Need a mentor

[Shreenath]

Sanjay,
Well said! Lot of us Indians're brought up(well at least those who were born before 80s) with certain lingo around us which we heard/hear again and again about Karma. Some of those phrases have a tendency to make us fatalistic, arriving at conclusions such as external factors that control our lives.

The fact of the matter is Karma is of three types, Agami, Sanchita and Prarabdha, the last one which is what we're supposed to be experiencing in this sojourn. But to me the truth of the matter is, we can undo a lot of these subconscious memories in a short period of time with the right approach.

Most of us, in fact majority of us are OBSERVERS. We observe what's going on around us, what's coming to us, what we're experiencing, in other words we OBSERVE REALITY, habitually. The more we pay attention to current reality, then by law of attraction the more of the same will keep coming to us as experiences and on and on it goes. At least this has been my experience and I've learnt the hard way.

A word about the power of focus here. If I say don't think of the color red, your mind will automatically latch into that red color and you will see that image through your mental eyes. You see, you CAN't NOT FOCUS on something if you want to avoid focusing on it. In otherwords the practise of EXCLUSION seldom works. If I say think of the color blue, what happens to the color red which you were trying to avoid?

So, we can focus on reality say for any situation about 5% of the time max... and then spend the rest focusing on the solution, our destiny..or where we want to go, who we want to be, what we want to have or be.

This applies to trading just like any other areas of our lives. If we recognize a problem in one area, we could spend a maximum of 5% of our time focusing on that reality, and spend the rest on the solution.......

We can unlearn all those negative subconscious just like we've learnt to get where we're today by a little bit of shift in focus.....IMHO

Regards
Shreenath

 

[linkon7]

Shreenath,
Thanks for opening a whole new dimension for me. Need to work on this new path from now on. I am still fixated on the methodology part. Finding out that one pattern seems tougher than i thought. Problem is, visual back testing at EOD gives such good results that i feel stupid at not being able to see that real time. Its like my eyes mourns the missed opportunity so much that new opportunity passed by in front of my eyes and becomes visible only after EOD.

Psychology of Awareness & Self Discipline are the area i need to work on instead of the methodology part. A carpenter need to learn carpentry before he concentrates on the tools. Tools can only help in giving result to the thought process and that has become my new gray area.

The secret to attracting what you want is to feel good in the NOW, and more of those NOWs will begin to come into your own experience. Imagination creates reality..

Is'nt this a paradox? How can i convince myself to feel good about myself when deep down i know that i dont ( yet ) have the pattern that i rely upon for the rest of my life. How can i concentrate on breathing exercise when i know i am not ready for battle.

I guess, its definitely the other way round. A healthly mind can grasp things faster. think faster. Act without thinking.

Actions < Impulse < Thoughts < Feelings < Habits of thought < Self Image < YOU


I remember reading somewhere that it takes about 6 months to 6 years to get rid of of one habit of thought replace it with another one. What a waste!!! It could be easier than that...difficult but not impossible.

This self image is in us down to the deepest detail and you will not recognize it without adequate awareness about yourself. The more you develop this part of your business the faster you will end up learning as to when to stay in the game and when to stay away....and your intuition grows accordingly....

Like you said, action leads to self image and that dictates how i approach any challenges in life. Changing my habit of thought will take at least 6 months and wont happen in a few days. so now IF i want to change my pattern of thinking and slowly incorporate discipline, i HAVE to change my routine. I could use a lot of guidance from you on this regard.

there's no such thing as LUCK(LUCK = Labor Under Correct Knowledge).


If you get your psychology right, it's easier to follow your rules. Ability to follow one's rules along with the right psychology(they seem to go hand-in-hand) amount to more than 90% of your success as a trader.

Keeping a trading journal/diary that will force you to express your thoughts about how you felt before a trade, during a trade, after the trade and during end of the day analysis is a minimum requirement. Review what you write at the end of the day and summarize in bullet points about the lessons you have learnt and the mistakes you will never commit again.

This is the most difficult part. Accepting responsibility for every trade that went wrong. Every time i hold myself responsible for a bad trade, my self image takes a beating. I write it down and next time i repeat it again (and again) i curse myself for the lack of discipline. Then i feel the urge to bring in some improvement in the system i follow and start working on that instead. The fault is with my discipline and not my system.

