Hello traders I will be running a blog in this thread about my best and worst trades of the past week giving my explanation about the tweets that I make while trading in my other thread Diary of a day trader cash segment only.
I am sorry there are 2 diary's with same name i dont know it its possible to change my thread name to some else do let me know if it is.
Many traders here are good at displaying buy and sell rates and writing how they make and loose but none of them are giving reasons for their trade or the reasons are usually vague with no definite plan (I am not criticizing these traders just a trend that I have seen here and one of the reasons I stay away from this forumn).
I am repeating again like a broken record trading is about performance and the best you can be at it, there are lots of skills involved in becoming a consistently profitable trader a little bit of luck maybe a factor, but if you start blaming luck all the time as many traders are doing here maybe its time to take up another sport , you are not taking responsibility for your actions may be.
Trading is as internal as it is external as many of us belief. Anyways enuf of philosophy lets get down to work.
The fist skill required for trading is self awareness , are you aware of whats happening around you? if not and you want to improve lets play this small game.
Note Follow this game step by step and don’t skip or read the next steps.
1. Its called Attention blindness , This game proves that at some level higher or lower we are always blind to the surroundings around us , take for example your wrist watch , are the numbers on you wrist watch roman numerals , square shaped , or round shaped ,what colour are the numbers? (silver , black etc). think for 5 secs in your mind.
2. If you are unable to answer that look at your watch for just 2 seconds no more.
3. Now tell me whats the time and where was the seconds hand +-5secs ofcourse .
If you passed this test then congrats you are above average in self awareness, if not try to improve your self every day , attention to detail is the most important thing in trading , we all know the brand name of our watches and the price of it. This is external like saying I bought 5 lots of nifty for x price and sold it for y. Internal would knowing the watch internally even better what makes it tick and give you the precise second. Internal in market would be nifty is at this price after some time now its here its moves so many points in this time but volume is low or high , it is not pulling back much must be strong , I am in the trade long , but it is going side ways what is the right thing to do here. Or I am in profit instead of taking this small profit ill sell 2 lots keep the rest because chances of it going even higher are more.
You have to keep on asking questions to yourself at some level you always know whats the right thing to do but are clouded because of greed and fear. Build this inner voice you have to be thinking clearly in situations.
Hope you build this skill , next week ill talk about Ability to take risk as another skill to have as a trader.
My next blog is on best/ worst trades of the week.
I am sorry there are 2 diary's with same name i dont know it its possible to change my thread name to some else do let me know if it is.
Many traders here are good at displaying buy and sell rates and writing how they make and loose but none of them are giving reasons for their trade or the reasons are usually vague with no definite plan (I am not criticizing these traders just a trend that I have seen here and one of the reasons I stay away from this forumn).
I am repeating again like a broken record trading is about performance and the best you can be at it, there are lots of skills involved in becoming a consistently profitable trader a little bit of luck maybe a factor, but if you start blaming luck all the time as many traders are doing here maybe its time to take up another sport , you are not taking responsibility for your actions may be.
Trading is as internal as it is external as many of us belief. Anyways enuf of philosophy lets get down to work.
The fist skill required for trading is self awareness , are you aware of whats happening around you? if not and you want to improve lets play this small game.
Note Follow this game step by step and don’t skip or read the next steps.
1. Its called Attention blindness , This game proves that at some level higher or lower we are always blind to the surroundings around us , take for example your wrist watch , are the numbers on you wrist watch roman numerals , square shaped , or round shaped ,what colour are the numbers? (silver , black etc). think for 5 secs in your mind.
2. If you are unable to answer that look at your watch for just 2 seconds no more.
3. Now tell me whats the time and where was the seconds hand +-5secs ofcourse .
If you passed this test then congrats you are above average in self awareness, if not try to improve your self every day , attention to detail is the most important thing in trading , we all know the brand name of our watches and the price of it. This is external like saying I bought 5 lots of nifty for x price and sold it for y. Internal would knowing the watch internally even better what makes it tick and give you the precise second. Internal in market would be nifty is at this price after some time now its here its moves so many points in this time but volume is low or high , it is not pulling back much must be strong , I am in the trade long , but it is going side ways what is the right thing to do here. Or I am in profit instead of taking this small profit ill sell 2 lots keep the rest because chances of it going even higher are more.
You have to keep on asking questions to yourself at some level you always know whats the right thing to do but are clouded because of greed and fear. Build this inner voice you have to be thinking clearly in situations.
Hope you build this skill , next week ill talk about Ability to take risk as another skill to have as a trader.
My next blog is on best/ worst trades of the week.