iCharts Discussions

[shika]

How to control over the predetermined mindset ?
Like when the market says to go long, we would take a decision to short, vice versa, because of predetermined mindset and end up with stop loss and also repent of not taking a quick right decision, just trying to act as if right with the decision taken.

Many a times market pose opportunities to be right and make profits, but only a few times such opportunities are converted to profitable trades and more number of times either miss them because of hesitation or go in wrong direction. Before acting on right decision mind tells something else, that is how hesitation creeps in and utterly fail.

So how to get over it. Please share your suggestions to improve over it.

AYS ( shika )

[jk99]

sir,,now a day ,we see trade in robot system,becouse of emotion/regards

[apka]

Share a little more what your experience in market is.

How do you find the calls to go long or short in scrips / index? Are these tips from tv channels, someone in particular, self assessed? And also how old are you and how long have you been actively watching market?

[anusantosh]

Don't allow your mind to work! Pick a strategy that works for you and keep following it for a year... see the results...

[shika]

apka
Posted: 24 Sep 2016 21:06 Post subject:
Share a little more what your experience in market is.

How do you find the calls to go long or short in scrips / index? Are these tips from tv channels, someone in particular, self assessed? And also how old are you and how long have you been actively watching market?

Self assessed calls, I am 45 plus and watching markets since 1996 and started trading from 2008 and from past 2.5 years just trading only in bank nifty futures and bank nifty options( but investment in shares continuing).
After introduction of weekly expiry in bank nifty options, going good in options trading , but when i look back at trades that happened in past, still feels missing many a profitable trades, because of the reasons already said.

regards
ays

[raj1377]

hi
i think its a deadly combination if ur mind and set up is is in favour of uuuu either long or short

[shika]

raj1377
Posted: 25 Sep 2016 20:37 Post subject:
hi
i think its a deadly combination if ur mind and set up is is in favour of uuuu either long or short

Thanks raj, good suggestion will give a try and see.
ays

[shika]

did not allow my mind to dictate, contrary to my strategy, to short today.

very good advice from raj, hope more suggestions would come to improve on.
thanks in advance
ays

[apka]

you're more experienced than most posters here including me... we should be seeking advise from you

that feeling of missing out on trades will always remain in case of FnO -- because the missed out profit is sometimes huge in numbers when you look back. FnO has expiry deadlines, it will make you nervous and yield in whimsical decisions. when you're more calm and settled in your mind, you'll make better decisions. so either cut off emotions totally and just work with levels or reduce FnO and increase trading in cash equity.

take your trading like you have been hired to do so by someone, and if you pull mistakes, you may get fired. like an ambitious and outperforming employee add more goals to your work (trading) than just earning (salary) profit. and only way you can perform well is when you:

- target increasing your long / short hit ratio. profits in trades will follow if you're right most times.

- if you take a decision when you're indecisive then don't consider it as a missed out trade, because you simply could not decide. exclude those.

- your goal should be to be sure of what you want to do and how you can judge directions better. (doesn't matter if you missed some successful trades. if you look at any superhit films, some or the other actor initially rejects it and the role falls in someone's else hand. so this feeling of missing out in terms of earning opportunity is universal. but they can't let this thing affect their mind, they have to find new work... so like them slide it away and move on to next trade.. if you think with an affected state of mind you might affect your other trades.)

- practice consciously to not overtrade or it can result in mistakes. once you do this often it will become a habit and then you might not feel like you're missing out as you do now because you will see how it also saves you from wrong trades.

i don't mean to sound like i know it all, cuz i don't... but above is part of my mentality when trading.

[riteshucha]

take your trading like you have been hired to do so by someone, and if you pull mistakes, you may get fired.

i like this point and to a certain extent i tend to trade in this fashion, but at the end of the day, when you see your healthy lead or profit diminish within seconds sometimes you wonder whether our judgement to stay longer in the trade was prudent or not and hence you are bound to be emotional and cannot generally escape this feeling...

i guess only logical solutions i can think of is to trade less, if you have margins to do 5 trades, do 2, stay in those 2 till it hits your target or SL, then move on to the next...
another point is not to trade or look at the screen everyday...
build slowly once you get the urge to trade more in control... in this case you would be more comfortable and calm in taking more trades....

One more point is that we are so focussed to catch the bottom or tops that we miss good rnr trades.... after all earning money is the idea hence keep focus on good rnr trades rather than catching tops and bottoms


hope this helps.....

[shika]

Thank you my dear friend (apka),
You have mentioned some points which look very much useful to me, among them the following one looks perfect to me:
your goal should be to be sure of what you want to do and how you can judge directions better. (doesn't matter if you missed some successful trades. if you look at any superhit films, some or the other actor initially rejects it and the role falls in someone's else hand. so this feeling of missing out in terms of earning opportunity is universal. but they can't let this thing affect their mind, they have to find new work... so like them slide it away and move on to next trade.. if you think with an affected state of mind you might affect your other trades.)
will fine tune them in as much as less time possible.
I Hope your points have clarified many of my doubts and once again thank you very much.

regards
ays

[shika]

looks like improved my trading psychology a few steps, have stopped worrying about missed trades and enjoying about successful trades, made too much in last 2 weekly expiry days. Hope to continue in long run.

ays

[KingKong]

It's very important to think in a proper way before you start trading. I try to be as concentrated as possible during trading and to forget about all the problems for a while.

[Eskild]

This way of thinking should be avoided while trading in forex. fores is a business and you need to strictly follow the game's rules and to adhere to strategy.

[paa]

Just for your consideration:-
What i think is not necessarily might help you.

Don't repent any missed trade, because market is not going anywhere.
It is there with new opportunities every trading day.
There are plenty of fish in the Ocean. Some day you catch many.

Parmod