TWO TYPES OF TRADERS
I usually say I could divide the traders into two groups :
The thinkers and the doers. The thinkers love to analyze and research, but when it comes to taking advantage of all that work, they hesitate. They typically have problems putting on trades in a timely fashion, and even more difficulty staying with a winning trade. They have a tendency towards perfectionism, and we all know that trading (or life) is simply not a game of perfect.
The doers, on the other hand, have no problems pulling the trigger on trades. Often they’ll simply get into the market to see what happens. They’ll make impulsive, seat of the pants trades, jump the gun on a signal, overtrade in size and frequency, and begin trading a system with insufficient verification that it works. Sometimes they are unaware of the fundamentals underlying a position, sector, or general market.
Consistently successful traders (and people) balance thought with action, and action with thought. The balanced trader researches methods and fundamentals thoroughly, and then acts in a disciplined and timely manner.
Most traders, however, have an inclination either towards thinking or acting. Their comfort zone lies more naturally in one area or the other. They like to research endlessly, or they like to actually trade. Research without trading is a waste of time in my opinion, a mere hobby, a way to while away the time. Trading with insufficient research or verification of methods, on the other hand, is a dangerous activity.
As traders we need to set our intentions to operate thoroughly in both areas, including our area of reluctance. We need to develop the skills to succeed on both sides of the equation. We need to practice in both areas until we develop habits of effectiveness as balanced and consistently profitable traders.
Discipline is doing effectively whatever it takes to get you to your goals—whether or not you feel like it. Set your intention to pay attention to both preparation and execution, and know which you are doing when you are doing it. Thinking AND action are your partners in success. They go hand in hand in trading.
Israel Knesset Member
declares “We Are Preparing For War”
In an interview by Likud Knesset Member Danny Danon, speaking with WND senior reporter Aaron Klein, who hosts an investigative program on New York’s WABC 770 AM Radio, the Israeli said that “Israel is preparing for a time of war…We are ready for all scenarios, and we are able to defend our civilian population. I cannot tell you how long we can wait more. But we prefer to wait and see if the international bodies are acting, or [whether] it will be only the burden of Israel, like it was in the early ’80s, when the great leader, Menachem Begin, [made] the great decision to bomb the nuclear reactor in Iraq.” He concluded: “We don’t want this to be a war of Jews against Muslims. It should be a war of Western civilization [against] Iran.” Good luck explaining that to 1.5 billion Muslims around the world.
From 77WABC Radio, specifically WND’s Jerusalem Bureau:
While Israel is hoping for a peaceful resolution to Iran’s nuclear ambitions, the Jewish state is also preparing for “a time of war,” declared a Knesset member of Prime Minister Benjamin Netanyahu’s ruling Likud party.
“We are prepared for all risks,” said Likud Knesset Member Danny Danon. “And I think our enemies should know that even though we are speaking of peace, we are getting ready for a time of war, as well.”
Danon, the deputy speaker of Israel’s parliament, was speaking in a radio interview with WND senior reporter Aaron Klein, who hosts an investigative program on New York’s WABC 770 AM Radio.
Danon hinted that Israel may take action if the world does not stop the Iranian nuclear threat, recalling Israel’s lone strike on Iraq’s nuclear reactor in 1981.
Stated Danon: “We are ready for all scenarios, and we are able to defend our civilian population. I cannot tell you how long we can wait more. But we prefer to wait and see if the international bodies are acting, or [whether] it will be only the burden of Israel, like it was in the early ’80s, when the great leader, Menachem Begin, [made] the great decision to bomb the nuclear reactor in Iraq.”
Despite his assertion that Jerusalem is preparing to act alone, Danon stressed that Iran is an international concern. He called on the Western world to “take action” against Iran’s suspected illicit nuclear program.
“I think we have to take action,” he said. “It’s about time to take action. It should be the international world and not only Israel. And I expect the administration in the White House to wake up as soon as possible.”
Danon said he is concerned the international community has not been forceful enough in its policies toward Iran.
“What we see today is that the Russians, the Americans, the Europeans all say they are worried about Iran becoming nuclear, but in fact Iran is working full ahead, and it’s only a matter of months or a year before they will be reaching the point of no return,” he said.
Danon stated that any future military confrontation against Iran “should be an international effort.”
“We don’t want this to be a war of Jews against Muslims. It should be a war of Western civilization [against] Iran,” he said.
“The threat of Iran becoming nuclear is a threat for the people who live in the U.S., Europe and Israel.” he said. “No one can guarantee that Iran will use its power only against Israel.”
And with that, we look forward to another stock meltup today.
The full interview can be heard after the jump.
FROM AN EXPERIENCE
Trading is a crucible of life:
It distills, in a matter of minutes, the basic human challenge: the need to judge, plan, and seek values under conditions of risk and uncertainty. In mastering trading, we necessarily face and master ourselves. Very few arenas of life so immediately reward self-development–and punish its absence.
So many life lessons can be culled from trading and the markets:
1) Have a firm stop-loss point for all activities: jobs, relationships, and personal involvements. Successful people are successful because they cut their losing experiences short and ride winning experiences.
2) Diversification works well in life and markets. Multiple, non-correlated sources of fulfillment make it easier to take risks in any one facet of life.
3) In life as in markets, chance truly favors those who are prepared to benefit. Failing to plan truly is planning to fail.
4) Success in trading and life comes from knowing your edge, pressing it when you have the opportunity, and sitting back when that edge is no longer present.
5) Risks and rewards are always proportional. The latter, in life as in markets, requires prudent management of the former.
6) Happiness is the profit we harvest from life. All life’s activities should be periodically reviewed for their return on investment.
7) Embrace change: With volatility comes opportunity, as well as danger.
All trends and cycles come to an end. Who anticipates the future, profits.
9) The worst decisions, in life and markets, come from extremes: overconfidence and a lack of confidence.
10) A formula for success in life and finance: never hold an investment that you would not be willing to purchase afresh today.
DAY TRADING STRATEGY
OF NIFTY FUTURES – AUG 24
Day Support @ 5522
No problem for Bulls above 5522
5565 is possible if cuts 5545
But If trades below 5521 for 15-30 minutes
See a non-stop slide upto 5495
Use the levels for your trading & pls
do not trade blindly..
BANK NIFTY
Trend line Support (in day chart)
Today @ 10727
and @ 11003 in intraday card
Buy btwn 11105-11122
T1- 11150-65
T2- 11177-95
Sell btwn 11049-31
T1- 11004-10990
T2- 10977-10959
Nifty, Bank Nifty levels and intraday news updated here gives an astonishing success rate more than 96% is more than enough for the readers to attain a decent profit daily.
To mint more money or become a CROREPATHY pls subscribe and
enjoy with our guidance
SHARE TIPS TODAY (AUG 24)
INTRADAY
* Sell GTCIND @ 106.20
T1 – 104.20
T2 – 102.50
* Sell SwarajMazd @ 295
T1 – 292
T2 – 290
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TODAY’S QUOTE
Whatever you do, you must remain nimble in your thinking. Do not become so attached to any one belief that you cannot see past it to another possibility.
-CHRISTOPHER PAOLINI, Brisingr
RELAX CORNER
JUST SMS TO YOUR PAL
*A sardar prays daily for 2 hours,
“Hey vaheguru meri lottery lagady.”
After 11 years VaheGuru angrily appeared
& said,”Khoti de putar 1 vari ticket te le ley”
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