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Buy low, sell high. Short high, cover low. Traders are like surfers, trying to catch good waves, only their beach is rocky, not sandy. Professionals wait for opportunities but amateurs jump in, driven by emotions—they keep buying strength and selling weakness, bleeding their equity into the markets.
Buy low, sell high sounds like a simple rule, but greed and fear can override the best intentions. A professional waits for familiar patterns to emerge from the market. He may notice a new trend with rising momentum, indicating higher prices ahead. Or he may detect the feebleness of momentum during a rally, indicating weakness.
A buyer disagrees with the collective wisdom by saying the market is under priced. A seller disagrees with the wisdom of the entire group, believing the market is overpriced. Both the buyer and the seller expect the consensus to change, but meanwhile they defy the market. That market includes some of the most brilliant minds and some of the deepest pockets on Earth. Arguing with this group is dangerous business, and it has to be done very cautiously.
When falling prices squeeze the fingers of thousands of buyers, they dump their holdings in a panic, disregarding fundamental values. Those episodes of emotional behavior dilute the cold efficiency of the market, creating opportunities for disciplined traders.
Technical analysis tools will work for you only if you have the discipline to wait for patterns to emerge. Professionals trade only when markets offer them special advantages. -Rajes Gharde
There is no such thing as a “perfect trader.” Making mistakes in trading is inevitable. How you handle the mistakes is what separates successful traders from unsuccessful traders. There is nothing wrong with making mistakes, as long as you learn from them. The problem comes in when you start to repeat mistakes over and over again.
Human Being are Risk Averse, Its in our genes. Most of my biggest losers have occurred because I was too biased AND I started adding to the losing position. While your initial position may only be 1 Lot of Stock Futures, it’s so easy to build up to 3-5 Lot when wrong, and turn what would have been made a small loss of 20k to 100K . When you are stuck in a losing trade, make sure to stick to your trading plan instead of rationalizing and acting emotionally.
Sometimes we get anxious and just want to be in a trade. This may be due to the fact that everyone else is in the trade, or simply because you do not want to miss the move. This mentality can lead you to blindly follow others and THEN determine why the trade was made.This is backwards logic because traders should have an exit plan before they even think of entering a trade.
No trades should EVER be made because of someone else. Sometimes the best trade is no trade. Be patient and wait for trades to come to you. Many times traders will take trade just out of Impulse. This is an easy way to ruin your trading account. Mostly it happens after a losing trade or after you exit and trade goes in your favor. You need to be mid full of these emotions and avoid doing trades just out of impulse. -Ramesh U.
Gresham’s Law says “bad money drives out good.” When paper money appeared, gold disappeared. It works in investing too: bad investors drive out good.
When undemanding investors appear, they’ll buy anything. Underwriting standards fall, and it gets hard for demanding investors to find opportunities offering the return and risk balance they require, so they’re forced to the sidelines.Demanding investors must be willing to be inactive at times.
#Technical Charts : Different patterns used. How you will recognize, for this professional traders will help you.
#Knowledge : LOSE YOUR EGO.
Analysts are in the business of being right. Traders are not. To succeed in trading and become a consistent trader, forget about being right. Instead, focus on making money. Why do we fail to cut loss?
Because our ego wants to be right, and cutting loss is admitting that we are wrong.Because our ego wants to be right and loves to indulge in remorse after a losing trade. It clouds our minds and causes us to miss the next great trading setup. see when we are not cutting our losses then what happens:-
If we are right, we are right. If we are wrong, we are wrong. There is no cause for regret. Follow this trading rule and lose your ego.
#Knowledge : Knowledge of the day
” One secret that most professionals know is that you can rack up a fortune in the market by being right less than 50 percent of the time, as long as you let your profits run and cut your losses quickly.” – Dr. Sagar