The more systems you keep looking for the more distracted you will be; try to find something simple and easy, with not more than 4 parameters to develop an entry or exit.

This is exactly what i have been doing all this time. I develop a system, give it to a trader friend of mine and he loves it. He trades it with good success and i fail to achieve half of what he does.

Then i sit and develop a new one and show it to him and he is even more impressed and performs even better. While i sit and sulk the whole day.

LUCK = Labor Under Correct Knowledge.

I still am doubtful if i have the correct knowledge. Because i doubt the basis of my actions, success always eludes me.

Knowing something is easier than implementing it daily. 'Knowledge Not Lived Is Real Sin(Edgar Cayce).

Maybe, one year down the line, i will be looking back at this post and smile at recollecting my own journey in this business.

But right now i need all the help i can get from you. I can learn from my own mistakes or learn from the experience of other who had made the same mistakes. I am sure you have successfully overcome this phase and when you read my post, you can identify areas i need to work on.

Thanks once again for opening a whole new dimension for me.

 

[Shreenath]

Hello Linkon,
I went through your detailed response once and I feel the need to read it at least two more times before I respond. I would also like to summarize my previous post so it's easier for you to gather your thoughts.

My sincere recommendation to you right now is to stop all kinds of trading for at least a week if not for a month(hopefully you have recognized your emotional state and stopped before you read this). You seem to be beating yourself up and that won't help you in 'seeing what you can really see' on those charts if you're fully aware but also on an even keel, emotionally speaking. Ultimately it all boils down to state management when you want to focus on 'what you see' and not 'what you think'. You have to be able to stay above all dualities associated with trading, be it profit or loss while you take a trade. For now, shut off all the past events from your mind, just relax and let go. If you feel the urge to trade next week, place your trades on the simulator. If your platform doesnt offer that capability, you can open an account online, anywhere.....and use it.

You've to be kind to your-SELF. Remember, the greatest guidance you can get is from the higher self from deep within. The best gift we could ever get is the guidance system, the emotional center in solar plexus. Our emotions are the signals from within to inform us whether we're in alignment or not. Signs of alignment are positive emotions like joy, pleasure......all the things that make you feel good. Signs of misalignment are almost invariablly negative emotions. So you have a contrast.......and you can use this contrast to go where you want to go. These contrasting emotions are in a way the best things that happen to us because now you will end up feeling a new rocket of desire to excel, to become outstanding in what you want to do.

I remember reading that you have a little son(please excuse me if I'm wrong)and a wife. It's already Friday evening in Calcutta(?). You have a full weekend and markets are going to be closed. Why not focus on all the good in your life now? We adults can learn this state of feeling good from the little ones.

The number one ritual you can adopt in your routine every day is to practise
'appreciation and gratitude' for everything you can think of in your life right now. Offer a rampage of appreciation to anything, no matter how little, for a few minutes before you will be ready to begin your next activity. Appreciation and Gratitude are two great antidotes for fear. You can begin right away, now, with your family.......

Keep smiling. Will reply to your post, hopefully today.
Regards
Shreenath

Shreenath,
Thanks for opening a whole new dimension for me. Need to work on this new path from now on. I am still fixated on the methodology part. Finding out that one pattern seems tougher than i thought. Problem is, visual back testing at EOD gives such good results that i feel stupid at not being able to see that real time. Its like my eyes mourns the missed opportunity so much that new opportunity passed by in front of my eyes and becomes visible only after EOD.

Psychology of Awareness & Self Discipline are the area i need to work on instead of the methodology part. A carpenter need to learn carpentry before he concentrates on the tools. Tools can only help in giving result to the thought process and that has become my new gray area.



Is'nt this a paradox? How can i convince myself to feel good about myself when deep down i know that i dont ( yet ) have the pattern that i rely upon for the rest of my life. How can i concentrate on breathing exercise when i know i am not ready for battle.

I guess, its definitely the other way round. A healthly mind can grasp things faster. think faster. Act without thinking.



Like you said, action leads to self image and that dictates how i approach any challenges in life. Changing my habit of thought will take at least 6 months and wont happen in a few days. so now IF i want to change my pattern of thinking and slowly incorporate discipline, i HAVE to change my routine. I could use a lot of guidance from you on this regard.



