Master one trick only

avny

Well-Known Member
#1
Dear friends.

i am a great admirer of Bruce lee and his one quote has changed the direction of my trading

“I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.”

and it is absolute true in trading

there are so many system,strategies,and ideas,available in this forum,but you will notice,that,wile the person,who introduced that system,is making consistent profit,but others are not.

the main reason is that they are not ready to put the effort and practice required to trade that system a successfully

so as per my experience,to success in trading,you required only one system that suits your trading personality and then practice it 10000 times to make it a success.

remember,it is not the system that makes your trading a success,

it is your understanding of the system and then using it successfuly

and that comes only with practice

to be contd...........
 
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avny

Well-Known Member
#2
"Trading is more of an art than science"

that is the main reason,most mechanical system fails over a period
of time.
you can not treat trading as pure sciece,hence the fixed rule
mecanical system fails after some time
AFL.indicators,does work some time but here also the rate of success
depends on the ability and understanding of the person using it.

so what is the way out?

the easiest way is to find a mentor,who can guide you to your path
of success.
but it is easier said than done.

way back when i started trading and was looking for a mentor,all
i got a person who inrtoduced me to METASTOCK and led me to belive
that this is the HOLY GRAIL
it took me 3 years and a lot of money to come out of it.

next alternate is to build or use a machnical system with DISCRETION.
now there is a difference in using a machanical system and using it
with "discretion"
here system is not importent,what is significant is "discretion"
and this discretion comes through experience and practice.
contd...
 

avny

Well-Known Member
#3
TRADING SYSTEM

for success in trading you required a trading system/plan.

but while choosing/devloping a system,make sure that the rules
are not rigid,rather they should be flexible to use.
as it was stated earlier,that trading is not a science,so we are not
dealing with a scientific project,where 2+2 is always 4.
here we are dealing with the emotions of thousands of people,which
can change in a minute.
here 2+2 may be = to 5,10 or zero
so while using a system take these into account
you should not be slave to your system rules,rather you be able
to take decision outside of the rule,as and when required.
contd...........
 

avny

Well-Known Member
#4
USE OF AN INDICATOR/AFL

If you are using an indicator/AFL,make sure,you have full knowledge
about the same.you should be able to know how and in which condition
it is to be used,so that it give good result,otherwise simply using an
indicator/AFL would not give you the desired result.

next,all indicatirs/AFL derive their value,from one thing and that
is "PRICE"
they all analyse past price data to reach a result,and by nature most
of them are "legging",means they take their time to reach a decision.
and by the time price will move considerabely.

so when all indicators use price,why not price alone as an indicator to
decide trading.after all earlier people were using price only to take
trading decision.

but then we have devised so many complex indicators,and it is human nature
that we give more weightage to complex things,and overlooking simple things.

moreover the base of all indicators/AFL is math/science,and we already
know that the trading is not a science,it is based on human emotions and there is not any indicator,which measures human emotion.
contd......
 

avny

Well-Known Member
#5
ULTIMATE INDICATOR

so i came to a conclusion,that i should concentrate only on two things

movement of price ,the ultimate indicator,and

reason of price movement (behaviour/action of traders)

my above conclusion was greatly influenced by a book "YTC PRICE ACTION TRADER" BY
LANCE BEGGS

this book has changed my thinking totally,i have thrown out,whatever i learned earlier

and cocentrated on this ultimate indicator
 

VJAY

Well-Known Member
#6
ULTIMATE INDICATOR

so i came to a conclusion,that i should concentrate only on two things

movement of price ,the ultimate indicator,and

reason of price movement (behaviour/action of traders)

my above conclusion was greatly influenced by a book "YTC PRICE ACTION TRADER" BY
LANCE BEGGS

this book has changed my thinking totally,i have thrown out,whatever i learned earlier

and cocentrated on this ultimate indicator
:clap:
Its very dificult and hard procedure to throw out what we learned earlier and make settle with new one... if you overcome it then please share tips you used for it.....:)
 

avny

Well-Known Member
#7
some QUOTES from the book ,YTC PRICE ACTION TRADER


"One of the key reasons most traders fail to achieve consistent success is that they do NOT understand the game they are playing.
They fail to understand the true nature of the markets They fail to understand the true nature of the game of trading"


"When we look at a chart, don‟t see it as price movement. See it as traders making decisions whether to buy or sell or stand aside.
You need to see when they‟re in pain. You need to see when they‟re feeling greed.
Only then will you be operating in the real market, profiting from the traders who are operating under false assumptions and a lack of understanding of the game."


"The most effective analysis is not analysis of price, but rather analysis of trader decisions."
 

avny

Well-Known Member
#8
:clap:
Its very dificult and hard procedure to throw out what we learned earlier and make settle with new one... if you overcome it then please share tips you used for it.....:)
difficult.......yes and no, it depends

i do not know,how to put it in words,but some times our mind is in such a state that a simple thing will strike so powerfully.that your whole attitude will change,
you can see the things in a way,which you were unable to see earlier.

for me it was a indicator based trading for three years,with occassional success and routine loss,may be i was not using them properly,or it was lack of understanding ,
i was on the verge of leaving trading all together,when i got my hands on this book,(i am a compulsive reader,)
and this book has done same thing to me ,which i worte above,ie. changed my whole attitude towards trading
it is not that this is a magical book,or i did not come accross this type of trading earlier,but some times,strange thing happens,and at that time every thing becomes easy

thanks
 

VJAY

Well-Known Member
#9
difficult.......yes and no, it depends

i do not know,how to put it in words,but some times our mind is in such a state that a simple thing will strike so powerfully.that your whole attitude will change,
you can see the things in a way,which you were unable to see earlier.

for me it was a indicator based trading for three years,with occassional success and routine loss,may be i was not using them properly,or it was lack of understanding ,
i was on the verge of leaving trading all together,when i got my hands on this book,(i am a compulsive reader,)
and this book has done same thing to me ,which i worte above,ie. changed my whole attitude towards trading
it is not that this is a magical book,or i did not come accross this type of trading earlier,but some times,strange thing happens,and at that time every thing becomes easy

thanks
:clapping:
Yes thats the thing...if one feeled that strange thing will defenitely start trade successively......:)
Good posts dear avny...
 

avny

Well-Known Member
#10
MASTER ONE TRICK ONLY

let me come back to the one trick i learned and practiced it

after going through the book,i selected two set up,
which were easiest and the logic behind them appealed me.

these are not new set up.every trader invariably come
accross these set up,but (they are often overlooked
because of their simplicity,but if you master a simple
tric,you will be rewarded hansomly)they are:

BREAKOUT PULL BACK AND

BREAK OUT FAIL

There is enough information available on net,so no need
to explain here

cotd.......
 

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