My Trading Plan

[4candles]

learn2trade


Man you are really a mirror. What you have written here is actually a reflection of most readers here, either in part or whole (at least that is what I feel).

you say in point 2 that you do not or dont know of any positives except of God's support... well I believe you are wrong. The best positive part is that you are consciously aware of most of your negetives as stated in point 3 "My biggest weaknesses are ". You have to eliminate each one of those one at a time (although I believe one cannot get rid of them completely - a residue would remain or pop up every now and then)

In point 5 you say "Procrastinate : Don’t think this is going to impact trading in a big way" - what would you do when you find a signal to enter a trade or if you are already in a trade and need to exit?..... Procrastination may help once or twice but sooner or later you will realise it is a hinderance.

You say you plan to keep a trading log/diary. Good. But why only trading log ... I suggest keep a personal diary - note and share all your thoughts and feelings in your dairy and dont quit mid way. (I really appreciate the way you have put your thoughts here do/write the same feelings in a diary no matter how trival or stupid.


3 quotes by Bruce Lee:

“If you spend too much time thinking about a thing,
you'll never get it done.
Make at least one definite move daily towards your goal”


“Knowing is not enough, we must apply.
Willing is not enough, we must do.”


“Do not pray for an easy life,
pray for the strength to endure a difficult one”




All the best.

 

[learn2trade_ar]

HI Friend

why traders loose a lot and don,t gain a bit?

Ready to look in a different perspective?
There are two problems-
Trader problem and Trading system problem.
-------------------------------------------------------------------
Mostly it is trader problem.
-----------------------------------------------------------------
If trader has bad trading habits,is emotional,has never been mentored or trained,if he is a compulsive gambler type,then he needs help.
(Each bad trading habits may take 3 weeks of practice to reverse it. what bad habit? not assessing risk,not using stoploss properly,not trying for better entry,taking very first chance & later regretting hasty actions,using a new untested strategy in hurry)

he needs to stop trading and find a mentor.
You cant perform heart surgery without first getting trained by a expert-professor-surgeon.
most loosing traders had this mindset
they think trading education an getting mentored is a burden and they can avoid it safely.
By not getting education-mentoring,if he saved rs 20000, he sure bound to loose rs 10 laks in trading losses.
Loosing traders insist that education is an unnecessary expense.

I met a mentor with my friend as my friend wanted to get mentored.
My friend started asking discount concession reduction in fees and increase in the input from mentor in terms of mentor training man hours etc.
My friend is good at bargaining and he mostly gets good bargains.
But here I am sorry to say his bargaining skill screwed him up badly.
What happened was the mentor smiled & gave him a visiting card of another
new trainer-coach and told-"you can get all you want with this person."
we left.

It was after 60 days my buddy found out he joined a novice mentor for a cheap fees. Time lost-nothing gained.
Quality is never cheap.

Find a mentor,interact with him-decide if you want his help or not.
fees is not first thing.
--------------------------------------------------------
Trading system problem
------------------------------------------------------

Most trading systems have no long term winning edge.
If you trade it over 100 trades it ends up with 40% loss.
The question comes
who asked you to adopt this system?
You saw super curved trend and started using it immediately? Or the acd curve straight king system impressed you so much?
A buddy of mine bought 99% succesful system called tdf something and it failed only to kick him on face.

Most systems on internet suffer from not really suiting your mindset or not set to work for the traded instrument.
there is some amount of work to be done before adopting it.

Why did you not take time to check its expectancy is positive or negative?
Does the system have inbuilt risk control mechanism?
you decided on your own.you did a random thing on your own impulse & and now blame the market,manipulation and xyz.


Never heard of money management basics?
Yes-that is cost of avoiding education & training to save some bucks.

A thumb rule is trading should be done on a sound basis of logic,supporting evidence-weight of evidence or voting.
Gambling needs no weight of evidence or no system.

One big question I ask of all traders who read this post.

Can you face a string of a row of 10 losses in a row?
This is not imagination-it is reality.

If the answer is A NO, BETTER STOP TRADING FIRST & FIGURE OUT THE ANSWER FIRST.

