i dont know,whether i am right to write here....forbidden art of trading will be exposed here.many a pro r available here in this great forum...i request them to make comments.
1. why they r superior ?
There is nobody superior or inferior as far as markets are concerned.......and the time you do feel that you are superior,that will be when the market cuts you down to size.
2. what time frame they trade?
Intradays and position trading.......love playing the weekly as well as the 5min charts.
3. how far they r subjective in trading ?
Used to love words like "subjective","mystical","intuition" once upon a time.......nowadays,the attitude is more to objectification of the whole process.Do whatever it takes,an automated system,or set points of entry,exit and the discipline to always follow the rules of your trading plan.Whatever........but one cannot beat all this fear and greed and hope,by joining the crowd.One therefore stands aside,follows the rules,practically robotic,day after day.
4. what r the reasons for their actual consistency ?
A trading plan of attack,and then the discipline to follow it to the tee.
5. on what condition they dont trade ?
There are many,like achieving the targets and more for the month.Also not trading if taking a hit and a predefined percentage point is hit.Or if there is some sort of family emergency......etc etc.
Of course,importantly,when I have a rip roaring,rollicking bullish 60min,I do NOT trade the 5min and stupidly go short.There is enough profits to be made just following the trend of the 60min and trading the 5.
6. what is their contingency plan[enough is enough..now i am booking loss
Hmm.......stop loss for every trade.Position sizing appropriately.Set Risk percent per trade.Monitoring average wins,losses,drawdowns......blah blahblah,think that what everybody here already knows.
7. what self sabotage u find most difficult to overcome..yet how u have done it ?
Anticipating a move before it happens,trying to get in even before your trading strategy says so.........got licked many times doing that.But not too much of a problem these days .........now in only when the move happens.
8. do u think beginner trader[4yr amateur] can be like u oneday ?if yes. HOW!
Any fool can be a trader,every beginner trader can one day become an experienced one.Every trader with a plan and strategy that works can make money off the markets.Why then are 99% people failing at the markets?They go by what a newsletter,a self proclaimed guru,their broker,etc tells them to do.They go by their gut feel,or their neighbour's gut feel.They believe that making money is an evil act.They believe that trading the markets is for spare change .They have yet to educate themselves.They have no plan,no modus operandi,no strategy,no plan of attack...............
Approach trading like a business,have a business plan,a trading plan.We are in this to make money and lots of it,as in any business.But strangely,to make lots of money,you have to shift the mind's focus from making money to putting in that perfect trade.Although it's one and the same,you have to maintain focus on the trades.
Everything is cold,calculated strategy and then a disciplined implementation.We are in this to capitalise on other people's fear and other people's greed.......and for that,your own mind cannot work in the process of fear and greed.It has to be quiet.In the present moment.Practically like meditation.
Can anybody and everybody do it?Of course,provided you do all what it takes to be a trader.But sadly,that will never be the case........99% will always lose,not because it's difficult,but because these 99% will not approach it with a plan,with the required discipline.........That stat will always remain.
Can you be that 1%?Surely and definitely,provided you are willing to pay time and energy and focus to making yourself a great trader.
All the best!
Saint
