Going with the Intraday Mini-Flow!!

[Smart_trade]

Posting Nifty futures chart and the trades done marked on it.

Smart_trade

Profit/loss figures as under :

Initial posn 3 Lots loss 56 points,2nd trade (long 3 lots plus add 3 lots average profit 2 points on 6 lots)

Overall loss 52 points on initial posn = 52x150 = Rs 7800/- within permissible limit as per my money management.

 

[SMART_Trader]

So let us strive to be disciplined!!!!

 

[orderflow13]

SMART_trade
Thanks for the chart. It will be more nice if u also add avg. point gain/loss on chart

 

[HEM]

SAR stands for Saala Aaj Raapchik din that

Ratan you are very naughty and great entertainer and your comedy is also very good.

 

[Smart_trade]

SMART_trade
Thanks for the chart. It will be more nice if u also add avg. point gain/loss on chart

Yes Alex,added in the post.

Smart_trade

 

[rkpahwa]

Ratan you are very naughty and great entertainer and your comedy is also very good.

He is also my "First Guru" who had introduce me to technical...

regards
rkpahwa

 

[Smart_trade]

i think people from the army wud be more suited to trading as they are already leading a disciplined life

Yes,vvvv,I agree with you.In fact some of the very successful traders featured in "Market Wizards" are the guys who took early retirement from US Army ( US Marines ).

Smart _trade

 

[rakeshluthra430]

Yes,vvvv,I agree with you.In fact some of the very successful traders featured in "Market Wizards" are the guys who took early retirement from US Army ( US Marines ).

Smart _trade

Couldnt resist from replying to this post.I was in the India Air Force...had also the opportunity to work with Army in many operations. I am an ex-NDA..and have done a few commando courses too. I am a trained fighter pilot (but went out of flying after a near-fatal crash) and an air-warrior. Left the services 4 years back.....at the age of 29.

I think civilians generally relate discipline to the defence services....rightly so, most of the times. However, the discipline what we as traders require is of the mental kind. Discipline, to me at least, signifies resolving the mental conflict...between (i) your need to do something that reduces your pain/fear (of loss...of leaving profits on the table...of avoiding a trade which 'looks' risky) or (ii) doing what is correct as per your trading regimen.

Initially it does require a lot of mental effort (to spot your faults and correct them instead of justifying them on the 'current global/local environment') to BE disciplined, but once you UNDERSTAND what you miss out by not being disciplined, discipline becomes your second nature. Then you dont have to 'be' disciplined....it comes naturally.

Thankfully, I had the opportunity of being a part of the services, but then anybody can have that discipline. A string of losses, and the pain that comes free of cost with it...can teach you much more than an Army life.

Just my views.....

Rakesh

 

[ratan jain]

Couldnt resist from replying to this post.I was in the India Air Force...had also the opportunity to work with Army in many operations. I am an ex-NDA..and have done a few commando courses too. I am a trained fighter pilot (but went out of flying after a near-fatal crash) and an air-warrior. Left the services 4 years back.....at the age of 29.

I think civilians generally relate discipline to the defence services....rightly so, most of the times. However, the discipline what we as traders require is of the mental kind. Discipline, to me at least, signifies resolving the mental conflict...between (i) your need to do something that reduces your pain/fear (of loss...of leaving profits on the table...of avoiding a trade which 'looks' risky) or (ii) doing what is correct as per your trading regimen.

Initially it does require a lot of mental effort (to spot your faults and correct them instead of justifying them on the 'current global/local environment') to BE disciplined, but once you UNDERSTAND what you miss out by not being disciplined, discipline becomes your second nature. Then you dont have to 'be' disciplined....it comes naturally.

Thankfully, I had the opportunity of being a part of the services, but then anybody can have that discipline. A string of losses, and the pain that comes free of cost with it...can teach you much more than an Army life.

Just my views.....

Rakesh

WoW!

so the ups and downs of the markets should be notthing compared to what you have been through!

 

[Smart_trade]

Nice post Rakesh, having seen airforce and army life from very near,I agree on most of the points .Only wish to add the following :

In armed forces,the discipline is imbibed on their officers right from very early age (15-16 years as cadets in NDA). But in trading generally people come after they are very successful in some other career and they come to trading as a second career. These people are so accoustomed to being right in everything they do in their earlier career that they find it difficult to accept that their decision (which was taken after lot of thought and analysis.)was wrong and they tend to stick to it and even justify it.

I have seen this as some very successful people like architects,doctors,landscape designers,have come to me for solving their trading related problems. I have seen a very successful doctor who was also trading with no stoploss,no money management and telling me that he has to take sleeping pill in the night to forget the pain of loss he suffered during the day. His pain was not due to loss of money but loss of ego !!!My God....

But yes I agree that the decipline can be acquired by practice.

The post getting too long... not boring hopefully,

Best Wishes,


Smart_trade