If New to Trading, A Must read for you.

[dalalstreet25000]

Dear Senior VELURI1967,

I was saw your VAN K THARP MODEL OF SYSTEM TESTING, My Doubt is How do you find Column the SL,. please reply me,.

 

[veluri1967]

Dear Senior VELURI1967,

I was saw your VAN K THARP MODEL OF SYSTEM TESTING, My Doubt is How do you find Column the SL,. please reply me,.

Dear friend,

Its a forum in which sharing views mutually. When its about sharing, there is no question of senior or junior. Just call me veluri. That makes me happy.

Next, coming to your point, Tgt and SL in the excel are according to my system. You can feed your Tgt and SL to find if your system is good or not.
This excel is not meant to give you Tgt or SL. Its not a system in itself. It merely evaluates your system whether it is good or bad.

Hope it clears your doubt.

 

[DanPickUp]

Hi

http://www.4shared.com/account/dir/PS-tqB6Z/sharing.html?rnd=60

How to trade with momentum oscillator. A learning DVD from Miller's books : High profitable entry and exit strategies.

DanPickUp

 

[DanPickUp]

Hi veluri

This new link, from the last post, should work now for 24 hours. I also checked the sound and there was no problem. As the DVD is from the book, it is not available for free. So, I have to delete it after this time for certain reasons. If you not hear any sound, then you must download the DVD to your laptop or home computer. Save the file and open it with Windows media player. This should do the job. Enjoy.

DanPickUp

 

[sonali.rocxx]

Gud One It will help a lot

 

[absolute.zero]

Thanks a lot Veluri for this wonderful thread.

 

[tvrssvk]

There are numerous Charting Softwares available in the market. Some of them are Amibroker, Metastock etc. But these softwares need data feed for which we need to subscribe to download data especially if you want intraday data. For Amibroker, you have a free trial of 30 days, during which you can check if it is suitable to your needs or not, then purchase it.

However, there are some softwares which are absolutely free including data download. The drawback is you cannot implement scans based on your criteria. But for beginners who have to learn a lot by scanning visually through charts, the link I am giving below will serve the purpose. Download the software from the site. In case of any difficulties starting the software please free to post your querries.

I have posted link for the software as "TINY TRADING KIT - PART II" in the first post.

Hi Veluri,


Which download is preffered..........is it windows or web based...........let us know ................

 

[veluri1967]

Extracts from Van K Tharp's Works.

FOUR PILLARS OF A SUCCESSFUL TRADER.

Trait 1: Personal Responsibility.

I think the most important trait that all top traders have (or top people in any field) is the ability to assume total responsibility for what happens to them. And for top traders and investors, this means that they assume total responsibility for their investments results.

This means that if you lose money its not the markets fault, its not your advisors fault, its not your systems fault, or the fault of anything else. Instead, it is a direct result of what you did. When you assume this attitude, you can learn directly from your mistakes and trading becomes a big university setting which constantly allows you to improve. When you dont assume this attitude, then you get to repeat your mistakes over and over again because you believe that you were a victim of some external forces. Which would you rather have the ability to learn from your mistakes or the tendency to repeat them over and over again?

Trait 2: Commitment.

Becoming a successful investor/trader requires hard work. You must get to know yourself intimately because you are the source of your trading performance. You must develop a business plan to guide your trading. You must develop and test three or four strategies that fit within the big picture (as you see it) and then become part of your business plan. You must do your homework every evening. You must follow certain disciplines during the day that we call the ten tasks of trading. And all of this requires a lot of time and energy. And in my experience, it is only the people who are really committed who will put in the work necessary to become successful.

Trait 3: Mental State Control.

Im both a coach for traders and a modeler of top trading behavior. As a coach I help top traders follow the fundamentals (some of which Im outlining here). And as a modeler, I determine what top traders do in common and those qualities actually become the fundamentals that I teach. For example, there are ten tasks of trading that I expect each of my clients to follow every day. But the key to following those tasks is mental state control. Each task requires a particular mental state in order to execute it properly and you must have the skill to step into that state and perform the task.

