To be a trader - 20 years'journey from novice to pro novice

[oilman5]

SOME FINER PT
.....................
bill checking is must...on sevaral occation yearly 2/3...i find discrepency....as i find trading stressful...i must try level based to minimise it.FAMILY, OFFICE AND MUST BE GIVEN DUE PRIORITY since i pick fundamental scanlist..hence ta is must for my buy and sell.
if psychological set up is bullish i do aggressive entry...and paid dearly many a times...
PATIENCE AND THOUGHTFULLNESS...EASIER TO SAY.....SO CONTINGENCY PLAN FOR WORST CASE SCENARIO....IS THE SURVIVAL PLAN
..........................

Find Support Based Buy In Normal Market...and Momentum Based Pullback Buy In Bullish Market Useful Entry Technique....ma X..identifying Pattern...r My Edge
......stop Loss ...execution Still Lot To Learn
Next Is What Maxm Help I Can Get From Others....and Leverage Skill
....another Typical Thing...i See Tv To Get Result Flash/news...never For Openion...hence I Alone Responsible For My Failure'....
n 9th august'2007...its a copy book case of down day...market open gap up...within 2 hr heavy sell coming...see nifty future intraday...then short is only way...[get out first...if u r firm believer of bull]....ftse 14hr...opening and moving down...bad days ahead[atleast for tommorrow]..so those who short on good low risk trade..get an oppurtunity of gap down today
.........ideal upday is just opposite...from opening down quick recovery comes...and then come short covering...close is >50 up nifty.....it has seen....many a time in april..july this year
....idea is trade with bias...directional trade . bias from price...and money flow

 

[oilman5]

some scan list...which has shown higher strength...rsc type scanner.
if market move up...which one to move faster up...just compare...they r successful
....this is a good trade style to earn in this indian market.
on metastock based scanner...work on rsc...1week..up with base of nifty..u get the scan list
..hints..go to www.meta-formula.com
....hitendra vasudev...of stockmechanics.com recently advocating this technique.
also our www.tradersedgeindia.com publish a list regularly to trade on it...
it basically ...showing strength ...buy high ..sell higher...trade technique...with good +expectency...a short term trade style
...but unsuitable for timid heart.,support buyer
recent comment by saint...many a system exists...but u have to find what suits u
...is most appropriate
my recent talk with cv...proves to me why he is a gifted day trader...a total dedication..master in his craft....and Zero subjectivity.......high accuracy and implementation technque...derisking in his way..a legendary day trader.
note:never try to copycat him...u have to a highly rated programmer first,an excellent system designer then for a couple of yr......later digest volatility..
to learn better trading joe ross idea r important......also famed writer dr. elder.
..................yes define a timeframe first...which one u like to trade...to derisk ie. set up condition...
and in which u sense risk..ur time to react..ie when u understand its time...i am right,now i am wrong.
tripple screen is a good idea to follow.
but stick only to a single timeframe...let me explain.
u think next week market shall move up?
why....what shall the rationality....the buy is coming.
so short term biasness is up.
now go to eod...shift to weekly data...very -/also monthly..negative.
so at every rise stiff resistance shall be faced.
now who shall win....bull or bear...i dont know....but creeping commitment i may start.
why because my defined bottom ...14300 is approaching
where i see top a linear top...16500 can possible .
so this r biasness...it means i shall take to good position on some predefined stock.
and then watch......at some particular price level 15700...how market shall behave...if i smell rat ,get out...coursey hints given by ss[sunil]....+ i have my exit criteria.
but if on rare occasion it easily....x 15800.........i invest ......as sky may look clearer to me.
.........
why not daytrade then ?
...................................
because it takes my time...my time to earn,.....to ask or analyse easy...without in front of screen its difficult to trade.....more over shortterm volatility ...giving conflicting signal.
................
why not swing trade then?
my accuracy is poor...no amount of knowlege...equity curve suggests poor return.
......
THATS WHY I AM RETURNING TO MY STRONG ZONE....POSITION TRADE.
I KNOW I HAVE OCCATIONAL DRAWDOWN...BUT MONEY MANAGEMENT GIVES BETTER RETURN.
SUPPORT BUY...BREAK OUT WITH MOMENTUM ...BOTH IS EASIER TO SEE.
MOST IMPORTANTLY I KNOW WHAT I AM DOING.
........
WILLIAM'S ACCUMULATION/DISTRIBUTION...AND MONEY FLOW...CLEARLY SHOW ON WEEKLY CHART WHAT MAY HAPPEN...
SO MY WEEKLY HOLIDAY CUT OF.....FOR A STUDENT OF MARKET.
......EXPERIMENT ON STRENGTH BY RSC TO BE SEEN....ALSO SWING PT @DYNAMIC TRADING SOFTWARE.
he always know what he is doing..........what market may do now

