Mindset of a newbie...

[fire_gun]

ok one more from my side...newbie traders dont not keep diary..they dont write their mistakes and what should be done with account if any mistake is happening with money management or mistakes happening in reading charts and oscillators...i belive in writing diary DAILY ONE SHOULD WRITE DIARY DAILY. one should write next day picks for trading after doing research daily...although it was painfull for me to write my own mistakes like huge losses ,poor money management...tricks to survive in falling markets...it helped me alot to read charts and how to behave in falling markets ..i wrote my all experince of last jan fall...it helped me lot...now iam more comfortable to trade if any major movement happens in markets....although iam still in learning phase but i belive one can learn with own mistakes...


BHAUT NAAZ HAI TUME APNI NAAKAYMIABHI{failure} PAR ABHI
DEKHI KAHA HAI TUMNE NAAKAYAMIABHI meri

 

[Czar]

very true Fire, infact i suggested last week in this forum to write, they dint quite like the idea, but its very important to keep track of losers rather than winners...

 

[fire_gun]

6. They think TA is too much hassel for trading, instead just get TIPs from someone.

my first reaction when i heard about technicals was-ah! now jyotishi will tell price how disgusting

about technical analyst my view were----these guys r making fool to whole world..nobody can predict price better than me....i have sixth sense

 

[Czar]

Aha so I have company, I too had 6th sense b4 I started learning TA. Though still learning but much better than the 6th sense

 

[fire_gun]

Aha so I have company, I too had 6th sense b4 I started learning TA. Though still learning but much better than the 6th sense

same here

 

[sudoku1]

ok one more from my side...newbie traders dont not keep diary..they dont write their mistakes and what should be done with account if any mistake is happening with money management or mistakes happening in reading charts and oscillators...i belive in writing diary DAILY ONE SHOULD WRITE DIARY DAILY. one should write next day picks for trading after doing research daily...although it was painfull for me to write my own mistakes like huge losses ,poor money management...tricks to survive in falling markets...it helped me alot to read charts and how to behave in falling markets ..i wrote my all experince of last jan fall...it helped me lot...now iam more comfortable to trade if any major movement happens in markets....although iam still in learning phase but i belive one can learn with own mistakes...


BHAUT NAAZ HAI TUME APNI NAAKAYMIABHI{failure} PAR ABHI
DEKHI KAHA HAI TUMNE NAAKAYAMIABHI meri

@ every step there is always something for us 2 learn.....even in mkts...no time is too much ,too late 2 learn......


Someone Asked Me,"For How Long Will I & U Be Friends?"
I Remained Silent.....
coz, I Didn't Know
Which ONE Is Longer........
"ALWAYS" Or
"FOREVER".

 

[spades]

So apart from the diary writing tip, Is there any mindset that a newbie should have?

Can anyone of you list down the points on what shud a newbie's mindset be??

 

[yasirdxb]

Develop a strategy and test it vigorously until you are satisfied with the results before you commit any serious money. Don not go after tips!!

Dont commit more than 10% of your capital to one idea.

Diversify your trades in different sectors. If you risk 10% each in icici and axis, thats a 20% risk. Becoz both of them are from one sector and there is a high probability for both going the same way.

Trade sectors instead of individual stocks. If you are bullish about banking sector, Instead of risking the entire 10% in one company, diversify the risk to 2 or more companies.

If you are a daytrader, always use stops to limit loss.

Cut down the number of your trades when there is a losing streak. Take a day off and try to find what went wrong.

Be willing to make mistakes. There is nothing wrong in it. The best traders are those who learn from their mistakes.

And Remember.... The best trades are the ones in which you have all three things going for you: fundamentals, technicals, and market tone. First, the
fundamentals should suggest that there is an imbalance of supply and demand, which could result in a major move. Second, the chart must show that the market is moving in the direction that the fundamentals suggest. Third, when news comes out, the market should act in a way that reflects the
right psychological tone. For example, a bull market should shrug off bearish news and respond vigorously to bullish news. If you can restrict your activity to only those types of trades, you have to make money, in any market, under any circumstances (Market wizards).

 

[SamFisher]

re-entered punj lloyd 277, looks promising, hourly swing favourable...

Czar, I am pretty sure you didn't really wanted to post this message on this thread....


Regards

 

[Czar]

darn sam, how did you know ???

will shift the buy

edit: deleted the post, Sorry wrong thread, thanks Sam