Never give up in Life but it's good to give up in Trading..
- Thread starter Raj354u
- Start date
@Raj354u
I follow my system, that I have built. It does not have a stellar record, but it serves my needs.
I have understood that in making a career in stock market there are 2 distinct stages of development, i.e. the Trader Stage & the Investor Stage.
In the Trader Stage, the focus is on building corpus - so this stage involves risk taking. As an investor - the focus is on wealth preservation, a la Warren Buffet. I am in my Trader Stage, since I took a serious plunge in 2013.
As a trader, I have read most of the books on Stock Markets - the usual suspects (Livermore, Wyckoff, Darvas, Tom D Mark, Mike Douglas etc.) and more notably Deepak Parekh. What I have gathered is that, like me, others would also have tread the same path. And, the information available would be exploited by experienced people to feed on newbies like me. So how would you survive... think hard & you would know the answer.
In trading, you would have noticed that everything you know seems to work, but somehow it goes wrong in the end!
Now, is this because someone else is reading your mind/trading terminal. I would say, this has a lot to do with belief systems - individual & collective. In case you have been following today's market... around 8.30 am you would have expected a gap-down & down day like Friday - most of Asia is Red, US dialed the devil (666) last week. Budget is bad, news bad etc. The market obliged, but since most of the folks were bracing for a down day, the market would move sluggishly for most of today & frustrate traders to lose patience & make mistakes.
Most folks would enter the market around 9.30 (because they have read that professionals don't enter the market at Open
...). These folks and their belief systems would tie them to the screen for most of today. In reality, anyone would have made as much money from 9.15 - 9.20 as from 9.30 to 11.00. It is common belief that we should work hard for making money - and it is true in stock markets. But the quantum of money is in the region of 100 crores. For few thousands, smart & quick work will just as well do.
When I started deconstructing my beliefs, I saw a new way.
Cheers!
I follow my system, that I have built. It does not have a stellar record, but it serves my needs.
I have understood that in making a career in stock market there are 2 distinct stages of development, i.e. the Trader Stage & the Investor Stage.
In the Trader Stage, the focus is on building corpus - so this stage involves risk taking. As an investor - the focus is on wealth preservation, a la Warren Buffet. I am in my Trader Stage, since I took a serious plunge in 2013.
As a trader, I have read most of the books on Stock Markets - the usual suspects (Livermore, Wyckoff, Darvas, Tom D Mark, Mike Douglas etc.) and more notably Deepak Parekh. What I have gathered is that, like me, others would also have tread the same path. And, the information available would be exploited by experienced people to feed on newbies like me. So how would you survive... think hard & you would know the answer.
In trading, you would have noticed that everything you know seems to work, but somehow it goes wrong in the end!
Now, is this because someone else is reading your mind/trading terminal. I would say, this has a lot to do with belief systems - individual & collective. In case you have been following today's market... around 8.30 am you would have expected a gap-down & down day like Friday - most of Asia is Red, US dialed the devil (666) last week. Budget is bad, news bad etc. The market obliged, but since most of the folks were bracing for a down day, the market would move sluggishly for most of today & frustrate traders to lose patience & make mistakes.
Most folks would enter the market around 9.30 (because they have read that professionals don't enter the market at Open
...). These folks and their belief systems would tie them to the screen for most of today. In reality, anyone would have made as much money from 9.15 - 9.20 as from 9.30 to 11.00. It is common belief that we should work hard for making money - and it is true in stock markets. But the quantum of money is in the region of 100 crores. For few thousands, smart & quick work will just as well do.When I started deconstructing my beliefs, I saw a new way.
Cheers!
Good to know your experience, somebody else (newbie) can surely benefit from it. I agree.
From my own experience, sticking to your rules (whatever the strategy might be) of the indicator, the results are almost the same.
e.g. someone using Moving Averages, might get in a trade early but get out early as well, thereby not gaining the major chunk of the trade, similarly with RSI or other indicators.
Could you confidently say that you stuck to what the indicator displayed.. ?
Or how did you plan your trade.. ?
... basically I'm trying to ask what are the rules that you played by (what prompted you to buy a specific share or what prompted you to sell it) .. ? Thanks in advance...
