Before the trade....

[the tape]

Great Stuff...
Keep it up...

Thanks for bringing this thread to notice. actually i myself got so much involved with the markets that forget that i started it

 

[orderflow13]

Before you take the decision or before you place the trade these questions one need to ask ..
out of instinct? out of mental conditioning? out of reason?or out of emotion?
now how many times it been repeated on every book ? but does it helped ?
brain has left hemisphere and right hemisphere and when we take action both act in concert, emotion and instinct are processed in right section of brain where as logical reasoning processed in left hemisphere of brain ..every person has a one side dominant by some extent ,its our job to identify which section is less dominant and work on it... most of the time we have to fight with obtaining that balance and we observe the enormous mental stress in trading..but after some time we get that harmony and we sync with the market..this is why no mechanical system ever succeed and this is why no instinctive trader succeed without knowing basic principals of trading ( ta/fundamentals ) balance is the key.
searching on google by typing ' how to obtain balance between right side and left side of brain' leads to very educative articles.
Alex

 

[the tape]

Before you take the decision or before you place the trade these questions one need to ask ..
out of instinct? out of mental conditioning? out of reason?or out of emotion?
now how many times it been repeated on every book ? but does it helped ?
brain has left hemisphere and right hemisphere and when we take action both act in concert, emotion and instinct are processed in right section of brain where as logical reasoning processed in left hemisphere of brain ..every person has a one side dominant by some extent ,its our job to identify which section is less dominant and work on it... most of the time we have to fight with obtaining that balance and we observe the enormous mental stress in trading..but after some time we get that harmony and we sync with the market..this is why no mechanical system ever succeed and this is why no instinctive trader succeed without knowing basic principals of trading ( ta/fundamentals ) balance is the key.
searching on google by typing ' how to obtain balance between right side and left side of brain' leads to very educative articles.
Alex

Yes balance exactly. i got your point. thanks a lot

 

[hari123]

day or swing trading should br done in stocks where volume is very high number of ticks is minimum around 2000 and spread is large.if market move is to be manuplated go for BTST system. in day trading take position after 15 minutes of opening and square up latest by 2.3pm.donot take any position when session is at last half an hour of closing.

 

[tips.seeker]

pl. update more

 

[NOMINDTR]

Very practical limitation Praveen and there is solution for this too.. Just got to work harder and set the priorities right. For small accounts, my approach will be -

1) First priority is to protect the account while trading. Be ruthless with Stoploss. Start accepting small losses. Losing trade does not make you a looser. But if trader doesn't learn from loosing trade then there is big problem with individual.
If it works, then place stop order before the entry order.. or do whatever works for you.

2) Second is to start accumulating reasonable profits and build account base. Start putting target order at reasonable distance.. And book profit consistently. Most of one day matches are won or lost based on amount of singles and doubles collected consistently. Batsman can't expect to hit 6 on each ball but they keep stealing singles and doubles consistently. You got to keep the profit counter ticking while controlling the loss.
You might miss few big runner but learn to accept that. Improve by identifying when to let the winner run and when to take book profit.

3) Learn when to be in the market and when to stand on the sideline. Be selective in picking up trades as per your back tested strategy. Market does not give opportunity all the time for all strategies. So it is more important to know when our strategy will not work and avoid trading in those situation.. (eg - trend following strategy give poor result in range bound market.. But strategy based on bounce from support/resistance
Level will work well in the range)

4) All comes down to your strategy, your game plan to play in the market. And sticking to that.. If enough back testing is done, you will have the confidence in your strategy, and your result of back testing has proven u that it will work.. Then it will take care of fear aspect. Most of the traders don't rough idea about situation in which they will take the trade.. But hesitate in pulling the trigger because they doubt if it will work or not. Once in the trade, they keep changing the mind about exits.. And thats when they end up taking wrong action..
But when they have tested their rules, saw it working on the past data.. Then they are lot more confident. Back testing is hardwork.. But it is the price one pays to gain that confidence in trading.
Having right strategy with +ive expectancy is the key. If it is not there, then please don't risk the money. Small accounts / scared money are the first that leaves the market.
But big accounts were also small once upon a time.

Easier said then done, dear. But no one says that trading profession is easy. It can be simple but certainly not easy. Lot tougher then what I thought before entering this field.

I know there is lot of Gyan in my reply. Hope it gives atleast few pointers..

Happy Trading

This is a great, perfect plan that must suit not only small accounts, with every size of accounts.

I feel like AW reflects my thoughts on issue.

 

[d_s_ramesh]

thanks for the good post

 

[d_s_ramesh]

:clapping:thanks

 

[joy71]

:clapping: Thanks AW10 & the tape,
For sharing your experiences. Brothers no words for acknowledgement, Keep up the good work. Just like the ad in pepsi..... "Give me more....".

Now, as I am digging TJ, It is becoming more & more clearer, what a wealth house of information is there? Thank God I joined TJ.

Thanks once again.

Regards
Joy

 

[bamks]

Bro if u are interested in human psychology I hav one problem hahahahaha not mental but on mkt .listen when i am in profit in any trade try to book as early as possible due to fear .& when i m in loss keep on reducing stop loss thinking that mkt will bounce now Really very upset with this habit of late booking loss .Can u tell wat to do to improve this habit of mine n i think many more will come on this thread with the same problem thnx for picking a good problem

Though replying to you late. IT IS a human psychological problem.
You have not learnt to accept the Risk. Booking profits early and reducing stop loss with the hope the market will make you whole again. eh! Read Mark Douglas The Disciplined trader.