The Holy Grail

The Holy Grail

  • The Holy Grail DOES NOT EXIST

    Votes: 85 49.1%

  • The Holy Grail EXISTS

    Votes: 15 8.7%

  • The Holy Grail EXISTS AND I KNOW IT

    Votes: 28 16.2%

  • The Holy Grail EXISTS AND I DON'T KNOW IT

    Votes: 15 8.7%

  • Don't care

    Votes: 30 17.3%
  • Total voters
    173
intellibitz

intellibitz

Well-Known Member
#41
#41
Be Level headed in Success

pcindia said:
Hi mate,
sure it is possible. A few things you need to keep in mind ( I am telling you because I have lost my account after taking it to nearly 950% of the initial balance, I do know what starts happening once you start finding success )

- After a certain level, I stopped being diligent
- After a little extra progress, I started thinking i was invincible.
- After a few days, I thought I was bigger than the market and also bigger than my own system. Result: I started playing intuitive trades instead of following my system
- Greed started taking over me , and I started opening multiple positions, without leaving enough ANTI MOVEMENT margin.
- and one fine day, I left for dehradoon, leaving all my positions open with an illusion that whatever may happen, my balance can only and only multiply.

isn't it obvious what happened after that? so m personal advice for you will be to focus only and only on the no.of lots that you need to make and not the amount to be reached. Everybody has a limited earning greed and the moment you touch that line, you subconciuosly start becoming careless.
so I hope you find a wonderful journey ahead.
cheers!
Click to expand...
http://www.traderji.com/forex/8910-dream-journey-200-20000-a-5.html#post149427
 
intellibitz

intellibitz

Well-Known Member
#42
#42
Unprofitable action motivated by Greed

A farmer, bent on doubling the profits from his land,
Proceeded to set his soil a two-harvest demand.
Too intent thus on profit, harm himself he must needs:
Instead of corn, he now reaps corn-cockle and weeds.

Contented be, nor itch for further store.
They seized the swan - but had its gold no more.

http://en.wikipedia.org/wiki/The_Goose_That_Laid_the_Golden_Eggs
 
intellibitz

intellibitz

Well-Known Member
#44
#44
Third its very important to actually trade,

Entry (near support, resistance level)
Stoploss (give enough wiggle room)
Target (which makes us money)

Execution is,

Buy Low, Sell High (Trend is Up)
Sell High, Buy Low (Trend is Down)

Please add more if some basics have missed.

intellibitz said:
Second its very important to learn some basics,

Price = Open, High, Low, Close, Higher High, Higher Low, Lower High, Lower Low
Volume = Strength, Weakness, Heavy, Light, High, Low
Time = Hourly, Daily, Weekly, Monthly, Yearly

Trend, Counter Trend, Major Trend, Minor Trend
Support, Resistance, Major Support, Major Resistance, Minor Support, Minor Resistance
Gap Up, Gap Down, Range, Breakout, Pullback, Reversal, Flow
Accumulation, Distribution, Institution Buy Sell, Short Selling Covering

Please add more if some basics have missed.
Click to expand...
intellibitz said:
First its very important to categorize,

1. Day Trader
2. Swing Trader
3. Position Trader
4. Technical Trader
5. Fundamental Trader
6. Scalp Trader
7. Short Term Trader
8. Long Term Trader
9. Part Time Trader
10. Retirement Trader

Please add more if some basics have missed.
Click to expand...
 
intellibitz

intellibitz

Well-Known Member
#45
#45
Trading is gambling.
Losing is part of trading game, so lose correctly & quickly.
Loadup odds in your favor to win more. This is your edge.
Win or lose, play your own game. You alone are responsible for your results.
Think right & Think different. You can see the facts.
Facts never lie. Trade the facts, not news and rumors.
Keep an open mind, don't let ego take over.
There are no experts in this game. Period.
You can make billions or go bankrupt very quickly. Good luck.
 
V

VaibhavPRO

Well-Known Member
#46
#46
Holy grail is

Identifying resistance and supports. Watching price actions in these zones and placing a trade in the most probable direction with tight stop loss. With experience your probability of judging the right direction will increase and you will become highly profitable.MM will be in your favor all the time.Exits will improve over time.
This will work on all time frames.Like in day trading watch price action near highs and low and place the bets with tight stop loss
Also one imp aspect is when a trade has moved in ur favour be quick to move ur SL to ur entry price.

The PRO traders will understand what i m talking about. Newbies will read this and forget an hour later. :D
 
RAAMAKANT

RAAMAKANT

Well-Known Member
#47
#47
There are typically three stages, Trader goes through before they become successful. Building discipline starts with an understanding of these points:
1. Easy Money: The first stage involves thinking there is easymoney to be made. This is the thinking of a newbie. Often, after a big stock tip gone wrong or a couple great broker recommendations that lose serious money, you enter the second stage.
2. I need a plan: The second stage begins when an investor or trader decides a plan is needed to win. The problems begin when the search for a plan becomes a search for the HOLY GRAIL. And we all know there is no Holy Grail. What is needed is more than just a "system". What is needed is you following the system. This leads to stage three.
3. I'm responsible for my success: Stage three comes when the investor or trader realizes that success comes from inside the person, not outside. To achieve true success you must understand the market is not responsible, you are. There is no one to blame or compliment but yourself when it comes to trading. So find a solid plan and strictly follow it.
 
intellibitz

intellibitz

Well-Known Member
#48
#48
1. Aim for big profits. Take profits when its time. Repeat.

2. Breakeven if trades are not working as per plan. Regroup. Go to step 1.

3. Book small losses when trades out of control. Accept defeat. Go to step 1.
 
Debarghya Mukherjee

Debarghya Mukherjee

Well-Known Member
#49
#49
We trade at the right side of the chart. So it is not easy to know when big profit will come to us. Yes we need some target. But we must manipulate Stop loss level once we are in a good profit zone. I think making a small profit is better than loosing all.

intellibitz said:
1. Aim for big profits. Take profits when its time. Repeat.

2. Breakeven if trades are not working as per plan. Regroup. Go to step 1.

3. Book small losses when trades out of control. Accept defeat. Go to step 1.
Click to expand...
 
Debarghya Mukherjee

Debarghya Mukherjee

Well-Known Member
#50
#50
But I must say your algorithmic approach towards trading in very good. I like it.
:)

intellibitz said:
1. Aim for big profits. Take profits when its time. Repeat.

2. Breakeven if trades are not working as per plan. Regroup. Go to step 1.

3. Book small losses when trades out of control. Accept defeat. Go to step 1.
Click to expand...
 
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