A new Life, A new Career, A new Dream - I am a Trader

[Happy_Singh]

Dear ST,Dan,

When Lance Beggs says - people trade the shadow and not the reality ?
What does he really mean ?

Thanks in advance.

Lance uses v small TF charts to identify S/R . . . for e.g. using tick charts to identify SR that would be typically within a candle/bar . . .

His training material is two types 1. scalping using tick charts, 2. trading using 3 minutes charts . . .

The scalping type not really useful for us trading in India with ridiculous costs for trading with STT, stamp duty, service tax SEBI, NSE, transaction charges and what not . . .

Anyway i guess tick charts is his reality and charts that we trade 10-15 Mins/hourly actually any thing above 1 minute is our shadow

EDIT: btw this is another shadow and quite relevant to trading
.

 

[HEM]

All traders seem to be in their comfort zone of "No Trade Today"....today after gap up, market ( NF and BNF atleast ) gave atleast 3 opportunities to go long and the long trade was never under any threat till the end....nothing wrong in staying away in sideways markets...but in a trending day like today one must trade as the risk is very low on such days, market was doing nice consolidations and a thrust upwards, a classic trend day action....

Just my views after reading a few posts here....carry on with the flow of this thread.

Smart_trade

Dear STda,

today was very easy day (trending day) for trading in NF and BNF.......
In both NF and BNF took only one long trade above first bar high....... with two adds and booked all at 3.20 bar closing..........

HEM

 

[Smart_trade]

Dear ST,Dan,

When Lance Beggs says - people trade the shadow and not the reality ?
What does he really mean ?

Thanks in advance.

He means traders trade price patterns, indicators etc assuming that this is the real market......but this is a shadow and we keep trading shadow without understanding the cause or the reality which has caused supply- demand imbalance which is creating the shadow...so he says understand the reality or the cause which is causing the market move and not just concentrate on shadows or price patterns, indicator OB/OS etc.....so if the reality is strong enough to create supply / demand imbalance, then the shadow trading meaning if the fundamentals of the market has changed to bullish, trading on shadows like expecting to fill the gap, expecting correction , expecting exhaustion in overbought area etc wont work and market will keep going up and trading on shadow will infact mislead the traders....

So according to Lance Beggs, we must understand what is the cause ( reality) and then trade the shadows( Price patterns etc ) togather with reality and not the shadow in isolation.

Smart_trade

 

[403.forbidden]

He means traders trade price patterns, indicators etc assuming that this is the real market......but this is a shadow and we keep trading shadow without understanding the cause or the reality which has caused supply- demand imbalance which is creating the shadow...so he says understand the reality or the cause which is causing the market move and not just concentrate on shadows or price patterns, indicator OB/OS etc.....so if the reality is strong enough to create supply / demand imbalance, then the shadow trading meaning if the fundamentals of the market has changed to bullish, trading on shadows like expecting to fill the gap, expecting correction , expecting exhaustion ob overbought area etc wont work and it will infact mislead the traders....

So according to Lance Beggs, we must understand what is the cause ( reality) and then trade the shadows( Price patterns etc ) togather with reality and not the shadow in isolation.

Smart_trade

=======================

Dear Mr.Smart_trade,

As usual, awesome :thumb:

Thank you.
=======================

 

[jain.er]

All traders seem to be in their comfort zone of "No Trade Today"....today after gap up, market ( NF and BNF atleast ) gave atleast 3 opportunities to go long and the long trade was never under any threat till the end....nothing wrong in staying away in sideways markets...but in a trending day like today one must trade as the risk is very low on such days, market was doing nice consolidations and a thrust upwards, a classic trend day action....

Just my views after reading a few posts here....carry on with the flow of this thread.

Smart_trade

Dear ST bro today I traded after 1 hr and entered after 1hr high.
The problem I faced was my trade went -10 points first then it took some time before it moved into profits. Do think it was the correct of me to wait till -10 loss may you could tell us how trade today when you have some time

 

[DanPickUp]

Usually the counter trend traders will get slaughtered.
- Not necessary. Be careful with that statement. Any proved back testing results from your side on this comment?

I.e The day before gaps markets will move against the trend.
- Excellent opportunity's for hedgers who know how to play such games.

Gaps occur in the direction of Trend.
- Again: Be careful with such statements. Any proved back testing results from your side for this comment?

@JG

Comments to your post.

Take care / DanPickUp

 

[403.forbidden]

Hello friends,

Finally I am out of the corporate slavery and now I am a full time trader.. It was a tough decision but the tougher path is ahead where I will be working from now on. All my time and energy will be dedicated to trading, learning, being discipline and enjoying my new life..

