tools of a trading pro

[beginner_av]

........got licked many times doing that.But not too much of a problem these days .........now in only when the move happens.

hey how was the lick? YUMMY?

On a serious note, I salute your reply...particularly this one:

There is nobody superior or inferior as far as markets are concerned.......and the time you do feel that you are superior,that will be when the market cuts you down to size.

who do you consider a successful trader? one who returns 180% and then blows up after 5 years and starts again on his way up? One who earns 35-40% consistently year after year, or one who earns 10-12% above CD/treasury rates, but is happy, has good health and work-life balance. (assumption- all have equal capital)?

 

[beginner_av]

hey oilman,

you use two, three or four dots in your reply...may be you should be a discretionary trader

 

[oilman5]

ya beginner av,
no doubt about it.....it stands hmmm...time to pause or it may ......reread and think[why opponent is thinking in chess terms]
4th one as successful .

 

[oilman5]

ya pankaj,
i remember 12 jee exam result...1982,..hue and cry of parents.
also 1991..in my home state i know a parent ..live coolly and hug their son[1st in ntse,..they dont even move to go to encourage nor discourage]
.....but u move on road.....kiss is best....charity begins @home.
learn from SAINT[to handle loss is difficult thing...HE ACHIEVED THAT]

 

[pshirurkar]

hi oilman5,
i appreciate your questions and answers regarding forbiden art of trading.sometimes i also felt like you and thought and thought again but cuold not get a satisfactory answer. now with this thread i got that.
when i entered in stock market i was aday trader, but forcibly become invester(as i had to take the deliveries often), now accidently i became a so called succesful invester holding so many unwanted scripts.
that time i did not receive any good and proper advice but through experience(good or bad) iwas able to standhere without suffering any big financial loss. through this thread i got the expected direction
thanks

 

[oilman5]

gold ranjit has given us excellent observation which u may find in all good daytraders
)First mistake is fear because of lack of knowledge with this comes two things :

Why it is happening
when it is going to happen.

2)Exiting when you are not supposed to exit and entering when you are not required to enter in a particular stock.

3)Counting on blessings and prayers if you are in this category believe me you trying to jump from a hill without any safety rope

( Just imagine a million people entering into a trade and half of them praying for market to go down a lil bit so that the short positions they have created they can exit in profit and half of them praying to market to go up because of a long position they have created they can exit. Imagine what God gonna think of these situation. He may say “you all gone crazy on the other place he might ask “who the hell has told you to catch the tail of a running elephant” Don't put God in a confusion beacuse it was your mistake.

4) He calls this mistake illusion judgment: Spell bound with an imagination this stock is bound to go up and it will go up and one still wait and wait suddenly the stock enters into the red territory and one just stands there spell bound not believing not ready to accept and still waiting . That’s a deadly mistake.

5)Not doing the homework and entering into the danger zone on some dump shot recommendation and tips out of 10 dump shot 2 or 3 works and when rest 7 shots go wrong on a particular day it takes out the entire effort of the previous week how sad….!!

I still remember there was ones a person called Jai Reddy this guy I saw him trading daily one or two trades everyday and profit 10 to 20 K take home I said wow!! What a man I once asked him he used to sit at brokers terminal all day.
How do you do it,
he said to me u trade I said yeah!! From where 'I said" online "he said: well dear "internet I don’t know" how to place a trade "I have a habit of coming everyday to this dealer I just love the terminal you Know"…..I said how he does it ….well just ignored me but I was after him everyday so one Saturday I caught him near a tea stall so requested him and he gave me 5 rules to follow I just gave above……
His words I still remember he used to say: Your mind is a chart and your memory is a terminal and your strategy is your dealer who will push the target through”

You can take those numbers home all you have to do is be quick and leave the greed

Every knew day has its own advantage after all it’s the eagle who grabs the pray even in the blowing wind it keeps on flying eyes constant and focused that’s what you need he said. If your eyes are focused on a scrip everyday each passing day have patience believe me It will give you the opportunity to grab it…Just try it

 

[uasish]

Have'nt read gold ranjit's post,but going thru your elaboration of same ,this much i can share,i have gone thru all those 5 stages.Those days ,didnt knew how the computer works.Avoided it.Books were not available at "college st",(the book mkt of kolkata),went from pillar to post only to learn tit bits of chart,drew charts by hand on graph paper & ruler to draw lines,lost lots of money.Now in last 3-4 yrs every thing is available.
Those black / painful days have instilled permanently in my psyche ,low can still go down by another 15% to 50%,there is no fixed low.I Hate to loose now,cant pardon me ,even in a winning trade with entry & exit.

 

[oilman5]

but fact is i often slip back in those mistakes. may be my experimental nature
hindrence from systematic trading.thats why i listen to cv,saint and traderji now.in other word implementation is my weak pt

 

[CreditViolet]

An illustration of the difference b/w tools of a trading pro vs tools of an amateur

 

[beginner_av]

well CV, according to you, the tools of the Pro are smaller (efficient) and have a background! (light green in this case)! and even tho they look the same, the formats are different!!!