Think Like Las Vegas
Do you think of each trade as an island, as the great hope, or do you think in terms of probabilities over a series of trades? Casinos make their money by keeping the odds in their favor over a large number of bets. And that’s how successful traders think too. They don’t get attached to the success or failure of any given trade. Their primary goal is to stay calm, relaxed and open to the market’s opportunities so that they can execute their edge precisely and keep the odds in their favor. Thats why I make such a big deal about emotional clearing and staying calm. The emotional clearing technique I use is literally worth tens of thousands of dollars to me in bottom line results.
A great quote
“Principle 7: Develop a Love and Respect for Trading, Free Markets, and Individual Liberty and Initiative.
Profits are just the gravy. When they test a group of traders, one of the traits that almost all successful traders and investors share is a deep understanding of how trading and investing is part of the process that allows humankind to progress. Even day-traders provide critical liquidity that allows others to hedge, companies to raise capital, and investors to invest with limited risk. Stock selection allows investors to become second-level venture capital firms, with their demand helping provide access to financing in areas where the people need capital most. The more you understand the remarkable way in which freedom and free association work to produce economic gain and real progress for humankind from new innovations and technologies, the more likely you are to feel a strong sense of purpose at being a part of such an incredible system. And the stronger your sense that your efforts are creating something good that is bigger than yourself, the more committed, enriched, excited, and innovative you will become.”
… so put that in your pipe and smoke it.
Five Rules for Traders
You can avoid the emotionalism, the second guessing, the wondering, the agonizing, if you have a sound trading plan (including price objectives, entry points, exit points, risk-reward ratios, stops, information about historical price levels, seasonal influences, government reports, prices of related markets, chart analysis, etc.) and follow it. Most traders don’t want to bother, they like to ‘wing it.’ Perhaps they think a plan might take the fun out of it for them. If you’re like that and trade futures for the fun of it, fine. If you’re trying to make money without a plan-forget it. Trading a sound, smart plan is the answer to cutting your losses short and letting your profits run.
Do not overstay a good market. If you do, you are bound to overstay a bad one also.
Take your lumps, just be sure they are little lumps. Very successful traders generally have more losing trades than winning trades. They don’t have any hang-ups about admitting they’re wrong, and have the ability to close out losing positions quickly.
Program your mind to accept many small losses. Program your mind to ’sit still’ for a few large gains.
Recognize that fear, greed. ignorance, generosity, stupidity, impatience. self-delusion, etc., can cost you a lot more money than the market(s) going against you, and that there is no fundamental method to recognize these factors.
NOW
DAY TRADING STRATEGY
OF NIFTY FUTURES – AUG 9
Overall support is good @ 5411
If trades above 5440 and breaks 5450, hike upto 5470 is for sure
No problem for bulls till NF breaks 5410
On the other hand,
If trades below 5440,
And cuts 5430, slide upto 5420-10
is possible.
BANK NIFTY
Good Support between 10350-35
And resistance between 10430 – 44
Make your own intraday Buy/Sell decisions with these levels in normal opening..
More exact details to our subscribers
As APPLICABLE VOLATILITY falls day by day, pls be careful in fixing the targets in Nifty and Bank Nifty.
Exit with the attained profit as soon as possible. This advice is particularly for day traders and option traders
ALL THE BEST
SHARE TIPS TODAY (AUG 9)
INTRADAY
Sell EDELWEISS @ 588
T1 – 583
T2 – 578
T3 – 573
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-Mahindeesh (a) Sathish
Cuddalore-2
Tamil Nadu
TODAY’S QUOTE
-FRANK CHAPMAN SHARP, Success: A Course in Moral Instruction
JUST SMS TO YOUR PAL
*Pay My Regards To Ur Father Who Is Tolerating Such A Dumb Duffer Child, What A Stamina He Has Got.. I Salute
*2 sardars were fixing a bomb in a car.
Sardar 1 : What would you do if the bomb explodes while fixing.
Sardar 2 : Don’t worry, I have a one more.
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