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Aug 6, 2011
FUNDAMENTAL TRUTHS OF TRADING
Read it every day...................
Mark Douglas, a person I consider one of the pioneers of trading psychology talks about these 5 Fundamental Truths to trading along with 7 Principles of consistency in his book Trading In The Zone (A book ever trader should own). I think it’s really important to understand all of these truths and principles and believe them if you want to be consistent in your trading.
THE 5 FUNDAMENTAL TRUTHS OF TRADING:
1. Anything can happen.
2. You don’t need to know what is going to happen next to make money.
3. There is a random distribution between wins and losses for any given set of
variables that define an edge.
variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing
happening over another.
happening over another.
5. Every moment in the market is unique.
THE 7 PRINCIPLES OF CONSISTENCY:
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success
and, therefore, I never violate them.
and, therefore, I never violate them.
Aug 4, 2011
5280-5300 is on card -Nifty Analysis for 5thAugust2011
Nifty Conservative Trading
--------------------------------
Nifty Monthly Long above 5705(HEMA) and 5368 (LEMA) (TREND UP ABOVE 5509)
Nifty Weekly Long above 5628(HEMA) and 5426 (LEMA) (TREND UP ABOVE 5481)
Nifty Daily Long above 5480(HEMA) and 5404 (LEMA) (TREND UP ABOVE 5424)
Nifty Hourly Long above 5381(HEMA) and 5352 (LEMA) (TREND UP ABOVE 5361)
Nifty JNSAR
---------------------------------------
Nifty Weekly JNSAR 5555 -stay short
Nifty Daily JNSAR 5496 -stay short
Nifty Hourly JNSAR 5399 -stay short
Nifty Havala Level
-----------------------------------------------
30-Jun-11 5487
Nifty Aggressive Trading
---------------------------------
Range 56 min 5390 max 5290
STOP LOSS 10 points only.
Support and Resistance
--------------------
5225-5296-5350-5393-(5433-5460)-5490-5502-5532-5539-5550-5580-5606-5616-5630-5658-5667-5729-5754-5775-5865-(5940-5965)-6090-6175-6250-(6325-6350)
Open Interest
-----------------------
Support 5300
Resistance 5500
Trade Conclusion
--------------------------------
Nifty will find immediate resistance at 5350-5393-5402-5430-5460
Support lies 5225-5296 level.
If market fails to rise above 5350-5393 level ,we are deeply bearish.=> T1 5393 T2 5300 (T1 already achieved)
Above 5460 bullish vies prevails . Initial target will 5490-5502
Aug 3, 2011
Below 5379 look for 5300-Nifty Analysis 4thAugust2011
Nifty Conservative Trading
--------------------------------
Nifty Monthly Long above 5705(HEMA) and 5386 (LEMA) (TREND UP ABOVE 5533)
Nifty Weekly Long above 5628(HEMA) and 5445 (LEMA) (TREND UP ABOVE 5506)
Nifty Daily Long above 5503(HEMA) and 5444 (LEMA) (TREND UP ABOVE 5470)
Nifty Hourly Long above 5418(HEMA) and 5397 (LEMA) (TREND UP ABOVE 5407)
Nifty JNSAR
---------------------------------------
Nifty Weekly JNSAR 5557 -stay short
Nifty Daily JNSAR 5521 -stay short
Nifty Hourly JNSAR 5414 -stay short
Nifty Havala Level
-----------------------------------------------
30-Jun-11 5487
Nifty Aggressive Trading
---------------------------------
Range 56 min 5350 max 5460
STOP LOSS 10 points only.
Support and Resistance
--------------------
5225-5350-5393-5450-5490-5502-5532-5539-5550-5580-5606-5616-5630-5658-5667-5729-5754-5775-5865-(5940-5965)-6090-6175-6250-(6325-6350)
Open Interest
-----------------------
Support 5300/5400
Resistance 5500/5600
Trade Conclusion
--------------------------------
Nifty will find immediate resistance at 5433-5460
Support lies 5350-5370 level.
If market fails to rise above 5460 level ,we are deeply bearish.=> T1 5393 T2 300 (T1 already achieved)
Above 5460 bullish vies prevails . Initial target will 5490-5502
Below 5460-5516-5565 -> short the market , T1 5393 T2 300 (T1 already achieved)
Above 5460 -> go long the market ,Target 5502
Note : We are introducing trading journal section to track our trade and to learn from our mistake.
Sample Screen shot to view current holding position will be printed on main page.
