Mindset of a newbie...

[Czar]

Hi I would like all seniors to share their experience as when they just began the careers in stocks...

Some mind sets I have gone through, ofcourse all are bad:

1) The bull market will last forever
2) A bad trade carried forward & to pay for it I used to cut good trade
3) Bad news/events/hand of God made my losses go on...
4) If I get a few straight wins continuously, I start increasing my trades quantity
5) Anyone giving me sell advice on my highly profitable trade/market is jealous or does'nt know anything...
6) Certain superstitious thing I do in the morning will make my day profitable.
7) After a significant fall or rise people suggest another 5% in the same direction, which refrains me from buying / selling respectively.
8) Press order 1st thing in the morning after reading some news on the co.
9) One day my price will come...
10) The operators are good hearted guys here to take market higher & higher

 

[tulika]

Truely said,..... i am still passing through this phase, even after having plenty of blows straight on my face.

 

[Czar]

well that's the reason i started this thread so maybe new guys would know what others have already gone thru as Adrenalin will never overtake experience...

 

[uasish]

An essential thread for us ,plz continue this good work,i had all these notions & later on ,after this phase ,i thought taking Tips Service of Gr8 guys will increase my wealth.
In fact my 1st Cell was purchased only to talk during mkt Hrs ,from the Broker's place to this Semi-God guys of B'bay (Aniruddh Sethi etc) from Calcutta.
What a 'Fools paradise' dream world i was living & doing Intraday only each & everyday & slowly significant amount of my Life's earning ,accumulated upto 45 yrs of age ,vanished in 1 yr.
A basic Maths ; a Loss of 5% on Rs 100.00 = Rs 5.00 but a gain of 5% on Rs 95.00 is NEVER Rs 100.00 ,so after equal no of 10 loss even if i get 10 wins i will never get back my initial capital.

 

[Czar]

An essential thread for us ,

Now you pulling my leg

Yes thats one more thing, Those newsletter, live sms calls, showing that their calls made 1000/1500% returns & you see their calls in disbelief thinking what a waste why i dint find them before, but when we trade those calls after paying hugh fees, man what am I doing wrong ???

5 tips usually make small money & then 1 tip takes you royally...

& these guys very well know people trading their calls are not the kindoff people who will put stop losses...

 

[shrirang.tambe]

hi guys..... i think, i am so small that i have yet to get birth in this invested world, looking at your immense exp. Would like to learn every bit from ur knowledge. Thanks for starting this thread, but i must say.......the show must go on. Let us know as much as possible about what can happen.....so keep on posting

Best luck.

 

[Czar]

Few more:

1) Everyone around me is making more money, lemme try harder faster - THIS IS A SUICIDAL THOUGHT - dont look at anyones trade, they may not show you the true picture, his History Geography...

2) When trades gets easy in any certain direction, the direction is about to Change - Just recently I read a few newcomers started shorting & they commented, these 2 days were the easiest trades, bang a big turn & reversal... same happened in Jan 08 - So when it becomes easy atleast tighten your stops... Learning trading is a process, just catching any one direction right does not mean you have mastered the process, years of work ahead...

3)When direction changes, people still have the hangover of the old direction & keep trying against the trend.... this is pure psychological play by operators, cause Human nature cant let go....

4) At the end of every 1/2 hour, the last few minutes showing a reverse of the direction in which the trend was going mostly, watch carefully, cause this is just the 1/2 & 1 hour bar trader, booking profits, adjusting / adding trades, booking losses... watch the clock when you want to trade or see a bit change in direction...

5) Please stay away from guys who say I will make u earn money or atleast watch them for a couple of months not just 2/3 trades...

These are just my theories, add a pinch or salt but dont throw them away too...

 

[praveen taneja]

Few more:

1) Everyone around me is making more money, lemme try harder faster - THIS IS A SUICIDAL THOUGHT - dont look at anyones trade, they may not show you the true picture, his History Geography...

2) When trades gets easy in any certain direction, the direction is about to Change - Just recently I read a few newcomers started shorting & they commented, these 2 days were the easiest trades, bang a big turn & reversal... same happened in Jan 08 - So when it becomes easy atleast tighten your stops... Learning trading is a process, just catching any one direction right does not mean you have mastered the process, years of work ahead...

3)When direction changes, people still have the hangover of the old direction & keep trying against the trend.... this is pure psychological play by operators, cause Human nature cant let go....

4) At the end of every 1/2 hour, the last few minutes showing a reverse of the direction in which the trend was going mostly, watch carefully, cause this is just the 1/2 & 1 hour bar trader, booking profits, adjusting / adding trades, booking losses... watch the clock when you want to trade or see a bit change in direction...

5) Please stay away from guys who say I will make u earn money or atleast watch them for a couple of months not just 2/3 trades...

These are just my theories, add a pinch or salt but dont throw them away too...

wow very nice u senior peoples made me ur fan n after reading u peoples view i began to kno w wat are the mistakes i m doing for so many years thnx god bless u keep it up

 

[Czar]

thanks praveen you see its not question of senior or junior (infact i may be much younger), its when you trade on your own without outside interference you will start noticing everything.... everyone makes mistakes, but important thing is to keep track of not just your wins but more important of your losses...

 

[fire_gun]

i had gone thorugh almost every line what czar written in this thread..thanks for reminding me those painfull days...