 

[oilman5]

Resources
..................
Beyond Technical Analysis (Tushar S. Chande, PHD}
Bill Williams - Lit (New Trading Dimensions}
Book - Tom Williams Volume Spread Analysis
DYNAMIC TRADER GUIDE
Encyclopedia of Trading Strategies
Kuhn - Marder Intermediate-Term Momentum Trading Course
Momentum Investing By Ken Wolff
OmniTrader (Systems Manual)
Steve Nison Japanesse Candlestick Charting Techniques
The Daytraders Bible by Richard D. Wyckofff
The Four Biggest Mistakes in Futures Trading by Jay Kaeppel Book
Trading as a business
Willam J O'Neils How to Make Money in Stocks
.............................................
hope this will help in journey path of a discreationary trader
...........................
this every book has some uniqueness in it.for simplicity i write 2lines.
Beyond Technical Analysis (Tushar S. Chande, PHD}...a bible to understand system
Bill Williams - Lit (New Trading Dimensions}... it gives new light on market and randomness
Book - Tom Williams Volume Spread Analysis..read it..u see..use of volume ..why?
DYNAMIC TRADER GUIDE ..understand judgement ..price time analysis
Encyclopedia of Trading Strategies ..idea what may suit u
Kuhn - Marder Intermediate-Term Momentum Trading Course ..a technique to trade
Momentum Investing By Ken Wolff ...same in depth..key theme of modern trade
OmniTrader (Systems Manual) ...background of comp.based trade with low risk
Steve Nison Japanesse Candlestick Charting Techniques ..a must
The Daytraders Bible by Richard D. Wyckofff ..how a real trader succeed in market
The Four Biggest Mistakes in Futures Trading by Jay Kaeppel Book ..teaches to keep a foot on brake always
Trading as a business ..a basic but imp concept..for all dreamer
Willam J O'Neils How to Make Money in Stocks ..why buy high,sell higher works..the useful concept of fundamental,stop,cup and handle

 

[oilman5]

1. be an observer first
2. learn from own mistake and other mistake......imprint this in mind
3.correct knowledge and behavior modification.
4. preparation yourself thoroughly for entry and exit.....with some superlative idea....what goes up must come down[mean reversion]...it takes time to rise but fall rate is quicker....
clock ..stands for timing....diary ..to write opinion and mistake study
5. behavior modification.....this unlearning process is key.......what works for u.
correct behave is....what to do under unexpected event......not emotional reaction.
6.share market is a loser's game....u must know to survive first.then learn probabilistic approach on right trade vs. learning trade[assuming loss]............add position to winner immidiately...and cut loser earliest whole @ a chop ..
7.design everything to all unforseen scenario....so that u can act while they occur..as its a journey on unknown.....be ready where to exit and when....on what condition........understand...rush problem of public.....in fear and in greed...always act before them.........must get out @ redoubtable top..........same way.....wait for a minor confirmation @ intermediate bottom...then enter.but act swiftly
8. always say.....i am only responsible for my behavior modification,proper observation to trade and correct reaction[execute] to market.i must adapt with market...not vice versa..otherwise sit idle...... i must understand bull trap...and check for it
i must think before i act/i execute a trade......[punch list]
9.sometimes i must look for reverse image[in chess terms look from otherside of board].....and plan for reversing the trade.[this is the toughest psychological hurdle i find to overcome]
10.Initially i should take a small position.........must be swift to liquidate that one if sense....
market proves u wrong.
11. always use own signal only for entry..........but use market guidance to continue/exit/addition ......or even reverse position.
this slow behavior modification is to be practiced unless it became ur 2nd nature......this is right way to trade for intermediate term.
12.when u hold a position ,within a reasonable time [as per ur chosen validity period]....it is not confirming to prove correct........better get out.
.........................
this is for intermediate term future trade

 

[oilman5]

let me demystify a software .....adget for beginner
.................................................. ...................
software helps to enter/exit a trade based on some propriety tools.
1.elliot wave.......4level entry......defining presently..wave3.......so another uplevel exist
2.oscillator...ma x trend continuation....its divergence study
3. pti.....validity of a trade.........its a probabilistic tool.
4.displaced ma.....confirmation of a direction.......actual entry
regression channel .....another confirmation
5.fib.....a gen concept......retracement/profit target pt
6.xtl....basic price pattern biasedness
mob......support/resistance tool
ellipse ..when and where.....high probability of correction completing
...................
validity condition very simple ......implementable.



