It's friday. No #Banknifty trades. Let's revise some of the best takeaways form "Trading in the zone" (1/n)
There is a big difference between predicting & executing trades. Predicting what market could do is easy - executing trades is more complex. It takes confidence, humility and #discipline to properly execute a #trade. (2/n)
Trading is all about thinking like a chess player - anticipating all #possibilities and #probabilities. (3/n)
Great #traders execute trades without hesitation, and quickly admit wen a trade is not working. (Very important for #BANKNIFTY traders :P) Fear can overtake rationality. You need to truly accept the risk to trade without fear or discomfort. (4/n)
Fear causes errors:
- get in to trades too soon or late
- turn small losses into big losses
- get out too early on winners
- turn winners into losers
- stop out to see it turn into a win (5/n)
- get in to trades too soon or late
- turn small losses into big losses
- get out too early on winners
- turn winners into losers
- stop out to see it turn into a win (5/n)
You must take responsibility for everything that happens. Market will do whatever it wants so your only two jobs are trade selection and trade management. (6/n)
Stop system hopping and chasing holly grail. Instead, define your edge and follow the process of skill development and execution. (7/n)
View trading for what it really is - a process of possibilities and probabilities. Focus on skill development and trading plan execution.
Find a trading style that fits your personality and risk tolerance. (8/n)
Find a trading style that fits your personality and risk tolerance. (8/n)
3 Steps for disciplined trading:
1. Predefine your risk before taking a trade
2. cut your losses without hesitation
3. use a systematic money management plan. (9/n)
1. Predefine your risk before taking a trade
2. cut your losses without hesitation
3. use a systematic money management plan. (9/n)
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