Mindset of a newbie...

[fire_gun]

1. They sit infront of TV trying to catch every move and every report.
2. On loosing a trade they decide to recover the loss in the NEXT trade.
3. They always think 'I should have purchased/sold' at some specific time which is gone past! then they try to catch the 'missed' opertunity.
4. They 'Cancel/Modify' the stop loss set earlier.
5. They think 'This wrong move happens only when I buy'
6. They think TA is too much hassel for trading, instead just get TIPs from someone.

(All the above I have done in in the past so thought of posting it)

nothing wrong with trader if he think will recover loss in next trade...i think it is only thing which motivates trader...but newbie traders doesn;t know how much risk they can take on single trade on their total capital...

 

[SamFisher]

nothing wrong with trader if he think will recover loss in next trade...i think it is only thing which motivates trader...but newbie traders doesn;t know how much risk they can take on single trade on their total capital...

Recovering the loss is must... But try not to achieve it in NEXT TRADE !
To do that naturally you take greater risk.

 

[fire_gun]

Recovering the loss is must... But try not to achieve it in NEXT TRADE !
To do that naturally you take greater risk.

ya i agree that he shouldn;t think that he can recover all losses in single trade

 

[ravigadani]

truly i think you're right.
haste makes waste. proper guidance by a friend or a relative who also deals in the market, may be a good resource in the beginning.

 

[bamks]

Hi,
Better than trying to recover prev loss is to accept it, and then do a paradigm shift in learning to trade well objectively and with the attitude of a winner in the long run. as the very attempt to recover prev loss will extend him to take excessive risk on the next trade which may not turn out to be a winner because as m.douglas says "anything can happen". he is caught in a vicious circle. so as one eminent trader's repeater "I trade to trade well". newcomers "trade to make money" which includes me as i get off the track in the middle of every month. I start of with the intention of trading well and midway trade to make money.

bamks

 

[uasish]

Why Tipsters surface like prolific algae in Bull phase,1 simple reason.

Suppose i am a tipster having 20 clients.
Now say for Tisco i give buy call to 10 & Sell call to 10.At the end of the month when i boast about Hit rate i get only 50 % Hit rate.
In bull mkt this 50 % increases ,so as per records my success increases.


I presume with this Logic in mind Biyas (1 of our member from kolkata) started his Day trading stint with a simple Coin Toss method.

 

[rkkarnani]

Why Tipsters surface like prolific algae in Bull phase,1 simple reason.

Suppose i am a tipster having 20 clients.
Now say for Tisco i give buy call to 10 & Sell call to 10.At the end of the month when i boast about Hit rate i get only 50 % Hit rate.
In bull mkt this 50 % increases ,so as per records my success increases.


I presume with this Logic in mind Biyas (1 of our member from kolkata) started his Day trading stint with a simple Coin Toss method.

And Dada the 10 clients who got CORRECT call refer a few more 'bakras' to the tipster and this vicious circle continues!!!!
Moreover in a bull run and ours was a mega mega bull run, at one time or the other and more often than not, u are bound to score with your long calls!!!! Yes u are right it is as good as tossing a coin!!!

 

[Czar]

lol Dada even I've done that, tossing coin bought global tele at 500 & held till 3000, it works really.... (just kidding)

 

[SamFisher]

...clients who got CORRECT call refer a few more 'bakras' to the tipster and this vicious circle continues!!!!

right.... add to the problem, the 'Clients who got the WRONG call kept quiet'.

 

[rkkarnani]

right.... add to the problem, the 'Clients who got the WRONG call kept quiet'.

Yes, friend, very true!!!! u nailed it on the head!!!!!