Gaining Mental Strenth for Trading

healthraj

Well-Known Member
#1
Almost all the Experts would say Trading (Especially Intraday) is not about Technicals or Fundamentals but it is how strong is your mind. So it is more a philosophical subject. I met one of friend who is into Trading business and I told him that I wanted to start trading especially Intraday trading. We talked about for 2 hours (in a bar with some drinks - normally in a bar people talk truth). He said "My dear friend you will not fit as a Good Trader". He said in a very subtle fashion which I did not take it in the deep sense. This happened some 5 years back. Now When I look back and think on what he was saying. May be he was right. Not everybody becomes a Good Trader. So what qualities we need to be a good Trader?

I am opening this Thread to find answers from your own experience. What is that makes you a mentally good trader. I have heard people saying. "Trading is a mental game etc...". So what do we mean by that. Is it that we need to do something to become that Mental.

I have read a lot of Philiosophy. My favourites is JK. Plus Bruce Lee.

So from my point view I think we need a quality where we are not reacting but Acting. In a corporate world people will teach you to be Assertive. But as a Trader I think we need to have a Free flow of find and be more adaptive. I will quote the famous quote of Bruce Lee...

"My dear friend, don't get set into one form, adapt it and build your own, and let it grow. Be like water my friend. Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash" - Bruce Lee
 

boarders

Well-Known Member
#2
your quote:

but it is how strong is your mind

I believe:

it is not about strength... instead.. the answer is... while trading:

Empty your mind, be formless, shapeless — like water

and

dont count your money while sitting at the table (during trading)
forget the last trade totally whether profit or loss and look only for next setup
 

healthraj

Well-Known Member
#3
your quote:

but it is how strong is your mind

I believe:

it is not about strength... instead.. the answer is... while trading:

Empty your mind, be formless, shapeless — like water

and

dont count your money while sitting at the table (during trading)
forget the last trade totally whether profit or loss and look only for next setup
Super. Thanks. So how to attain that state of Zen where we feel "formless, shapeless, like water".
 

Cubt

Well-Known Member
#4
Great thread, this is what even am looking for. When I started trading, I spent hours, days, weeks to find successful trading strategy. After years of experience, finally realized to be successful in trading, you need to through out ur emotions.

Do not think about the money in stake when you trade, treat your money as just numbers. That is what more important in trading.
 

boarders

Well-Known Member
#6
Super. Thanks. So how to attain that state of Zen where we feel "formless, shapeless, like water".
what I do is I first of all put music in the background like, country music, slow rock, raggae, etc which is what i like... then I have written down the three basic rules for my system for entry which consists of two charts and an excel sheet, i just watch to see if all three tally and then enter like check 1, check 2 then check 3. this eliminates my thinking like...what will happen etc, it is just check 1 ...ok or check 2 ok or no and check 3... ok or no... then enter... once entered, i watch only tsl...all this with my ears to music.. and then if thoughts try to intrude.. then I stare at a blank A4 sheet and sing loudly with the music.
I studiously look only at tsl or target when I used to use target... and dont think of last trade, entry price of present trade... I do the accounting only after the days trade
 

guptak03

Well-Known Member
#7
Hello ,
today i came up with a situation where a guy in other forum live, do trade like hell just like DII ,FII,Hedge Fund manager,etc with huge fund in his a/c for trading why i am saying this bcoz i have seen his real account summary in live forum even we have that guy here in TJ also if you find his thread ,....

ok the situation was like this today morning i was suppose to short @ 5770 levels as it was showing some weakness and in other live forum i said hey i am going to short Nf now @ 5770/5780 levels AND my DII fnd appeared and said gupta ji dont short NF 2day bcoz it will boom above 5800 ..listing his words i got lil scared bcoz sday i lost heavily bcoz of wild swing even u can see that trade in my thread ...and you can see the mkt 2day low is 5681 almost 100 points from where i wanted to short today ..

why i am saying this situation bcoz Belive your self rather than other words who ever they are ..go with your system or trade plan let 99 people do opposite trade of yours,but you be the 1 to trade your system with discipline... :thumb:
 

boarders

Well-Known Member
#8
@gupta
i got lil scared bcoz sday i lost heavily bcoz of wild swing even u can see that trade in my thread .

unquote

also important is putting stoploss and continuously modifying it with tsl and also your system must reverse with the trend without lag...important in intraday trading... so first is a good system... then 1,2,3 funda....then tsl
 

marimuthu13

Well-Known Member
#10
to be winner in trading..everyone needs to understand only one thing

treat trading as business. Mostly 90% traders will fail just because of not having this mind set.. everyone wants GET RICH QUICK...

business needs long term focus rather than day/week or monthly gain or loss..

loss/gain is part of business, no excitement or no crying.. and just be focused..

I can write lot about become successful trader...but as usual its going to be another bla bla msg for traders....
 

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