iCharts Discussions

[akpanicker]

Today in the icharts shout box someone was giving a link that would give you a very large number of trading strategies and I commented that all you need is just one trick. To elaborate that point I am reproducing here something that I wrote in my blog (now defunct ) long back....

I have come across a lot of well-meaning people saying that anybody who claims to make profits through daytrading ....is a liar ! What comes out loud and clear from such pronouncements is ....that this person has so far failed to trade successfully in the intraday timeframe.....and more important....he/she is unlikely to be successful in future too.....because he/she believes that such a success is impossible ! Just as there are limits to what any person can do.....say however much you train you are not going be a success in singing , boxing etc......unless you have got the requisite talents for it.....same way not all people would be able achieve success in daytrading. Once you do an honest apprisal of yourself and decide that you have what it takes to be a daytrader.......the essential factor that would cement your success is the belief in yourself ! It is something like a self fulfulling prophecy.....if you believe that success is achievable ...you may surprise yourself by exeeding your goals !!

The pathways that lead to success in life are so many that it is almost impossible for anyone to miss.....but the problem is that most people do not accept the fact that they have found the right path.....and abandon it in search for a better path ....in the context of trading......anyone can find a reasonable system that suits them after a brief while ....... that is, if one would remain with such a system and not go on searching for better ones......it is true that you need to be a learner throughout your life ....in the sense that though life is the same as before one needs to adapt....with each new gadget like tv, computer, mobile etc...with new systems like demat, derivatives, online trading etc one needs to learn and keep pace with the progress(perhaps I am showing my age here, you see I got hooked onto stocks in the fera dilution days)....however do not lose sight of the fact the basic techniques of trading remain the same.....ie you follow the money(price) and it would come to you.....once you have found your little recipe.....just don't get swayed by all that you hear from other traders in forums or chatrooms......treat that as entertainment......like say movies....you watch films, enjoy it, perhaps gather some new info/ideas etc....but it never affects the way you lead your life.....same here....you hear the other traders/read a lot stuff and gather a lot of new info/ideas etc.....but it should never affect the way you do your trading....just stick to the little recipe you have found out for yourself that it works....and keep on doing it over and over again......no matter what all the pundits in the world might say.....that is what i mean when i say ....believe in yourself !!

[rk_a2003]

[sonila]

[chetan83]

True and valid thought like MIRROR !!

[Transcap69]

AKP,

Very good post...i fully agree with the underlying philosophy of self belief what you have penned ; of course...Day Trading in my personal opinion works but with a decreased profitability due to tran tax for stocks ,works well in commo. Testing new system(s) is not bad for health...either.