FROM AN EXPERIENCE
In order to be a successful day trader, you need to have the right
tools, choose the right markets, and trade the right trading systems.
However, it is just as important to have the right psychological and
emotional outlook. Without the right psychology, your emotions will
have a big impact on your trading, and may even prevent you from
trading at all. The two main emotions that day traders experience
are fear and greed, and while you will probably not be able to
remove these emotions completely, you will need to manage them.
Fear
Fear is the emotion that stops us from doing things that might be too
risky. In the right quantity, fear is obviously an emotion that we
need, but when fear becomes too great we can be prevented from
doing things that might be necessary. In day trading, the main fear a
trader has is that they are going to make a losing trade and lose
money. This is a rational fear as no trader wants to lose money,
but it is irrational if it prevents the trader from taking any trades in
the first place. As an example, a trader might make a losing trade,
and then be too fearful to make the next trade, which of course
turns out to be a winning trade, and would have covered the
previous loss. By letting the fear take control, the trader now has
a net loss, even though a winning trade was available. The emotion
of fear can be overcome by acknowledging that all day traders
have losing trades occasionally, but as long as they are less frequent
than the winning trades, there is nothing to be afraid of as there
will still be a net profit.
Greed
Greed is the opposite emotion to fear, in that it is the emotion that
makes us do things we would not normally do. The right amount of
greed is necessary because it gives us the motivation to work at
something, but when we are too greedy we will start doing things
even when we know that we should not. In day trading, greed can
make traders make random trades, or hold on to positions longer
than their trading system dictates. For example, if a trader is
watching a market moving strongly upwards, the trader might be
tempted to make a trade even though their trading system says
not to. The trader has allowed the greed to take control, and more
often than not in this scenario, they will be buying right at the end
of the move and will have a losing trade. The emotion of greed can
be overcome by testing and then trusting in your trading system,
and knowing that if you follow it correctly, it will make a profit
without taking every potential trade.
TRADING STRATEGY
OF NIFTY FUTURES – AUG 8th
A gap up opening around 5285 or 5309 is expected..
–If occurs market moves downwards and will get closed in minus
–If occurs market moves downwards and will get closed in minus
Nifty Futures - down till 1:30 – by then it kisses 5221 only in the case of GAP UP opening,
From the low created @ 1:30 Nifty Futures hikes up till 3:10 p.m according to time theory
AN ADVICE TO OPTION PLAYERS
Suppose if Nifty Futures opens GAP UP between 5285-5309, CALL holders can book profits immediately
In case of a GAP DOWN, CALL holders of Nifty can exit all CALLS @ 2:40 p.m whatever the price is..
If opens above 5310 and sustains above the level for 15 minutes, hike upto 5336-50 is possible – So book ur
ON MONDAY
Resistance1 between 5285-5309
Resistance2 between 5336-5360
SHARE TIPS TODAY (AUG 8)
1) SELL BharatForg @ 274.60
T – 270.80
2) SELL Educomp @ 299.90
T – 296.75
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CALMNESS
Remaining calm during trading is one of the most important
personality traits for a day trader, but it is also one of the most
difficult to obtain and practice. As humans, the natural reactions
to a winning trade are excitement and joy, and the natural reactions
to a losing trade are panic and sadness, but day traders need to
control these emotions, otherwise they will adversely affect their
trading decisions (particularly the negative emotions).
For example, the panic that occurs after a losing trade might make
you take a new trade almost immediately in an attempt to make the
money back, even though there was no trade according to your
trading system.
(Refer to ‘OUR POLICIES’ in blog archives
if you have any queries)
For further details,
Contact Admin (Analyst) @
(0)9788563656
MESSAGE TODAY
-AUNG SAN SUU KYI
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