Be Consistent Trader

arora

Well-Known Member
#1
As nobody is born trader. every trader has seen unsuccessful years before he starts making profits on consistent basis. Every trader goes through stages of trading journey. Some leave in middle or some with passion continues to learn and become successful in trading.

click on below link to see stages of trading journey.

http://www.traderji.com/trading-psychology/15241-stage-trading-you.html

In this forum there are so many threads until the stage 4 of trading journey. Any trader who really wants to learn doesn't have to go anywhere else.

But my this thread will concentrate on stage 5 of trading journey. Because this is very important stage to become successful in trading. After completing stage 4 most traders have successful trading system. but they are not able to follow that system consistently and end up making losses because of other reason either technical or psychological.

I will post my commentary of discipline and psychological mind during trading. and how i do consistent trading. I will also post some tricks which helps me to control fear and greed, relax mind. Commentary will also improve me more and i hope it can improve others also.

I strictly don't advise you to trade based upon my levels, trades or commentary posted here. My only reason to start this thread is to improve discipline and psychological mind during trading.

Thanks:):)
 

sspms2002

Well-Known Member
#2
As nobody is born trader. every trader has seen unsuccessful years before he starts making profits on consistent basis. Every trader goes through stages of trading journey. Some leave in middle or some with passion continues to learn and become successful in trading.

click on below link to see stages of trading journey.

http://www.traderji.com/trading-psychology/15241-stage-trading-you.html

In this forum there are so many threads until the stage 4 of trading journey. Any trader who really wants to learn doesn't have to go anywhere else.

But my this thread will concentrate on stage 5 of trading journey. Because this is very important stage to become successful in trading. After completing stage 4 most traders have successful trading system. but they are not able to follow that system consistently and end up making losses because of other reason either technical or psychological.

I will post my commentary of discipline and psychological mind during trading. and how i do consistent trading. I will also post some tricks which helps me to control fear and greed, relax mind. Commentary will also improve me more and i hope it can improve others also.

I strictly don't advise you to trade based upon my levels, trades or commentary posted here. My only reason to start this thread is to improve discipline and psychological mind during trading.

Thanks:):)
That Link was a nice read about Traders Stages..
Looking forward to your commentary...(You might have guessed i am at Stage 3 and looking for every avenue to gain more knowledge)
 

arora

Well-Known Member
#3
Intra day trading is all about acting like robot and following your all system's rules. and to follow that rules we need to control our mind psychologically. Because when we don't control our emotions during live trading. Heart beat becomes fast , blood circulation fast and the chemical reaction in our body happens which causes a panic between us. Panic leads to fear and greed. fear and greed leads to wrong decisions.

But there are few trick which i am doing from long time which helps me to act like robot and also helps be relax my mind during my trade or trades through out the month.

One the best trick i neither look at profit nor at loss. Because i believe if we feel happy in profitable than that's obvious we feel sad in losing trades. My only goal of taking the trades as per my own best interest of system rules.
I use nest trader as trading platform, In trading platform where they show MTM ,BV, SV . I made font color white so that i don't see how much i am making and how much i am losing . Only thing i concentrate on is either my entry and exit are disciplined or not.


I do same trick in admin position, order book, trade book.

Second trick i do, I never look at my RMS limit or cash i am holding during running month. Only time i watch My rms limit is at start month and Expiry day of that particular month. This helps me lot lot and i sleep very calm every night. because my only target is to do my trades as per system's rules.

Third trick i do, In my google excel sheet where i keep record of my all trades done daily. I even don't write my entry and exit points. I just write entry and exit time. reason because our mind is so fast in calculation that it automatically starts doing add and subtract. ha ha ha. this trick has helped me a lot to become successful trader.


fourth trick, I don't look at my contract notes everyday, I have created labels in my gmail. I keep them for whole month and enter entry and exit points on my google sheet at expiry day.

fifth trick, i never ever watch news channel like CNBC awaaz etc. I watch you tube, sports , wrestling , nat geo, discovery etc. I mean i do all the things which distract my mind from trading. So that i don't look at charts every min . once i have taken the trade. no matter either trade is in loss or profit. i distract my mind and just wait for my exit condition

So after reading all, in nut shell you can see my whole concentration is on following my rules, ,my only moto taking entry and exit as per rules. All these tricks makes my mind relax , helps me to control my emotions, keeps me out of greed and fear. because i know if i follow my rules consistently profit will come automatically. At last i will say trading is more than system. There are lot of other also involved to become successful trader. :):)
 
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arora

Well-Known Member
#4
good Morning. no position yet. waiting for my Buy signal. until 10:30 my buy signal will come if candle will get close above 19636. this will be just signal confirmation . Not entry confirmation. Current trend is up and trend change number is 18804. banknifty
 

arora

Well-Known Member
#5
good Morning. no position yet. waiting for my Buy signal. until 10:30 my buy signal will come if candle will get close above 19636. this will be just signal confirmation . Not entry confirmation. Current trend is up and trend change number is 18804. banknifty
until 11 30 my buy signal will come at candle close above 19605.4 . Not entry condition. 10:30 to 11:30 19605.4 upside at 19494.7 down side. my support and resistance banknifty . :)
 

arora

Well-Known Member
#7
Today's day is classic example of how Money management and position sizing is also important in ones systems. As per my system today i got one buy signal also got entry conditions were met. but SL was very high .

So now SL was high here this is where position sizing works because to make money from market we only have concentrate on one thing when you loose , loose small and when you win, win big. So As per my money management rules i just took half position of my normal lot size (for example if i am trading 2 lots i just took 1 lot .) and waited to add remaining one when position moves in my entry direction. But later SL hit. So SL hit which was supposed to hit on full quantity has just hit on half quantity. and when i will win i will win on my full quantity.

So discipline , position sizing , money management , risk factor is also crucial part of system ...........:)

 
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arora

Well-Known Member
#8
Today's day is perfect example that if we follow our strict rules of our system. market will always reward us. Otherwise will kick us in long run. our emotional trade can be right for one time but is always wrong as per trading rules.

As today i followed all my system rules strictly. and it has paid me. Today i didn't trade any trade. And my system has rewarded me for being out of sideways day.

So in nutshell what we can learn we have to trust ourselves and act like robot. not matter whats going on. :):)



Every action should be planned and we must act according to that plan. always pays off.:thumb::thumb:
 

arora

Well-Known Member
#9
As i feel most of the new learner of trading find it very difficult to come out of stage 3 and stage 4. because there mind is still not adapting the real scenario of market because of losses in stage 2 and stage 1.

I was in same situation years back and was having sleepless nights . but i had to find out the solution of this because i knew if i can control my mind i can become successful trader. so i found a way through which i can practice to control my emotion. In psychological books of trading i have read so many points which we have to consider and which we should ignore.

I wrote all those points on single sheet. laminated them and placed in front of PC. so whenever i was about to take emotional entry/exit , i feel anxiety what will happen or any action which is causing my heart beat fast. i start reading these points loud in my trading room. This exercise has helped me lot to come out of stage 3 and stage 4. :)



that's how i trained my mind, its very easy to say Dhoni as caption cool. but dhoni must be having very strong psychological mind that's why he look calm even in very tough situations. because of his calmness he take right decisions most of times.

To be successful trader one must learn to keep calm so that he can take decision as per his own system not as per emotions.

Any doubt on points mentioned on image. feel free to ask.

Starts practicing and come out of stage 3 and stage 4.
 
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