.for all trade learners,......read levermore and gann.....u shall learn speculation....
more imp....when not to speculate

 

[oilman5]

those who have read......livermore and gann......can read joe ross....and way to trade'...by piper.
after proper swot[strength,weakness,oppurtunity,threat]

....................
hey if u r old guy like me........keep a fundamental hand.........
.'after i watch a chart.....and can not understand....what state it is...i should not trade...what is the value of studying ta then?price reflects everything.......
YES SEE THE CHART....SLEEP WITH IT
.......next learn software........here most of us lagging
ur idea can be implementable by trade signal.......not vice versa

concept of signal/entry /exit automised.
....personally here i defer....as i believe trend is random event

the software......one should take sufficient time to learn
.......learn scanner........% of accuracy......here computer help.
...........
now experiment.....which style and time frame u trade better........ur actual result.
stick to it.......with a defined stock list.......
......thats all my friend
btw.....avoid trap of call giver

 

[oilman5]

trade preparation.......psychology
............................................
its the toughest aspect of trading......not because of trade..but due to wrong understanding
....trading is not that tough ......if u have learned right step......but next to impossible....if u r av joe.....in life ..and follow crowd mentality....whether live in urban/protected trade atmosphere.
.....let me clarify.
remember.....dancer's story ...of telegraph trade......he is cut off......so he gets what he wants to know.........and when he comes near by......lost all his touches.....a rooky trader
.....again get out......atleast his break out style and quick loss booking and reentry has good follower.......in golden age.....in upcoming bullmarket
.................
so fact remains.......u have to independent........trial and tested method to fit u.....which must have +ive expectency
.....for day trading....i personally feel its easy......as u should trade based on software[most suicidal nature......you....is nomore available to damage u......
still u think u r the genius , know better than .....then go give patent of programming.....earn by selling it.
best of best......use some signal.....a biased directional play.....a validity of continuation...in big volume.....and earn by accuracy.
to reach that level trader practices day in day out .....system implementation/back testing
and..simple mm........definitely execution is highest
only part of psychology is ......stress within limit ......no more
..............
but when we move from day to shortterm.....we have a dilemma.....rationality of who can think/decide better.......computer or i.......with eod /weekly signal....news flow money flow.....derisking.....and pet indicator......we create a hotchpotch.....dream with greed....
take a trade....if right....happy , superior ego.......if wrong .....frustration[blame game]....
forgetting....result is a probabilistic event..........a good trader knows this....so after trade handle trade better by watching it.......getting out with small loss/run the profit one....
and a time[patience]..to resolve conflict on market...to be watched for,
.....to understand this......greed /fear/hope....must be replaced with....risk analysis and mm
if possible......chance of being right /wrong......here those who like us study probability/statistics......has some edge......but expectation trap......is quicksand trouble in real scenario.
......so u vs. ur knowledge vs software vs indicator trap vs news trap vs ur decisionmaking skill............a psychological whirlpool is created.
here ta comes..helpful.....diary is a good tool.....case basis.....from past analysis study..how many times why u r right......how better u can fight on uncertain terms

 

[oilman5]

so u understand when u change from day to short term ......impact on psychological front
......now suppose u believe in core trading......
1] break out style
2] trend style ..continuation concept
........psychologically from study of past.......on what condition they have higher probability
......this likely event scenario......is mostly misunderstood by normal trader ,forget common mass....
luckily.....saint/traderji....try level best to teach core trading
.....the ground rule ta based/pattern .....must be followed with discipline
...................
3rd concept......reversal pt intermediate pivot .....i personally think ad get may help...also other software like dt/mtpredictor has same principle.......
basic is at 4....u buy......at 5 u sale.....but......subjectivity....part one must have that much experience to handle reversal/contrarian thought process
candle revesal @bottom and top ....definitely helpful.
......
but core of trading.......how much more u play......when u r right......a skill .....not yet to be taught.......as its self realisation[may be a mentor may help]

 

