Come into the Trader's Den

[AW10]

I do second the view of lnangia. Gernerally these big success stories project only the partial picture of the trader. So we got to take them with pinch of salt.

In my view, the reality of profession is - it is extremely hard to maintain high level of performance for long period of time. Pickup the top-trader list of any publication for 2 consecutive years and you will find almost 95% to 100% of trader are new in next year.
It is not they are not great trader, but it is that the delivering high level of performance is difficult.. and specailly if you are already at the top of the rank.

for a comparision, you might see new players in lower range of ATP ranking of tennis every year who came from no-where.. or they jumped from position 300+ to 200+ this year. But the people at the top are almost the same (if they could continue to delivere the high level of performance)..

Happy Trading

 

[Placebo]

I do second the view of lnangia. Gernerally these big success stories project only the partial picture of the trader. So we got to take them with pinch of salt.

In my view, the reality of profession is - it is extremely hard to maintain high level of performance for long period of time. Pickup the top-trader list of any publication for 2 consecutive years and you will find almost 95% to 100% of trader are new in next year.
It is not they are not great trader, but it is that the delivering high level of performance is difficult.. and specailly if you are already at the top of the rank.

for a comparision, you might see new players in lower range of ATP ranking of tennis every year who came from no-where.. or they jumped from position 300+ to 200+ this year. But the people at the top are almost the same (if they could continue to delivere the high level of performance)..

Happy Trading

The competition shows only net returns and not equity peak or decline. But on the flipside they are holding back some of the information.

Most traders participate in this competition with a hidden agenda. They like to get their name out in the market and flaunt their abilities. Once this is done there is no need or requirement to participate again and win the competition.

Now these traders have a huge following after winning and they can trade and make money , teach people to trade and make money , start a newsletter and make money , record DVD's and sell them at an unacceptable high price and make money , develop a software and sell to the public , travel the world at conference's , seminars and symposiums , start a hedge fund etc etc. The list and possibilities of increasing bank balance are endless from here. And participating again is a waste of time , effort and energy.

For tennis players things are slightly different because they have to participate every year to keep their contracts active with the sponsors. Their revenues are usually a function of their current rank but this is not the case for traders.

Cheers And Happy Trading

 

[apnet43]

Hi SANJU7979,
Thanks.
Next step, after setting the SMART goal is how you go about achieving it?
I do understand, there are various ways.
What caught my eyes, were the words `technical Analysis'
Pl. elaborate more on this issue.
Appreciate your time.

 

[darkstar]

I do second the view of lnangia. Gernerally these big success stories project only the partial picture of the trader. So we got to take them with pinch of salt.

In my view, the reality of profession is - it is extremely hard to maintain high level of performance for long period of time. Pickup the top-trader list of any publication for 2 consecutive years and you will find almost 95% to 100% of trader are new in next year.
It is not they are not great trader, but it is that the delivering high level of performance is difficult.. and specailly if you are already at the top of the rank.

for a comparision, you might see new players in lower range of ATP ranking of tennis every year who came from no-where.. or they jumped from position 300+ to 200+ this year. But the people at the top are almost the same (if they could continue to delivere the high level of performance)..

Happy Trading

friend u preferd the most option any particular reason ! you also trade in nse cash ! . you are a intraday trader if yes position trader or else

 

[darkstar]

The competition shows only net returns and not equity peak or decline. But on the flipside they are holding back some of the information.

Most traders participate in this competition with a hidden agenda. They like to get their name out in the market and flaunt their abilities. Once this is done there is no need or requirement to participate again and win the competition.

Now these traders have a huge following after winning and they can trade and make money , teach people to trade and make money , start a newsletter and make money , record DVD's and sell them at an unacceptable high price and make money , develop a software and sell to the public , travel the world at conference's , seminars and symposiums , start a hedge fund etc etc. The list and possibilities of increasing bank balance are endless from here. And participating again is a waste of time , effort and energy.

For tennis players things are slightly different because they have to participate every year to keep their contracts active with the sponsors. Their revenues are usually a function of their current rank but this is not the case for traders.

Cheers And Happy Trading

yes u r right i intensionally watch the winners list but no one again participate 10000 $ real money is not so much for some trader so they carry risk also maintain there comfort level.

 

[AW10]

friend u preferd the most option any particular reason ! you also trade in nse cash ! . you are a intraday trader if yes position trader or else

I prefer options because
- I know my risk to the point and can plan my trade perfectly. I don't have to worry about short term gyrations of the market, gaps etc.
- I can trade sideway market very efficiently.
- I have lot many choices to construct a strategy to fit almost all market condition.. with limited risk, and limited reward or unlimited rewards.
- I get advantage of time on my side, and can wait for market to prove me wrong (i.e. if I short 5000 call and collect 100 rs for this. then I can very well wait for few days while mkt is jumping around 5000. And for this, I get profit thru timedecay by not doing anything.
- This gives me return from market and at the same time, doesn't need close monitoring.. so that I have time to enjoy my life and do other stuff (like writing big posts on TJ)..
- It is leveraged instrument so I get more bang for the risk I am taking.
- Option as a instrument makes huge opportunity in a day's period (sometime going above 100% in a day). Don't know if any other instrument can give me that kind of opportunity)

Maybe there are some more reasons.. but I guess, that will give you enough reasons for my decision.

I was not born option trader.. but due to advantages, I decided to pursue this path and spent time on it.. Atleast this is leading me to the direction where I want to go in other part of my life, hence the choice..

Hope you see my point.
Happy trading

 

[AW10]

Came across this text somewhere so thought of sharing with you (specially novice traders)

"If every person who attempts speculation were required to go through educational program and then required to pass an examination and demonstrate his ability by successful paper trading before he were permitted to open an trading account, it is safe to say that fewer people would lose their captial in Wall Street."

Unfortunately, majority does the opposite.. they open the account, start trading and loosing and then go in search of knowledge, and practice to perfect the profession of trading..

Happy Trading

 

[simple_trader]

Many of us lose the battle as we start thinking about big moves for trading and lose in probability as those go right in 1/20 times.

 

[SwingKing]

Came across this text somewhere so thought of sharing with you (specially novice traders)

"If every person who attempts speculation were required to go through educational program and then required to pass an examination and demonstrate his ability by successful paper trading before he were permitted to open an trading account, it is safe to say that fewer people would lose their captial in Wall Street."

Unfortunately, majority does the opposite.. they open the account, start trading and loosing and then go in search of knowledge, and practice to perfect the profession of trading..

Happy Trading

Let me take this a step further.

Even if people do get right kind of Technical Education, they'll still end up blowing their accounts. This is because most traders (even here in Traderji) run behind systems which are extremely poorly designed. They just dont understand that system coding and testing is not a 1 day job. It is not as easy as price crossing MA and entering the trade. Sadly though, very few understand this. Like there are hidden parameters in the market to study, there definitely are hidden parameters for one to see in their system. How many do this? How many actually understand how to calculate a draw down? What are its implications? Why dollar based testing should be avoided. All that everyone seeks is for the Net Profit Column. Even if someone understands this, they still have to know when to take the profits and Run. Eventually whatever strategy one uses, law of diminishing returns takes care of the rest. Hence, walking away (exiting a position) according to me is the most important part of trade.

Its not about the Education. But its about correct application of what is being learnt.

Tc

 

[AW10]

Agree with you Raunak.

I would say the eduction covers - TA, Trading, System development, Risk management, trading Psychology, Order processing, Trade mgmt etc..

Out of all this, infact, I will certainly not put TA on top.

Happy Trading