Informed traders : how they make their Judgment ?

What you said makes sense. I do keep all my charts with my marking on them and revisit them to fine tune my chart reading. But I believe trading is a loners job something like a sniper. But now-a-day snipers too are a couple (spotter and shooter). I don't agree hunting in packs unless the pack is small because then you end up like they say - Too Many Cooks Spoil The Broth. Some may say short and others cover...

I 100% agree with you Xaero. IMO, Trading is not a team sport.. but it is very much individual game where everything depends on the trader alone. So it has to be played alone. During the mkt hours, one needs to focus on trading the trade-plan.

But to improve in trading, lot of things need to be done beyond market hours. So it is certainly beneficial to have a group of like minded traders to discuss your trades with them and seek feedback. This is one of the important step for the growth of a trader - analysis of trading journal, identifying improvement areas and taking ACTION.

Some days back, ACEX had started a thread on TJ where he used to put his tradelog at the end of the day to this forum for feedback.

Happy Trading.

my pack hunters (3 of us basically ) all follow the same system. have the same level of understanding... and trade nifty only.... so we compliment each other pretty well...

I would like to share what could work for me.

Keep a banner on your desk-top, striking to the eye, having illustration/inspirations or reminders which would prevent you from doing something again and again.

Keep this kind of posters around your trading terminal

Recording them in diary and giving constant review works great

And, if you think you repeat a mistake again and again, then it is suppose to launch great deal of stress. Analyzing and coping with the habit you need to correct becomes obvious remedy for the stress you experience. Thought, it is not good to stress yourself for everything that happens in trading, fatal errors must give stress. That stress is the evidence of self awareness. The constant awareness and monitoring your habit is really a matter of challenge. Still we have no other go to do with. Once you follow your own rules and become aware of the fact that following rules pays you, then you would not make the mistake again.

We must realize it that staying with our own rituals which works for us, is the essence of what I would call a "trading habit"

IMO, discussing trading systems and methods with others, once you crossed the level is not good and could lead invite many problems again and again you have to deal with.

Happy Trading

It is indeed a good habit to have discuss your trades "after market hours". Infact Saint had this beautiful post somewhere on trading psychology where he's mentioned the same things that are in this thread. Most of what I know is from Saint. I follow his posts extensively.

I'll try to find that post and give you guys a link...

BTW anyone wants to take calls on index over 1-3-7 days (next trading day over the weekend or end of next week)? We could start a thread on it..

I agree with Xaero but with a small group of same thinking can do wonders

the best benefit is dressing down the stock to the bare which requires 2 or more view points

prespectives change with people the more u look with other eyes the better viewpoint

I dont know why trading is thought of as a loner's job. I know a person who used to be a part of a group of friends who used to sit and try out various modifications and document the progress. It took them over 2 years to perfect a trading style. He now employs about 6-7 guys who just blindly follows that system. A software decides the entry , SL.. and exit. All he does is set the parameters and monitor the progress of his employees and make sure no brain wave comes from them.

My point here is... This guy managed to develop the criteria very well and all this because of his friends. it was hunting in packs initially that is responsible for his success today.

I benefit from my group. I learnt a lot from them. They helped me modify my system and we keep looking for ways to better it everyday. At the end, all we need is one good system and they help me find out how that system behaves under various circumstances.

I guess you guys are going to have a regular sit for home work. :thumb:

with FA the emotions comes into picture that is where things start getting messed up