Paper v/s Real

[hari09omkar]

Just sat with arm under ass!!! A sort of emotion like....

Ehh....get rid of dis emotion.It smells bad.

 

[Laksh]

Ehh....get rid of dis emotion.It smells bad.

I don't think you can get rid of your emotions - at least in the initial stages of beginning to trade. It is very human to have emotions. What one can do is refrain from acting on emotions. One has to consciously remind oneself repeatedly of the sound trading principles when stressed and try not to act on emotions. As you start getting some success in controling yourself and some profit with it, controlling will gradually become easier. I don't think the necessity to control will ever disappear - though the occasions may become less frequent as you become more proficient in trading. Another technique to keep your emotions manageable is to keep your trades very small in relationship to your trading capital. Increase trade size gradually as you get more proficient in trading.

Laksh

 

[hari09omkar]

I don't think you can get rid of your emotions ...

Ok then wash ur arms with a good sandal soap.

 

[newbee]

Thank you newbee for the nice post! Actually still to understand some of these points!!!

Hello K

We both are in bit of a luck, UAsish has posted an example of the type of trade we were talking about, you must have seen the post but anyway heres the link

Example of Trade with, An Entry with Stop Loss Order, Exit (Profit Booked) with Limit Order

Thanks
nb

 

[Laksh]

Ok then wash ur arms with a good sandal soap.

Hi Hari,
I don't really get the import of your remark. To me it seems rather sarcastic. Though I quoted your post, my reply was not really directed to you. You are a seasoned trader. I had posted it in order to help the new trader who has started this thread. My post relates, in brief, to the way I have learnt to trade sucessfully and the process I have gone through. I have written what I believe to be true. May be the process is different for different persons.

Laksh

 

[hari09omkar]

Though I quoted your post, my reply was not really directed to you.

Dear Laksh,
I know that.And my reply was same.Not directed to you.Just a light hearted joke towards the nervous delineation of kuriako.
Your reply was bang on target.
We all have gone through this type of trembling-knee experiences in our first months,I believe.
And why first months,untill the pre-defined and calculated methods and rules of entries and exits are not there in our brain before entering a trade,which has been backtested to be proved as a winning system,in the historical data,it will remain active till one is compelled to quit trading.This is specifically true for day trading.Day trading is like giving exams in the hall,where u get the question paper and ur knowledge of the subject is not the sole thing required to score a good mark.Time is a factor there.U have to practice to write in paper the answers of all the posible questions of the subject in the days of preparation of exams.Only a few questions' answers, like the selective suggestions,are not enough.You don't know what will come in the exam,so u should write quickly enough all the questions,to submit the answer sheet before the last bell of that exam hall is rung.
In position trading u get time.It's like correspondence course.

 

[kuriako]

Ehh....get rid of dis emotion.It smells bad.

It smells bad, but will help u to get "FRESH MINTED COINS" which will help you to buy a "container" full of Sandal soap...

OR even a container full of sandal wood paste or even sandal wood extract!!!

Simply love the posture!!!

The only way to control you hand is tie it down OR have an IRON mind!
Else it will act according to mind and not according to system!!!

 

[hari09omkar]

The only way to control you hand is tie it down OR have an IRON mind!
Else it will act according to mind and not according to system!!!

Instead of an Iron mind,an Iron strong system is necessary....not a digestive system I mean,neither nervous.

Emotion plays no role once you have set rules and follow things mechanically each time........If there is emotion,be it fear,hope,euphoria,sadness.......then something is wrong somewhere.

The beauty in having a plan and following it to the tee is that the mind plays no role ..........it is not given the opportunity to panic,to get upset etc

 

[Saint]

Instead of an Iron mind,an Iron strong system is necessary....not a digestive system I mean,neither nervous.

Right on,Hari!

Saint

 

[kuriako]

oops....

lost!!! all the profit and 5% of capital in a single trade!!!

Hmmm... ONGC stoploss hit and everything sold at 1290!!!

And the same moment a bounce in market!!!



But Costly lesson learned!!!

Dont PANIC... Just wait for you ship to come!!! Could have minimized loss and made profit if had a small wait! Ha... remorse!!!