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The Holy Grail

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View Poll Results: The Holy Grail
The Holy Grail DOES NOT EXIST 75 48.39%
The Holy Grail EXISTS 13 8.39%
The Holy Grail EXISTS AND I KNOW IT 27 17.42%
The Holy Grail EXISTS AND I DON'T KNOW IT 14 9.03%
Don't care 26 16.77%
Voters: 155. You may not vote on this poll

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  #21  
Old 27th October 2011, 02:15 PM
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Exclamation Re: The Holy Grail

“I was the only guy who very circumspect. I got all my calls right and all my tradings wrong”, explains Jhunjhunwala.

http://www.firstpost.com/business/wh...ar-117249.html


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  #22  
Old 27th October 2011, 08:24 PM
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Debarghya Mukherjee is a name known to allDebarghya Mukherjee is a name known to allDebarghya Mukherjee is a name known to allDebarghya Mukherjee is a name known to allDebarghya Mukherjee is a name known to allDebarghya Mukherjee is a name known to all
Default Re: The Holy Grail

Rakesh jhunjhunwala also known as the Warren Buffet of India makes this type of comments. He made his fortune by the trade of SESA GOA. He made some very good profit using his value investment rules in Colgate, Titan etc. But he talks very tricky. It is hard to understand what he really mean to say.

"I am positive on the market. It will come back. But not in short term. May be there will be some uplift movement in short term but to make money you need to keep patience." ----------- Rakesh jhunjhunwala

In both ways Rakesh wins by this statement. You get my point right?


Quote:
Originally Posted by intellibitz View Post
“I was the only guy who very circumspect. I got all my calls right and all my tradings wrong”, explains Jhunjhunwala.

http://www.firstpost.com/business/wh...ar-117249.html
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  #23  
Old 30th October 2011, 12:47 PM
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Post Re: The Holy Grail

Losing Control: Dealing with Trading Addiction

http://chartsgonewild.com/2010/08/27...ing-addiction/
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  #24  
Old 5th November 2011, 04:25 PM
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Lightbulb Re: The Holy Grail

"The less I cared about whether or not I was wrong, the clearer things became, making it much easier to move in and out of positions, cutting my losses short to make myself mentally available to take the next opportunity."
- Mark Douglas

Taken from Sudoku thread, Thanks Sudoku.

Cutting Losses Short - for when you let go of your losers quickly, you open up the doors for the next big opportunity.

Thanks Mark Douglas for the quote.
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  #25  
Old 5th November 2011, 07:02 PM
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Thumbs up Re: The Holy Grail

Let me draw an analogy with the "trading-world" -

I'm sure you know that there are plenty of traders who think that there's some perfect "system" that they can develop which'll always yield them huge profits right, left & center but they ignore the FUNDAMENTAL ISSUE i.e. that the biggest & most important variable for success is the trader HIMSELF/HERSELF..........

Thanks Newbie Day-Trader for the quote.
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  #26  
Old 7th November 2011, 10:02 AM
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Lightbulb Re: The Holy Grail

http://www.webtrading.com/phantom/preface.htm

Phantom of the Pits
by Art Simpson

Rule 1:
IN A LOSING GAME SUCH AS TRADING, WE SHALL START AGAINST THE MAJORITY AND ASSUME - WE ARE WRONG UNTIL PROVEN CORRECT! (We do not assume we are correct until proven wrong.) POSITIONS ESTABLISHED MUST BE REDUCED AND REMOVED UNTIL OR UNLESS THE MARKET PROVES THE POSITION CORRECT! (We allow the market to verify correct positions.)

Rule 2:
PRESS YOUR WINNERS CORRECTLY WITHOUT EXCEPTION.

Rule 3:
WE SHALL GO AGAINST THE MAJORITY AND ASSUME THAT THE MARKET IS NOT ALWAYS CORRECT (those times being when liquidity is poor.) AT THOSE TIMES WE SHALL QUESTION ALL SIGNALS AND WAIT FUTURE SIGNALS IN THOSE CASES FOR POSITIONING.

WE SHALL USE THE CONVERSE OF POOR LIQUIDITY AND REMOVE OUR EXISTING POSITIONS WHEN EXTREME LIQUIDITY TAKES PLACE IN TWO STEPS AND WITHIN 3 DAYS OF EXTREME HIGH VOLUME. HALF OF OUR POSITION SHALL BE REMOVED IMMEDIATELY THE FOLLOWING DAY AFTER AN EXTREME HIGH VOLUME DAY. THE OTHER HALF OF OUR EXISTING POSITIONS SHALL BE REMOVED WITHIN TWO ADDITIONAL DAYS. WE SHALL WAIT FURTHER SIGNALS IN THOSE CASES FOR FUTURE POSITIONING.
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  #27  
Old 7th November 2011, 02:05 PM
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Default Re: The Holy Grail

"The Holy Grail" itself is a concept and a subject of belief. Any trading style done with self belief (and not blind faith) along with practical approach towards the instrument's concept and movement is a "Holy Grail", and it does exists. Howevere, the person must be smart enough to keep the fundamentals of the "grail intact and give his/her approach a little bit of tweak to counter the ever-changing dynamics of the market.
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  #28  
Old 10th November 2011, 09:58 AM
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Thumbs up Re: The Holy Grail

