Gaining Mental Strenth for Trading

[bunti_k23]

Thanks for sharing videos......guptak03

 

[guptak03]

@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

ya very true on this side of sl ...
But i am a result oriented man so i dont want to give reason...
it was my mistake and even according to my risk management it was stoploss any way:thumb:

 

[toocool]

Share the best ever psychological books on trading please

One I am reading is a true GEM.

Trading in the zone - Mark Douglas

Best book, the best

 

[healthraj]

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

This sounds like a crazy idea. But I will try this idea. I think it should work. Why not ? because conventional wisdom do not work in Trading.

 

[boarders]

This sounds like a crazy idea. But I will try this idea. I think it should work. Why not ? because conventional wisdom do not work in Trading.

we just have to forget strong mind stuff etc, basically trading requires you to follow your tested system to the core, also the chart always tells you the truth (provided the data update is not lagged), it is the conscious mind, due to the prehistoric programming, instills fear of life threatening situations, which in modern terms have become fear of losing financial and social security, which lies to you while your eyes are actually telling you the truth. come to think of it, only human beings in this universe have the ability to bulls**t oneself and others while not even a stone or a worm will ever lie.

when one candle, after a series of down candles, makes a higher low and higher high, the charts tell your eyes the truth that trend has changed, but the mind tells you otherwise and one is afraid to go long. so by my method, I
refuse to listen to my mind and just believe in my eyes. by singing and listening to music, I am always in a good mood, also takes my mind off from analysing during realtime which should be done only after market closes.

 

[Vertigo_1985]

Almost all the Experts would say Trading (Especially Intraday) is not about Technicals or Fundamentals but it is how strong is your mind.

I would like to change it to "Almost all the Experts would say Trading (Especially Intraday) is not only about Technicals or Fundamentals but it is how strong is your mind. " Technicals or fundamentals give you the basis on which you take your decisions, it is correct mentality then that enables you to execute those decisions real time . With flawed mentality you won't be able to utilize your technical knowledge. So, both are important.

"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 think anyone can become a good trader provided he/she is ready to do the work needed. It's 'Work needed' to be done that differs from one person to other. Someone who has been a consistent, hard working, self-disciplined person all his life will more like be successful sooner than a person who is not.
Right work needs to be done in right way and then you become good trader, some take 1 year, some 2 or some leave before that time comes.

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

what a gr8 quote... .
The usual way of society like blaming others for a failure, assertion, anger doesn't work in market. Also the expectations one have when one enters market are quite different than the reality(easy money). So, a newbie thinks a system and few classes will make him rich overnight. When he fails he looks for another system and so on. Each time he fails he learns more about market as well as himself. The search stops when he realizes that he is failing because of himself only and starts doing work on himself.