Come into the Trader's Den

[AW10]

As the days passed by I feel Oh I was living life of an average person small profits less money to pursuit my dreams and then I heard/read all motivational stories of achievers like how Sachine was a passionate player, how aamir was perfectionist, my neighbour got BMW he sleeps only for 6 hours. I tighten my seat belts I re-think Oh I was so lazy I spent lots of time here & there I had to get up early I had to do this and that and things go with high spirit and high tempo and days passed by

After some months I realised Oh I am streching my self so much carrying so much baggage and I heard/read all stories of stress/too much discipline brings you illness, small joy also matter most,give time to yourself, indulge into some hobby and do relax your mind and then life slows down it goes on and on days passed
and again one fine morning I feel Oh I was living life of an average man ...............

Vicious cycle goes on and on.....................

I think same thing has been happening to many if not all
What is the golden middle path
Experience and successful trades pls do shed your views and experiences
Regards,

Pchartis, Sharing my thoughts on this topic (might sound philosophical so plz tolerate)
I guess it is very common phase for all of us. I have also gone thru this many times.. but the impact of such attacks are gradually reducing now.
Some where I read the definition of monetary happiness = any income that is at least one hundred dollars more a year than the income of one's wife's sister's husband. i.e. we tend to compare and rate ourselves against others. In the process, we forget Who we are / what we value / what will give more happiness to us / what drives or motivates us..

Without sounding too philosophical, I think to find the solution, we need to take a step back and try to answer above questions. Depending on current circumstances, our answer will vary but core answers will always remain there. So after few iterations, we will have more clarity about ourself. It might take couple of rounds before we really find the answer to it. I answered them couple of times over 2 years period and later found that the consistent answer in them. So whenever such attack comes, I am in better position to handle it and not question my current life.
It is still better to find the answer in next 1 or 2 years, then being confused in retirement days and beating ourselves for the time lost.

And once we know our priorities.. we can take small steps and keep getting continuous flow of happiness. In my view, TIME is very important component that we miss out in daily grind of life. We work hard to build wealth, Fine we might have few crores of asset at the age of 60.. but our health will not be same. Our kids would have become free and started living their own life, parents might have grown old etc. So even after attaining the wealth, we will still not be happy and remain confused. Hence it is better to get this clarity as soon as possible. Better late then never. And start being more happy on daily/weekly basis.


Happy enjoyable trading

 

[saivenkat]

Good to see so many experienced people gathered here and delivering what is needed by a trader.

Thanks to AW-10, Linkon, columbus and others (donot feel bad if I forgot names to mentioned here).

Veluri ji,
Long time no see, or have i missed all your posts? "Trying positions- tested AFL - 300% profit" is waiting for your updates sir. I request you to update it.

Thanks
Saivenkat.

 

[annu]

Hi Pchartis, If we know what is common or standard way of doing things.. then not doing them automatically puts u in the bracket of "doing things differently".
By nature, we human being are tuned to be confirmist...i.e. we confirm to the norm, we follow the stuff blindly which was told to us, if we take a decision then we see people around us
who will agree with us. This all is ingrained in our brain cells and psychology..
To be different, it takes courage to stand up for your belief, Yes it could be risky, but u always have ways to manage risk. Like if everybody is following the herd, you can be contrarian.
but u need to understand the risk mgmt, test your idea on paper, make it foolproof by putting it under all kind of stress test where this might fail..and see if it really works or not.
By doing these activities, we will be tuning our mind and brain that it is not that risky to take this step.. hence don't worry.

Obviously, some of us are better then others in this attribute of our personality. You will find that if person is contrarian/ or stands against the crowd, then it will be more or less many fields.
A rule following person, will look for rules everywhere. And without rules, they run the risk of loosing the track. Similarly, it is difficult to hold a contrarian with tight rules.

So, I think, it is more to do with how we think and act. At the same time, I strongly believe that this skill can be learned by improving self confidence, by proper research, and right mental tuning.
Hardwork, passion, experience, feedback of prev trials, ability to unlearn old style and learn new stuff etc all contributes to it.
All successful traders have to learn to behave in anti "natural human way" in the market to get different result.

Happy Enjoyable Trading

yes bhai very well explained about human psychology . actually what maximum person do , they don`t want to come out from their comfort level , including me . and what i see in my marketing days all successful Dr have very much passion towards his profession. not only Dr`s , but , retailer , stockist , dealer who all was successful.

Dr Rakesh Gupta doing his practice in agra and dehradun both place . every month from date 1 to date 5 at dehradun then 6 to 10 at agra again dehradun from 11 to 15 then agra...........he start his surgery in morning 3:00 am till 11:00 am then time to opd from 12:00 to 10:00 pm after that time for medical representative upto 11:00 pm . in between 15 minute for lunch and when we see the energy level of that person at any time freshness and smile same 3:00 am to 11:00 pm. and after that his dinner time and time for family . once i asked him a question how you get the energy for work from morning to evening without being tired and with same energy level he says only passion for my profession.

regards

annu

 

[SwingKing]

Annu,Arti,Sekhar,Pchartis and many newbies,



1.Trading is not a recongnised profession.

Trading on own is not recognised but not trading through a firm.

2.Never trade on borrowed money.

