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For those who have lost hope in the markets, some inspiration:
market_looser,
Any body making Huge Loss ,truly aches my heart.Memories etched are so deep inside me that that even while typing this letter i shudder,at those times it was like stuck in quick sand,plz dont allow the stark reality over power your emotions,very easy to preach,absolutely difficult to achieve.
Plz provide few more details,if you are in Mumbai (or nearby & having a staying facility at Mumbai then avail Savant's offer,he has also come out from that dark phase),or if you are at Kolkata then will try to share your anguish & walk with you for few weeks.
Trading is a gruelling tough excercise in the initial phase it requires a Monk type utmost devotion with a single Focus,where some times even family becomes 2nd priority.
WITHDRAW from Futures Mkt this instant,if we can get the direction right with right entry & defined rock solid Stop & practise it in Cash Mkt with actual money,after some weeks/months we can always go to Derivative Mkt,infact Mkt will be there all through out our Life.So quit Derivative ,not even Options,becoz we must get first the Direction & second the Stop & 3rd Entry.
Believe in Human beings latent power which when in distress the true colors unfold,it happens only with human beings,we have humongous unexplored latent capabilities.
Cheers
Asish
Any body making Huge Loss ,truly aches my heart.Memories etched are so deep inside me that that even while typing this letter i shudder,at those times it was like stuck in quick sand,plz dont allow the stark reality over power your emotions,very easy to preach,absolutely difficult to achieve.
Plz provide few more details,if you are in Mumbai (or nearby & having a staying facility at Mumbai then avail Savant's offer,he has also come out from that dark phase),or if you are at Kolkata then will try to share your anguish & walk with you for few weeks.
Trading is a gruelling tough excercise in the initial phase it requires a Monk type utmost devotion with a single Focus,where some times even family becomes 2nd priority.
WITHDRAW from Futures Mkt this instant,if we can get the direction right with right entry & defined rock solid Stop & practise it in Cash Mkt with actual money,after some weeks/months we can always go to Derivative Mkt,infact Mkt will be there all through out our Life.So quit Derivative ,not even Options,becoz we must get first the Direction & second the Stop & 3rd Entry.
Believe in Human beings latent power which when in distress the true colors unfold,it happens only with human beings,we have humongous unexplored latent capabilities.
Cheers
Asish
I learnt 1 imp. thing after loosing continuously in Daytrading,i sent an email to Larry Williams few years back (as Larry Won the World Championship in trading consequtively & he responds to all e-mail personally).He wrote me back WHY DONT YOU DO THE OPPOSITE.
By that time i was few Lacks minus & was in the verge of collapsing,suddenly with this mail i just cursed him....... is this any type of Strategy ?? ,NO formula ,as he has attained so now he is showering all type of Craps.
After few Hrs,i suddenly thought if only if all my Longs/Shorts where truly opposite then i would be now few Lacks (+)ve.My actual Ledger which was then (-) could actually had been (+) WoW ! Bingo MONEY can be made!!!!!!! i the Gr8est Dumb of ths Earth if only if could have just done the opposite only then this very Dumb could EARN !!!!!!!!!!
So 1st & foremost is to get the DIRECTION right.
By that time i was few Lacks minus & was in the verge of collapsing,suddenly with this mail i just cursed him....... is this any type of Strategy ?? ,NO formula ,as he has attained so now he is showering all type of Craps.
After few Hrs,i suddenly thought if only if all my Longs/Shorts where truly opposite then i would be now few Lacks (+)ve.My actual Ledger which was then (-) could actually had been (+) WoW ! Bingo MONEY can be made!!!!!!! i the Gr8est Dumb of ths Earth if only if could have just done the opposite only then this very Dumb could EARN !!!!!!!!!!
So 1st & foremost is to get the DIRECTION right.
Then my only quest at those time is how to get the direction Right.Searched Net from evening 4.00 pm to 11.00 pm (as the cyber cafe used to close at 11pm,at that time i did'nt had a computer & internet connection at home & was going to 'Chadni-Chowk' area everyday to do Dabba Trading).On Sat / Sunday morn 9.30am to 11.00 pm with few mins break for Lunch & tea.Probably i went through ALL type of Sites & suggestions to get the Direction right.Not being statisfied,becoz i use to see charts in Bse/Nse sites,mostly Bse (as they used Metastock so later on i went for MS only),and in those past charts i could not find those suggestions to be fruitfull.
Then i went to Vision Book distributor of Kolkata,(8 yrs back this online Book purchase was not so popular),bought few books & read many standing there (the store manager was very friendly,when his daily tea & fag needs where being taken care of & where can he get a mad who stays from 9.30 till 8.00 pm days together).On my way back used to go to the cyber cafe to see past charts about what they preach in books,nothing no significant way to find what the Next bar is going to do.
