My daily charts _ trade notes
- Thread starter pareshR
- Start date
copy from traderniftybank dated 13-02-2016
10 Day Trading Tips
1. Day trading is simple, but it ain't easy. If you want to stay in this business, leave "hope" at the door and stick to your stops.
2. When you get into a day trade, start looking for signs right away that you are wrong. If you see them, then get out before your stop is hit.
3. Day trading should be boring, like factory work. If there is one guarantee in trading, it is that "thrill seekers" get their accounts ground into parking meter money.
4. Amateur day traders turn into professional online traders when they stop looking for the "next great technical indicator" and start controlling their risk on each trade.
5. You are trading other traders, not the actual stock. You have to be aware of the psychology and emotions behind online trading.
6. Be very aware of your own emotions. Irrational behavior is every day trader's downfall. If you are yelling at your computer screen, imploring your stocks to move in your direction, you have to ask yourself, "Is this rational?" Ease in. Ease out. Keep your stops. No yelling.
7. Watch yourself if you get too excited - excitement increases risk because it clouds judgment.
8. Don't overtrade - be patient and wait for 3-5 good trades.
9. If you come into day trading with the idea of making - big money,you are doomed. This mindset is responsible for most accounts being blown out.
10. Don't focus on the money. Focus on executing day trades well. If you are getting in and out of day trades rationally, the money will take care of itself.
10 Day Trading Tips
1. Day trading is simple, but it ain't easy. If you want to stay in this business, leave "hope" at the door and stick to your stops.
2. When you get into a day trade, start looking for signs right away that you are wrong. If you see them, then get out before your stop is hit.
3. Day trading should be boring, like factory work. If there is one guarantee in trading, it is that "thrill seekers" get their accounts ground into parking meter money.
4. Amateur day traders turn into professional online traders when they stop looking for the "next great technical indicator" and start controlling their risk on each trade.
5. You are trading other traders, not the actual stock. You have to be aware of the psychology and emotions behind online trading.
6. Be very aware of your own emotions. Irrational behavior is every day trader's downfall. If you are yelling at your computer screen, imploring your stocks to move in your direction, you have to ask yourself, "Is this rational?" Ease in. Ease out. Keep your stops. No yelling.
7. Watch yourself if you get too excited - excitement increases risk because it clouds judgment.
8. Don't overtrade - be patient and wait for 3-5 good trades.
9. If you come into day trading with the idea of making - big money,you are doomed. This mindset is responsible for most accounts being blown out.
10. Don't focus on the money. Focus on executing day trades well. If you are getting in and out of day trades rationally, the money will take care of itself.
Trading psychology books to help you trade better
1,trading in the zone — by mark douglas
2. The disciplined trader — by mark douglas
3. The daily trading coach: 101 lessons for becoming your own trading psychologist – by brett n. Steenbarger
4. The psychology of trading: Tools and techniques for minding the markets – by brett n. Steenbarger
5. 12 habitudes of highly successful traders – by ruth barrons roosevelt
6. Investment psychology explained: Classic strategies to beat the markets – by martin j. Pring
7. High performance trading: 35 practical strategies and techniques to enhance your trading psychology and performance – by steve ward
8. The way of the warrior-trader: The financial risk-taker’s guide to samurai courage, confidence and discipline – by richard mccall
9. The 21 irrefutable truths of trading: A trader’s guide to developing a mind to win hardcover – by john h. Hayden
10. Trading in the zone: Maximizing performance with focus and discipline – by ari kiev
11. Hedge fund market wizards: How winning traders win – by jack d. Schwager
12. The new market wizards: Conversations with america’s top traders – by jack d. Schwager
13. Reminiscences of a stock operator – by edwin lefèvre
14. What i learned losing a million dollars – by jim paul and brendan moynihan
15. Zen and the art of poker: Timeless secrets to transform your game – by larry phillips
16. Thinking, fast and slow – by daniel kahneman
17. Letters from a stoic – by lucius annaeus seneca
18. How we know what isn’t so: The fallibility of human reason in everyday life – by thomas gilovich
1,trading in the zone — by mark douglas
2. The disciplined trader — by mark douglas
3. The daily trading coach: 101 lessons for becoming your own trading psychologist – by brett n. Steenbarger
4. The psychology of trading: Tools and techniques for minding the markets – by brett n. Steenbarger
5. 12 habitudes of highly successful traders – by ruth barrons roosevelt
6. Investment psychology explained: Classic strategies to beat the markets – by martin j. Pring
7. High performance trading: 35 practical strategies and techniques to enhance your trading psychology and performance – by steve ward
8. The way of the warrior-trader: The financial risk-taker’s guide to samurai courage, confidence and discipline – by richard mccall
9. The 21 irrefutable truths of trading: A trader’s guide to developing a mind to win hardcover – by john h. Hayden
10. Trading in the zone: Maximizing performance with focus and discipline – by ari kiev
11. Hedge fund market wizards: How winning traders win – by jack d. Schwager
12. The new market wizards: Conversations with america’s top traders – by jack d. Schwager
13. Reminiscences of a stock operator – by edwin lefèvre
14. What i learned losing a million dollars – by jim paul and brendan moynihan
15. Zen and the art of poker: Timeless secrets to transform your game – by larry phillips
16. Thinking, fast and slow – by daniel kahneman
17. Letters from a stoic – by lucius annaeus seneca
18. How we know what isn’t so: The fallibility of human reason in everyday life – by thomas gilovich
posted by suri112000
A very valid point. Mentally preparing for a loosing trade will not let your gambling instinct come into play.
