN PANIN
RELAX CORNER
JUST SMS TO YOUR PAL
When I was young I begged God for a bike, but God does not work that way... so I stole a bike and begged for forgiveness!
DISCLAIMER
THE RECOMMENDATIONS MADE HERE DO NOT CONSTITUTE AND OFFER TO SELL OF A SOLICITATION TO BUY ANY OF THE SECURITIES/COMMODITIES OF ANY OTHER INSTRUMENTS WHATSOEVER MENTIONED. NO REPRESENTATIONS CAN BE MADE THAT THE RECOMMENDATIONS CONTAINED WILL BE PROFITABLE OF THAT THEY WILL NOT RESULT IN LOSSES. READERS USING THE INFORMATION CONTAINED HEREIN ARE SOLELY RESPONSIBLE FOR THEIR ACTIONS. SURFING OR USING ‘tradersharmony.blogspot.com' DEEMS THAT THE SURFER ACCEPTS AND ACKNOWLEDGES THE DISCLAIMERS AND DISCLOSURES.THE INFORMATION PUBLISHED ARE FOR EDUCATIONAL AND INFORMATIVE PURPOSE ONLY AND THE USER/READERS SHOULD TAKE ADVICE OF HIS/HER ADVISER BEFORE TAKING ANY DECISION FOR BUYING, SELLING OR OTHERWISE DEALING WITH SECURITIES/COMMODITIES OR ANY OTHER INSTRUMENT WHATSOEVER.
