Learn How To Fish

[VJAY]

Great post on PSYCHOLOGY OF TRADERS By our own XRAY bro,,,,

Psychology for Day traders...

Day traders can be divided into systematic traders and discretionary traders, i'm a systematic trader now ,previously discretionary..

Discretionary trading: Whole setup's are based on the follow of the market and he using his analytical skill to enter or stay away ..so here he should be more inclined towards his inward journey,so keeping away from social media /forum is a must to him !!! ,lot of skill is need to adopt this system

Inward journey( my own understanding):

1. i'm a discretionary trading and i must stay focused on charts,

2. i will not disturb my peace with unnecessary chats and arguments

3.Do your home work on charts and follow it,without seeing backward, once area of play is decided ,stop loss is there for protecting my capital

Systematic Traders: Setp is decided and all the ingredients like SL,TSL,Target i'e., rules are predefined and trader has to follow it .Mind should be strong to follow it

Inward journey( my own understanding)
1. i'm prepared for DD

2.Going trade all the signal generated without any fear or greed

Problem only arises when a person jumps from discretionary to systematic ,systematic to discretionary...entry as per systematic method and exit as per discretion or entry as per discretion and force to impose sudden rule for exit .

Question your self who am I, and mould accordingly .

 

[vivek.civil17]

TS 10/01/2019 - one short trade failure at VPH

 

[raju.vzm]

TS 09/01/19 - 2 short trades , though i not trade today , i was not in system ....
View attachment 32594

Vivek, could you tell me the reason behind that 1st trade?

Sent from my RealMe1 using Tapatalk

 

[VJAY]

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Vivek, could you tell me the reason behind that 1st trade?

Sent from my RealMe1 using Tapatalk

he noted it !!!!its VPH failure trade

 

[VJAY]

Post by Xray.............

The Traders who perform well have tremendous confidence in there system,this in turn reduces the anxiety that traders have when in a position, causing them to be less emotional about the trade.emotional factor can be reduced if we understand the subconscious mind...feeding subconscious mind ,that we cannot control the outcome of a trade,except manage the risk with MM,nothing is in the hands of trader is must,for better understanding on this concept of ,The power of subconscious mind by Dr.joseph murphy is good read.

 

[VJAY]

Gem from Xray....

A profitable strategy is useless without discipline. Successful traders must have the discipline to follow their system rigorously, because they know that only trades which are indicated by that system have the highest probability of resulting in a profit.Unfortunately, even with a tested, proven trading strategy, you are not guaranteed trading success. It takes something else. It takes discipline.Remember, a proven strategic trading plan can give you an edge over the rest of the market.

If you want to succeed with trading, then you MUST invest both time and money to acquire the knowledge that you need, the discipline to follow your trading strategy, and the patience to wait for the “perfect trade.”

In order to make money, two conditions have to be met: 1.) YOU have to be ready to trade. 2.) THE MARKET must be ready to be traded. This second bullet point is most difficult part for trader,so designing a system helps to a great level !!!

 

[VJAY]

What I wrote in Xray bro's thread.....

For success in trading consistent you need one method which give profit's consistently on longer time....after that you must ready to take DD of that method.....then regidly follow system and take all trades which it given on live market without any hesitation...not focus on loss/profits/ledger...only focus on taking all trades which syatem/method shown....every day eod just re look chart/bar replay and mark trades as per your method and compare it with your taken trades on live....you will get any wrong done ....at least go these thinhs for 2-3 months ....on these months not bother about your ledger (as method is tested one).
...you not hit big loss sure ...only thing is if you done wrong with method then you have to pay for that...
Without any stress every day trade your method....end of 3rd month you will see your self a diferent trader...discipline... Discipline.... Discipline..... Thats change you .....this is how i changed myself...though no one adviced it to me....market itself teached it in hardway.....
Though am very small trader it worked me...

 

[Krushna]

Waiting for your return Vivek ....

 

[VJAY]

Waiting for your return Vivek ....

Ohh forget to post as vivek on holiday

 

[VJAY]