For example, one of the ten tasks of trading is the action step of pulling the trigger. The mental state required is 100% commitment to action. There is no thinking involved, just 100% action. You should already know what to do when you get this signal because youve already developed a system that works. Thus, your job is simply to act. Think about when the tiger starts to leap on the antelope. He doesnt suddenly think to himself, Is this a good idea? If he did that, hed probably miss the antelope and break his back. No, his mental state is 100% commitment. Well, each essential task of trading requires a particular mental state and you must have the ability to step into that state.

Trait 4: Top-Down Discipline.

Im in the process of developing a new workshop entitled 17 Steps to Becoming a Great Trader. One of those steps involves developing top-down discipline. In developing this sort of discipline, you must go through the following steps:

Write out your dream life. What would you like to be, do, see, experience, and have in your lifetime in order for it to be ideal? Write this out completely.

Write down the purpose behind that dream life. Write down your mission, your purpose and all of the whys behind that dream life. This step helps you get excited about achieving it.

Write down your goals for the next year.

Write down the purpose for each goal.

Write down a series of action steps for each goal.

And each action step (if it takes longer that a week for you to finish) could be considered another goal with a purpose behind it and a series of action steps behind that.

The net result of following these steps is that you develop a top-down discipline that helps you develop commitment and achieve almost anything you set your mind to achieving. Now lets look at what we have in these four qualities.

First you have a top down discipline that really helps you achieve almost anything you set your mind to achieving. Next you have the ability to get yourself into the appropriate mental state to do whatever you need to do with excellence. Third, you have the commitment to see your goals through to the finish. And lastly, but remember that I mentioned it first; you believe that you are personally responsible for what happens to you which means that you can learn from your mistakes.

Now, dont you agree that with these four qualities, you could achieve peak performance as a trader or almost anything else you set your mind to doing?

 

[wisetrade]

Many especially new entrants are attacted to Day trading because of the hype in it. They least expect the negatives of day trading as a new entrant. Day trading is zeroed in by every player of the market whether intraday, short term, midterm or long term players. Its a battle field among many to put it simple. Nevertheless, a battle involves traps, mines, camaflouaged, guerilla attacks. Its a question I will leave to the new ones to answer if they are prepared and trained to withstand such dramatic scenerio.

I am not to discourage their enthusiam to day trade. I donot feel shame to commit here I have destroyed two of my accounts in day trading. Major reasons are :-

1. I traded mostly by instincts or tips.
2. I traded with revenge to recover my losses and that produced more losses.
3. I used to have a plan before the trade but used to give up the plan while trading thus succubing to emotions of greed or fear. Market will find this loop hole in our psyche and easily take away money from us.
4. Used high leverage sometimes upto 10 times.
5. Not placing Stop Losses (Feeling high of my trades.)
6. Not maintaining discipline at the terminal. (leaving the trade unattended).
7. Not maintained my records of trades properly which resulted in committing same mistakes again and again.
8. Not traded on same timeframe (ie entered trades on the basis of half an hour candled and switched to 1 min, 5 min, 15 min timeframes thus lost the original entry criteria).
9. Not studied the behaviour of scrips in the past.
10. I changed my strategies soon after making a loss. (I never had a tested strategy).
11. Averaging down on loosing trades.
and so......so......the list goes on.

Actually it was a time for me to leave the stock markets forever. But I thought to take a stock of why, how, where, when I lost money. Its a real retrospection into ownself and found the real culprit is me and no one else really. It was my money. It was me who traded. It was me who lost it. Whom else to blame.

Thus, finally I drawn up a plan to venture into stock trading afresh with fresh balance. I have drawn up few principles.

1. Invest for long term, atleast for 6 months duration.
2. Keep proper record of trade. (Why, when, how, what, where are to be answered without fail).
2. Let the investment grow. (Having an initial SL and trailing SL without Targets).
3. Keep trading the same shares intraday on paper. (Later real trading after I made descent money on long term investments). Thus I got real feel of the shares.

Though these are not meant to be rock hard principles to be followed by everyone. The underlying concept of having a plan, discipline, strategy, experience is the same for every one.

If everything goes well, I will continue to be visible on this forum. Otherwise, I will vanish as I appeared on this forum 1 year ago. My association with many of traderji family has been very fruitful and enjoyable. Let the journey continue.

