Dreams of a Trader..........shattered?

[HEMANTHREDDY]

Please read "Phantom of Pit" (search in google, free pdf available), would be immense help in behavior modification (and lot of trading knowledge too)

Thank you......aditya.

I could not stop reading the book until I finished it. Great insights.

Rules 1 and 2 are enough to live long in this market. We have to live long in the market to make it finally.

So, my plan includes the following.

1. Do expect a trade to be wrong. That is to say expecting a trade to be a winner is the killer.
2. Have a stop to get out of a wrong trade. And do that without any hesitation.
3. Take initial position so that I can add to winning trades. (So, there no question of averaging out loosing positions).

 

[rahul701]

Stunnnnning to say the least the way guys think.
" 10% tution fees of IIPM "

Bro listen to me carefully, dont think u have blown up 2Lakhs and u have paid the tution feees to mkt.

And dont think that if u blow up other 20Lakhs also u wud be eligible to make gains in the mkt. Mkt doesnt want to know amt u spent upon it to learn out things. And still if u come out saying that hey its OK i have blown up 20Lakhs , then what is it compared to an intstitute whose tution fees is 2 crores. Then i m sorry to say u dont deserve even a penny from mkt with this kind of attitude , not now not 10 yrs later, until u change the way u look at the mkt.

What i wud say , decide what amt u can risk as a whole in mkt. Say its 5Lakhs more. Take 10% of it rite now(since u have blown ur accounts quite effficiently) , try to play better with that amt, no matter even if it is also blown up, but when u blow that up u must know that u have learned sthg from it. Now remains 90% = 4.5L , take out another 10% of it and repeat the same procedure until u reach a stage where u start making profit or atleast get out breakeven. At this stage also dont get overtly excited. It mite be bcoz mkt conditions were just too good and u survived. Now since u have managed to breakeven at this stage add another 10-20% but not more rite now. See if u can retain this amount and still get to profit making stage. If ur first few trades with this amt again seems to put u back in the same earlier position withdraw 50% of what is left and try to learn. So i hope u must have got the point i want to emphasize, mkt is not abt money as a whole, its abt "PERCENTAGES".

A 10% tution fee to learn many things about market by experience!

Basically I have no big aims to achieve trading markets.

These 2 lines doesnt tell a gr8 deal abt ur passion for mkts. Correct ur attitude towards markets and they wud shower more than u can expect

Thks,
Rahul

 

[HEMANTHREDDY]

Stunnnnning to say the least the way guys think.
" 10% tution fees of IIPM "

Bro listen to me carefully, dont think u have blown up 2Lakhs and u have paid the tution feees to mkt.

And dont think that if u blow up other 20Lakhs also u wud be eligible to make gains in the mkt. Mkt doesnt want to know amt u spent upon it to learn out things. And still if u come out saying that hey its OK i have blown up 20Lakhs , then what is it compared to an intstitute whose tution fees is 2 crores. Then i m sorry to say u dont deserve even a penny from mkt with this kind of attitude , not now not 10 yrs later, until u change the way u look at the mkt.

What i wud say , decide what amt u can risk as a whole in mkt. Say its 5Lakhs more. Take 10% of it rite now(since u have blown ur accounts quite effficiently) , try to play better with that amt, no matter even if it is also blown up, but when u blow that up u must know that u have learned sthg from it. Now remains 90% = 4.5L , take out another 10% of it and repeat the same procedure until u reach a stage where u start making profit or atleast get out breakeven. At this stage also dont get overtly excited. It mite be bcoz mkt conditions were just too good and u survived. Now since u have managed to breakeven at this stage add another 10-20% but not more rite now. See if u can retain this amount and still get to profit making stage. If ur first few trades with this amt again seems to put u back in the same earlier position withdraw 50% of what is left and try to learn. So i hope u must have got the point i want to emphasize, mkt is not abt money as a whole, its abt "PERCENTAGES".




These 2 lines doesnt tell a gr8 deal abt ur passion for mkts. Correct ur attitude towards markets and they wud shower more than u can expect

Thks,
Rahul

Mmmmmmmmmmm...........in a way you are right.

I should have calculated my percentages in a different way. Its a mistake on my part.

 

[HEMANTHREDDY]

The advice of eagleone is honoured. Now the capital is raised to Rs.1 lakh. Initially I am trading with 2 lots on Minifty and that may go upto 4 lots. However, now I have a definite plan of trading devised of my own research (I call it so).

 

[comm4300]

I appreciate your positive attitude !

you are NOT giving up on the market. Neither will the market give up on you - IF you just possess one quality - DISCIPLINE.

