tools of a trading pro

do u think beginner trader[4yr amateur] can be like u oneday ?if yes. HOW!

its been 3 years to me in this profession yaar and i am just 21 years old.what do i reply to this question.well,i will just say,it all depends on an individual's fighting spirit to comeback and overcome something.the more time i made losses and mistakes,the more aggression i built in to beat it down and learn things myself and develop my trading pshychology,its as simple as that for me.

its doesn't matter how many times you fall what matters is how many times you get up and say its not over until i win.
i am sure if you will work with more passion and leave no choice for urself,that you have to do it for some reason,you'r gonna do it.

all the very best.

so some answer has come, i am complying them for the benefit of all traderji.com forum member.also read view from cv.
1. why they r superior ?
ans. they are superior by experience and rationality.THEY JUST HAVE BETTER CONTROL OVER THEIR EMOTIONS AND ARE DISCIPLINES.they have better execution skill .
2. what time frame they trade?
ans. as they found which suit them with comfort and making money.
3. how far they r subjective in trading ?
ans. no subjectvity.as per system ..entry -exit condition r predefined.however
some sentimental condition r checked.
4. what r the reason for their actual consistency ?
ans.right plan and implementation.improving success rate.
5. on what condition they dont trade ?
ans. condition not suiting their plan. when r/r ratio not favourable.
6. what is their contingency plan[enough is enough..now i am booking loss]?
ans. inbuild in the system.[hence nothing to worry]

7. what self sabotage u find most difficult to overcome..yet how u have done it ?
ans.not following the plan.distract by others openion...soln . follow price in a disciplined way.
8. do u think beginner trader[4yr amateur] can be like u oneday ?if yes. HOW!

ans. yes . discipline and a solid implemention plan including slippage.understand market and good money management.[ignore media]

note :great souls want to be unnamed.
oilman5

so we clearly see some difference betn pro and serious amateur.
no1. level of comfort and serenity.
no2. least subjective.
no3.worst scenario is already planned and mastery over implemention.
key word is discipline and practicing their tool.
so from beginner u r moving on top...here u atleast know how to survive..irrespective of market u can run ur family by winning against other traders.
........................
so u r developing trading philosophy...plan new arsenal...to fight better.
so in is trade universe.3terms i introduce...exhausive, exclusive and intersection ie. interrelation between 2 element.
EXHAUSIVE..U HAVE TO GO INTO DETAIL
EXCLUSIVE..NO RELATION EXISTS..INDEPENDENT ELEMENT
INRERSECTION;INTERRELATION BETWEEN 2 ELEMENT...INTERRELATIONSHIP BETN MARKET...INTERRELATIONSHIP BETN MANY COMPANY IN A PARTICULAR SECTOR.
exhausive gives micro view.

so before reaching to become a master...one goes through various way to question and answer this 3 element...[may be in different name].he knows how far he understands...his limit..so now practice on regular basis[system]

and follow it diligently[discipline]
so i use 3 statistical term....

now u see all good thread ..search mode..nothing but ..can be expansion of 3 idea.

any other idea....yes EXECUTION.I DONT UNDERSTAND AS SLIPPAGE A BAD ELEMENT..BUT CV OPENS MY EYE,...i miss 3trades for slippage in intraday.
also some profit booking idea in real sense...so the difference with beginner and pro clearer to me..its IMPLEMENTATION.


HENCE THIS KEY WORDS U THINK IN THE LIGHT OF IMPLEMENTATION BY U.

hope all enjoy it
oilman5

by the way, traderji has opened paid discussion board.
www.stockpicksindia.com
1200/ per annum.
hope most of reader join there.

so we find out the tools.....it is the system.
no real pro shall give u. though in trading system of beginner'....many a real tool r given for which i paid a lot.[to buy them]
tool is indicator..nothing but actual condition to initiate and close the trade. system is all those condition written ,taking care of exception.
scanner is software based predefined search condition.
filter is for keeping the best probable one for trade.
system testing is to build up confidence..and to bring rationality.