[oilman5]

sucessful traders has 2 distinctive superiority
1]a particular time frame in which he shall play......and a definite style
2]predictive mode or reactive mode
.......
first thing......intraday......day.......short term.......intermediate......r known to everyone
also the style......break out.....pull back ...short at top.....bottom fishing....continuation with momentum.......r spl mention not reqd.......as already systemised.....many a trader play
.....with definite.....derisk model which suits him
so timeframe.....style....derisk......this 3......creates a set....now compatibility
.....the word successful.......clearly tells........its already done....nofurther experiment pl
.......................................
2] predictive mode vs. reactive.......
elliot or wave.....count....it suggests........but price confirmation must.....otherwise...its russian roulette
in reactive case.....trader develops.......a mental state.....in which he follows....the event of market ....direction and strength[trade what u see]
....all whipsaws r not to be attended........problem is nobody knows change is normally abrupt
....so some theory develops to watch one higher/one lower time frame.
..still randomness is a governing factor
......only with exceptional mental stability[example cv].....a person can be flexible like clay
....can react most of the time RIGHT
......for others.....a jone has to be created......on certain conditional fulfilment accept a trade......otherwise....REJECT THE OPPURTUNITY[considering uncertainity]
.....THIS ATTUNEMENT I CALL PSYCHOLOGY OF SUCCESSFUL TRADER

 

[oilman5]