Starting the new thread, new diary, new career from today.. Best of luck to all my friends here, wish me luck too :thumb::thumb::thumb:

==========================================
Dear Taiki,

:clapping::clapping::clapping: I like your strong positive approach.

This post is for all the beginners. - from my two years full time trading experience. Nothing new,but could not resist posting, to kill the negative views about trading.

(Sorry Taiki,for posting my experience in your thread.If you feel it is like annoying then the mods can delete this post)

I'll be completing two years of my full time trading career on 30th of this month. I was into IT for 8+ yrs,worked abroad. I spent one year to decide " trading " as my new career. My whole family was against my decision and asked me to leave India. One Sunday afternoon, I met Mr.Smart_trade in TJ chat. He was explaining " trends ". Greek and Latin to me. Met some friends in person through another forum. They have trading experience and asked me to keep some safe funds for 2-3 years. I was so scared. Started Mr.Smart_trade's 'Swift' (NSE cash) in June 2011. Traded cash till October 2011. Wrote down everything in handwritten(red,green,mistakes etc and (still I write down) this habit,I developed from one of the members in TJ)Did all the mistakes and lost money,but got a feeling like something I have understood.Every mistake taught a great lesson. Started BNF in October 2011. WOW !!! That monster showed me the real face of (futures) trading , lost money due to lack of discipline,lack of patience and emotions clouded,due to fear. Slowly fixed every mistake and became consistent. I started NSE stock futures. I lost Rs.50,000/ in 3 days. Took a 3 days break and studied my mistakes. Then I started again. It is very comfortable now. I don't trade options and have never traded Nifty,but BNF futures. Now I trade only NSE stock futures. I took my first swing/positional trade and closed on 27th May,2013 and made some real good money. Still I make at least one big mistake once in a week and silly,stupid mistakes everyday.

Each and everything, techniques, real time psychology etc, I have learnt from Mr.Smart_trade's posts,charts etc.

Mr.Smart_trade's two threads " Thoughts about Day/Swing trading -1 and 2" are more than enough,for a beginner. Slowly,every trader starts tweaking ,addons, plugins etc and design their own methods.

I discussed a lot with my younger brother and I have not spent so much time with anybody to discuss about trading,except him. A very big thanks to him

Mr.Smart_trade said,

a) Trading is simple,but the trader is complicated
b) Trading is simple,but not easy. It is a battle of emotions

AW10 (I think - AW10) said,

Making money from the market is easy, but keeping it is very hard

Taiki,we both got the same mindset. You got " 5 Taiki " inside your head :lol: and I got one. That is the real enemy. I could not resist and hence this post. Once we have decided to trade our comfortable method only and if we start slowly doing that in real time, then the evil twin will be dying slowly. So many friends posted their best wishes to you. So many suggestions. It is very great indeed. jagankris and Dan have posted a bunch of good thoughts. I have come across through those and I know every trader has to, at the beginning. Handling those confusions is the real toughest part.,but trust me, it is easy.

Yes, trading is the best rewarding profession. Yes, we can make money from the market. It is very much possible. Please, never give up. Our methods(understanding) play only 10% and rest is the way handling our own evil twin in real time. It is very hard to believe our understanding in the real time,because of our emotions.

When our understanding gives few loss trades,we curse our understanding and jump to another. Instead of that, if we put efforts to understand why it failed and analyzed those few loss trades,then that is the key to improve our trading. And of course,99% of the times,those red trades,because of our evil twin. Making money from day one, it is impossible. We'll make mistakes. If we don't understand those mistakes and if we don't try to fix, then better stop trading.

My best wishes to you,to become a very successful trader, to all the friends in TJ & to all the beginners

=====================================

 

[jagankris]

@JG

Comments to your post.

Take care / DanPickUp

Thanks Dan for correcting my beliefs.
Just scanned historical Nifty daily chart manually.
Gaps could happen either way with the trend or counter trend.

 

[Taiki]

==========================================
Dear Taiki,

:clapping::clapping::clapping: I like your strong positive approach.

This post is for all the beginners. - from my two years full time trading experience. Nothing new,but could not resist posting, to kill the negative views about trading.

