General Trading Chat

[wisp]

How does a lion fetches its food? Day Trading ( be a Lion)

A lion, will wait, patiently, for its prey to be at an attack distance. It positions itself so that its prey can be cornered. When the right time comes, it attacks with a high speed. Strikes with a precision. It catches the prey at the right place and focuses on its kill until it is over.

Now question your self.

Are you patient enough to wait for the right trade set up.

More than 50% of time market runs in side trend. It takes longer time to fuel a trend momentum. But the trend lasts for a shorter duration. Can you wait patiently until a trade set up is complete? That is why I say trading is boring.

Can you make the right decision in one or two seconds.

Market is dynamic. Unlike the study of day bars, where the market is closed and there is plenty of time to make decision, until the next day, study of minutes bars poses a challenge. The market is open and changing. There is hardly any time to make decision. In such a situation, can you make trading decision in seconds?

Are you ready to wait until a valid buy / sell signal is triggered.

Premature entry to a trade will make your trading life miserable. If the valid signal has not yet triggered, there are more chances that the trade may go opposite, to the expected direction.

Can you place and execute the required orders, before the prices moves away from the price of entry.

Once a trade entry is triggered, the prices reaches the target in a very short time comparatively. I have seen the target achieved in less than a minute. Such a dynamicity requires a fast decision and a fast action.


Can you focus on your trade without any sort of disturbances, until the trade is completed.

After the trade is triggered, anything can happen. It may be a false break out and the price might reverse immediately after the entry. The trade might achieve its target and reverses, so the once profitable trade will turn into a loss trade. Or it might linger in a side movement, wasting the precious time. So once you enter your trading room, no phone calls, no chit chating, no TV, no story books. (And no quarreling with your spouse, or no romance also.) You cannot combine day trading with other businesses. So can you spare your undivided, undisturbed, attentive trading mind, until the trade is completed.

Are you young and energetic?

Maximum percentage of beginners who succeed in day trading, are below the age of 35. Younger age tends to be dashing, takes higher risk and makes decision faster. Older age tends to be more slow and avoids risk. Same is true for learning any other faculties, like swimming, car driving, skiing, para jumping, etc;. But once you have trained your day trading mind, continuing at older age may not be a problem.

source : internet

http://www.traderji.com/general-tra...y-markets-method-madness-132.html#post1134236

Be True to Yourself - Paul Pertusi

http://www.zentrader.ca

Excerpt :

Trading involves commitment. I don’t just mean a time commitment, but a commitment to your plan. If I don’t execute my plan, I chip away at my trading self-esteem. In my experience, damage to your trading psyche is worse than damage to your capital. It takes much longer to reclaim a positive, resourceful frame of mind than it does to earn back your capital after a trading psychological drawdown. It is imperative to protect both your trading capital and your emotional capital if you’re going to succeed. This business requires one to be extremely resourceful, open-minded, and flexible. The only way to achieve such a state of mind, is to first properly adhere to the rules that we set and the plans that we make.

It is very easy for me to show you perfect looking charts and setups. It is much harder to properly deal with the price action nuances that will ensue, and the challenges that so often occur with getting into a stock. I have a pretty easy time getting out of my positions, as I have seen both personally and from others how vicious the market can be. I don’t mess with the downside, as the surest way to put your trading career on hold is to let a stock go beyond a stop level. This may be the single biggest reason that traders fail. My trading hero is Paul Tudor Jones, who states very clearly in the 60 Minutes episode “Trader” from 1987, “If people spent 90% of the time protecting their capital instead of 90% of the time having pie in the sky thoughts about how they will become rich from trading, they would make money”.
Reply With Quote

 

[vivektrader]

In my experience age has nothing to do with a sharper brain or risk taking appetite. Just have to spend enough time with people of varying age groups and backgrounds to realise this.

According to your age chart I am to put my foot on the moon next

 

[wisp]

Wisp Bro !!!!

Just give examples of trading...not politician ,inventors and sportsmen...they have nothing to do with trading..

Sir Isaac Newton – “I can calculate the motion of heavenly bodies, but not the madness of people” :lol::lol:

Bro, my examples are for sharp minds and risk appetite. You can apply that to whichever field you want.

 

[XRAY27]

Bro, my examples are for sharp minds and risk appetite. You can apply that to whichever field you want.

:thumb::thumb:

 

[wisp]

According to your age chart I am to put my foot on the moon next

Bro, not exactly because my point is age is not the determining factor its about you and how you have been spending your time...allowing your brain cells to die or if you have engaged in activities that allow your neural network to grow.

 

[vivektrader]

Bro, not exactly because my point is age is not the determining factor its about you and how you have been spending your time...allowing your brain cells to die or if you have engaged in activities that allow your neural network to grow.

Yupp my neural system is creating new synapses ever day, even faster now that I am in company of diligent people here.

 

[XRAY27]

Yupp my neural system is creating new synapses ever day, even faster now that I am in company of diligent people here.

Good post !!! vivek !!!:clapping::clapping:

Buddy, after understanding the basics of your money management ,I have made it into a principle that I want to follow, "we can't be fearless in trading until we mentally accept a potential loss before taking the trade,and also we can follow rules only if risk is under control"So better assume that all positions we take are wrong.

 

[gmt900]

Sorry to butt in young guys. But I agree that age has nothing to with the risk taking appetite. I started learning trading after I turned 65 and and now in my early 70s. Please don't ask about rate of my success, but overall I have not incurred losses.

 

[pareshR]

Sorry to butt in young guys. But I agree that age has nothing to with the risk taking appetite. I started learning trading after I turned 65 and and now in my early 70s. Please don't ask about rate of my success, but overall I have not incurred losses.

ST Sir your age? and when you start trading !

gmt ji, b4 trading your professional was?

 

[gmt900]

ST Sir your age? and when you start trading !

gmt ji, b4 trading your professional was?

I am a design engineer with experience in general management.