FROM AN EXPERIENCE
When you are trading well, take the possibility of a major loss out of the equation whenever you can.
It is true, when we are the most vulnerable is when everything is going right and it seems like we can do no wrong.
Moreover, there are times to make the big aggressive trade, and times when doing so is foolhardy.
Recognizing the difference is so very important.
All successful traders use methods that suit their personality; You are neither Waren Buffett nor George Soros nor Jesse Livermore; Don’t assume you can trade like them.
All successful traders use methods that suit their personality; You are neither Waren Buffett nor George Soros nor Jesse Livermore; Don’t assume you can trade like them.
What the market does is beyond your control;
Your reaction to the market, however, is not beyond
your control. Indeed, its the ONLY thing you can control.
To be a winner, you have to be willing to take a loss;
(The Stop-Loss Breakdown)
HOPE is not a word in the winning Trader’s vocabulary;
When you are on a losing streak — and you will
eventually find yourself on one — reduce your position size;
Don’t underestimate the time it takes to succeed as a trader
— it takes 10 years to become very good at anything; (
There Are No Shortcuts)
Trading is a vocation — not a hobby
Have a business/trading plan
Identify your greatest weakness, Be honest — and DEAL with it
There are times when the best thing to do is nothing;
Learn to recognize these times
(Nothing Doing)
(Nothing Doing)
Being a great trader is a process. It’s a race with no finish line.
Other people’s opinions are meaningless to you;
Make your own trading decisions
(The Wrong Crowd)
(The Wrong Crowd)
Analyze your past trades. Study what happened to the stocks
after you closed the position. Consider your P&L game tapes
and go over them the way Vince Lombardi Bill Parcells
reviewed past Superbowls
Excessive leverage can knock you out of the game permanently
The Best traders continue to learn — and adapt to
changing conditions
Don’t just stand there and let the truck roll over you
Being wrong is acceptable — staying wrong is unforgivable
Contain your losses (Protect Your Backside)
Good traders manage the downside;
They don’t worry about the upside
Wall street research reports are biased
Knowing when to get out of a position is as important
as when to get in
To excel, you have to put in hard work
Discipline, Discipline, Discipline !
Alcoholic, Workaholic,losers can read this example
A social drinker enjoys an occasional drink, but an alcoholic
craves alcohol. He denies that alcohol controls and
destroys his life — until he reaches a personal crisis.
It may be a life-threatening illness, unemployment, desertion
by a family member, or another unbearably painful event.
AA calls it “hitting rock bottom.”
The pain of hitting rock bottom punctures an alcoholic’s denial.
He sees a stark choice—to drown or to turn and swim up for air.
His first step to recovery is to admit that he is powerless over alcohol.
A recovering alcoholic can never drink again.
Loss is to a loser what alcohol is to an alcoholic.
A small loss is like a single drink.
A big loss is like a bender. A series of losses is like an alcoholic binge. A loser keeps switching between different markets, gurus, and trading systems.
His equity shrinks while he is trying to re-create the pleasurable sensation of winning.
Losing traders think and act like alcoholics, except that
their speech is not slurred.
The two groups are so much alike that you can
predict what a loser will do by using alcoholics as a model.
Alcoholism is a curable disease —and so is losing.
Losers can change if they start using the
principles of Alcoholics Anonymous.
(to be contd)
TODAY’S TRADING STRATEGY
OF NIFTY FUTURES – NOV 2
What would happen in this session…?
Today if trades below 6156,
Possible slide upto 6137-6115-05 is seen.
Day support @ 6105
If 6102 crossed with good volumes
bears would pull the market upto 6085-59
On the other hand,
If 6172 is crossed with good volumes
A spurt upto 6197-6205-6013 is noticed
GENERAL VIEW
DAY CHART OF NIFTY FUTURES
REVEALS THAT
Above 6172 Nifty Futures goes upto 6197
and
If crossed 6197 with volumes, more hike upto
6233-6261 is possible.
If that too crossed MAX HIKE upto
6297-6336 is seen on charts
On the other side,
Below 5992 it would reach 5966
An important support @ 5966 is seen.
If breached 5966 more slide upto
5943-5897-75-61
& if breaches these levels too more fall upto
5852-24
SO MAXIMUM FALL UPTO 5737 is possible,
if all the above said levels are crossed.
BANK NIFTY TODAY
Buy btwn 12844-70
T1 – 12913-35
T2 – 12948-56-83
Sell btwn 12756-30
T1 – 12687-65
T2 – 12652-43-17
SHARE TIPS TODAY (NOV 2)
Sell MARUTI @ 1506
T1 – 1498
T2 – 1488
Sell HITACHI @ 272.25
T1 – 270.25
T2 – 268.25
Sell TATACHEM @ 385
T1 – 382.7
T2 – 379.7
AN IMPORTANT NOTE
DEAR LEARNERS,
TRADERS
PLEASE MAKE A NOTE OF IT.
WHICHEVER THE FOLLOWING
EVENTS HAPPENS STOCK MARKET COMES DOWN.
EVENTS HAPPENS STOCK MARKET COMES DOWN.
If crude Oil Prizes goes high (Increased Crude Oil Prizes that threatens
vulnerable economy)
If Industrial Growth goes down If Inflation Rate goes high (India’s Inflation rate has accelerated
to a 44-month high of 7.83 percent)
If Unemployment Rate goes high.If US sub-prime mortgage crisis goes on continue( The US sub-prime mortgage crisis has
lead to plunging property prices)
If Federal Reserve continues to cut its USinterest rates.
(It is the seventh rate cut since last September,
which has seen the federal funds rate drop from
5.25%.to 2.00%)
If financial instability continues in US. (Already banks have announced $60bn worth
of losses.)
of losses.)
IF U.S. Credit Crisis hits Home, Students Loan.(This is only due to Fed rate cut since
from last September.)
If A Pending Election may be announced suddenly that may be a point to fall market sharply
in the coming few months.
MODERN EDUCATION PARADIGM
MESSAGE TODAY
My conscience hath a thousand several tongues,
And every tongue brings in a several tale,
And every tale condemns me for a villain.
-WILLIAM SHAKESPEARE, Richard III
RELAX CORNER
JUST SMS TO YOUR PAL
Marriage is the process of finding out what kind of man
your wife would have preferred.
(Please refer to ‘OUR POLICIES’ before you leave the site)
For further details,
Contact
Mahindeesh
Admin (Analyst) @
Mahindeesh
Admin (Analyst) @
(0)9788563656
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.