stock scanning is a method to learn .....as software can help u[time management]
here again programmer r hundred step ahead
use any software.........to the best of its ability
...so now i start study on it......and volatility predictive model
........................................................
amateur vs pro.......we start normally as foolest of them......with an aim to journey to be the best of them......so various level we cross.......with realisation is our motto.
here....to become prudent ....we must minimise ....cost of learning.....learning by self mistake
the lucky one learns from reading books...and trading others money[fund manager].....so fine tuning is easier......so far they r adaptable,a nondisturbance atmosphere.......and ready to learn from mistake.it normally takes 3yr to learn ....what he or she is doing..........rationally on reasoning whether i earn by call or by tips.....how far market helps me[luck factor].......predictable mode......or a successful reactionary trader.
the concept of ta/fa/psychology........how far his market reading is accurate........game of marketing in this field.
the game of common sense........uncanny ability to sense danger.......as well as oppurtunity
.....is he aim for.
next is execution.......it is the art[learn by practice.].......slippage factor.....missing oppurtunity or to chase price....confirmation by price/trade volume.......as well as keeping oneself under control while trading......a rational entry/exit technique......and apply it on case to case basis.......or like a robot....mechanical trade.
third and last thing......@ which time frame ......he or she does better.....with proper temperament........for which one must experiment a lot with small fund.....then compare....which mode best suited him for life......fitting
........another factor......market variable.......prepare for rainy day.....development of knowledge......another continuous evolutionary process.....shall hold him for long term.
...................
so from where they start.......a college grad[mba].....a theory on business...implementation
money flow + what lures mass.
normally a strong fundaa background......supported by.....technical inquisitive mind/learners attitude......understanding of ta aspect of market produce them a good trader.
.................................
otherside of story......dealer.....rm.....bm/subbroker....analyst...broker
dealer....entry person who make entry/sit backoffice
rm/bm...have experience of dealer.....now handle them.....intimate.client....to tell oppurtunity/danger....basically to trade generation for his broker
analyst.....have seen all .....a readyencyclopedia on market....can tell what if....but rarely make money out of it....better through.commission/call selling
broker.....trade commission....+ game play....cornering stock.....maintain min risk but arbitrage.......as well as trade trade on large bulk......low risk one....with big fall pt...buy and sell at top......believe in strength of inside info.
since they r senior most.......can understand a potential candidate.....both stock and a dealer/rm........to utilise it better.
.................................................. ...
normal aspirant must watch them......follow them.....to take this quality....use money management......+ info game.....with responsibility......to earn when oppurtunity comes.
......otherwise be disciplined......to wait.
to sum up this thread
.................................................. .
1]mentor concept.......exploration of new idea/new understanding /action plan
2]why u need a mentor
3]stop self sabotage........implementation of stop...must
4]school concept to learn trade.....class 12 model
5]where i stand......a personal view given
1. MARKET...I VIEW IT WAR ARENA..RUTHLESS FIGHTER CAN ONLY SURVIVE.
MY SKILL...WEAPON...BROAD BASE KNOWLEDGE + ANALYSIS POWER
...MY WEAK PT..POOR EXECUTION SKILL & EMOTIONAL DOLDDRUM
SOLN..USE COMPUTER BASED SIGNAL
MERCYLESS STOP
WATCH MARKET BEFORE ENTRY.
2. CONDITION OF MARKET
.....................................
UP...DOWN ...VOLATILE...3DIFFERENT STRATEGIC PLAN ..THIS CASES...
4TH CASE IS UNPREDICTABLE...HERE I MUST NOT PARTICIPATE...WAIT AND WATCH
3. MONEYFLOW CONCEPT.......
FII AND MF...WHAT THEY R DOING...AFTERALL THEY R SMART MONEY
UNDERSTAND RISK INHERENT IN TRADING
GLOBAL VILLAGE CONCEPT..AND GLOBAL FUND PERSPECTIVE ABOUT INDIA
4. INDIA CONCEPT
........................
FINANCE MINISTRY...RBI POLICY...BUDGETARY ALLOCATION...WHERE AND WHAT GOVT...OFFICIALLY VS. ACTUALLY ENCOURAGING[NOT LIP SERVICE]
INTEREST RATE...AND ITS SIMPLE IMPLICATION..REFLECTION OF IT IN STOCK MARKET
5.QUARTERLY RESULT STUDY
..............................
GROWTH UP ..PROFITABILITY AND VISION OF MANAGEMENT
6...SECTOR CONCEPT STUDY...VERY USEFUL..
THOSE WHO KNOW METASTOCK...CAN STUDY RELATIVE SECTOR STRENGTH..TOOL TO EARN WITH EDGE...PARTICULARLY SECTOR LAGGARD R NOT TO BE TRADED FOR SHORT TERM
.....WHILE LONG TIME INVESTMENT STYLE 9MONTH...HOLDING...THEY R WORTH TO BUY.
U SEE THE SAME SECTOR BAD FOR SHORT TERM IS GOOD FOR LONG..PROVIDED FUNDAMENTAL NOT BIG CHANGE...FOR MOMENTUM PLAYER ITS STRICT NONO
ON THE CONTRARY...SHORT TERM MOMENTUM PLAYER...USE THIS REL STRENGTH COMPARING HOW BETTER STOCK IS FAIRING RELATIVE TO NIFTY
another imp. list i find interlink of stock...sector
i find..vehicle..auto ancilliary..bearing
construction..cement/steel price..profitability of builder company[i do this activity,and rarely i good correct...market humbles me]
tourism;hotel..current laggard
computer growth..internet..peripherial sale...computer business model
pharma''..medicine research..hope to click
commodity based stock....with commodity price move up..profitability also..so shall stock price...here again i am a fool, metastock..and viratechindia..good chart..rarely predictable.
.................................................. .........................
