Have you also gone thu this experience...please share

[learn2trade_ar]

Hello friends,

Just to give the background - I'm struggling with market for now around more than 2 years. Though, I've not lost a lot of amount in last 2 yrs but still its not good. I never felt like coming anywhere near to my ambition of making trading as my only source of income. And this keeps me disappointed a lot. Though, I've spent huge amount of my time in mastering this art of trading.

Just last week, I identified few trades and first time ever, I was feeling so confident & sure that these stocks are exactly going to unfold as i'm expecting them to be. And this is what actually happenned. My entry timing was perfect and even exit was also perfect. I was using a new strategy now.

It was a feeling like this zigsaw puzzle is getting solved suddenly. I was feeling like ---man, I've done it and started dreaming that in a very short time now, I'll achieve my ambition of quitting job and starting full time trading. It was wonderful.

That confident feeling remained there for almost a week or so and actually, charts were looking much easier to comprehend and situation was always looking totally under control. It was like my strategy used was working perfectly.

But, the bad part is that confidence is gone now. I'm stilling using the same strategy but even if i see an entry, that confidence is not coming that surely it will go up after my entry. instead negative thoughts are coming like it can fall also from here and so on....which is making actual entry very scary.

If anyone can relate to this experience of mine, I would be thankful if you can share your experience with me here and let me know how to get that confidence back. Bcoz, I'm desparate to get into that zone of v.high confidence & a feeling that its almost conquered.

Regards,
L2T

 

[findvikas]

I am sure 110% traders go through this and that's why trading is an art to control your emotions... science to predict the entry/exits. Once you are able to control your emotions then you would be fine even if your entry/exists are not perfect... so take it slow and keep a monthly target not more than 2-5% and you will be fine...

 

[vinodkiyer]

right time to read this book "elder alexander's trading for a living" available on 4shared.com

 

[Smart_trade]

Hello friends,

Just to give the background - I'm struggling with market for now around more than 2 years. Though, I've not lost a lot of amount in last 2 yrs but still its not good. I never felt like coming anywhere near to my ambition of making trading as my only source of income. And this keeps me disappointed a lot. Though, I've spent huge amount of my time in mastering this art of trading.

Just last week, I identified few trades and first time ever, I was feeling so confident & sure that these stocks are exactly going to unfold as i'm expecting them to be. And this is what actually happenned. My entry timing was perfect and even exit was also perfect. I was using a new strategy now.

It was a feeling like this zigsaw puzzle is getting solved suddenly. I was feeling like ---man, I've done it and started dreaming that in a very short time now, I'll achieve my ambition of quitting job and starting full time trading. It was wonderful.

That confident feeling remained there for almost a week or so and actually, charts were looking much easier to comprehend and situation was always looking totally under control. It was like my strategy used was working perfectly.

But, the bad part is that confidence is gone now. I'm stilling using the same strategy but even if i see an entry, that confidence is not coming that surely it will go up after my entry. instead negative thoughts are coming like it can fall also from here and so on....which is making actual entry very scary.

If anyone can relate to this experience of mine, I would be thankful if you can share your experience with me here and let me know how to get that confidence back. Bcoz, I'm desparate to get into that zone of v.high confidence & a feeling that its almost conquered.

Regards,
L2T

Hello L2T,

Sharing some of my reactions on your post. I do the following to come out of the state of mind which you are currently in.

1) From your post it appears that you are trading the markets from long side....one week ago market was bullish, today it is bearish...so long trades will give you trouble but short side trades will be doing ( and they are ) great. So get your trades aligned with the market...do what market wants and dont fight the market trend and suddenly everything will fall in place.

2) Cut down on your quantity when you are experiencing series of bad trades and loosing confidence. Go back to full quantity once you gain your confidence back.

3) Make sure that you are adequately capitalised and you take positions as per your trading capital and not useing excessive leverage/ overtrading.

4) Take 2-3 days of complete off from trading...go on holiday with your family....do something which you enjoy...such as listening to music,doing some gardening... Loss of confidence also comes from burnout due to excessive trading. And comeback with full confidence .

Every trader goes through this state.I am sure you will soon come out of this indecisive state and rock in trading.....

Best Wishes,

Smart_trade

 

[Nava]

Hello L2T,

1) From your post it appears that you are trading the markets from long side....one week ago market was bullish, today it is bearish...so long trades will give you trouble but short side trades will be doing ( and they are ) great. So get your trades aligned with the market...do what market wants and dont fight the market trend and suddenly everything will fall in place.

Smart_trade

Dear ST,
Me too struggling like L2T. Thanks for your explanation.
But short trades are possible only in future markets. Which needs huge capital.
How to tackle the suituation with trading only in Cash market..?

