Come into the Trader's Den

AW10

Well-Known Member
#1
What is Den - 1) A den is the home of certain types of wild animals such as lions or foxes
2) Your den is a quiet room in your house where you can go to study, work, or carry on a hobby without being disturbed
3) A den is a secret place where like-minded people meet - quite similar to Adda, Corner-wali Chai kee dukan, coffee house, drinking joint etc..

Trading is one of the most boring profession - define the rules, stare at green/red candles, do analysis, take trading decisions, and execute trades
just to get a slap from mkt to see our stop is taken out.. Even if we are committed to correct our mistakes, we just don't realise where is the issue and how to solve it. We hardly find a place where we can bounce our frustration with like minded people and just talk to someone.

I believe that this mutual mentorship and +ive environment of learning and development is meant to address such issues.
In office, when we go thru such phases, then we immediately turn to our colleague or boss . In school, colleague, we had our own friend circle where we help each other to understand the concepts or solve the problem. In personal life, we have close friends, parents, family members, seniors around us to fallback and find some sort of assistance. Unfortunately, we don't have any outlet to handle our trading challenges. And certainly our friend/family/work colleague will not understand our TRADING related stuff.

I am starting this thread to be a virtual meeting joint /Adda/ Tea Shop/ (or whatever you want to call it) for all of us where we can join our friends and feel free to share anything related to trading. Most likely the issue that u have, is also faced, felt or overcome by others.
We all are trader in TJ hence we can easily understand each other. (my definition - trader is someone who buys/sells something with the intention to make money from the transaction. Hence, even long term investor are also trader, just that they trade longer TF chart).

The intention is to have a common place where we can
- just stand up and bounce an idea with other friends for them to comment.
- just share our opinion / views etc. with someone
- blow out our frustration and feel relaxed after that
- seek different views on our trading challenges / problem from others
- we all are equal here. So no sir, guru, novice, mature, young, old stuff here. Feel free to maintain the spirit of openness and address everyone with their TJ ID.
- ask specific question to any of our friend (You can certainly ask questions to me, if you want)

This thread is not to
- learn TA,
- new Strategy
- seek tips from other
- sell tips to other
- boast about ourselves and our P&L

(quite possible our discussion will eventually come to these points but rather then discussing details here, we can always go to new/existing threads)

So warm welcome to you all for active participation. specially to newbees who are hesitate to ask question cause they feel that it is too basic or someone will laugh at them. This is your DEN to be just YOU. By active participation, even if you just ask question/doubt you can put your learning on fast track. There are very few self-made, single handed successful traders (and they might have slogged for years). I know that all other traders are also like you (or have been like you), so you are no different). so don't hesitate to participate.
Seniors/ Non-newbees - hope you would also like to drop in here regularly or once in a while to check out the happenings in your Gang and share your thoughts with others. Or if you just want to take out your frustratior, or just to seek new ideas.

Lets have fun.. and enjoy our Trading.
Happy Trading
 

AW10

Well-Known Member
#7
To break the ice, here comes the first question from me - to all of you.

I want to improve my trading.. and want to set just 1 goal for April month. By end of April, I want to crack this problem.
What should it be ? and more important how to implement it ?
Any idea /suggestion/help ?

<I will respond to it later>
 
#8
Dear AW10,
I really appriciate you efforts to help other traders,I am a newbie but I visit this forum frequently to get education for trading,

SATISH
 
#9
AW,

There is a technique to set GOALS

SMART Goals:
A useful way of making goals more powerful is to use the SMART mnemonic. While there are plenty of variants, SMART usually stands for:

S Specific
M Measurable
A Attainable
R Relevant
T Time-bound

For example, instead of having to sail around the world as a goal, it is more powerful to say To have completed my trip around the world by December 31, 2015. Obviously, this will only be attainable if a lot of preparation has been completed beforehand!


Lets try to set trading GOAL

I want make use good profits using technical analysis .... is this proper GOAL ?

Here Goal is not measurable so -- incorrect

I want to make 2000rs this mth .... is this proper GOAL?

Now Measurable,
but ..we dont know if its realist or achievable since the capital to be used is not mentioned--- hence incorrect



My goal is to trade well in disciplined manner-- to make rs 6000 on a capital of 3 lacs of rs of capital using risk and money mgmt rules and knowledge of technical analysis and incase i happen to loose more than 2% of capital then reduce the trade size and trade in cash segment.

Specific -- trade well in disciplined manner

Measurable--- to make rs6000


Attainable --- Since we have a plan , tools and knowledge its seems possible


Realist--- seems realistic to get 2% returns in one month for a capital of 3L

Time bound--- One month




This is the way we take first baby step by defining our trading GOAL

1) Define the trading goal..

2)start working on a plan, time schedules, Disaster mgmt rules --- write them down

3) Take plunge into trade

4) Monitor trade

5) Close trade once tgt achieved or

6) If trade goes against you then follow a disaster mgmt rule :)
 
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