General Trading Chat

[praveen taneja]

OI rising very fast now up 4.6% in nifty station at 7390 it looks

 

[timepass]

Will make another stab at 7500 ??

 

[arsh22g]

Will make another stab at 7500 ??

If Europe does something similar, then yes; looks difficult otherwise, all signals are bearish as of now....except maybe a bullish divergence on 5-min Stoch

 

[traderniftybank]

Babaji has given 7474 . Next 7373 in line .
Goal is 6969.

No my friend, it is not like this
Till 7440/25 NS is intact, there is no such downside.

 

[praveen taneja]

No my friend, it is not like this
Till 7440/25 NS is intact, there is no such downside.

Bakre KI maa Kab tak Khair manayegi:thumb:

 

[futures]

boring market..

 

[timepass]

Perhaps going for 7500 on futures

 

[madank]

Is/was breaking system/method rules a problem for anyone here? How did you/do you plan to overcome it? It IS a problem I struggle with often, I have many days when I dont break rules and suddenly, the gambler in me, the tuktuk in me all get out on a single day and try to destroy my profits It is not a continuous thing, I do follow rules most days, the gambler and tuktuk guy remain suppressed until one day they rear their ugly heads.Would be great to get some help in overcoming this failure in part, almost feels like a character flaw

Wisp,

We all go through this from time to time. Thought of sharing some thoughts here and hopefully, it might help you

If a trader is disciplined 90 pct of the time and if occasionally there is a lack in trading discipline, the reasons could be multifold --

Probable causes of the problem

1. Lack of fit between the trader and the trading system

Discipline problems are not due to trading woes...usually, there is an underlying problem. Just as a problem maintaining the "discipline" of monogamy in a marriage is frequently the result of underlying relationship difficulties, failing to be faithful to one's trading plans is often a sign of conflict between the trader and those trading plans.

When traders who are normally disciplined find themselves breaking their trading rules, the monetary lack of discipline are a symptom of a lack of fit between who the traders are and what their rules demand. A fine system on paper is unprofitable if it cannot be followed by a trader. A trading method not only needs to be good; it needs to be good for the trader. A trader and a trading system should be like lock and key..perfect match !!

2. Trader trying to fullfill his short term needs

Sometimes, the lack of discipline involve failing to take trades that are indicated. Other times, the problem is one of overtrading: taking trades that lie outside one's rules. If we think of momentary lack of discipline in other areas--cheating on a diet, for example, or procrastinating on work that needs to be completed--we can see that, many times, we act against our longer-term self-interest by becoming caught up in shorter-term needs. If, for example, we cannot tolerate boredom, we might eat to fill the void and break our diet.

Solutions

Problem # 1

Keep a journal and truly investigate each of your small trading discipline slips. Then view those slips as information, not as problems. What do they say about you? Which rules do you find yourself breaking, and what inside you might conflict with those rules?

Now look at your trading successes. What came naturally to you? What rules and plans can be derived from those winning trades? Don't force yourself into a pre-made set of trading plans (usually derived from somebody else's plan) ...rather, identify what you do when you win and see how you can make *that* into your system.

Problem # 2 When discipline works, it's often because people have found constructive ways to meet those short-term needs. The smoker who craves a cigarette may chew gum as a substitute oral activity.

The key to sustaining discipline is to identify the specific short-term needs that are occasionally overshadowing trading rules. Once you've made that identification, it is easier to then brainstorm constructive ways of addressing those needs. Traders who overtrade, for example, often have problems during quiet market times. Their needs are for stimulation. By creating stimulating activities during the trading day that don't take them away from their screens, they can avoid using unwanted market activity as their stimulation.

Other times, traders fail to follow their rules because they don't truly have confidence in their ideas. They front-run their own signals out of anxiety and wait for perfection in setups before they act. Their short-term needs often are for safety and security - they need to believe in what they're doing. Very often this problem occurs when traders have short-circuited their learning curves. They are putting meaningful capital at risk before they've done small real-time trading that is needed to build a successful track record. You believe in your system when you see, in your own experience, that it works over time, across market conditions.

So, keep working on your problems and am sure you will better off gradually !! Good luck and hope it helps

 

[WaveSurfer]

My Take on Nifty Daily

Bear Markets slide down the ladder of hope. :clap:

If you look at channel , it's down.
If you look at averages , it's pointing down.
If you look at candlestick pattern , it's pointing to reversal.
if you look at EW , it's down.
If you look at reverse divergence , it points to new lows.
if you look at futures premium , it points to short covering over.

When i look at chart , it looks down to me. I don't see any reason why this market should go up and not print new lows down
Babaji , 6969 de do .

 

[manish9300]

major trendline support holding for now.lets see if verl holds or not.