From my own experience, sticking to your rules (whatever the strategy might be) of the indicator, the results are almost the same.
e.g. someone using Moving Averages, might get in a trade early but get out early as well, thereby not gaining the major chunk of the trade, similarly with RSI or other indicators.
Could you confidently say that you stuck to what the indicator displayed.. ?
Or how did you plan your trade.. ?
... basically I'm trying to ask what are the rules that you played by (what prompted you to buy a specific share or what prompted you to sell it) .. ? Thanks in advance...
@Raj354u
I follow my system, that I have built. It does not have a stellar record, but it serves my needs.
I have understood that in making a career in stock market there are 2 distinct stages of development, i.e. the Trader Stage & the Investor Stage.
In the Trader Stage, the focus is on building corpus - so this stage involves risk taking. As an investor - the focus is on wealth preservation, a la Warren Buffet. I am in my Trader Stage, since I took a serious plunge in 2013.
As a trader, I have read most of the books on Stock Markets - the usual suspects (Livermore, Wyckoff, Darvas, Tom D Mark, Mike Douglas etc.) and more notably Deepak Parekh. What I have gathered is that, like me, others would also have tread the same path. And, the information available would be exploited by experienced people to feed on newbies like me. So how would you survive... think hard & you would know the answer.
In trading, you would have noticed that everything you know seems to work, but somehow it goes wrong in the end!
Now, is this because someone else is reading your mind/trading terminal. I would say, this has a lot to do with belief systems - individual & collective. In case you have been following today's market... around 8.30 am you would have expected a gap-down & down day like Friday - most of Asia is Red, US dialed the devil (666) last week. Budget is bad, news bad etc. The market obliged, but since most of the folks were bracing for a down day, the market would move sluggishly for most of today & frustrate traders to lose patience & make mistakes.
Most folks would enter the market around 9.30 (because they have read that professionals don't enter the market at Open...). These folks and their belief systems would tie them to the screen for most of today. In reality, anyone would have made as much money from 9.15 - 9.20 as from 9.30 to 11.00. It is common belief that we should work hard for making money - and it is true in stock markets. But the quantum of money is in the region of 100 crores. For few thousands, smart & quick work will just as well do.
When I started deconstructing my beliefs, I saw a new way.
Cheers!
I follow my system, that I have built. It does not have a stellar record, but it serves my needs.
I have understood that in making a career in stock market there are 2 distinct stages of development, i.e. the Trader Stage & the Investor Stage.
In the Trader Stage, the focus is on building corpus - so this stage involves risk taking. As an investor - the focus is on wealth preservation, a la Warren Buffet. I am in my Trader Stage, since I took a serious plunge in 2013.
As a trader, I have read most of the books on Stock Markets - the usual suspects (Livermore, Wyckoff, Darvas, Tom D Mark, Mike Douglas etc.) and more notably Deepak Parekh. What I have gathered is that, like me, others would also have tread the same path. And, the information available would be exploited by experienced people to feed on newbies like me. So how would you survive... think hard & you would know the answer.
In trading, you would have noticed that everything you know seems to work, but somehow it goes wrong in the end!
Now, is this because someone else is reading your mind/trading terminal. I would say, this has a lot to do with belief systems - individual & collective. In case you have been following today's market... around 8.30 am you would have expected a gap-down & down day like Friday - most of Asia is Red, US dialed the devil (666) last week. Budget is bad, news bad etc. The market obliged, but since most of the folks were bracing for a down day, the market would move sluggishly for most of today & frustrate traders to lose patience & make mistakes.
Most folks would enter the market around 9.30 (because they have read that professionals don't enter the market at Open
...). These folks and their belief systems would tie them to the screen for most of today. In reality, anyone would have made as much money from 9.15 - 9.20 as from 9.30 to 11.00. It is common belief that we should work hard for making money - and it is true in stock markets. But the quantum of money is in the region of 100 crores. For few thousands, smart & quick work will just as well do.When I started deconstructing my beliefs, I saw a new way.
Cheers!
@Raj232
Bro I have gone through hundreds of indicators, risk management,money management, nothing works..Technical analysis is all bullshit...don't fall for it..make your life easy...
