Some Good Steals...

[usha]

Dear Usha,

Time always changes. And better time do come in each ones life. Many friends of this forum had already given you some wonderful piece of advice. What more to say. I am not an expert. I suggest that if you are not knowing the art of doing derivative trading, avoid it. First learn and master the basics of derivative trading. You can go for Position Trading for short, medium and long term with selected bluechip companies. There are various old posts in this forum which will enlighten you and broaden your knowledge. Love to hear from you soon when you start making profit.

cheers,
nkpanjiyar

Hi friend,
Yes I could have taken these sugestions before starting my trading in derivatives. Basically I was comfertable with my nifty futures trading but then I shifted to stock futures which initially gave me very good profits but from past 3 or 4 trades it is taking a lot of my money and happiness. But given the percentage of winning, it is around 92% but still I am below my breakeven, that hurts me a lot. Now though I donot have complete courage to say what I would have loved to say something like this"watch me dear friend, you will soon hear from me what you love to hear"
bye for now and thank you a lot,
usha

 

[JIMMtrader]

then why not I re-start beliving in myself. usha give it a try!
Usha

You have just said the magical words & displayed the RIGHT attitude, which in my opinion is ONE of the Most Important Armour you need in the Battle that lies ahead of you to make Profits! Belief in yourself, Positive thinking & Confidence, backed by consistency of updated knowledge & basic principles will take you where-so-ever you decide to go!

Someone once said....
Success formula in the Stockmarket is Simple!
1. Start with Great Stocks
2. Trade with the Wind at your back (wind= knowledge/basic priciples & decipline)
3. and ALWAYS use a Properly set STOPLOSS order (Your Insurance at times of unexpected declines)

Im sure you WILL be a success! with the attitude you have displayed

 

[Saint]

saint,
doctor you are 10% successful in curing my crying heart. I will read your letter again and again till it enters and settles down corectly into my head, just now I read it with my heart & a few drops fell off my eyes without my permision. You believe I could make it big.... thats a little inspiring..somewhere someone unknown is believing me and saying I will make it big one day if I follow some strategy and discipline.. then why not I re-start beliving in myself. usha give it a try!

Usha

Hi Usha,

I can understand your pain.............think many if not all of us have gone through that pain some time or other.But every fall is an opportunity in disguise.For you has come a great opportunity to learn,and understand that you are not doing that something that these profit making guys are doing...........as you pointed out somewhere you have a 92% batting avg,and you could not breakeven,which means that you are cutting your profits and letting your losses ride.Which means that your mental state is that you should win every trade..........so you tend to take your profits quickly and wait for your losses to come back to breakeven at least.

Change the mind state...........that above is verily the problem.We want every trade of ours to work............and in trading,unlike other avenues in life,that thinking is our doom.For a doctor,we want to save every dying patients.............Cutting our losses and letting our profits ride,in the medical world,is akin to:"Oh,these 10 patients are not looking that great,I am sure they are gonna conk anyway,let's pull the plug on them and save hospital resources,and our time and energy........but these 2 patients look like they are gonna make it,so why not focus on these two?" Doesn't work that way in medical life............we try to save every patient till the last breath,we give it all we've got.But that attitude spells doom in trading.

In trading,we have good entry set ups,and before the trade is set,we already have an exit strategy if we are wrong.A stop is placed either with the broker or mentally.If the trade goes against us,we are out..........the important thing is not to have a great Batting Average..........My batting average thelast year is only 58%,so what,my portfolio is up 82% from last year.How could that be?How can nearly half your trades be wrong,and you're up by so much?As many pointed out,and most recently Jaideep............the secret of trading is to Cut Your Losses and to let your Profits Ride.

So,the trades go like this.....if x is the amt lost stopped out,in 10 trades:
-x,-x,-x,+4x,+3x,-x,+3x,-x,+3x,-x.Therefore amt lost=6x. And amt gained=13x.So,you've made a net profit of 13x-6x=7x.........but what is your batting average?only 40%.Who cares........definitely not you,you are busy laughing your way to the bank.

While others concentrated their efforts to be right,you concentrated on making profits...............so the question that we should ask ourselves is:Are we here to be right,or are we here to make money?They are both not necearrily the same.

Usha,I do not know who you are or what type of a person you are.............I do know this,you can do it,and getting your startegies in place,you will succeed............I hope to hear one day that you consistently pull money out of the pockets of the big funds,with a great big smile on your face.Believe me,when that day comes,this problem would seem like no more than a minor hiccup,a necessary hurdle on your road to success.

Don't give up...........the below from last part of the very popular poem 'Don't Quit':

Success is failure turned inside out
The Silver tint of the clouds of doubt
And you can never tell how close you are
It may be near when it seems afar
So stick to the light when you're hardest hit-
It's when things seem worst that you mustn't quit.

All the best!
Saint

 

[feels_good_today]

Hi Usha,

I can understand your pain.............think many if not all of us have gone through that pain some time or other.But every fall is an opportunity in disguise.For you has come a great opportunity to learn,and understand that you are not doing that something that these profit making guys are doing...........as you pointed out somewhere you have a 92% batting avg,and you could not breakeven,which means that you are cutting your profits and letting your losses ride.Which means that your mental state is that you should win every trade..........so you tend to take your profits quickly and wait for your losses to come back to breakeven at least.

Change the mind state...........that above is verily the problem.We want every trade of ours to work............and in trading,unlike other avenues in life,that thinking is our doom.For a doctor,we want to save every dying patients.............Cutting our losses and letting our profits ride,in the medical world,is akin to:"Oh,these 10 patients are not looking that great,I am sure they are gonna conk anyway,let's pull the plug on them and save hospital resources,and our time and energy........but these 2 patients look like they are gonna make it,so why not focus on these two?" Doesn't work that way in medical life............we try to save every patient till the last breath,we give it all we've got.But that attitude spells doom in trading.

