Thanks Sanju for your compliment.
If I have to restart my trading journey, then I will start from 4) --> 3) --> 2) --> 1) as explained above in my post. Knowing oneself is more important then knowing indicators and patterns. Unfortunately, I have gone thru all of them in zig-zag fashion. Only when I came across professional floor trader's mentorship, they all got in place now.
I took good amount of losses before realising that part of my mind always think contrary to current trend. Maybe that's how I am so rather then beating myself to be like all other trend following traders (there are many successful contrarian traders as well) , I have to tame this nature. So decided to develop a contrarian strategy placed some rules which gave me boundry to take decision about when to be contrarian and when not to be, the whole trading became lot easier. So now my contrarian mind does not bother me so much cause it knows that it will have its own time. I will execute contrarian trade when time is right. My Low risk option strategies (another thread here) helps me in going against the market with limit risk when all other factors are well aligned.
So, it is understanding oneself that makes all the difference here. Signals from same system will give different results to different people.
As far as business mindset goes - It is not that great. Just basic concepts of what is cost of trading, what is breakeven profit for a trade (i.e. how many points u need minimum to be profitable in a trade), what is your plan to manage your losses, in what condition u would add more money, or take out the money from acct, where are you should be investing your money (books, software, datafeed, broker, learning, internet connection, computer system etc) and how your trading business can finance those cost etc etc..
These are not some points that only IIM guys understand, it is common sense.. but I am surprised how many people don't think on these lines in structured way..(though most of them know it.. but vaguely).. Writing a business plan for trading buss can make a lot of difference.. That is one of the reason that Banks / Lending institute focus so much on solid business plan from a company before lending them any money.
Unfortunately, we don't take trading so seriously becuse we don't think about it so seriously as a business. And when things are done casually, u know it very well how far such casual things can go.
Don't get disappointed and quit the field before u have given proper try to it.
Probably you just need one or two pieces to come in right slots to complete the jigsaw.
I mentioend that like any other field, trading can be learnt. None of us were born engineer, CA, doctor, software programmer.. We learn all those profession in a structured way. Unfortunately, it is difficult to find someone teaching trading like a profession. Most of the people teach part of it..TA/ ElliotWave/ Metastock and leave u false hope that u can go and face the market now. Reading few books on TA or even trading books can not give that clarity. One has to put in effort to assimilate the knowledge and convert that into Skill. And practice those skill to gain experience.
In my view, Professional is the person who has Knowledge, Skill (tricks about how to use knowledge), and Experience with skills.. Weakness in any of these 3 wheels, will only give a unbalanced vehicle which is not able to move forward.
Feel free to share your experience or the areas that u are struggling with and I am sure other members on TJ will give u some hints.
All the best and Happy Trading.