7. lists of good company...what i know...what they do...on what condition company profitability move up...its a key arsenal
company based risk...business risk of a company...those who dont know...use www.equitymaster.com
check company's and industry's business model
8.CONTRARIAN THOUGHT PROCESS...MORE A GUT FEEL...A SENSE...IT REQD LOT OF EXPERIENCE TO DEVELOP IT
9PSYCHOLOGICAL FACTOR ON MARKET
.................................................. ...
MARKET HAS TRENDINESS AND ALSO UNPREDICTABILITY ELEMENT. NEWS AFFECT MARKET[UNKNOWN EVENT]........MAJORITY TRY TO GUESS WHAT MAJORITY MAY DO. I TAKE RISK OF PREDICTION BY PUTTING MONEY BUT READY TO RETREAT IF WRONG...WHICH HAPPENS MORE...AND PUT MORE MONEY WHEN RIGHT...[AND GET A GOOD KICK NOW FROM MARKET..WITH 2000SIZE OF ONGC, DIRECTIONAL BIAS..950..BREAK OUT...A GREAT BULL TRAP...A RETIRE HURT CONDITION FOR ME...MY 6TRADING PROFIT..TAKEN BY SINGLE LOSS]
............................
I HAVE TO WORK HARD AGAIN TO RECHECK MY PREDICTIVE MODEL....CHANCE OF BEING WRONG HAS TO BE EVALUATED
........COMPANY RESULT.....20
MACRO ECONOMY 20
MONEY FLOW 20
SECTOR BUSINESS/MONOPOLY ..20
OTHER FACTOR/RANDOM/OPERATORS GAME...20
..................TOTAL 100
CHANCE OF BEING WRONG....40%...WHAT TO DO IF WRONG...IMPLEMENTATION MUST
...............NOW THE TOUGHEST PART' I..' FACTOR...EMOTIONAL DECISION.BEFORE TAKING AN ENTRY I HAVE AN OPENION...BUT PRICE MUST CONFIRM MY OPENION THEN ONLY I SHALL BUY....EVEN AFTER BUY ...WHILE HOLDING..IF ITS NOT BEHAVING AS EXPECTED...I MUST USE [TIME STOP]...BOOK LOSS AND THROW AWAY OPENION...
THIS ESSENCE OF TRADING I FIND TOUGHEST TO IMPLEMENT...WHILE CONVERTING FROM INVESTOR TO A TRADER.
......SO I DO A LITTLE MODIFICATION...REENTRY AT LOWER PRICE[AN IMP SUPPORT LEVEL AND AGAIN TEST PRICE]
SOME FINER PT
.....................
bill checking is must...on sevaral occation yearly 2/3...i find discrepency....as i find trading stressful...i must try level based to minimise it.FAMILY, OFFICE AND MUST BE GIVEN DUE PRIORITY since i pick fundamental scanlist..hence ta is must for my buy and sell.
if psychological set up is bullish i do aggressive entry...and paid dearly many a times...
PATIENCE AND THOUGHTFULLNESS...EASIER TO SAY.....SO CONTINGENCY PLAN FOR WORST CASE SCENARIO....IS THE SURVIVAL PLAN
I Find Support Based Buy In Normal Market...and Momentum Based Pullback Buy In Bullish Market Useful Entry Technique....ma X..identifying Pattern...r My Edge
......stop Loss ...execution Still Lot To Learn
Next Is What Maxm Help I Can Get From Others....and Leverage Skill
....another Typical Thing...i See Tv To Get Result Flash/news...never For Openion...hence I Alone Responsible For My Failure'....
yes define a timeframe first...which one u like to trade...to derisk ie. set up condition...
and in which u sense risk..ur time to react..ie when u understand its time...i am right,now i am wrong.
tripple screen is a good idea to follow.
but stick only to a single timeframe...let me explain.
u think next week market shall move up?
why....what shall the rationality....the buy is coming.
so short term biasness is up.
now go to eod...shift to weekly data...very -/also monthly..negative.
so at every rise stiff resistance shall be faced.
now who shall win....bull or bear...i dont know....but creeping commitment i may start.
why because my defined bottom ...14300 is approaching
where i see top a linear top...16500 can possible .
so this r biasness...it means i shall take to good position on some predefined stock.
and then watch......at some particular price level 15700...how market shall behave...if i smell rat ,get out...coursey hints given by ss[sunil]....+ i have my exit criteria.
but if on rare occasion it easily....x 15800.........i invest ......as sky may look clearer to me.
.........[published on 11th august,post 38 0f this thread]
WILLIAM'S ACCUMULATION/DISTRIBUTION...AND MONEY FLOW...CLEARLY SHOW ON WEEKLY CHART WHAT MAY HAPPEN...
SO MY WEEKLY HOLIDAY CUT OF.....FOR A STUDENT OF MARKET.
......EXPERIMENT ON STRENGTH BY RSC TO BE SEEN....ALSO SWING PT @DYNAMIC TRADING SOFTWARE.
................
6] various trade learning reference for one's growth as trader and a hints on adjet
7]avoid trap of callgiver
8]a conceptual view on fundamental and psychology.....trade preparation
sucessful traders has 2 distinctive superiority
1]a particular time frame in which he shall play......and a definite style
2]predictive mode or reactive mode
.......
first thing......intraday......day.......short term.......intermediate......r known to everyone
also the style......break out.....pull back ...short at top.....bottom fishing....continuation with momentum.......r spl mention not reqd.......as already systemised.....many a trader play
.....with definite.....derisk model which suits him
so timeframe.....style....derisk......this 3......creates a set....now compatibility
.....the word successful.......clearly tells........its already done....nofurther experiment pl
.......................................
2] predictive mode vs. reactive.......
elliot or wave.....count....it suggests........but price confirmation must.....otherwise...its russian roulette
in reactive case.....trader develops.......a mental state.....in which he follows....the event of market ....direction and strength[trade what u see]
....all whipsaws r not to be attended........problem is nobody knows change is normally abrupt
....so some theory develops to watch one higher/one lower time frame.
..still randomness is a governing factor
......only with exceptional mental stability[example cv].....a person can be flexible like clay
....can react most of the time RIGHT
......for others.....a jone has to be created......on certain conditional fulfilment accept a trade......otherwise....REJECT THE OPPURTUNITY[considering uncertainity]
.....THIS ATTUNEMENT I CALL PSYCHOLOGY OF SUCCESSFUL TRADER
still i suggest diary writing.....take a print on entry and exit of chart....for future analysis of learning curve
.............