FROM AN EXPERIENCE
Dennis Gartman: On being wrong
“The important notion here being –
when you’re wrong,admit it. I try to tell
to tell people that in the business of
handling money, whether it’s in the
business of playing poker,
whether it’s in the business of
trading, whether it’s in the
business of investing, you have two
types of capital with which
you get to deploy: that which is in your
account and mental
capital. And I don’t have must mental
capital. I’ve lost most
of mine. You lose mental capital when
you are holding on to
losing trades and worst when you’re adding
to losing trades.
The fact that you are losing money is
inconsequential what’s
really worst is you are
hemorrhaging mental capital.
You’re there defending that losing trade.
You’re hanging
onto that losing position and you’re
not going out and
deploying what should be
excellent mental capital.
You should be using that mental capital
to go find other
positions. To go put on other trades.
To go make other
investments. It’s a wonderful experience
when you take off
that losing trade and get rid of it. It’s liberating.
I get liberated
20 times a day. It’s a lovely thing.
It’s astonishing how many
mistakes I make. So the most important thing
I want to get
across today, tonight, and for your future
and what separates
really great investors from the mediocre and the
mediocre from the losers is that the losers
always go out in exactly
the same way…badly.”
The worst degree a trader can have is in
economics and the
best one is a liberal arts degree preferably
“in psychology”
or even religion because “at any one time,
down on the floor
the background that seemed to have the
most viability
was religion. Because there would be 50 people
saying
‘Oh good God just let this thing come back
and I will never
do that again.’ The problem is we are all
sinners in the
hands of an angry God with a very large margin
account and
more often than not he’s trying to wreak
havoc upon you.”
Gartman’s corollary to “markets can remain
irrational longer
than you can remain solvent” is “the markets
will return to
rationality the moment you have been
rendered insolvent.”
On Shakespeare: “You’ll be better trained
to deal with the
uncertainties that exist in the market and to
understand why
Hamlet waited so long after finding out that
it was his
father-in-law that had killed his own father.
He had the proof,
he knew it was there. And yet the entire play
of Hamlet is
Hamlet delaying, and delaying and delaying
and not acting.
That’s what Hamlet is all about. It’s about the
inability to
make a decision. That’s what trading is all about.
It is about the ability to make a decision.
Hamlet would have
been a terrible trader. Or why did Lear split his
kingdom into
three parts? What was he thinking? He would
have made a
terrible trader.”
Here is what the markets are all about:
“The study of human begins dealing
with the rational and the irrational.
Dealing with rational numbers in an
irrational environment.
Dealing with irrational numbers in
a rational environment.
Dealing with irrational numbers in
an irrational environment.
And trying to make sense out of the chaos.
Trying to bring
order to the chaos.”
TODAY’S TRADING STRATEGY
OF NIFTY FUTURES – NOV 16
Hurdle @ 6158 today
If crosses see a sure hike upto 6175-95
And then Nifty Futures would
face a resistance @ 6201
(i.e. slightly above the 7DEMA)
Suppose if unable to cut
6158 and trades below 6149,
watch a slide upto 6117-108
and more chances for
Bull’s infraction from there on
resulting in a U-Turn from 6108
Mark this statement very
carefully
If Nifty Futures crosses 6158
and sustains for half an hour
It becomes a good intraday
support.
Read things circumspectly and
take decisions wise while
trading in Nifty Futures.
Always I update exclusively to
the subscribers while things
get reversed
in any abnormal
conditions during intraday.
BANK NIFTY
Buy btwn 12838-65
T1 – 12911-33
T2 – 12948-56-84
Sell btwn 12746-18
T1 – 12673-50
T2 – 12636-28-12599
SHARE TIPS TODAY (NOV 16)
1) Sell POLYPLED @ 823.80
T1 – 814.80
T2 – 806.75
T3 – 800
2) Sell SOBHA @ 317.50
T1 – 314.50
T2 – 311.50
3) Sell COSMOFILMS @ 154.05
T1 – 152.10
T2 – 151.10
4) Sell GMDCLtd @ 146.20
T1 – 144.25
T2 – 143.25
5) Sell GITANJALI @ 326.70
T1 – 323.70
T2 – 320.70
6) Sell UFLEX @ 257.20
T1 – 255.20
T2 – 253.45
7) Sell GEINDSYS @ 207.65
T1 – 205.65
T2 – 203.80
IMPORTANT THINGS TO BE NOTED
1. NEVER EVER COVER THE POSTION TILL
TARGET1 IS ACHIEVED
(TAKE YOUR OWN DECISION AFTER T1)
2. NEVER EVER ENTER INTO A TRADE
BEFORE THE ABOVE MENTIONED LEVELS
or AFTER THE TARGETS WERE ATTAINED.
3. STOPLOSS LEVELS, REVERSE TRADING
& MORE INTRADAY TIPS IN MARKET HOURS
EXCLUSIVELY TO THE SUBSCRIBERS
4. I HAVE SOLELY ALL THE RIGHTS TO
OBSTRUCT ABRUPTLY THE FREE TIPS
ANY MOMENT IN THE VERY SAME SPACE.
