trading futures on technical analysis with toocool

[toocool]

Choosing Being Profitable Over Being Right
Lefty Gomez, baseball legend, said it best: "I'd rather be lucky than good."

Often, the trader is driven by the need to be right, by the need to successfully pick the market's direction. When being correct is the motivation, successful trading becomes a difficult task.

Success comes in when the trader decides to be profitable rather than being right. When he takes this step, plans are put in place to identify setups, manage risk, accept drawdowns, avoid the 'this way or that way' trade.

We are in the market to make profits, not for being the most intelligent.

Avoiding the need to be right, will help us to accept our failure and cut our losses quickly, so indirectly saving our capital and getting ready for the next opportunity.

source
http://www.sudarshanonline.com/

 

[DSM]

Well said TooCool. Adding this to my collection of 'Words of wisdom' Now only to get practicing it. Thanks for the wonderful post.

Choosing Being Profitable Over Being Right
Lefty Gomez, baseball legend, said it best: "I'd rather be lucky than good."

Often, the trader is driven by the need to be right, by the need to successfully pick the market's direction. When being correct is the motivation, successful trading becomes a difficult task.

Success comes in when the trader decides to be profitable rather than being right. When he takes this step, plans are put in place to identify setups, manage risk, accept drawdowns, avoid the 'this way or that way' trade.

We are in the market to make profits, not for being the most intelligent.

Avoiding the need to be right, will help us to accept our failure and cut our losses quickly, so indirectly saving our capital and getting ready for the next opportunity.

source
http://www.sudarshanonline.com/

 

[oilman5]

Hi toocool,
ur observation on market is right.
Ur chart clearly telling LONG bull haul, as per theoretical break out target , 7350 on nifty.
,,,,,,,,,,,,,,,,
thats why i feel fishy - its look so obvious , my past experience suggest - normally so clean move not natural,so i am keeping finger crossed.
wish u to become crorepati

 

[toocool]

@oilman

Never doubt the charts ever.

Charts often do not meet the targets so it's never obvious...... Think about it.

If it doesn't always achieve target then how is it obvious? Tell me the number of analysts telling that the great bull run has started? they are 80% in number? Or 10%? ......... I think not more than 5-10% probably even less, ........ And if so then how is it obvious.

The number of skeptical people outnumber the bullish people.......... And that's the reason of this bull run

 

[oilman5]

So far less number is betting for 7200, it will happen soon.
ONLY ST, you r strongly expecting this incase BJP wins .
i firmly believe - contrarian normally win in market

 

[toocool]

i am confused

are you saying BJP will win or not?

 

[oilman5]

i am confused

are you saying BJP will win or not?

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
i dont know ,nor i bother.
I have a plan to trade the event-
Election result day 16/17 may.
IF BJP WIN _ NO SIT, THEN MARKET MAY MOVE UPTO _, MY CALL/PUT BUY.
if CONGRESS WINS _ NO SIT, ENSURING HUNG - UNDERWRITE PUT /CALL ,
IF CERTAIN COCKCROACH WINS _ ,ENSURING PROBLEM IN POLICY , SO SELL FUTURE- ONLY DIRECTIONAL PLAY.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
in 1988-91 i worked in energy ministry.
As a trader i know u have plan , so execute , incase wrong proven by market, JUST REVERSE.
hope it helps

 

[toocool]

I am not a call put player yet.

Explain your plan more clearly

 

[jamit_05]

@oilman

Never doubt the charts ever.

Charts often do not meet the targets so it's never obvious...... Think about it.

If it doesn't always achieve target then how is it obvious? Tell me the number of analysts telling that the great bull run has started? they are 80% in number? Or 10%? ......... I think not more than 5-10% probably even less, ........ And if so then how is it obvious.

The number of skeptical people outnumber the bullish people.......... And that's the reason of this bull run

International cues are also important. I don't think India can decouple itself from the world and launch itself in a bull run while other world indices stagnate or retrace. Therefore, am trying to see what charts of other nations are indicating. This exercise will also lay-bare one more doubt.

On the face of it, Nifty making a major breakout is well timed with elections. This appears fishy, rigged. If other nations too are making major breakouts like we are, then my doubts may be ill-founded.

 

[toocool]

international markets are not more important than our own markets charts , a fundamentalists view may be different though