iCharts Discussions

[RishiArora]

Hi All!!

Other Day in shout box fellow traders were discussing about greed and fear, How they are experiencing difficulties in controlling them. So from past 2 weeks i am thinking to start this thread. This thread will concentrate on techniques i have used or using to control my fear and greed. I would also like if other fellow members will contribute about techniques they are using.

As nobody is born trader. every trader has seen unsuccessful years before he starts making profits on consistent basis. Every trader goes through stages of trading journey. Some leave in middle or some with passion continues to learn and become successful in trading.

click on below link to see steps of trading journey.
http://www.icharts.in/forum/ladder-steps-for-trader-t6010.html

In icharts forum there are so many threads for trading systems and all. Any trader who really wants to learn doesn't have to go anywhere else other than icharts

But my this thread will concentrate on improving Psychology and how'z successful trader think during live trading? Because this is very important to become successful in trading. Most traders have successful trading system. but they are not able to follow that system consistently and end up making losses because of other reason either technical or psychological.

I will post my commentary of discipline and psychological mind during trading. and how i do consistent trading. I will also post some tricks which helps me to control fear and greed, relax mind. Commentary will also improve me more and i hope it can improve others also.

I strictly don't advise you to trade based upon my levels, trades or commentary posted here. My only reason to start this thread is to improve discipline and psychological mind during trading.

Thanks
Please contribute how you control fear and greed? what techniques you used or using?

Disclaimer i have shared same knowledge on some other forum also so content can be same.

[RishiArora]

Trading is all about acting like robot and following your all system's rules. and to follow that rules we need to control our mind psychologically. Because when we don't control our emotions during live trading. Heart beat becomes fast , blood circulation fast and the chemical reaction in our body happens which causes a panic between us. Panic leads to fear and greed. fear and greed leads to wrong decisions.

But there are few tricks which i am doing from long time which helps me to act like robot and also helps be relax my mind during my trade or trades through out the month.

One the best n First trick i neither look at profit nor at loss. Because i believe if we feel happy in profitable than that's obvious we feel sad in losing trades. My only goal of taking the trades as per my own best interest of system rules.
I use nest trader as trading platform, In trading platform where they show MTM ,BV, SV . I made font color white so that i don't see how much i am making and how much i am losing . Only thing i concentrate on is either my entry and exit are disciplined or not.


I do same trick in admin position, order book, trade book.

Second trick i do, I never look at my RMS limit or cash i am holding during running month. Only time i watch My rms limit is at start month and Expiry day of that particular month. This helps me lot lot and i sleep very calm every night. because my only target is to do my trades as per system's rules.

Third trick i do, In my google excel sheet where i keep record of my all trades done daily. I even don't write my entry and exit points. I just write entry and exit time. reason because our mind is so fast in calculation that it automatically starts doing add and subtract. ha ha ha. this trick has helped me a lot to become successful trade
This is when i was doing banknifty intraday


fourth trick, I don't look at my contract notes everyday, I have created labels in my gmail. I keep them for whole month and enter entry and exit points on my google sheet at expiry day.

fifth trick, i never ever watch news channel like CNBC awaaz etc. I watch you tube, sports , wrestling , nat geo, discovery etc. I mean i do all the things which distract my mind from trading. So that i don't look at charts every min . once i have taken the trade. no matter either trade is in loss or profit. i distract my mind and just wait for my exit condition

So after reading all, in nut shell you can see my whole concentration is on following my rules, ,my only moto taking entry and exit as per rules. All these tricks makes my mind relax , helps me to control my emotions, keeps me out of greed and fear. because i know if i follow my rules consistently profit will come automatically. At last i will say trading is more than system.

Hope it helps you [/img]

[amexhui]

Good Thread.

Have a question for you: Do you even stop looking at charts ? I'd think that once in trade, your next hourly, daily, weekly etc. candles are important for your scrip and/or the index. But watching the charts will allow your mind a quick check on profit/loss either way.

Also, how do you keep track of SL and targets ?

Thanks

[asrtrade]

Brilliant ideas!! I must say these can help a lot in being less emotional while being on the line, avoid revenge trading (by not looking at P&L while trading), perfectionism in trading (which can lead to a disaster)...

