Trader's Challenge: Keeping the demons in leash

#12
Dear Acex,

Thanks that you have touched the basics of human trait.
Frankly speaking I have find my self in strange position many times, Even I was having all the therotical knowledge ( Reading the books of Who's who on wall street ) and some practical knowledge.
At certain point of time I go blank there is some strange mental blank spot takes over and forget evry thing what I have learned and practiced , I do exactly opposite againt my own interest.

- One point I am trying to follow is no postmartm of events.
- I am always trying to learn rules and not facts.
- I alwas accept the responsibility of wat had happened.
- Yes meditation helps.

Thanks once again to touch the basics of human evalutionay traits . To manage on our own side will help us not only in the market but also in our own personal life.
 

AceX

Active Member
#13
It is not necessary to change. Survival is not
mandatory.
—W. Edwards Deming
For me it is. After all, "if you didnt have to fight for it, probably its not worth much".



Knowledge is little; to know the right context is
much; to know the right spot is everything.
—Hugo von-Hofmannsthal
I accept. Especially when it comes to knowing self


The man who insists upon seeing with perfect
clearness before he decides, never decides.
—Henri-Frederic Amiel
Perfectly right. I can handle uncertainities. But I am yet to have a handle on my demons.



Yes. it happens. Because, learning to trade is learning to face uncertainities
...may I add, your own demons and weaknesses and fears and vices....
Its so easy to run, its so hard (and immensely satisfying) to fight.





Trades are not battles with opponents for one who has a good trading system; It is a battle with himself.

Cheers :)
Yes it is ...verily it is. Mind is the only edge.



These are the questions one must answer; not suppose ask

How are you going to do it?
How would you take your hard knocks?
What are going to tell yourself?



Look at the irony, I have always believed, answers to the greatest of questions lies within us, yet, I didnt ask myself these questions.

[I can't see any "thank you" button over here, but my many thanks nevertheless]
 

AceX

Active Member
#14
Ahha, Your Question is the Answer ...

Rule 1: Don't trade without a method / system ...
Rule 2: Know your method inside out ...
Rule 3: Size your position so that you will be able consistantly execute your trades ...

If you have a method and know it well and still have implementation issues, its the Size of your position ... Make it small... Small enough to have no hesitation in taking all the entry, exit & stop signals ...

Thanks
I am trading[trying to, :D] futures. I believe, I have got a method. I have my faith on that[I have backtested it, trained my decision making skills]. Sizing I guess is the only thing which is not going my way.

Yes, I think I have to size it low enough so that I can execute without any issues.

But so often, greed comes into play, I feel like a pathetic fool.
 

niftyrider

Well-Known Member
#15
Commodity data

I am uploading a excel file for commex data of gold EOD.
 
U

uasish

Guest
#16
An American Tourist couple ,when interviewed by TV channels in the aftermath of terror attack in Mumbai's Taj,said that they are going to complete their tour iteniery of India.
Though they had a horrific nightmarish experience while at Taj but not going to succumb to the terrorists ploy to give in to Fear.
The uncertain future part,the psycaddalic on going dance of the Price tells on one's psyche while on trade. This part i can understand but a Price completely changed it's course & i am holding to that with my mere pumped up robust Psyche is simply crap very much suicidial.
To tackle the Psychological part while on Trade we use 'Trade Management'.

First & foremost is getting the cue of Direction then before entering what is the Risk calculated in Absolute monetary term then after entering the ACTION part is taken over by Price i am left with only few option,either Cutting or Adding or Reducing or Reversing my Position no other Option left with me.
So i am now a spectator ,a 10 Lot Nifty Fut with 10 points Up/Down is Rs 5 K,what happens Ohhh ! if had exited at xxxx price could have saved Rs 5 K ,this Psychological part every body rides every day.Hence we must have 2 DECISIVE decision before entering 'Direction' & 'Risk' once weighed it to be favourable then enter & let us be on Waiting Mode.
 
N

Niks

Guest
#17
Keeping versions of advices might be useful, but its as much mental dexterity as it is anything else.
They're not version of advices but rather (personal) self help guide :D ; though I would like to advise others after establishing myself as a pro trader (presuming 4-5 year onwards)
So how did you practice 'em?
ahh... now it comes :)
Currently I have quote as desktop wallpaper which says "assume your position to be wrong unless the market proves it right". This has helped me a lot. Whenever I take a position, expect certain behavior, like prices drifting in my favor. However if the market moves against me, it makes me very impatient. I seldom place stoploss orders; but before taking a position pre-decide a hard stop(worst/rare case) and a soft stop. I get out manually and very seldom miss my stops. More so when the market proves me right; i.e. the prices trend in my favor, never hesitate to ADD.

Consider this advice posted in words of iwsdom and thanked by 6 people: "Trading is something that every one Knows but just not able to make money off it. " Shall be glad if anyone can relate it to practical usefulness :eek:

I hate things which sounds nice but not practically useful.
Hence my views :)
 

NOMINDTR

Well-Known Member
#18
@Niks,

Keeping versions of advices might be useful, but its as much mental dexterity as it is anything else.So how did you practice 'em?
Inspiration for you (us)

If you can trust yourself when all men doubt you
But make allowance for their doubting too;
If you can wait and not be tired by waiting . . .
—Rudyard Kipling
 

AceX

Active Member
#19
[Apologies for the late reply, was not keeping well]
[No, its not because of my losses :) ]!

Asishda...

Right, and I very well remember the same words in the other thread. Yes, I should be knowing which way the wind is blowing. Let me give you two examples. Firstly, I saw a negative divergence rode on it, and instead of getting out when the rally was slowing down, I held on. The market closed and incidentally I remembered this is the Friday! [:D yes, suckers are born here every minute! :) You now have a name to that label :) ]

Well, well, market gapped up on Monday, and well I was impaled. So, instance number 1, greed!

Secondly, I saw a hugely bearish divergent setup some time back. And each time I kept shorting when the positive MACD ticked down, I got thrown out of the trade by my stop. This continued to happen and the scrip continued to make further negative divergences. So, in my opinion, I think, I am not able to read the stuff too well, and coupled with my emotional haze, I am not carrying it out well.


@Niks, thanks for this. I guess I am yet to build myself strong enough to handle pyramid positions. I did try, and well, didnt do it right, Conclusion: Its me!

@Gsalvadi, and Kipling

So right, so right!
 
N

Niks

Guest
#20
@Niks, thanks for this. I guess I am yet to build myself strong enough to handle pyramid positions. I did try, and well, didnt do it right, Conclusion: Its me!
well neither am I good at pyramiding... you see it takes more conviction to add to a winning trade than to average a loosing trade :D ... I did benefit a lot from Saint's 60 minute flow about ADDs... do it only seldom if it meets some (predefined) criteria.

being impatient if a position shows me loss has helped a lot in cutting losses quickly.
 

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