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Did not trade yesterday due to dental appointment. Today took an A setup short at 86 area for 20 ticks and was done. Still trading on tick charts. Hope you all are having some nice trades.
Hello J,
u hv done ths Thread very nicely, made it easy to understand by explaining step by step. Thnx for it..will try to come up with Nifty Future examples.
So now that you have a system designed , you done all kind of testing with it and it gives you amazing result , so does that mean you found the holy grail or you are now master in the art of trading ? Think again. i hardly think so ... to have a system that works and produces result is not the holy grail its far from it .. system its just 10% of your success the rest 90% depends on your mental strength how you visualize trading and how you define every little aspect of it for your self , how well you understand the method .. So What the hell i am talking about out here ? Well i am talking about this .. after you think you are ready with your system start defining the following or better start visualizing the following,
What do you want out of trading at the end of 12 months ?
Why do you want to become a trader ?
How are you gonna complete your goal at the end of 12 month ?
What will be your daily Targets ?
What will be your daily stop loss?
What will be your stop loss per trade?
What kind of trader you want to become ?
How many hours a day you want to trade?
What will be your daily trading hours ?
At what point in the day you will quit if you have string of losers ? same with week and month ?
you can add more to the above list if you like but you need to visualize this each and every day before you start trading without failing ... that will help you a lot daily as it will always keep you in check of your trading will help you follow your plan will remind you y you wanted to become a trader in 1st place .. and that my friends is how you come about to become a master trader .. Master trader does not mean having a perfect system ... Master trader means a trader who knows his trading who can trade his way out of all kind of different situation and at the end of the day still have a smile on his face rather then anger who can enjoy most of his day with his family instead of sitting in front of the comp for most of the time and trying to crack the code of making the holy grail in trading ... Master trader at the end of the day is the trader who is happy with it his trading no matter what and has all the single detailed defined visualize and is disciplined enough to follow it daily .. I hope you follow the above steps and bring about the necessary change in your trading ... All the best to you all ..
Continuation from the above post .. Without knowing the answers to the above basic questions your trading is of no point as its same as Going out of the home with your keys and driving around in your car without knowing the destination same with trading if you dont know where you want to be at the end of the 12 months with your trading or what your daily goal is ? stops is etc it's not worth trading. As some point or the other you will be lost and thats when you start making mistake as you start challenging your self for fun or do something else and then start hurting your account. For example when i started out i dint knew the above so after working out the Trend method system which you all know by know from this thread i started trading live after 2 weeks of success i got bored as i dint knew where i want to go and what was enuff so in my boredom i started challenging my self to go for larger daily targets and what that end out to be was not at all pretty at the end of few weeks i was down a lot and completely exhausted as that turned out for me to be trading lot more then i can handle and i made huge losses on daily basis and once you do that you dont know when to stop because in your mind you will only remember the challenge to make more ticks and not the goal of y you are trading ? This is just a single example from what happened with me ... you might have exp something different . So Stop for a day and start visualizing the above questions and add if you like to it but before trading each day you should know why you want to become a trader ? and where you are headed with your trading account each and every day before sitting on the comp to trade .. Remind yourself of that and your mind will be ready for anything the market does as you will be prepared.
I am very new to this site, but this thread took my attention. I would like to add to Jinhar's post about the system, everything that he mentioned and more is actually and must be part of any system. Setups and exits are just a component in the trading framework. And i would like to say that to master the trading one must learn to adaptive, and for me the most important was change in attitude that my trading day starts with i will take what market gives me, rather than i must make x pips today or x $$. This shift has enabled me to see markets clearer. I guess for me there are always two pre-conditions, i must be ready to trade and market must be tradeable as well.