The tricks I've been adopting are:
1)Think and track in terms of points instead of rupees/money- that helps thinking w.r.t scale of trading equally during gain and loss, especially if trading with larger QTY and smaller SL
2)Not keeping a target or being mentally OK with "0 points or a few minus points" for the month which helps maintaining calm and also pull the trigger every time /not miss the entries
3)Money management must be the central/big thing- keeping only the minimum required money in trading account and pulling out profits regularly out of it (may not work for those who increase QTY linearly with gains/reduce QTY with losses)
4)Reinforce FAITH in the system being followed (here positive results from past when following the system can help)

[RishiArora]

[RishiArora]

[RishiArora]

As i feel Most difficult part of in trading carrier comes when we are about to quit but still there is something inside which keeps us holding with trading.

So when i started i didn't even know what is demat account. Sold my iphone 4s and with some savings, Opended Demat + trading acocunt with ICICI bank, very soon 65000 become 25000. Paid money for Tips Providers. but 25000 became 15000 than i stopped trading with real money. But in this phase of trading from 65000 to 15000. I came to know about icharts , what are technical analysis, what are charts, read lot on google about indicators and all this stuff. I came to know all tip providers are fraud.

after nearly as practice of 6 months on paper i again invested 1.75 lakh ruppes.

Now i was having 175 lakh, Successful system with 6 months live testing results. So i started again. but as they System is just 20%. there is something more we must have to make money from market. I was having everything but not trading psychology. So again 1.75 lakh become 80000. I again stopped trading. Now This phase was crucial. In this phase , i came to know about trading psychology, How emotion plays a major role , risk management.

My mind Was not adapting the real scenario of market because of losses.I was having sleepless nights . but i had to find out the solution of this because i knew if i can control my mind i can become successful trader.

So by now i have figured out if i have to be successful in trading i have to learn to control my mind and emotions. So than i started to look for tricks which can fool my mind. In psychological books of trading i have read so many points which we have to consider and which we should ignore.

[color=black]One Best trick I have used and still using is what ever i have read on psychological books. I wrote all those points on single sheet. laminated them and placed in front of PC. so whenever i was about to take emotional entry/exit , i feel anxiety what will happen or any action which is causing my heart beat fast.[/color] i start reading these points loud in my trading room. This exercise has helped me lot to be successful trader.



that's how i trained my mind,

its very easy to say Dhoni as caption cool. but dhoni must be having very strong psychological mind that's why he look calm even in very tough situations. because of his calmness he take right decisions most of times.

To be successful trader one must learn to keep calm so that he can take decision as per his own system not as per emotions.

Started by selling Iphone 4s.....now Have gifted my GF iphone 6. . Mein bachara abhi bhi Sony


Everybody knows how to drive Car, But if you Drive on wrong side of road You can not Drive for long and will eventually met with accident. Same is for trading here everybody knows what trading is , what is technical and all. But if you will Keep looking for Successful tip provider, successful software. you can make money one or two day but not for long run. if really want to make money from trading. You have to be on right path of learning about trading.

[neerav1234]

Superb Bro....

Keep pouring the knowledge...

Its very helpful

[AMBY]

Eye Opener analysis,

[sanjayojha]

Rishi very good information, must for all traders.

[Atrader]

Rishi good info shared by you

[RishiArora]

Thanks friends, would love if more successful traders from icharts will contribute and share knowledge how they have come out of fear and greed and how they are controlling it. what tricks they are using. Fooling a mind is very important.

[RishiArora]

Small Disciplines repeated with consistency every day lead to great achievements gained slowly over time - John C Maxwell

Paint consistency , Results will Follow

Concentrate on Consistency not Results

[sirdhar123]

Mr. Rishi Arora,
Thanks for the information on the thread which would be useful to all the members and traders. There is nothing like a best trade or a worst trade(r). only discipline differentiates them. Pl. continue posting.

Raju V.S.

[RishiArora]

Successful Trading is nothing more than a simple disciplined practiced every day

I will Follow Rules , I will Follow Rules
I will Follow Rules , I will Follow Rules
I will Follow Rules , I will Follow Rules
I will Follow Rules , I will Follow Rules
I will Follow Rules , I will Follow Rules
I will Follow Rules , I will Follow Rules
I will Follow Rules , I will Follow Rules
and
I am Following Rules