AN ASTRAL VIEW OF MARKET TODAY
* Consider 10 minutes plus and minus in each
prediction, and act accordingly.
* The astrologer advises you to compare the
next prediction
with the prediction of the previous time slot.
* Although our astrologers do the predictions
one week in advance, they are accurate.
The astrologer advises you to
make the best use of them.
* Take the asrloger's alerts & warning seriously,
and take optimum
advantage of astrology in these matters.
* Deal as per your wishes till 6th December, 2010.
After that, he guide you about the
profits & losses,daily.
If you do not square-off your position on that
particular day, there is no guarantee that
you may come across the same price later on.
The market may be highly
fluctuating on both the sides.
* Today the Moon is in Purva Bhadra constellation,
the Lord of which is Jupiter.
* About one year ago, the astrologer had predicted that
you should stay away from realty from
1st November,2010 to 30th December, 2010.
You must have seen why.
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
IS YOUR TRADING CAMERA IN FOCUS?
Great photographers never take a picture
until everything is set up correctly
and the subject is in focus.
If they have not analyzed the situation
before taking the picture, their results
will not be successful.
Traders need to follow the same steps.
Your mind must be in focus and we
must have a solid foundation in place
before we execute a trade or else we
will not have a high chance for success.
VISUALIZE SUCCESS
“I made a picture in my mind of who I wanted to be, and then I lived into that picture.” – Arnold Schwarzenegger
Every person who has tried or read about body building, has probably already heard that quote. Some of the most successful people in the world became that way because they were able to visualize their success and were not afraid of doing hard work to get there. They knew that they could achieve their goals if they set their mind to it.
Unfortunately, investors tend to be the self-defeating type – they search for easy answers, easy stock picks, and they don’t visualize success in a way that makes their trading and investing truly rewarding. They are also quick to blame others or search for the easy road. That’s why you have hundreds of very expensive investment newsletters and advisories, thousands of mutual funds, and trading systems that are sold to investors even though over the long term none of them manage to beat the major market averages.
The lesson that Arnold offers is an important one – you have to visualize success and do the hard work it takes to get there. There are no compromises or short-cuts to that destination. This is especially true when investing as well as anything you try to achieve in life.
Baltasar Gracian (1601-1658) wrote many popular maxims:
33. Know when to put something aside– One of life’s great lessons lies in knowing how to refuse, and it is even more important to refuse yourself, both to business and to others…it is worse to busy yourself with the trivial than to do nothing…All excess is a vice, especially in your dealings with others.
51. Know how to choose– Most things in life depend on it. You need good taste and an upright judgment; intelligence and application are not enough…Two talents are involved: choosing and choosing the best.
89. Know yourself-– The key to everything.
104. Have a good sense of what each job requires-– “Far better are the jobs we don’t grow bored with, where variety combines with importance and refreshes our taste.”
110. Don’t wait to be a setting sun. Similar: Quit while you’re ahead; don’t wear out your welcome
121. Don’t make much ado about nothing-– “Few bothersome things are important enough to bother with…Many things that were something are nothing if left alone, and others that were nothing turn into much because we pay attention to them.” Similar: Take it easy.
139. Know your unlucky days – “On some days, everything goes badly; on others, well, and with less effort…Take advantage of such days, and don’t waste a moment of them.”
140. Go straight to the good in everything. Similar: Think positive; be optimistic. Thoughts: Everything has a “good” and “bad” side. Focusing on the negative just makes it harder to get anything done.
176. Either know, or listen to someone who does. [M]any people are unaware that they do not know, and others think they know when they do not. Attacks of foolishness have no remedy…Asking advice won’t diminish your greatness or cast doubt on your talent.
198. Know how to transplant yourself. “Everything foreign is held in esteem, whether it came from afar, or because people see it only after it is well formed and has reached perfection.” Thoughts: In nature, seedlings cannot grow tall in the shadows of their parent. Sometimes you have to move away in order to spread your wings and fly. Part of it involves opportunities for personal growth, but the other part is acknowledgement, which Gracián discusses above.
200. Have something to hope for – “If all were possession, all would be disappointment and discontent. Even the understanding needs something else to learn, something curiosity can feed on.” Thoughts: Always set new goals after achieving old ones. Nothing is more dangerous than boredom; think of how many successful people proceeded to ruin their lives because they “didn’t know what else to do.”
229. Parcel out your life wisely – Gracián’s suggestion: “What makes life pleasant is a variety of learning. For a beautiful life, spend the first act in conversation with the dead (books)…Spend the second act with the living: behold all that is good in the world…The third act belongs entirely to you.
“The 1892 book of his maxims has a full view in Google.
MESSAGE TODAY
Conscience is the perfect interpreter of life.
-KARL BARTH, The Word of God and the Word of Man
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