Aug 2, 2011
Nifty 5460 is Critical Level -3rd August 2011
Nifty Conservative Trading
--------------------------------
Nifty Monthly Long above 5705(HEMA) and 5404 (LEMA) (TREND UP ABOVE 5550)
Nifty Weekly Long above 5628(HEMA) and 5463 (LEMA) (TREND UP ABOVE 5523)
Nifty Daily Long above 5543(HEMA) and 5476 (LEMA) (TREND UP ABOVE 5502)
Nifty Hourly Long above 5467(HEMA) and 5448 (LEMA) (TREND UP ABOVE 5457)
Nifty JNSAR
---------------------------------------
Nifty Weekly JNSAR 5552 -stay short
Nifty Daily JNSAR 5567 -stay short
Nifty Hourly JNSAR 5473 -stay long
Nifty Havala Level
-----------------------------------------------
30-Jun-11 5487
Nifty Aggressive Trading
---------------------------------
Range 56 min 5400 max 5600
STOP LOSS 10 points only.
Support and Resistance
--------------------
5225-5350-5393-5450-5490-5502-5532-5539-5550-5580-5606-5616-5630-5658-5667-5729-5754-5775-5865-(5940-5965)-6090-6175-6250-(6325-6350)
Open Interest
-----------------------
Support 5400
Resistance 5600
Trade Conclusion
--------------------------------
Nifty will find immediate resistance at 5491-5502-5550
Support lies 5393-5350 level.
If market fails to rise above 5460 level ,we are deeply bearish.=> T1 5393 T2 5350
Above 5565 bullish vies pervails.
Below 5460-5516-5565 -> short the market ,Target 5195
Above 5460 -> go long the market ,Target 5690
Fundamental Truths to trading
Mark Douglas, one of the pioneers of trading psychology talks about these 5 Fundamental Truths to trading along with 7 Principles of consistency in his book Trading In The Zone . I think it’s really important to understand all of these truths and principles and believe them if you want to be consistent in your trading.
THE 5 FUNDAMENTAL TRUTHS OF TRADING:
1. Anything can happen.
2. You don’t need to know what is going to happen next to make money.
3. There is a random distribution between wins and losses for any given set of
variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing
happening over another.
5. Every moment in the market is unique.
THE 7 PRINCIPLES OF CONSISTENCY:
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success
and, therefore, I never violate them.
Aug 1, 2011
Nifty Analysis for 2ndAugust2011
Nifty Conservative Trading
--------------------------------
Nifty Monthly Long above 5705(HEMA) and 5422 (LEMA) (TREND UP ABOVE 5571)
Nifty Weekly Long above 5628(HEMA) and 5481 (LEMA) (TREND UP ABOVE 5543)
Nifty Daily Long above 5566(HEMA) and 5498 (LEMA) (TREND UP ABOVE 5525)
Nifty Hourly Long above 5521(HEMA) and 5504 (LEMA) (TREND UP ABOVE 5411)
Nifty JNSAR
---------------------------------------
Nifty Weekly JNSAR 5562 -stay short
Nifty Daily JNSAR 5567 -stay short
Nifty Hourly JNSAR 5510 -stay long
Nifty Havala Level
-----------------------------------------------
30-Jun-11 5487
Nifty Aggressive Trading
---------------------------------
Range 56 min 5460 max 5572
STOP LOSS 10 points only.
Support and Resistance
--------------------
5225-5350-5450-5490-5502-5532-5539-5550-5580-5606-5616-5630-5658-5667-5729-5754-5775-5865-(5940-5965)-6090-6175-6250-(6325-6350)
Open Interest
-----------------------
Support 5400
Resistance 5600
Trade Conclusion
--------------------------------
Nifty will find immediate resistance at 5539-5550.
Support lies 5450-5490-5502 level.
If market fails to break 5460 level ,we are not deeply bearish.
Above 5565 bullish vies pervails.
Below 5516-5565 -> short the market ,Target 5195
Above 5565 -> go long the market ,Target 5690
Jul 31, 2011
Nifty Analysis for 1stAugust2011
Nifty Conservative Trading
--------------------------------
Nifty Monthly Long above 5781(HEMA) and 5390 (LEMA) (TREND UP ABOVE 5597)
Nifty Weekly Long above 5665(HEMA) and 5478 (LEMA) (TREND UP ABOVE 5556)
Nifty Daily Long above 5572(HEMA) and 5503 (LEMA) (TREND UP ABOVE 5530)
Nifty Hourly Long above 5500(HEMA) and 5475 (LEMA) (TREND UP ABOVE 5487)
Nifty JNSAR
---------------------------------------
Nifty Weekly JNSAR 5595 -stay short
Nifty Daily JNSAR 5560 -stay short
Nifty Hourly JNSAR 5556 -stay short
Nifty Havala Level
-----------------------------------------------
30-Jun-11 5487
Nifty Aggressive Trading
---------------------------------
Range 56 min 5425 max 5538
STOP LOSS 10 points only.
Support and Resistance
--------------------
5225-5350-5450-5490-5502-5532-5539-5550-5580-5606-5616-5630-5658-5667-5729-5754-5775-5865-(5940-5965)-6090-6175-6250-(6325-6350)
Open Interest
-----------------------
Support 5400
Resistance 5600
Trade Conclusion
--------------------------------
Below 5516-5654 -> short the market ,Target 5195
Above 5654 -> go long the market ,Target 5690
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