M6 - Man, Mind, Money, Markets, Method & Madness

DSM

Well-Known Member

Just looking at Nifty Futures Chart. We are at 7,434. The next target seems to be 7,575 (7,550 on Nifty Spot) where we can expect resistance. This level also happens to be the point of confluence of 20EMA, which makes it additionally significant.




 

DSM

Well-Known Member
Be True to Yourself - Paul Pertusi

http://www.zentrader.ca

Excerpt :

Trading involves commitment. I don’t just mean a time commitment, but a commitment to your plan. If I don’t execute my plan, I chip away at my trading self-esteem. In my experience, damage to your trading psyche is worse than damage to your capital. It takes much longer to reclaim a positive, resourceful frame of mind than it does to earn back your capital after a trading psychological drawdown. It is imperative to protect both your trading capital and your emotional capital if you’re going to succeed. This business requires one to be extremely resourceful, open-minded, and flexible. The only way to achieve such a state of mind, is to first properly adhere to the rules that we set and the plans that we make.

It is very easy for me to show you perfect looking charts and setups. It is much harder to properly deal with the price action nuances that will ensue, and the challenges that so often occur with getting into a stock. I have a pretty easy time getting out of my positions, as I have seen both personally and from others how vicious the market can be. I don’t mess with the downside, as the surest way to put your trading career on hold is to let a stock go beyond a stop level. This may be the single biggest reason that traders fail. My trading hero is Paul Tudor Jones, who states very clearly in the 60 Minutes episode “Trader” from 1987, “If people spent 90% of the time protecting their capital instead of 90% of the time having pie in the sky thoughts about how they will become rich from trading, they would make money”.
 

DSM

Well-Known Member
Just looking back at the prev. post - one lesson comes out is on the the importance of looking at charts in the higher time frame.... Resistance was expected at 7,575 - The high on the charts is 7,607. Having said that, it is difficult for a trader to trade on basis of opinion. However when chart and opinion align, they are a powerful rationale to trade....



Just looking at Nifty Futures Chart. We are at 7,434. The next target seems to be 7,575 (7,550 on Nifty Spot) where we can expect resistance. This level also happens to be the point of confluence of 20EMA, which makes it additionally significant.




 

DSM

Well-Known Member
Finally got to know we can track foreign indices live..... Had been searching for this for long. This will help in gauging sentiments for Nifty.


 

amitrandive

Well-Known Member
Use Backwards Planning to Make Sure Your Projects Are Done On Time
http://lifehacker.com/use-backwards...rce=lifehacker_facebook&utm_medium=socialflow

When you’re planning a project, the best place to begin is the beginning, right? If you’re up against a deadline, you might actually want to reverse that. Start with the deadline and work your way backwards.

As writer and psychology PhD student Welton Chang explains, “backwards planning” works by examining your deadline first. You know your due date, so you know how long you have to get a completed project. From there, you can work in backward steps. How much do you have to have done a day before the deadline? A week before? By examining these milestones in reverse, you can give yourself a clearer picture of how much you have to get done in a given time frame:

First, I use backwards planning to make sure I have enough time to accomplish what I need to accomplish. This is a technique I picked up in the Army. Start with the deadline and work incrementally from there, putting in reasonable time estimates for the critical things you need to get done as you move towards your goal. If you can’t make the work fit within the deadline, then you know that the deadline isn’t reasonable and that you have to adjust it. You do this before you have to push the deadline at the last minute.

The alternative, that all too many of us adhere to, is to begin with the first step and work on it as long as we feel is necessary, eating up time that is needed on future steps. The end result is that when you’re running low on time, you have to rush all the final work, leading to a poorer result. Backwards planning allows you to structure your work at a pace that makes sense and gives you the freedom to do quality work.
 

Similar threads