iCharts Discussions

[ProTrader]

I was on winter cleaning drive of our forum and noticed that this one was one of the least visited section, which to me should be the most visited one . So I thought let me post something that can reignite discussion, contributions, questions from successful traders and the ones struggling to be successful.


I can give you the best rules in the world and the best methods for determining the position of a commodity, and then you can lose money on account of the human element, which is your greatest weakness. You will fail to follow rules. You will act on hope or fear instead of facts. You will delay. You will become impatient. You will act too quickly or you will delay too long in acting, thus beating yourself on account of your human weakness, then blaming it on the market. Remember that it is your mistakes that cause losses and not the action of the market or the manipulators. Therefore, strive to follow rules, or keep out of speculation, for you are doomed to failure.

If you will only study the weakness of human nature and see what fools these mortals be, you will find it easy to make profits by understanding the weakness of human nature and going against the public and doing opposite of what other people do. In other words, you buy near the bottom on knowledge and sell near the top on knowledge, while other people who just guess do the opposite. Time spent in the study of price, time and past market movements, will give you a rich reward.


--By W.D Gann in How to Make Profits in Commodities

Cheers!
ProTrader

[pkholla]

PT: That is why many doctors especially psychiatrists/ psychologists succeed very well when they take up share trading. Like Alexander Elder, who has also written 3 brilliant books on the subject! Prakash Holla

[Atrader]

I have been trading since last 5 years , kept searching for that"HOLY GRAIL" system and finally realized there is noting foolproof for markets, As long as humans involved in it.

As PT sir observed usually people does not give full attention to this human element. But in actual it is most important aspect of trading.

One has to understand his own psychology and if needed has to modify in line to succeed in markets.


You may have world's best indicators or system but not proper mind set then you are destined to failure.


"CLAM WATER SHOWS CLEAR PICTURE"


so does our mind


I know it seems quite easy while reading but very tough while acting on it. As a new trader when I have started intraday trading usually everyday I start with plan and at end of day I suddenly get realized that I was on somewhere else in unknown territory.( lot of overtrading).

This kind stuff energize you to destroy your own account balance as well as it hurts more your mindset.

We even don't realize how this happened only thing left with us is aftermath analysis. But we can overcome it if we identified demon inside us the mind and if we able to control it then we can make wonders.

so be prepared mentally for human element and world of trading is yours