Cheer Up.:thumb:

dear sir,
surprising that even seniors have the same experience. I felt as if i am reading my own story. I have just recently seen this post, hope to read all the earlier mentioned books etc, and will follow and learn.
thanks for such a wonderful guidance.:thumb:

 

[wisetrade]

Extracts from Van K Tharp's Works.

FOUR PILLARS OF A SUCCESSFUL TRADER.

Trait 1: Personal Responsibility.

I think the most important trait that all top traders have (or top people in any field) is the ability to assume total responsibility for what happens to them. And for top traders and investors, this means that they assume total responsibility for their investments results.

This means that if you lose money its not the markets fault, its not your advisors fault, its not your systems fault, or the fault of anything else. Instead, it is a direct result of what you did. When you assume this attitude, you can learn directly from your mistakes and trading becomes a big university setting which constantly allows you to improve. When you dont assume this attitude, then you get to repeat your mistakes over and over again because you believe that you were a victim of some external forces. Which would you rather have the ability to learn from your mistakes or the tendency to repeat them over and over again?

Trait 2: Commitment.

Becoming a successful investor/trader requires hard work. You must get to know yourself intimately because you are the source of your trading performance. You must develop a business plan to guide your trading. You must develop and test three or four strategies that fit within the big picture (as you see it) and then become part of your business plan. You must do your homework every evening. You must follow certain disciplines during the day that we call the ten tasks of trading. And all of this requires a lot of time and energy. And in my experience, it is only the people who are really committed who will put in the work necessary to become successful.

Trait 3: Mental State Control.

Im both a coach for traders and a modeler of top trading behavior. As a coach I help top traders follow the fundamentals (some of which Im outlining here). And as a modeler, I determine what top traders do in common and those qualities actually become the fundamentals that I teach. For example, there are ten tasks of trading that I expect each of my clients to follow every day. But the key to following those tasks is mental state control. Each task requires a particular mental state in order to execute it properly and you must have the skill to step into that state and perform the task.

For example, one of the ten tasks of trading is the action step of pulling the trigger. The mental state required is 100% commitment to action. There is no thinking involved, just 100% action. You should already know what to do when you get this signal because youve already developed a system that works. Thus, your job is simply to act. Think about when the tiger starts to leap on the antelope. He doesnt suddenly think to himself, Is this a good idea? If he did that, hed probably miss the antelope and break his back. No, his mental state is 100% commitment. Well, each essential task of trading requires a particular mental state and you must have the ability to step into that state.

Trait 4: Top-Down Discipline.

Im in the process of developing a new workshop entitled 17 Steps to Becoming a Great Trader. One of those steps involves developing top-down discipline. In developing this sort of discipline, you must go through the following steps:

Write out your dream life. What would you like to be, do, see, experience, and have in your lifetime in order for it to be ideal? Write this out completely.

Write down the purpose behind that dream life. Write down your mission, your purpose and all of the whys behind that dream life. This step helps you get excited about achieving it.

Write down your goals for the next year.

Write down the purpose for each goal.

Write down a series of action steps for each goal.

And each action step (if it takes longer that a week for you to finish) could be considered another goal with a purpose behind it and a series of action steps behind that.

The net result of following these steps is that you develop a top-down discipline that helps you develop commitment and achieve almost anything you set your mind to achieving. Now lets look at what we have in these four qualities.

First you have a top down discipline that really helps you achieve almost anything you set your mind to achieving. Next you have the ability to get yourself into the appropriate mental state to do whatever you need to do with excellence. Third, you have the commitment to see your goals through to the finish. And lastly, but remember that I mentioned it first; you believe that you are personally responsible for what happens to you which means that you can learn from your mistakes.

Now, dont you agree that with these four qualities, you could achieve peak performance as a trader or almost anything else you set your mind to doing?

dear sir,
wonderful , this system is very very important, not only if one wants to be a trader but in any feild in life, proper discipline, planning, and moreover written goals and time frame with detailed path, all these in itself is half the goal acheived. thanks for stressing the most imprtant aspect of success.