Thanks Ford for your valuable inputs. And I fully accept that having a true mentor can help make this journey much less painful. But, difficulty is from where to find the mentor? Can you/anyone help out in finding a mentor. I'm from Chandigarh and I would be really obliged if someone can give pointers to a good mentor.

Cheers

 

[jain.er]

Bhai I strongly recommend to focus on job as trading 90 % of junta is a faliure

Do loose focus of the bird in hand to get the one in the bush

Do kasti mein mat sawar ho

My recommendation

Focus on job first
Don get married before u are stable
Then find mentor either in real world or in virtual world
Zero in some sort of strategy
paper trade
Then pluunge with a low capital

Mind you this is a long journey and a tough one...but don't mess around with the job

 

[TraderRavi]

Bhai I strongly recommend to focus on job as trading 90 % of junta is a faliure

Do loose focus of the bird in hand to get the one in the bush

Do kasti mein mat sawar ho

My recommendation

Focus on job first
Don get married before u are stable
Then find mentor either in real world or in virtual world
Zero in some sort of strategy
paper trade
Then pluunge with a low capital

Mind you this is a long journey and a tough one...but don't mess around with the job

aree jain bhai aaj to bahut gyan baant rahe ho, lagta hai biwi ne aaj sikha pada ke bheja hai

 

[learn2trade_ar]

Don get married before u are stable

Can't follow this advise of urs bro.. married for 8 yrs. with 2 kids

 

[learn2trade_ar]

those who have family to support , must remember two things before leaving job for trading full time.
1) enough money to support family for 3 years.
2) extra money around 4 times trading account size to support drawdowns/blowups.

Hello Ravi - much thnx 4 ur valuable inputs. By GODs grace, hv got in some savings 2 support family for 3 yrs (or maybe bit more) maintaining current lifestyle.

But, not in a hurry to lose that (or some part of it) to trading....wud b better to put that in some kind of fixed income instrument giving 9% kind of returns..struggling to decide which option to move towards

 

[columbus]

NEVER play market ,with borrowed money.

 

[learn2trade_ar]

You say you plan to keep a trading log/diary. Good. But why only trading log ... I suggest keep a personal diary - note and share all your thoughts and feelings in your dairy and dont quit mid way. (I really appreciate the way you have put your thoughts here do/write the same feelings in a diary no matter how trival or stupid.

Point taken sir..should keep a personal diary as well to record routine life instances as well apart from trading

“If you spend too much time thinking about a thing,
you'll never get it done.
Make at least one definite move daily towards your goal”

“Knowing is not enough, we must apply.
Willing is not enough, we must do.”

For me to learn for sure from both these Quotes:
Keep thinking n planning a lot but execution button is really weak. Execution/application is the point where I get paralysis

 

[poortrader]

Point taken sir..should keep a personal diary as well to record routine life instances as well apart from trading


For me to learn for sure from both these Quotes:
Keep thinking n planning a lot but execution button is really weak. Execution/application is the point where I get paralysis

For execution, do not write too many rules, just start with 1 scrip, maybe a nifty or sbi. in paper trading, write down in pen&paper as soon as yr criterion is satisfied. Keep practicing for few months.

Also learn to control your mind. Maybe yoga or some such activity might help. Physical exercise definitely helps

 

[Vertigo_1985]

Great to hear Vertigo that there are others with similar characteristics but still able to scale the wall and are able to see things on other (bright) side of the wall (assuming that you've crossed the wall since you're saying journey will be worthwhile).

And much thanks mate 4 ur wishes

Cheers

You won't believe how much messed up i was a few years ago. Left my job for some other thing and failed in it, started trading thinking will get rich quickly and failed miserably. It took 3 account wipe outs (more than financial it's the psychological damage that hurts) to get me into some right mind.
The normal ways of blaming others or running from issues doesn't work in the markets. So the only way is to work on yourself if you want to succeed here.
When i say that journey will be worthwhile, it's not only about money but more importantly it's about personal transformation that comes with the struggle that we go through during our journey. At least for me it has changed my view on life for better.

Fellow traders have already given much valuable suggestions, i would like to ask you for one thing though? Plz write again for 'what separates you from the masses' part again or what are your strengths(write whatever comes to your mind).

Regards