 

[learn2trade_ar]

Hello L2T,

1) From your post it appears that you are trading the markets from long side....one week ago market was bullish, today it is bearish...so long trades will give you trouble but short side trades will be doing ( and they are ) great.So get your trades aligned with the market...do what market wants and dont fight the market trend and suddenly everything will fall in place.
[/QUOTE]

Much thanks Smart_trade for your reply. Your above response looks like the actual culprit in my case. You have rightly pointed out that my general tendency is to kind of fight with the market. Shorting - somehow does not make me comfortable and so, in a falling market also, I try to be a contrarion and look for slightest support zones to enter a long trade and generally supports are broken and fall continues. Need to change this tendency. Please help me out with any suggestions on improving against this tendency, thanks

 

[Smart_trade]

Dear ST,
Me too struggling like L2T. Thanks for your explanation.
But short trades are possible only in future markets. Which needs huge capital.
How to tackle the suituation with trading only in Cash market..?

Dear Nava,

Yes....adequate trading capital is a must in this business. With small capital you can try daytrading stocks ....you can try daytrading Nifty or Bank Nifty futures ( with reduced lot size, Bank Nifty Fut lot is 25 and with Rs 50,000 one can trade one lot) but be very careful in your trading methods and stoplosses as BNF moves very fast and moves a lot in a day . Dont keep overnight positions as adverse gap against your position can be very ugly with the current happenings in the world.

Anyone trying to trade for living ( meaning he expects Rs 30 K to 40 K profit per month ) should have Rs 5-6 Lakhs as his trading capital.

For people with small capital it is better to learn and perfect their trading methods , paper trade and trade on small lots, work somewhere to get steady flow of income and come to markets with sound capitalisation and methods.

Best wishes to you ....I am sure you will soon overcome the initial teething troubles all traders undergo.....

Smart_trade

 

[Smart_trade]

Hello L2T,

1) From your post it appears that you are trading the markets from long side....one week ago market was bullish, today it is bearish...so long trades will give you trouble but short side trades will be doing ( and they are ) great.So get your trades aligned with the market...do what market wants and dont fight the market trend and suddenly everything will fall in place.
[/QUOTE]

Much thanks Smart_trade for your reply. Your above response looks like the actual culprit in my case. You have rightly pointed out that my general tendency is to kind of fight with the market. Shorting - somehow does not make me comfortable and so, in a falling market also, I try to be a contrarion and look for slightest support zones to enter a long trade and generally supports are broken and fall continues. Need to change this tendency. Please help me out with any suggestions on improving against this tendency, thanks

I could make out that from your post ( reason being I have done that myself for many years ...) But remember that you are not in the market with some solemn responsibility of supporting the markets...you are here to trade and make money and earn returns on your capital.

Support and resistances are to be looked at in the overall context of trend in the market....in bull market no resistance holds and in bear markets no support holds. Otherwise how will strong trends develop ?

Buying the dips near supports is a great strategy when the market is bullish. In bearish market you should sell the rallies ....dont believe all the analysts what they talk about supports holding etc ( they get paid for talking that ...we get paid for trading the move )...at 5350 they were talking 5280 as support, then 5200,5100,now 4900....in a really bad bear phase nothing is going to hold....so trade as per the trend. And always trade with stops....

Once this bear phase gets over and bull phase starts, start trading from long side. But let it get over , dont anticipate that it will get over ....

Take care and trade well......

Smart_trade

 

[NOMINDTR]

... I'm struggling with market.....

Understand the very fact that struggling may bring only survival, which is not enough.

.... never felt like coming anywhere near to my ambition .....

Ambition is something you push yourself towards towards some point and obviously it just shows the fact that you don't like your present position.
Love to be what you are. And move ahead...the journey never stops

...Though, I've spent huge amount of my time in mastering this art of trading.

Spend time to master yourself.

... I was feeling so confident & sure that these stocks are exactly going to unfold as i'm expecting them to be. And this is what actually happenned. My entry timing was perfect and even exit was also perfect. I was using a new strategy now.....
.....It was wonderful.

.....charts were looking much easier......

Market does not remains same. It changes. At times, we find it as a cakewalk and not some other time.

But, the bad part is that confidence is gone now. I'm stilling using the same strategy but even if i see an entry.....

Hold your horses!
Time to contemplate

Sure you will reach the destination.

 

[learn2trade_ar]

Understand the very fact that struggling may bring only survival, which is not enough.



Ambition is something you push yourself towards towards some point and obviously it just shows the fact that you don't like your present position.
Love to be what you are. And move ahead...the journey never stops



Spend time to master yourself.



Market does not remains same. It changes. At times, we find it as a cakewalk and not some other time.



Hold your horses!
Time to contemplate

Sure you will reach the destination.

Much Thanks gsalvadi for your reply.

I love this "Sure you will reach the destination. "