Brains & Eyes

Interesting discussion here:
Quote:
Originally Posted by p8N8 View Post
Hi AW,

You have said well that a trader is a lonely man & it is forums like these where he can vent out, share his worries & fears, so on & so forth. He may or may not get solutions . My worry ( I have nothing to hide ). At 48, I had to quit my job & my regret is I should have undergone training in intraday atleast 2-3 months back & got adequate experience in paper trading/ dummy trading when the salary was still coming.Still, today being the 1st day of unemployment as well as training( I am going through Saints notes) & thought of sharing with you guys that my head feels heavy. No, not demeaning saint,s notes but just to share the 1st day experience , where the calculations, charts, various questions have immense valu,but the brain is not assimilating fast enough. Hope fully, tomorrow will be a better day in reading the notes with which I can do my paper trading.

Cheers for now & Good night. Shall update my progress tomorrow
Quote:
Originally Posted by AW10 View Post
p8N8. Good to see you frank acceptance of reality of trading.

If you think, you made wrong decision, or you shd have taken some other decision, then it is never late to correct your decision. IMO, taking decision is great. If it turns out to be wrong, even better cause you have learnt something from it. But staying with wrong decision, once u realised that it is wrong, is foolishness. We got to take next right decision and bring ourself back on right track.
Scared money is first to leave the market. Have a look at your overall financial plan and see that you have sufficient capital to start a new business (which is trading buss). Like anyother business, it will have rough patch at start so your initial capital or saving has to withstand that shock. Most of new business fail because of poor finance mgmt, and it is true even to large extent for trading. Risk mgmt, money mgmt, selection of right instrument, right timeframe, and right mindset are absolute must.

At 48, I am sure, you have enough maturity to judge all this. Wishing you All the best and success in trading.
http://www.traderji.com/beginners-gu...rs-den-19.html
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  #29  
Old 12th November 2011, 10:42 AM
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Thumbs up Re: The Holy Grail

Tossing a Coin

Quote:
Originally Posted by Smart_trade View Post
The entire trading is based on two very important concepts.....1) Reward/Risk ratio or R/R and 2) Money Management ( MM )or Position sizing. Both these concepts are more important than which of our trade is successful and which is not.

I read a book called " Mathematics of Money Management " by Ralph Vince. This is one of the three finest books on MM by the author and some of the concepts in that book opened my eyes to what trading really is... I am giving below a small excercise from this book to stress a point that in final results, which of your trade made money and which lost money makes NO difference at all.....

THE POSITION SIZING AND MM GAME

Make 40 small pieces of paper,on 20 write SUCCESS and on 20 write "FAIL" and fold them and put them in a glass bowl. Then ask a small child in the family to pick up each slip from the bowl and you read whether success or fail.

The sttarting capital is Rs 1,00,000/- and At each trade you will risk 25 % of the capital. If the trade is success,you make double the amount of money risked on a trade and if it is failure,you loose the amount risked on that trade. So for first trade your cum equity balance is Rs 1,00,000/- and the amount risked is 25000/- so if the slip says success,you make 25000*2 =50,000/- and your cum equity is 1,50,000/- now and on next trade you bet 25 % of 1,50,000/-. so go on like this till 40 trades are over.

The final amount you will have is not dependent on the sequence of your winning/loosing trades,consecutuve looses,wins etc and final amount is over Rs 10,50,000/- Dont believe me ? Try it out. I have spent 3 hrs on this game early in my career and tried coin toss,various sequence of alternate win/loss,10 losses and 10 wins in sequence etc…But the final wealth is same not even a rupee more or rupee less.

What does this prove ? Have a competent system,backtest,have a good mm and trade with confidence. Your sequence of losses and gains make no difference in ultimate results of building your wealth as long as your method has a positive expectancy and edge. Hope you enjoyed the game and learnt something from it…..About expectancy, we will discuss later...

I am no way advocating risking 25% on every trade. This is just illustration because optimal f for this system is 25 %. But 25 % is way tooo high. Start with 1-2 % and put your profits to work for you….


Smart_trade
http://www.traderji.com/day-trading/...tml#post522519
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  #30  
Old 14th November 2011, 08:45 PM
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Unhappy Re: The Holy Grail

“My dear Nina: Can’t help it. Things have been bad with me. I am tired of fighting. Can’t carry on any longer. This is the only way out. I am unworthy of your love. I am a failure. I am truly sorry, but this is the only way out for me. Love Laurie”

RIP.

Jesse Lauriston Livermore

Born July 26, 1877 Shrewsbury, Massachusetts
Died November 28, 1940 (aged 63)
Cause of death Suicide
Occupation Stock trader
Net worth US$100 million (1929); US$5 million (1940)

Jesse Lauriston Livermore (July 26, 1877 — November 28, 1940), also known as the Boy Plunger[1] and "Great Bear of Wall Street", was an early 20th century stock trader. He was famed for making and losing several multi-million dollar fortunes and short selling during the stock market crashes in 1907 and 1929.


http://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore

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