My first Experience

[ankurdhamija83]

Hi..Its nice to see a well managed thought xchange forum for traders....good to see..alot of knowledge sharing....
But wat i hve felt is...thr are many impatient ppl here....just anxious to make money..and nothing else....guyz stock markets are not money making machines...they are not ATM......so plz....dnt b too anxious to do a trade..just for the sake of money...NO...u wnt make money...

Concentrate on the charts....collect all vital data from NSEINDIA.COM....
Learn from your experience...and dont risk too much capital...

Dnt initiate a trade...which wnt let u sleep in the night...

And also remember the major crashes...

I want to ask..one question..if we all are experts..why werent we all were short on 20th Jan or before tht.....
The reason is Greed.....

First try to eliminate tht..and then start trading...

I read in a thread..the sequence of events....of the Fateful day ..21st Jan 2008...

I read tht ppl were going long on 5600...then 5500...then 5400..then 5300...and rest u all knw....

Its just bcoz of the short term thinking...guyz dnt think short term....Atleast trade with a time period of 1 day..atleast 1 day....

And dnt think of doing trading everyday...

 

[baka_baka]

Hi ankur..very well said..but the problem is despite knowing everything people become greedy at the slightest provocation from the market...

 

[chintan786]

just find a good image ... where we are right now.... why we not shrted on 20Th jan...
jus check it out

http://img90.imageshack.us/img90/3004/wharewearenw5.gif

chintan

 

[marcus]

just find a good image ... where we are right now.... why we not shrted on 20Th jan...
jus check it out

http://img90.imageshack.us/img90/3004/wharewearenw5.gif

chintan

Excellent representation Chintan ....... reminds me of something dada says often ..... a picture is worth a 1000 words.

 

[marcus]

Dnt initiate a trade...which wnt let u sleep in the night...

Completely agree .... do you know this was one of Dickson Watts cardinal rules.

I read tht ppl were going long on 5600...then 5500...then 5400..then 5300...and rest u all knw....

This is a common phenomenon in a bull market people accumulate on dips thinking it will go back to previous levels because it always has in the past. I have pleaded with our members to aviod this practice or if they are determined to do this to exercise caution.

And dnt think of doing trading everyday...

I'm impressed by your insight .... agree with you once again ... reminds me of a quotes from Livermore

"And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying and selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine - that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance."

Friends these people have traded the markets long before we were born and did it for a life time, they were among the best at what they did ........ considering this I think it is prudent to conclude they were far more experienced, knowledgeable and successful than we are, they had been there, done it ... and moved on and I therefore think when they make a statement like this it is with good reason based on their experiences over a lifetime. Don't you think just like us they too initially thought trading day in and day out would yield them huge profits? I'm sure they tried it for many years just like we are currently doing only then would they have come to a conclusion. I therefore think it would be unwise to disregard their advise, even if we think we are smarter than they ever were.

Happy trading

Marcus