@ALL...I know some of you traders are not going to pay heed to my advice as you guys are mostly newcomers as experienced people must have left this field long back or might have turned into a long term investor..only fools like me will spend 12-15 years .....For newcomers woh laalach ka parda hatne mein kuch samay lagega...till the time you don't blowoff 4-5 accounts you will not realize the reality...
Good bye everyone..wish you guys happy realisation in future!!
Bro I have gone through hundreds of indicators, risk management,money management, nothing works..Technical analysis is all bullshit...don't fall for it..make your life easy...
@ALL...I know some of you traders are not going to pay heed to my advice as you guys are mostly newcomers as experienced people must have left this field long back or might have turned into a long term investor..only fools like me will spend 12-15 years .....For newcomers woh laalach ka parda hatne mein kuch samay lagega...till the time you don't blowoff 4-5 accounts you will not realize the reality...
Good bye everyone..wish you guys happy realisation in future!!
Last edited:
This is the thread I have created about 4 years back.
http://www.traderji.com/community/threads/learning-curve-in-day-trading.94937/
Read the thread thoroughly......
I have started the exercise from this week (see the latest post in above thread)
Let us see if we fail to become a matured trader or not....ie after completing all levels.
http://www.traderji.com/community/threads/learning-curve-in-day-trading.94937/
Read the thread thoroughly......
I have started the exercise from this week (see the latest post in above thread)
Let us see if we fail to become a matured trader or not....ie after completing all levels.
@suri112000
Bro I can write a book on this topic and it will surely become a best seller but the million dollar question is Am I making any money?... if anyone here can tell me if they have really made any money in the long run...If yes,please share the ledger report..
My question to you bro...Are you making any money or simply living in an illusion of hope some day you will be a billionaire like Rakesh jhunjhunwala..he entered market when sensex was at 100.. Today it is at 35000.. He has said many times on TV he made money from investments.."kaun kamata hain trading se end mein toh woh dabbawala hi kamata hain" he said in one of his interviews..
Bro I can write a book on this topic and it will surely become a best seller but the million dollar question is Am I making any money?... if anyone here can tell me if they have really made any money in the long run...If yes,please share the ledger report..
My question to you bro...Are you making any money or simply living in an illusion of hope some day you will be a billionaire like Rakesh jhunjhunwala..he entered market when sensex was at 100.. Today it is at 35000.. He has said many times on TV he made money from investments.."kaun kamata hain trading se end mein toh woh dabbawala hi kamata hain" he said in one of his interviews..
I am not a fulltime trader, but one day I will be. I am full time employed drawing 80K+ and am left with another 9 years of service to retire. During my life span I have discharged numerous liabilities of my family and still doing it. I know that there is good potential in trading. I do make trades whenever I get some time. Since I am not a full time trader, it is highly unlikely I am successful in trading. But I have not lost also. My biggest drawdown while trading futures was Rs.600000. The biggest loss was Rs.100000 in single day while trading on options heavily exposed. My single day biggest win was Rs.175000. Infact I am not trading big now a days....but I trade in futures whenever I get sometime. It is not fair to judge my capability as a trader when I am not trading full time. You can check my previous posts where I have a couple of zerodha 60 days challenges. This is inspite of time constraints I am facing. Finally I am slightly in profits and most of my losses were due to the fee paid to Tips providers, seminars, softwares, books, etc.
@suri 112000
Highly appreciated you are looking after your family even after numerous losses.. I wasn't the same as you can see I have even taken loan for trading but that was when I was very much sure about making money by holding my positions and not accepting losses but leverage and my own greed of trading f&o has killed me...
There are some lessons for you guys to learn...let market be the best teacher
@Trader987
I have already said that in my earlier posts...Please check... cannot post same thing over and over again...
Bye guys...
Highly appreciated you are looking after your family even after numerous losses.. I wasn't the same as you can see I have even taken loan for trading but that was when I was very much sure about making money by holding my positions and not accepting losses but leverage and my own greed of trading f&o has killed me...
There are some lessons for you guys to learn...let market be the best teacher
@Trader987
I have already said that in my earlier posts...Please check... cannot post same thing over and over again...
Bye guys...
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