This is the most difficult part. Accepting responsibility for every trade that went wrong. Every time i hold myself responsible for a bad trade, my self image takes a beating. I write it down and next time i repeat it again (and again) i curse myself for the lack of discipline. Then i feel the urge to bring in some improvement in the system i follow and start working on that instead. The fault is with my discipline and not my system.



This is exactly what i have been doing all this time. I develop a system, give it to a trader friend of mine and he loves it. He trades it with good success and i fail to achieve half of what he does.

Then i sit and develop a new one and show it to him and he is even more impressed and performs even better. While i sit and sulk the whole day.

LUCK = Labor Under Correct Knowledge.

I still am doubtful if i have the correct knowledge. Because i doubt the basis of my actions, success always eludes me.



Maybe, one year down the line, i will be looking back at this post and smile at recollecting my own journey in this business.

But right now i need all the help i can get from you. I can learn from my own mistakes or learn from the experience of other who had made the same mistakes. I am sure you have successfully overcome this phase and when you read my post, you can identify areas i need to work on.

Thanks once again for opening a whole new dimension for me.

 

[AW10]

Sreenath. Pleasure to read such Excellent posts from you.
I do support your views 1000%.

Linkon - Another few great posts from you reflecting your thought process as a trader.
We know it is difficult to think and feel great after hitting days loss limit..
But thats when your bigger goal / purpose of life helps us and we get motivated to keep going ahead.
In order to solve a problem.. we have to detach ourselves from the problem. There are many things are in our life that matters more to us.. but we get so much obsessed with our profession (be it office work, business or trading) that we ignore all that.
Why not switch-off the PC for a day and enjoy other parts of life. That helps a lot to nullify the -ive experience of trading.

Happy Trading

 

[linkon7]

My sincere recommendation to you right now is to stop all kinds of trading for at least a week if not for a month(hopefully you have recognized your emotional state and stopped before you read this). You seem to be beating yourself up and that won't help you in 'seeing what you can really see' on those charts if you're fully aware but also on an even keel, emotionally speaking.

Shreenath,
Things are not as bad as i have projected them. It's just that i manage to cut a nice profitable position short consistently. End of the day, the net result is not as impressive as i want it to be. Inexperience and unrefined methodology is the culprit here.

Like today, had 5 trades, 3 hit sl and 2 gave profit. net result, a marginal profit. This is the story that replays almost 3 days out of 5. The other 2 days i end with a marginal loss. The problem is implementation i guess.

That's what is pissing me off. Otherwise, i i have a good life. Business, family life and almost all aspects of my life (minus trading) is doing fine. I got a 2 and a half yr old daughter and i drop her to her Montessori every morning at 8 am. bought her a new battery operated tricycle that she rides in the whole neighborhood and i have to man her and listen to her all the time in the evening. I devote the whole Saturday to my wife and she decides how we spend the time that day. My best friend oversees my business full time. I join him in the evening from 5'00 pm to 9'30 at night. Overall, i have no complaints with life.

Its just trading that's getting on my nerves. Not the failures, but the lack of success. On evaluation of my own progress, i find a lack of confidence on my own judgment is a big reason. inability to stick to the rules. self discipline. hoping against hope. methodology, self discipline and Psychology of Awareness remain my gray area.

 

[linkon7]

Linkon - Another few great posts from you reflecting your thought process as a trader.
We know it is difficult to think and feel great after hitting days loss limit..
But thats when your bigger goal / purpose of life helps us and we get motivated to keep going ahead.
In order to solve a problem.. we have to detach ourselves from the problem. There are many things are in our life that matters more to us.. but we get so much obsessed with our profession (be it office work, business or trading) that we ignore all that.
Why not switch-off the PC for a day and enjoy other parts of life. That helps a lot to nullify the -ive experience of trading.

Happy Trading

Any message from you and my heart warms up. My experience with trading is not negative. I take it as a challenge and i love it when i am stressed and irritated with my own inability to come on top. It only makes me more determined. This is one arena where i see my future dreams come true. Success wont happen overnight and i accept that. I just want to find out my gray areas and then work on them. Shreenath highlighted a few of them. lets hope i overcome them.