(Sorry Taiki,for posting my experience in your thread.If you feel it is like annoying then the mods can delete this post)

I'll be completing two years of my full time trading career on 30th of this month. I was into IT for 8+ yrs,worked abroad. I spent one year to decide " trading " as my new career. My whole family was against my decision and asked me to leave India. One Sunday afternoon, I met Mr.Smart_trade in TJ chat. He was explaining " trends ". Greek and Latin to me. Met some friends in person through another forum. They have trading experience and asked me to keep some safe funds for 2-3 years. I was so scared. Started Mr.Smart_trade's 'Swift' (NSE cash) in June 2011. Traded cash till October 2011. Wrote down everything in handwritten(red,green,mistakes etc and (still I write down) this habit,I developed from one of the members in TJ)Did all the mistakes and lost money,but got a feeling like something I have understood.Every mistake taught a great lesson. Started BNF in October 2011. WOW !!! That monster showed me the real face of (futures) trading , lost money due to lack of discipline,lack of patience and emotions clouded,due to fear. Slowly fixed every mistake and became consistent. I started NSE stock futures. I lost Rs.50,000/ in 3 days. Took a 3 days break and studied my mistakes. Then I started again. It is very comfortable now. I don't trade options and have never traded Nifty,but BNF futures. Now I trade only NSE stock futures. I took my first swing/positional trade and closed on 27th May,2013 and made some real good money. Still I make at least one big mistake once in a week and silly,stupid mistakes everyday.

Each and everything, techniques, real time psychology etc, I have learnt from Mr.Smart_trade's posts,charts etc.

Mr.Smart_trade's two threads " Thoughts about Day/Swing trading -1 and 2" are more than enough,for a beginner. Slowly,every trader starts tweaking ,addons, plugins etc and design their own methods.

I discussed a lot with my younger brother and I have not spent so much time with anybody to discuss about trading,except him. A very big thanks to him

Mr.Smart_trade said,

a) Trading is simple,but the trader is complicated
b) Trading is simple,but not easy. It is a battle of emotions

AW10 (I think - AW10) said,

Making money from the market is easy, but keeping it is very hard

Taiki,we both got the same mindset. You got " 5 Taiki " inside your head :lol: and I got one. That is the real enemy. I could not resist and hence this post. Once we have decided to trade our comfortable method only and if we start slowly doing that in real time, then the evil twin will be dying slowly. So many friends posted their best wishes to you. So many suggestions. It is very great indeed. jagankris and Dan have posted a bunch of good thoughts. I have come across through those and I know every trader has to, at the beginning. Handling those confusions is the real toughest part.,but trust me, it is easy.

Yes, trading is the best rewarding profession. Yes, we can make money from the market. It is very much possible. Please, never give up. Our methods(understanding) play only 10% and rest is the way handling our own evil twin in real time. It is very hard to believe our understanding in the real time,because of our emotions.

When our understanding gives few loss trades,we curse our understanding and jump to another. Instead of that, if we put efforts to understand why it failed and analyzed those few loss trades,then that is the key to improve our trading. And of course,99% of the times,those red trades,because of our evil twin. Making money from day one, it is impossible. We'll make mistakes. If we don't understand those mistakes and if we don't try to fix, then better stop trading.

My best wishes to you,to become a very successful trader, to all the friends in TJ & to all the beginners

=====================================

Hi Mr. Forbidden,

You are most welcome and are never forbidden to share your experience in this thread. Your thoughts and post is really helpful and inspiring. Thanks again for that.

I guess it is the common mindset of all parents as they are little more worried about their kids, their reputation and not having a job etc. And They are right too. I also faced many difficulties before quitting my job. For me even It was a period of 10 months. But focusing on present finally I am in here where I wanted to be, and after this I have to do what I am supposed to do. That is survive in this field, make and secure a future for me and my family.

And about trading so far, I must say Jagan bro, Dan bro, TP Bhai and other seniors too have taught me many good things and it is really because of them and their helpful advice I became able to recover my loss during my loosing streak in 2nd week and finally ended up in breakeven and slight profit. But trading is not what happened in day or in a month. what happens over a period of time matters. And i have learned making a mistake is very easy in this line. I still fight with my inner self and gut feelings today. Even after knowing all those things that this senior people have taught, I still see a desire to violate them. Hopefully due course of time I will be a better trader along with becoming a better ME.

Got few very valuable lessons from your post.

U]Mr.Smart_trade[/U] said,

a) Trading is simple,but the trader is complicated
b) Trading is simple,but not easy. It is a battle of emotions

AW10 (I think - AW10) said,

Making money from the market is easy, but keeping it is very hard

Thank you again and Good luck.
Regards
Taiki

 

[rajesh.singh]

Hey Man Very aptly summarize personal experience like gold dust.:thumb: I still recall our first meeting and trading in Shimla together. and from there to the stage right now you achieve is experience in itself so if you share more of your mistakes, how you plug those holes and developing and imbibing the mindset and disciplinewill be of real help of all new aspirant..who looking for trading as a career
Thanks..

All the best Taiki....