Wishing All of you a Very Happy Republic Day...!!! Lets Salute the Nation on REPUBLIC DAY!!!
Good going, from 17 to 37 in just one day. Request all of you to add like minded people in the group, who can contribute or who is interested in learning something which is he first criteria for being a successful day trader and unfortunately very few people talk about, I welcome all of you to the world of Psychology of trader.
As far as what I think, believe and forsee is, if you want to see yourself as a successful day trader, you have to trade like a pro, without emotions, without greed. You overcome only these two factors, and you are on your way to the riches you desire and aspire to be.
First and foremost congratulate yourself for being in the industry, where earning money is not limited by your investment or hardwork or effort put in by you. If you just see the daily turnover of Nifty alone, it is bigger then some of the neibhouring country's economy. Your income is limited only by your imagination.
Barring couple of people, majority of you have decided to go with your indicator as your day trading setup, which dissiminate confidence, a positive attitude and a will to stick to your trading setup and that is what I desired from you experienced people, because if you were a beginner I can still understand in your curiosity of holy grail formula.
One of your primary tasks in beginning the search for the right trading system is to find out enough about yourself so that you can design a system that will work for you. Simply because, everybody is different. The second model is how great traders manage their money or determine their position size throughout a trade.
Once you have reached a place inside yourself where you can just be, you’ll understand the keys I am trying to cover in this small writeup:
1) the importance of exits to your profits and your losses;
2) the importance of position sizing to your equity; and
3) the importance of discipline to making it all work.
I’ve been modeling four keys to making money in the market:
1) the process of trading;
2) the process of doing trading research;
3) the process of making position sizing work; and
4) the process of becoming wealthy.
Which we will discuss at lenght some other time.
We typically trade our beliefs about the market and once we’ve made up our minds about those beliefs, we’re not likely to change them. And when we play the markets, we assume that we are considering all of the available information. Instead, our beliefs, through selective perception, may have eliminated the most useful information.
When your mind is open, start reading about the markets. I strongly recommend almost any book written by Jack Schwager. The psychological side of trading and investing is very critical and very important. Two other excellent books are by James Sloman -- Nothing and When You’re Troubled. The first book is about going with the flow- an extremely important concept when playing the markets. The second book is about getting rid of many personal issues that could prevent you from working at an optimal level. In addition, 1 also recommend Mindtraps: Mastering the Inner World of Investing by Roland Barach.
It’s all about how we’re wired-both culturally and biologically- to lose a great deal of money in the market. The good news is that we can overcome those tendencies.
Tomorrow I will give you some pointers as to how to find out enough about yourself, which in turn help you design a trading plan specifically for you which is destined to work successfully for you.
Meanwhile Happy Trading.
Good going, from 17 to 37 in just one day. Request all of you to add like minded people in the group, who can contribute or who is interested in learning something which is he first criteria for being a successful day trader and unfortunately very few people talk about, I welcome all of you to the world of Psychology of trader.
As far as what I think, believe and forsee is, if you want to see yourself as a successful day trader, you have to trade like a pro, without emotions, without greed. You overcome only these two factors, and you are on your way to the riches you desire and aspire to be.
First and foremost congratulate yourself for being in the industry, where earning money is not limited by your investment or hardwork or effort put in by you. If you just see the daily turnover of Nifty alone, it is bigger then some of the neibhouring country's economy. Your income is limited only by your imagination.
Barring couple of people, majority of you have decided to go with your indicator as your day trading setup, which dissiminate confidence, a positive attitude and a will to stick to your trading setup and that is what I desired from you experienced people, because if you were a beginner I can still understand in your curiosity of holy grail formula.
One of your primary tasks in beginning the search for the right trading system is to find out enough about yourself so that you can design a system that will work for you. Simply because, everybody is different. The second model is how great traders manage their money or determine their position size throughout a trade.
Once you have reached a place inside yourself where you can just be, you’ll understand the keys I am trying to cover in this small writeup:
1) the importance of exits to your profits and your losses;
2) the importance of position sizing to your equity; and
3) the importance of discipline to making it all work.
I’ve been modeling four keys to making money in the market:
1) the process of trading;
2) the process of doing trading research;
3) the process of making position sizing work; and
4) the process of becoming wealthy.
Which we will discuss at lenght some other time.
We typically trade our beliefs about the market and once we’ve made up our minds about those beliefs, we’re not likely to change them. And when we play the markets, we assume that we are considering all of the available information. Instead, our beliefs, through selective perception, may have eliminated the most useful information.
When your mind is open, start reading about the markets. I strongly recommend almost any book written by Jack Schwager. The psychological side of trading and investing is very critical and very important. Two other excellent books are by James Sloman -- Nothing and When You’re Troubled. The first book is about going with the flow- an extremely important concept when playing the markets. The second book is about getting rid of many personal issues that could prevent you from working at an optimal level. In addition, 1 also recommend Mindtraps: Mastering the Inner World of Investing by Roland Barach.
It’s all about how we’re wired-both culturally and biologically- to lose a great deal of money in the market. The good news is that we can overcome those tendencies.
Tomorrow I will give you some pointers as to how to find out enough about yourself, which in turn help you design a trading plan specifically for you which is destined to work successfully for you.
Meanwhile Happy Trading.
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