If you borrow money and trades go against you ,then you will try
to over trade.

3.Keep away from trading in the first half an hour.

Funny enough this 30 min sometimes happen to be more lucrative.
Especially newbies should stay away.

4.Do your homework before trading.

There are dozens of people here, to help every one with their
resistance and supports ,next trading day.

5.Never pre-plan anything with your trading profits.

May be another reason for overtrading.

6.Don't let Greed or Fear take control of you

Some quote, some say and some state, but the question is how many follow it ?? As someone rightly said, We cannot create observers by saying "observe," but by giving them the power and the means for this observation and these means are procured through discipline and dedication

Sadly though, things are said more often than done. This is one underlying difference between Good traders and the less good one's. And essentially this is what market's are all about. The bunch of newbies who enter the market provide the "money" for the experienced traders and when these newbies graduate to the next level (only a handful do), they precisely do the same.

Thanks to columbus for writing these important points out. But I wonder how many newbies actually have the discipline and dedication to follow it. One way I'd advise is to maintain a trading ledger. If you track your trades, and improvise on your mistakes, then your graduation to the next level will be much quicker.

 

[columbus]

Some quote, some say and some state, but the question is how many follow it ?? As someone rightly said, “We cannot create observers by saying "observe," but by giving them the power and the means for this observation and these means are procured through discipline and dedication”

Sadly though, things are said more often than done. This is one underlying difference between Good traders and the less good one's. And essentially this is what market's are all about. The bunch of newbies who enter the market provide the "money" for the experienced traders and when these newbies graduate to the next level (only a handful do), they precisely do the same.

Thanks to columbus for writing these important points out. But I wonder how many newbies actually have the discipline and dedication to follow it. One way I'd advise is to maintain a trading ledger. If you track your trades, and improvise on your mistakes, then your graduation to the next level will be much quicker.

Hi Raunak,

Yes.Few years back when I started trading I used to dismiss such kind of posts.But over a period of time ,I know the relevance of it.I posted the message once again with a hope that atleast a FEW of them might catch it early.

Secondly ,a log of deliveries is quite essential and since it is very important piece of information, I will post it in a new thread, once I get free time.
http://www.traderji.com/trading-diary/39900-trade-history-work-sheet.html#post426065

 

[DanPickUp]

"The bunch of newbies who enter the market provide the "money" for the experienced traders and when these newbies graduate to the next level (only a handful do), they precisely do the same"

So, how do they give the money to them ?

How do the pros take away the money from the newbies ?

Ok, every newbie makes mistakes, but is this the only way to take away the money from them or are there more sub tiles way to do that ?

 

[columbus]

"The bunch of newbies who enter the market provide the "money" for the experienced traders and when these newbies graduate to the next level (only a handful do), they precisely do the same"

So, how do they give the money to them ?

How do the pros take away the money from the newbies ?

Ok, every newbie makes mistakes, but is this the only way to take away the money from them or are there more sub tiles way to do that ?

Hi Dan,
Saving few bucks after reading such posts is more than giving it.
Who follow these posts will flourish and those will not,perish.

 

[DanPickUp]

Hi Dan,
Saving few bucks after reading such posts is more than giving it.
Who follow these posts will flourish and those will not,perish.

I will not perish even I do not follow this post. I play the game on an other front line.

Let's make it more clear :

If I know, that the newbies use a certain system, why should I not take the contraries and take my position there and wait, until they make a mistake ( and they will ) and make a living out of that ??

 

[SwingKing]

I will not perish even I do not follow this post. I play the game on an other front line.

Let's make it more clear :

If I know, that the newbies use a certain system, why should I not take the contraries and take my position there and wait, until they make a mistake ( and they will ) and make a living out of that ??

What works for you may not work for others. You may play the game differently and may be that's why you may not perish. Also, it is very difficult to mechanically put down your query as to how the money exchanges hands from weak players to the stronger one's (its about wisdom and psychology). The fact is that this does happen (especially during the last stage of the bull and bear markets). It is upto you to either believe it or ignore it. This is one of the ways how experienced guys make money. This is not the only way though.

As I said earlier, we all have our own set of beliefs and they may not match all the time but still we both may be right in our own world.

Tc.

 

[DanPickUp]

What works for you may not work for others. You may play the game differently and may be that's why you may not perish. Also, it is very difficult to mechanically put down your query as to how the money exchanges hands from weak players to the stronger one's (its about wisdom and psychology). The fact is that this does happen (especially during the last stage of the bull and bear markets). It is upto you to either believe it or ignore it. This is one of the ways how experienced guys make money. This is not the only way though.

As I said earlier, we all have our own set of beliefs and they may not match all the time but still we both may be right in our own world.

Hy

You are, beside other people here, one of the persons which I respect most in this forum. When I was reading your posts in the last few times any where in this forum, I was astonished about the quality of the posts you made. It is post from your personal experience and it is time and work behind such post.

I am only a reader at those times and I know I have to step back with my aggressive style of posting and I will.

Even then : It was never in my mind to criticize you.

I only ask : If I give a system in a forum to newbies, why should I not take the contraries position in the market against them ?

I know, they will make mistakes and that will be my income !

Did you get that or is this out of your mind ?