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Psychology The mental aspect of trading

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Old 10-02-2015, 01:03 PM
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Default What not to do to succeed in trading

A friends querry inspired me to start a new thread . I invite all of the forum to put very specific points "WHAT NOT TO DO TO SUCCEED IN TRADING"

Goodluck to all.

Every trader goes through the pangs of failure . And its necessary.

Nasim Taleb says in one of his interviews that “OUR FAILURES ARE OUR ASSETS”.He goes on to state that after every Airliner crash for quite along time the same mistake was avoided and flying became more secure , saving many lives.

In my humble opinion.
Give time to market. Its better to have earlier setbacks because it constructs us as a trader.
When we fail dramatically , better to stop , you will be surprised how our mind keeps an eye on the market with peripheral vision and distinctly realizes our mistakes.In this game dont expect anybody holding your hand and guiding you . Its a unique profession. Because in this game of probability one has to come up with solutions of ones own . Any successful traders methods may not be relevant for other to follow COMPLETELY.
Why.
Because methods have to synergize with ones psychology and personality. And everyones personality is unique.

Following rules probably may help , but try to google what others have to say what to avoid for a failure. Avoiding failure is important rather than following what succeeds.

1-Give time. Survive in market for long time by reducing exposure. Its been statistically seen that who survive for long time –succeed.
2-Stop Day Trading. Trade positional EOD or weekly. In day trading we invariably lose focus of the bigger trend and get caught up in the heat of moment losing big. Only when one is successful in Daily Weekly he will be successful in lower TFs.
3-Be aware of fundamentals and political factors , and reconcile it with long term technical analysis like 50/100/200 MA support/resistance and Elliot wave.
4. Determine %of exposure of your total equity (say 2.5% or 5%) on each trade.
5-Simplify. Simple works.
6-Check a simple website State of the Markets , how beautifully it works on simple moving averages.There is another good technician Fidai of Nooreshtech who invariably nails the market on convergence of different TF MAs.
Why don’t we put all these thoughts in a new blog or relevant existing blog at Inditrader and invite ideas from super traders like JJ and Noonelives ,Devdas and many others.

My idea is to discuss on this subject is to have a discussion for I am not a very good trader as it may seem. I also need answers.
Have faith , give time, have an alternate profession for living side by side, keep learning.
Sincerely Wish Every Aspirant to SUCCEED.
SHREES

Last edited by Shrees; 10-02-2015 at 10:29 PM.
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Old 10-02-2015, 02:47 PM
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IMHO ( these are external ) .
1. Never trade with borrowed money .
2. Consent of family members , esp the spouse can give a moral support .
3. Good hardware and Net are an added advantage if you are a daytrader .
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Old 10-02-2015, 03:38 PM
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well what NOT to do!!
my two cents on that
1.Do not trade with FEAR.
2.Do not REPEAT your mistakes again.
3.Do not be in a HURRY in placing your orders.
4.Do not BREAK your system rules.
5.Do not, ever trade UNDER-CAPITALIZED.
6.Do not OVER-ANALYZE.
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Old 10-02-2015, 07:35 PM
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Pls explain point No:5.(NT)
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Old 10-02-2015, 07:40 PM
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Originally Posted by rohit View Post
Pls explain point No:5.(NT)


there are many facets of it.
put simply IMO avoid using excessive leverage
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Old 10-02-2015, 07:44 PM
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for so many years in trading can tell on my own experience avoid trading BLIND
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Old 10-02-2015, 07:53 PM
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Originally Posted by praveen taneja View Post
for so many years in trading can tell on my own experience avoid trading BLIND

trading blind - more explanation please
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Old 10-02-2015, 07:56 PM
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Originally Posted by praveen taneja View Post
for so many years in trading can tell on my own experience avoid trading BLIND


for reference may be this article seems interesting , pardon me for derailing the thread, but could not resist, PT bhai jo hai

http://www.scientificamerican.com/ar...lind-and-deaf/
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Old 10-02-2015, 08:07 PM
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you may not know what to trade , but if you know what not to trade then you will be way ahead in the game.
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Old 10-02-2015, 08:44 PM
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Originally Posted by ashis_ch View Post
you may not know what to trade , but if you know what not to trade then you will be way ahead in the game.

can you suggest what to trade
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