Learn How To Fish

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VJAY

Well-Known Member
Nice post by Newtrader101.....

Why Traders Have To Learn Trading Methodically
Our tool is our mind. Unfortunately this is a fluctuating tool, it is swayed by emotions and greed. It is never possible to always trade with a level head. It is inevitable that our weaknesses will surface one way or the other, and it will undo all the previous gains. The only way to prevent this is to make a habit of following all the rules of safe trading:
  • Risk Assessment
  • Stop loss
  • Limiting risk per trade and per day
  • Daily study
  • Daily logging of trades and maintaining records
  • Review of trades
  • Conducting trading as a business
You can say these rules protect traders from being ravaged by the fluctuations of their own minds.
As the ancient sayings go,
"Manah evah manushyanam karanam bandha mokshayoh" the mind alone is the cause of bondage and freedom

"Atmaivahyatmano bandhuh atmaiva ripuratmanah" One's friend and foe is himself.
 

VJAY

Well-Known Member
Vivek, here I am getting confusion. Again my short entry is different than yours.

As per the 3rd scenario, shorted at bd of previous mpl itself. But this time you entered at bd of mpl below vph.


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Dear Raju,
Here not coming your 3rd RE scenerio....check it again......
Yes this trade(your mark) can take as in DT pullback and also we waiting for our 1st trade....
I too took that trade...but remember Its 1st trade of the day for us ...DT.....in pullback...means use it only in these scenerios
 
Vivek, here I am getting confusion. Again my short entry is different than yours.

As per the 3rd scenario, shorted at bd of previous mpl itself. But this time you entered at bd of mpl below vph.


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exactly not the same scenario @Raju . we need confirmed DT to execute that scenario . though what u trade also a valid set up but no as per the rules . under some extra time pass trades which learnt from vjay bro yesterday
 

VJAY

Well-Known Member
5 Fundamental Truth about Trading..By avny

Anything can happen.

Does not need to know what’s going to happen next to make money.

Random distribution between wins and losses for any given set of variables that defines an edge

Edge is nothing more than an indication of a higher probability of one thing happening over another

Every moment in the market is unique.
 

sanju005ind

Investor, Option Writer
5 Fundamental Truth about Trading..By avny

Anything can happen.

Does not need to know what’s going to happen next to make money.

Random distribution between wins and losses for any given set of variables that defines an edge

Edge is nothing more than an indication of a higher probability of one thing happening over another

Every moment in the market is unique.
Reminds me of Mark douglas.
 

raju.vzm

Well-Known Member
exactly not the same scenario @Raju . we need confirmed DT to execute that scenario . though what u trade also a valid set up but no as per the rules . under some extra time pass trades which learnt from vjay bro yesterday
Thanks Vivek,

I think we are in confirmed down trend only at that time. Lower vph and lower vpls formed. But as Vijay pointed out, it is first entry for the day so shouldn't follow reentry rules. Please Let me know if my understanding wrong.


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