 

[Smart_trade]

Shreenath,
Things are not as bad as i have projected them. It's just that i manage to cut a nice profitable position short consistently. End of the day, the net result is not as impressive as i want it to be. Inexperience and unrefined methodology is the culprit here.

Like today, had 5 trades, 3 hit sl and 2 gave profit. net result, a marginal profit. This is the story that replays almost 3 days out of 5. The other 2 days i end with a marginal loss. The problem is implementation i guess.

That's what is pissing me off. Otherwise, i i have a good life. Business, family life and almost all aspects of my life (minus trading) is doing fine. I got a 2 and a half yr old daughter and i drop her to her Montessori every morning at 8 am. bought her a new battery operated tricycle that she rides in the whole neighborhood and i have to man her and listen to her all the time in the evening. I devote the whole Saturday to my wife and she decides how we spend the time that day. My best friend oversees my business full time. I join him in the evening from 5'00 pm to 9'30 at night. Overall, i have no complaints with life.

Its just trading that's getting on my nerves. Not the failures, but the lack of success. On evaluation of my own progress, i find a lack of confidence on my own judgment is a big reason. inability to stick to the rules. self discipline. hoping against hope. methodology, self discipline and Psychology of Awareness remain my gray area.

Hi linkon,

You probably are trading each and every turn in the market ....trade less....trade only when you have a very strong visible trend in the market...trading on every turn is frustrating.....trade only when the market is bursting like corn with cracking sound in the popcorn machine we see in the malls....Understanding when not to trade is a very important quality for a trader.

Strong trend you will get only 2-3 days in a week...trade only those....on rest of the days enjoy music....or any other hobby while observing the markets.

I am sure you will get over the current low in your trading...my best wishes for that....

Smart_trade

 

[bunny]

Linkon7,
You need to have patience(3-5 days) bro. I learn't it hard way.

When I was in my beginner phase of learning technical analysis, I used to take it for granted that every long signal will result in immediate profit. So everyday I used to pick 5 "best"(according to whatever I understood at that moment) and trade them intraday. 4 out of them would not move, only 1 or 2 moved enough to call a good profit(3-4%). The rest positions were closed by taking a small loss. This way, the profits were vulnerable and I had to giveup this way because I realized that this "random" profit and loss would not work.

But to my surprize, 7 out of 10 times, the positions which I closed would be very profitable 3 to 5 days later.

You have to have patience. "I want it right now" doesn't work here.

 

[linkon7]

Hi linkon,

You probably are trading each and every turn in the market ....trade less....trade only when you have a very strong visible trend in the market...trading on every turn is frustrating.....trade only when the market is bursting like corn with cracking sound in the popcorn machine we see in the malls....Understanding when not to trade is a very important quality for a trader.

Strong trend you will get only 2-3 days in a week...trade only those....on rest of the days enjoy music....or any other hobby while observing the markets.

I am sure you will get over the current low in your trading...my best wishes for that....

Smart_trade

ST,
Thanks. I love this idea. Trading only when a strong trend is visible.

I am in the "discover-that-single-setup-that-i-am-comfortable-with" mode. Every system works. I am comfortable with none. Keeping an eye on multiple system is a good recipe for disaster. ultimately, pulling the trigger becomes the problem. I think this will go on for a few months, till i get comfortable with one system.

Thanks again for your advise. I am honored...

 

[linkon7]

Linkon7,
You need to have patience(3-5 days) bro. I learn't it hard way.

When I was in my beginner phase of learning technical analysis, I used to take it for granted that every long signal will result in immediate profit. So everyday I used to pick 5 "best"(according to whatever I understood at that moment) and trade them intraday. 4 out of them would not move, only 1 or 2 moved enough to call a good profit(3-4%). The rest positions were closed by taking a small loss. This way, the profits were vulnerable and I had to giveup this way because I realized that this "random" profit and loss would not work.

But to my surprize, 7 out of 10 times, the positions which I closed would be very profitable 3 to 5 days later.

You have to have patience. "I want it right now" doesn't work here.

Bunny,
Patience is not my main problem. finding a reliable system is....

Making it second nature is a function of time and I have to have patience. I think meditation or some mental exercise to can help in making me act without thinking....