Discussion from Slack Application (Nifty Millionaire Tribe). Discipline, Patience, Knowledge has performed major roll in any trader’s life. looks into brief summery of whole discussion might be you are facing the Same PROBLEMS. Call on Desk : 02230987899. Website : www.niftymillionaire.com

#Knowledge :

🙂 SUCCESS MANTRA 🙂

” Treat trading like a business with an entrepreneurial mindset and NOT an opportunistic activity to make money “

#Knowledge :

Stay defensive, be in low beta stocks, and achieve returns through dividends,”Stay defensive, be in low beta stocks, and achieve returns through dividends,”
Dividend-paying stocks are one of the more popular recipes for coping with uncertainty.  making quarterly dividend payments to shareholders currently a much more reliable source of returns than capital appreciation.

#Knowledge : 

Actually, what happens more often is people get into trades too quickly because they are so afraid of missing out on opportunities. As a result, they become impatient and they get in too big or too quick on trades when they should be scaling. Unfortunately, they don’t.

they rush into the trade. And they end up stuck in the trade, and that is when they start to Hope, Wish, Pray that things turn around. That is when trades go very bad.

There is one formula H+W+P=E (E=Exit). This is to remind them if they find themselves in Hope, Wish and Pray period then, they just need to EXIT the trade.

#Knowledge : One of Nifty Millionaire’s investor has shared his mistake in the market.

 

This shows how we are fooling our selves only. At this stage even market does not need to make us fool. Because we (retail traders) are already making our selves foolish. From this incident Key Learning is Discipline. He knows everything about past date but still he did not follow discipline and the faced loss. so this shows that,

If you have invested in the same stock in which Rakesh Jhunjhunwala has invested , it does not mean that you will earn as Rakesh ji will earn. Because the difference between you and him is MINDSET. You have to control your emotions, Mentality. You will be become successful only after following Discipline, Patience, Knowledge (360° approach)

#Bookathon :

You already know that a committed person with a clear goal will encounter an obstacle, refocus on the goal, and move out again toward the goal.

An uncommitted person, in contrast, may do a dance with the obstacle that could last a long time. In fact, most people spend their entire lives doing dances with obstacles that get in their way. In any endeavor in life, you have up and down periods.

Dealing with the market has many such periods. To profit from the up periods, you have to tolerate or even enjoy the down periods; to enjoy the profits, you have to get through the losses.

Perhaps it would be useful if you could celebrate your losses.  There is a common solution to these obstacles: Make them okay. Start ACCEPTING. If you enjoy bumping into the walls, it is usually easy to refocus on the goal.

If you are in the market and one of the biggest obstacles you’ll face is the wall of losses. it is very difficult to accept the losses. But it is like you want to earn from the market but you think like you will never going to face losses, which is totally next to impossible.

And if you want to be Right, you are not dealing with the obstacles, you are forcing things. if you are in the running trade which is big loser, but at that point you will be with your obstacle.

Good trader typically have some point in the markets at which they know they must get out of a position to preserve their capital. They take this losses essential.

Think about this. If you have the same problem then you can turn a good trading system into loosing system.

If you don’t realize that it’s your problem with losses, it might become the trading system’s problem. Or if you are following someone’s advice, it might become your adviser’s problem or your money manager’s problem.

#Bookathon : MIND— THE DISCIPLINED TRADER

Traders come to the markets with great expectations, but few make profits and most wash out. The industry hides good statistics from the public, while promoting its Big Lie that money lost by losers goes to winners. In fact, winners collect only a fraction of the money lost by losers.

The bulk of losses goes to the trading industry as the cost of doing business—commissions, slippage, and expenses—by both winners and losers.

Being better than average is not good enough—you have to be head and shoulders above the crowd. You can win only if you have both knowledge and discipline. 

Most amateurs come to the markets with half-baked trading plans, clueless about psychology or money management. Most get hurt and quit after a few painful hits.

Markets are the most entertaining places on the face of the Earth. They are like a card game, a chess game, and a horse race all rolled into one. The game goes on at all hours—you can always find action.

#Technicalcharts :

#Knowledge : WORKING ON OURSELVES, COMMITMENT

Most essential thing required to become successful trader. Most people come into trading having accumulated a lot of money in another profession. We see a lot of doctors, lawyers, engineers, information technology (IT) professionals, and the like.

All those professions require a lot of training to master the skills involved. You cannot walk into a hospital with no training and say, “I’d like to do some brain surgery today.” :p Instead, it requires 16 years of basic education, 4 years of medical school, serving as an intern, and then completing a residency period. It requires a lot of dedication and commitment to begin to practice as a doctor.

5 essential processes for success trading that everyone knows :

1. Doing what’s required on a daily basis and going through the trading process
2. Having a strong enough money mindset to have sufficient funds to trade with
3. Having a business plan to guide your trading
4. Having a good system or perhaps two or three good systems
5. Having proper position sizing in place

Working extensively in these five areas requires immense commitment, the same commitment that is required to become a brain surgeon. That makes sense:

Great traders make a lot of money, but a person has to be willing to do what it takes to be successful.

#Bookathon : 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. Why do we miss the excellent trade right after the losing one?

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.

If we are right, we are right. If we are wrong, we are wrong. There is no cause for regret. You are not in the business of being right. You are in the business of making money. Follow this trading rule and lose your ego.


*Professional investors/trader on niftymillionaire platform is Bindul shah. (Sebi Registered) Sebi Registration : INH000003663 (Bindul shah Sebi Registration : INH000003663)

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