After 2 months was frustrated ,there was a new building under construction beside that Book distributors building,1 day while taking a break to take Tea & snacks,i found the masons where constructing a stairway,you know how they build staircase with equal height one above the other.Bingo !! it Hit me like a thunderstorm,if the Range of previous Bar's certain % is Up then Price is going Up the staircase if certain % of previous bar's range is crossed downwards then Price is going Down the staircase.
This became my 1st LOGIC to understand Price's Direction.
Then i went to Vision Book distributor of Kolkata,(8 yrs back this online Book purchase was not so popular),bought few books & read many standing there (the store manager was very friendly,when his daily tea & fag needs where being taken care of & where can he get a mad who stays from 9.30 till 8.00 pm days together).On my way back used to go to the cyber cafe to see past charts about what they preach in books,nothing no significant way to find what the Next bar is going to do.
After 2 months was frustrated ,there was a new building under construction beside that Book distributors building,1 day while taking a break to take Tea & snacks,i found the masons where constructing a stairway,you know how they build staircase with equal height one above the other.Bingo !! it Hit me like a thunderstorm,if the Range of previous Bar's certain % is Up then Price is going Up the staircase if certain % of previous bar's range is crossed downwards then Price is going Down the staircase.
This became my 1st LOGIC to understand Price's Direction.
There are thousands of mistakes that one can make in markets and there are equal no. of solutions, these are some of the mistakes and solutions that I went through my trading career :-
Problem 1) Started as an investor and then was afraid when I saw 25% of my account evaporate into thin air
Solution 1) Read some technical analysis and found out the stoploss is the most important thing even for an investor
Problem 2) Even after putting my stoplosses I was down 10% next month, reason, I had no money management in place so whatever I was earning was turning to losses with few bad trades that had larger positions.
Solution 2) Divide my money equally into 6 different trades with equal risk but complete money management was still lacking
Problem 3) Was trading futures with all the leverage available and the movement of stocks made me look like a crazy man who watched the computer till markets close and then till they opened again
Solution 3) Put 1% risk rule for each trade and suddenly I felt like a man just getting out of jail, money management at its full use was the biggest forward step for me.
Problem 4) Was trying to make money from dozens of systems and was confused which system to be used at which time
Solution 4) Got it thoroughly drilled into my mind that no system makes money all the time and I am bound to bear some losses everytime hence started using only 4 systems
Problem 5) I was ok with putting stoplosses but was never able to Let the profits run, always became afraid and took small profits
Solution 5) I thought in my mind that If I am ready to give the markets all that I have then I should not be afraid to take what all market has. Hence I get out only at my initial stoploss or trailing stoploss never take profits off the table.
Problem 6)Was making money but not propotionate to the amount of time I spent
Solution 6) Met a wonderful person named SAINT who guided me to knew world of trading and now I cant find a way how to thank him as much as he has done for me.
I know there are hundreds of problems still to come but the only hard thing is to first recognize them, accept them and then they almost automatically solve themselves.
Only one line to wrap it up " Darr ke aagey jeet hai"
Happy Trading
Problem 1) Started as an investor and then was afraid when I saw 25% of my account evaporate into thin air
Solution 1) Read some technical analysis and found out the stoploss is the most important thing even for an investor
Problem 2) Even after putting my stoplosses I was down 10% next month, reason, I had no money management in place so whatever I was earning was turning to losses with few bad trades that had larger positions.
Solution 2) Divide my money equally into 6 different trades with equal risk but complete money management was still lacking
Problem 3) Was trading futures with all the leverage available and the movement of stocks made me look like a crazy man who watched the computer till markets close and then till they opened again
Solution 3) Put 1% risk rule for each trade and suddenly I felt like a man just getting out of jail, money management at its full use was the biggest forward step for me.
Problem 4) Was trying to make money from dozens of systems and was confused which system to be used at which time
Solution 4) Got it thoroughly drilled into my mind that no system makes money all the time and I am bound to bear some losses everytime hence started using only 4 systems
Problem 5) I was ok with putting stoplosses but was never able to Let the profits run, always became afraid and took small profits
Solution 5) I thought in my mind that If I am ready to give the markets all that I have then I should not be afraid to take what all market has. Hence I get out only at my initial stoploss or trailing stoploss never take profits off the table.
Problem 6)Was making money but not propotionate to the amount of time I spent
Solution 6) Met a wonderful person named SAINT who guided me to knew world of trading and now I cant find a way how to thank him as much as he has done for me.
I know there are hundreds of problems still to come but the only hard thing is to first recognize them, accept them and then they almost automatically solve themselves.
Only one line to wrap it up " Darr ke aagey jeet hai"
Happy Trading