In trading, you donot have control over the outcome. Yet we can control two things. One is adhering to stop loss. Second is waiting patiently until target is hit.
In my personal experience, whenever stop loss is hit, i used to stamp on the ground with bitterness. It is a guess what would have been my trading results thereafter. Its repeated again and again until I found a way out.
When I put on a trade, I invite the price to hit my stop loss. Instead of negative emotions spurting up, i manipulate consciously a positive emotion to spring up as the price moves to hit my stop loss as i am mentally prepared to give up that amount. I am always prepared for 10 stop losses in a row and the spells of such losses spread into atleast 3 swings. When stop loss is hit finally I jump with joy. I have a reason for this ..... the price obeyed my wish to hit stop loss at the least. This process is repeated for several trades until i have become comfortable with stop loss hits. The movement I started guarding against bad trades with stop losses, the other side is opened up ie profits.
This is called rewiring your brain to act in tune with trading.
A very valid point. Mentally preparing for a loosing trade will not let your gambling instinct come into play.
In trading, you donot have control over the outcome. Yet we can control two things. One is adhering to stop loss. Second is waiting patiently until target is hit.
In my personal experience, whenever stop loss is hit, i used to stamp on the ground with bitterness. It is a guess what would have been my trading results thereafter. Its repeated again and again until I found a way out.
When I put on a trade, I invite the price to hit my stop loss. Instead of negative emotions spurting up, i manipulate consciously a positive emotion to spring up as the price moves to hit my stop loss as i am mentally prepared to give up that amount. I am always prepared for 10 stop losses in a row and the spells of such losses spread into atleast 3 swings. When stop loss is hit finally I jump with joy. I have a reason for this ..... the price obeyed my wish to hit stop loss at the least. This process is repeated for several trades until i have become comfortable with stop loss hits. The movement I started guarding against bad trades with stop losses, the other side is opened up ie profits.
This is called rewiring your brain to act in tune with trading.
The Black Belt Story
All Wise People See Change As New Beginnings
A black belt story tells about a martial artist who kneels before a master sensei in a ceremony to receive the hard-earned Black Belt. After years of relentless training, the student has finally reached a pinnacle of achievement in the discipline.
"Before granting the belt, you must pass one more test," the sensei solemnly tells the young man.
"I'm ready," responds the student, expecting perhaps one more round of sparring.
"You must answer the essential question: What is the true meaning of the Black Belt?"
"Why, the end of my journey," says the student. "A well-deserved reward for my hard work."
The master waits for more. Clearly, he is not satisfied. The sensei finally speaks: "You are not ready for the Black Belt. Return in one year."
As the student kneels before his master a year later, he is again asked the question, "What is the true meaning of the Black Belt?"
"It is a symbol of distinction and the highest achievement in our art," the young man responds. Again the master waits for more. Still unsatisfied, he says once more: "You are not ready for the Black Belt. Return in one year."
A year later the student kneels before his sensei and hears the question, "What is the true meaning of the Black Belt?"
This time he answers, "The Black Belt represents not the end, but the beginning, the start of a never-ending journey of discipline, work and the pursuit of an ever higher standard."
"Yes," says the master. "You are now ready to receive the Black Belt and begin your work."
Is The Black Belt Story, Your Story?
You may not be hoping for a Black Belt, but you might be at a crucial point. Maybe you’re facing a life change, perhaps even a painful one. Or, maybe you are awaiting something you have worked hard to attain -graduation, a new job, a promotion, or even retirement.
Change Is Inevitable
All wise people see that changes can be new beginnings. Change need not be feared. And neither should we be looking for a permanent resting place, for a full and happy life is never stagnant.
Does the change you face represent, not just an ending, but a new beginning in your life’s journey? If so, you may be ready to move forward.
As in The Black Belt Story, some things are worth waiting for.
All Wise People See Change As New Beginnings
A black belt story tells about a martial artist who kneels before a master sensei in a ceremony to receive the hard-earned Black Belt. After years of relentless training, the student has finally reached a pinnacle of achievement in the discipline.
"Before granting the belt, you must pass one more test," the sensei solemnly tells the young man.
"I'm ready," responds the student, expecting perhaps one more round of sparring.
"You must answer the essential question: What is the true meaning of the Black Belt?"
"Why, the end of my journey," says the student. "A well-deserved reward for my hard work."
The master waits for more. Clearly, he is not satisfied. The sensei finally speaks: "You are not ready for the Black Belt. Return in one year."
As the student kneels before his master a year later, he is again asked the question, "What is the true meaning of the Black Belt?"
"It is a symbol of distinction and the highest achievement in our art," the young man responds. Again the master waits for more. Still unsatisfied, he says once more: "You are not ready for the Black Belt. Return in one year."
A year later the student kneels before his sensei and hears the question, "What is the true meaning of the Black Belt?"
This time he answers, "The Black Belt represents not the end, but the beginning, the start of a never-ending journey of discipline, work and the pursuit of an ever higher standard."
"Yes," says the master. "You are now ready to receive the Black Belt and begin your work."
Is The Black Belt Story, Your Story?
You may not be hoping for a Black Belt, but you might be at a crucial point. Maybe you’re facing a life change, perhaps even a painful one. Or, maybe you are awaiting something you have worked hard to attain -graduation, a new job, a promotion, or even retirement.
Change Is Inevitable
All wise people see that changes can be new beginnings. Change need not be feared. And neither should we be looking for a permanent resting place, for a full and happy life is never stagnant.
Does the change you face represent, not just an ending, but a new beginning in your life’s journey? If so, you may be ready to move forward.
As in The Black Belt Story, some things are worth waiting for.
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