My experience is very much similar to yours: every time i tried to look back and see as to who to blame - i had no one else but me!

Every wrong trade / huge loss was nothing but my greed/fear taking over my "so called" disciplined mindset. And at what cost? not only did it affect my savings so far, it affected me emotionally and physically [my hair's totally grayed now]...

I knew if i could show some discipline, i'd survive [grow later]: here in this great forum, i came across a post that encouraged keeping trading journal. I did. Believe me, it helped. Just one notepad a day; i'd scribble everything that i feel like - like how i traded, why i traded and why i squared off early ....it HELPED a lot. my repetitive mistakes have come down. my emotions are under control.

At the end of the day, when i lay down on my bed trying to sleep, i want to be happy thinking that i traded with discipline and followed all the rules; that makes me a better trader each day.

i wish you all the best in your endeavor.

 

[EagleOne]

Stunnnnning to say the least the way guys think.
" 10% tution fees of IIPM "

....an intstitute whose tution fees is 2 crores.

IIPM charges 2 crore fee? That pony-tailed, chicken counting, 'sarfira gaddha' who can't write a single sentence without zillions of exclamatory marks at the end, is really able to con people to that extent? The same 'free laptop' guy, am I right? God damn. He must have grown some brain cells, because last time I checked the guy sounded retarted in a magazine interview.

Thanks Rahul for the update on the current IQ of the city folks. Much appreciated.

 

[HEMANTHREDDY]

I appreciate your positive attitude !

you are NOT giving up on the market. Neither will the market give up on you - IF you just possess one quality - DISCIPLINE.

My experience is very much similar to yours: every time i tried to look back and see as to who to blame - i had no one else but me!

Every wrong trade / huge loss was nothing but my greed/fear taking over my "so called" disciplined mindset. And at what cost? not only did it affect my savings so far, it affected me emotionally and physically [my hair's totally grayed now]...

I knew if i could show some discipline, i'd survive [grow later]: here in this great forum, i came across a post that encouraged keeping trading journal. I did. Believe me, it helped. Just one notepad a day; i'd scribble everything that i feel like - like how i traded, why i traded and why i squared off early ....it HELPED a lot. my repetitive mistakes have come down. my emotions are under control.

At the end of the day, when i lay down on my bed trying to sleep, i want to be happy thinking that i traded with discipline and followed all the rules; that makes me a better trader each day.

i wish you all the best in your endeavor.

Yes.......comm.

I find no better advice than Jesse Livermore regarding this problem.

"I believe that if you want to succeed in the stock market, make sure you get plenty of sleep and give yourself plenty of time for the uninterrupted study of all the elements involved with the stock market and remember that the essential to success in the stock market is knowledge and patience.

The body must be in tune with the mind, for there is no more intense or exciting field of battle than the stock market. The successful trader must always be in top physical form."


I learnt this basic lesson in a hard way. Fools learn from their own mistakes and wise learn from others. If you want to be successful, you must learn from others mistakes because learning from own mistakes is not viable for many in trading.

So, lets hope many get wise rather than being fools like me.:lol:

 

[EagleOne]

The advice of eagleone is honoured. Now the capital is raised to Rs.1 lakh. Initially I am trading with 2 lots on Minifty and that may go upto 4 lots. However, now I have a definite plan of trading devised of my own research (I call it so).

Hemant, don't forget Rahul's post. His words are harsh but very true, believe me.

1 lakh equity, and 4 mininifty lots in one go? You are playing again with the probability of blowing it again. Slow down. Go with 1 lot, do adds if necessary. Otherwise let 1 lot run. 4 lots means, deep down you are planning 'revenge trading'. That means, emotions. You might as well give money in the charity right now, Hemant, and save yourself from more heartache.


NOTE: Do not trade until you have gone through ST's posts - all of them.

 

[EagleOne]

Yes.......comm.

I find no better advice than Jesse Livermore regarding this problem.

".... The successful trader must always be in top physical form."

Yeah...Mr. Livermore had scores of paid girlfriends around the world. Only he could know how essential it is to be in top physical form, right?

Good night, guys

 

[DanPickUp]

Hemant,
Forget everything. Forget all the 'dos' or don'ts' that you hear. Just put 60-80000 in your account. Go to ST's threads. Learn to trade mininifty with his brilliantly written posts on TD setups and Stochs. You will be all right.
Try VJAY's thread as well.

Anything else would just be a waste of time in your current stage.
Good Luck

Hi my friend

Do you remember this post?

And what are you doing in the above post