Going with the Intraday Mini-Flow!!

[columbus]

At last BAIL OUT package is accepted by US senate.But it did not bring cheer to either Asian Markets or American Futures markets.It is expected to bring cheer for very very short term to markets (one or two days),perhaps it is already accounted for.

 

[Prabhjeet]

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

Agreed in whole Rakesh, defence people are the heroes in true sense. But there is a difference of intrests when we compare traders to defence personells.

We as a trader know that we are making profits just because someone is making losses, so here we work for our intrest, but army people lay their own loose their own lives just to make sure that people like us lead a secure life in our cozy homes.

Would never dare to compare myself to these heroes only coz. of discipline that is common to both fields

 

[Prabhjeet]

And one more thing, discipline is not only reqd. in Trading or Armed forces, it is required in each and every field to be sucessful. I as a Doctor know that to be the greatest I have to follow the discipline of the greatest and I have a responsibility towards my patients which never lets me become irresponsible or might I say I have to be DISIPLINED all the time.

Regards

 

[Smart_trade]

Agreed in whole Rakesh, defence people are the heroes in true sense. But there is a difference of intrests when we compare traders to defence personells.

We as a trader know that we are making profits just because someone is making losses, so here we work for our intrest, but army people lay their own loose their own lives just to make sure that people like us lead a secure life in our cozy homes.

Would never dare to compare myself to these heroes only coz. of discipline that is common to both fields

Are we living in past ? Though glorifying armed forces personnel is a very done thing but these days most of them join the army for secured and well paying career,guaranteed promotions,servants,rations,canteen,parties,subcidised housing etc.I consider army as any other career with plus and minus points .Patriotism has nowadays taken a back seat. I am an engineer and MBA and I know with what motives some of my engineering classmates joined army,navy and airforce,lesser said the better !!! I dont want to demean it but certainly not glorify it. I know many raw nerves will be touched by my speaking the facts.

No comparison but I have great pride in trading as my profession and consider it second to none !!!

Smart_ trade

 

[Prabhjeet]

ST I myself know what makes people go towards army nowadays but think of it even if 1 out of 100 men joined just out of patriotism then we could easily justify these people as National heroes.

BTW, do you know any other profession where people have to sacrifice their lives other than Defence people, I know none. So lets not loose our respect for these great people just because of few rotten eggs that lie in between

 

[rakeshluthra430]

WoW!

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

wish it was that easy. You have to train yourself to 'dis-associate' and not to operate from the frame of mind where you have to "deal with" or "compare" a pain every time.
What one should ideally do is--consider the losses (or missed profits by not booking profits at some 'attractive' level) as a COST of doing this business. This should remove the "pain" of a loss/potential loss.

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

So true in everything you said.... I wish I had someone like you to guide me when I started out. I started trading from this January (though was investing in MFs for some years)...and you know what happened in Jan. Some of my friends even tease me...that I am a bad omen for the markets.. It was a mental torture..but thankfully I did not start with all my capital, so was saved.

But I thank my stars for bringing me here--Saint, RK Sir, Asish Sir, you, Satya and a whole host of others. One can only improve here..TINA(there is no alternative).

Agreed in whole Rakesh, defence people are the heroes in true sense. But there is a difference of intrests when we compare traders to defence personells.

We as a trader know that we are making profits just because someone is making losses, so here we work for our intrest, but army people lay their own loose their own lives just to make sure that people like us lead a secure life in our cozy homes.
Would never dare to compare myself to these heroes only coz. of discipline that is common to both fields

True Sir....in most part.

Thanks a lot,
Rakesh

 

[sd_singal]

Dear Smart_Trade

For identifying 30 m pivots H/L, are we looking only at current day's 30 min charts or is it required to consider 30 min charts of previous days also.
If time permits please type a few words on pivots. (Sorry if others get bored of repetition)

Regards and Thanks in advance

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.

 

[Prabhjeet]

.

No comparison but I have great pride in trading as my profession and consider it second to none !!!

Smart_ trade

Even I love this profession ST, intelligence is one of the most highly valued asset in this world. We are gaining because of other people's laziness who dont want to spend even 10 min. thinking before putting in 10 lks. so why not seperate such unwanted money from its careless owner.

Yes real topping on the cake would be if we can help some less privileged people with this well deserved money we make

 

[Smart_trade]

Even I love this profession ST, intelligence is one of the most highly valued asset in this world. We are gaining because of other people's laziness who dont want to spend even 10 min. thinking before putting in 10 lks. so why not seperate such unwanted money from its careless owner.

Yes real topping on the cake would be if we can help some less privileged people with this well deserved money we make

Fully agree with you here Prabhjeet,

Smart_trade

 

[rajfal]

Even I love this profession ST, intelligence is one of the most highly valued asset in this world. We are gaining because of other people's laziness who dont want to spend even 10 min. thinking before putting in 10 lks. so why not seperate such unwanted money from its careless owner.

Yes real topping on the cake would be if we can help some less privileged people with this well deserved money we make

Great mindset........friend