tradersedgeindia.com is definitely a good place to start with for beginners.
but if u know software, its language..can implement..best is to do like karthik.

otherwise for a beginner like us stick to tradersedgeindia.com

further elaborating the tools
..............................................
for intraday..its nothing but orderflow....price higher high break out concept.

for eod....predefined scanner.[u have to decide what u want]
for shortterm...support buy..
oversold condition...now price just starts to reverse.
[ suitable indicator signal which u rely]
for position play...some news impact not yet discounted in price.
continuty of trend in price[ma based]
something to check strength.
IMP: MINIMISING SUBJECTIVITY AND MEDIA HULLABULLA..IS UR JOB.
NEVER BELIEVE IN VALUE BUY AS A TRADER.NEVER FORGET STOPLOSS

nothingmore today.hope u enjoy
oilman5

There is nobody superior or inferior as far as markets are concerned.......and the time you do feel that you are superior,that will be when the market cuts you down to size.

Intradays and position trading.......love playing the weekly as well as the 5min charts.

Used to love words like "subjective","mystical","intuition" once upon a time.......nowadays,the attitude is more to objectification of the whole process.Do whatever it takes,an automated system,or set points of entry,exit and the discipline to always follow the rules of your trading plan.Whatever........but one cannot beat all this fear and greed and hope,by joining the crowd.One therefore stands aside,follows the rules,practically robotic,day after day.

A trading plan of attack,and then the discipline to follow it to the tee.


There are many,like achieving the targets and more for the month.Also not trading if taking a hit and a predefined percentage point is hit.Or if there is some sort of family emergency......etc etc.

Of course,importantly,when I have a rip roaring,rollicking bullish 60min,I do NOT trade the 5min and stupidly go short.There is enough profits to be made just following the trend of the 60min and trading the 5.

Hmm.......stop loss for every trade.Position sizing appropriately.Set Risk percent per trade.Monitoring average wins,losses,drawdowns......blah blahblah,think that what everybody here already knows.

Anticipating a move before it happens,trying to get in even before your trading strategy says so.........got licked many times doing that.But not too much of a problem these days .........now in only when the move happens.


Any fool can be a trader,every beginner trader can one day become an experienced one.Every trader with a plan and strategy that works can make money off the markets.Why then are 99% people failing at the markets?They go by what a newsletter,a self proclaimed guru,their broker,etc tells them to do.They go by their gut feel,or their neighbour's gut feel.They believe that making money is an evil act.They believe that trading the markets is for spare change .They have yet to educate themselves.They have no plan,no modus operandi,no strategy,no plan of attack...............

Approach trading like a business,have a business plan,a trading plan.We are in this to make money and lots of it,as in any business.But strangely,to make lots of money,you have to shift the mind's focus from making money to putting in that perfect trade.Although it's one and the same,you have to maintain focus on the trades.

Everything is cold,calculated strategy and then a disciplined implementation.We are in this to capitalise on other people's fear and other people's greed.......and for that,your own mind cannot work in the process of fear and greed.It has to be quiet.In the present moment.Practically like meditation.

Can anybody and everybody do it?Of course,provided you do all what it takes to be a trader.But sadly,that will never be the case........99% will always lose,not because it's difficult,but because these 99% will not approach it with a plan,with the required discipline.........That stat will always remain.

Can you be that 1%?Surely and definitely,provided you are willing to pay time and energy and focus to making yourself a great trader.

All the best!
Saint

Beautiful.

Regards,
Kalyan.

thanks SAINT,
U HAVE SHOWN PATIENCE OF KNOWLEDGE AND DEPTH ON MARKET....ALSO BACKGROUND OF A SUCCESSFUL. THATS WHY U R A SUCCESSFUL BUSINESSMAN.
my humble salute to u

Excellent thread!!

I think to be successful in market you do not need any unique tool just follow any simple tool but with consistency.Pros are Pros because they believe in themselves and they do not get confused.So the best tool is your confidence and your power to observe and grasp things in as simple form as possible.Finally trading is a buisness and in every buisness there are few successful people so why so much hue and cry about trading loss.