In trading,we have good entry set ups,and before the trade is set,we already have an exit strategy if we are wrong.A stop is placed either with the broker or mentally.If the trade goes against us,we are out..........the important thing is not to have a great Batting Average..........My batting average thelast year is only 58%,so what,my portfolio is up 82% from last year.How could that be?How can nearly half your trades be wrong,and you're up by so much?As many pointed out,and most recently Jaideep............the secret of trading is to Cut Your Losses and to let your Profits Ride.

So,the trades go like this.....if x is the amt lost stopped out,in 10 trades:
-x,-x,-x,+4x,+3x,-x,+3x,-x,+3x,-x.Therefore amt lost=6x. And amt gained=13x.So,you've made a net profit of 13x-6x=7x.........but what is your batting average?only 40%.Who cares........definitely not you,you are busy laughing your way to the bank.

While others concentrated their efforts to be right,you concentrated on making profits...............so the question that we should ask ourselves is:Are we here to be right,or are we here to make money?They are both not necearrily the same.

Usha,I do not know who you are or what type of a person you are.............I do know this,you can do it,and getting your startegies in place,you will succeed............I hope to hear one day that you consistently pull money out of the pockets of the big funds,with a great big smile on your face.Believe me,when that day comes,this problem would seem like no more than a minor hiccup,a necessary hurdle on your road to success.

Don't give up...........the below from last part of the very popular poem 'Don't Quit':

Success is failure turned inside out
The Silver tint of the clouds of doubt
And you can never tell how close you are
It may be near when it seems afar
So stick to the light when you're hardest hit-
It's when things seem worst that you mustn't quit.

All the best!
Saint

too good stuff saint. I suppose every trader goes thru this phase, but seldom they find a "saint" giving confidence. thanks saint

Raju

 

[jaideep]

..........For a doctor,we want to save every dying patients.............Cutting our losses and letting our profits ride,in the medical world,is akin to:"Oh,these 10 patients are not looking that great,I am sure they are gonna conk anyway,let's pull the plug on them and save hospital resources,and our time and energy........but these 2 patients look like they are gonna make it,so why not focus on these two?" Doesn't work that way in medical life............we try to save every patient till the last breath,we give it all we've got.But that attitude spells doom in trading................

..........Don't give up...........the below from last part of the very popular poem 'Don't Quit':

Success is failure turned inside out
The Silver tint of the clouds of doubt
And you can never tell how close you are
It may be near when it seems afar
So stick to the light when you're hardest hit-
It's when things seem worst that you mustn't quit.

All the best!
Saint

Another nugget of wisdom Doc...... Superlative....... And your quoted poem, what do I say Doc....fantastic!!

By the way Doc, your analogy to a doctor looking at 10 patients etc....... reassure me that it does'nt work that way in your profession. Sounds pretty scary if it were true.

 

[jaideep]

For Usha, Saint & everybody else in this great forum, here's the complete poem "Don't Quit" as quoted from by Saint. Worth a read, if not for anything else at least to pick us up when we are down & out.........

Don't Quit

When things go wrong as they sometimes will
When the road you're trudging seems all up hill.
When funds are low and the debts are high.
And you want to smile, but you have to sigh.
When care is pressing you down a bit.
Rest, if you must, but don't you quit.
Life is queer with its twists and turns.
As everyone of us sometimes learns.
And many a failure turns about
When he might have won had he stuck it out:

Don't give up though the pace seems slow -
You may succeed with another blow.
Success is failure turned inside out -
The silver tint of the clouds of doubt.
And you never can tell how close you are.
It may be near when it seems so far:
So stick to the fight when you're hardest hit
It's when things seem worst that you must NOT QUIT.

 

[Saint]

Success is failure turned inside out
The Silver tint of the clouds of doubt
And you can never tell how close you are
It may be near when it seems afar
So stick to the light when you're hardest hit-
It's when things seem worst that you mustn't quit.

light=fight..............sorry for that typo!The very soul of the whole poem's gone with that one typo......apologies!

Saint

 

[Saint]

For Usha, Saint & everybody else in this great forum, here's the complete poem "Don't Quit" as quoted from by Saint. Worth a read, if not for anything else at least to pick us up when we are down & out.........

Don't Quit

When things go wrong as they sometimes will
When the road you're trudging seems all up hill.
When funds are low and the debts are high.
And you want to smile, but you have to sigh.
When care is pressing you down a bit.
Rest, if you must, but don't you quit.
Life is queer with its twists and turns.
As everyone of us sometimes learns.
And many a failure turns about
When he might have won had he stuck it out:

Don't give up though the pace seems slow -
You may succeed with another blow.
Success is failure turned inside out -
The silver tint of the clouds of doubt.
And you never can tell how close you are.
It may be near when it seems so far:
So stick to the fight when you're hardest hit
It's when things seem worst that you must NOT QUIT.

Thanx Jaideep!

 

[Saint]

Another nugget of wisdom Doc...... Superlative....... And your quoted poem, what do I say Doc....fantastic!!

By the way Doc, your analogy to a doctor looking at 10 patients etc....... reassure me that it does'nt work that way in your profession. Sounds pretty scary if it were true.

Nah Jaideep..........at least in most hospitals!!

 

[Saint]

too good stuff saint. I suppose every trader goes thru this phase, but seldom they find a "saint" giving confidence. thanks saint

Raju

Hi Raju,

Thank you for your very kind words.......Sincerely appreciated

Saint