Nifty Weekly Chart Update -9th Sep 2013

Weekly Stochastic Chart Show bullish view .

Low of the Hammer are still protected 5254 and 5118 on  weekly basis. 

Weekly remain bullish above 5632

78.6%  of the last major fall  5882 need to crossed for trend to turn bullish.

TO ACHIEVE  CONSISTENCY , I SHOULD 
1.Be able to identify an edge (trading method)
2.Have a trading plan on how to utilize the edge
   Risk Parameter , Money Management (Position Size), Profit Objectives
3.Able to execute the edge without making trading Error
4.Think in probabilities
5.Making a mental shift from trade to trade perspective to series of trade perspective 
6.Believing that you don't have to know what is going to happen next on trade by trade to win or make money.
7.Develop the ability to recognize you have crossed the threshold from normal self confidence to the state of euphoria.

Habits of Wealthy Traders

1.Wealthy trader are patient with winning trades and enormously impatient with losing trades. 
2.Wealthy trader realize that making money is more important than being right .
3.Wealthy trader look at technical analysis as a picture of where traders are lining up for BUY and SELL.
4.Before they enter the trade they know exactly where they exit for either a GAIN or LOSS.
5.They approach trade number 5 with the exact same mindset they did on the 4 losing trades. 
6.Clean chart - They use naked charts and focus on Zone.
7.They realized a long time ago being uncomfortable in Trading is OK.
8.The market they trade fit their personality.They are participant -not an on lookers.
9.They stopped trying to figure out Tops and bottoms long ago and stopped losing money doing so.
10.They stopped thinking market being cheap and expensive.
11.They are willing to change sides ,short to long vice versa  when market tell them to do so.
12.They trade aggressively when trading well and modesty when they are not .
13.They realize the market will open up again tomorrow.
14.They never add to a losing trade.........EVER.
15.Cash is the target ,but they set goals for their trading that are anything but MONEY. (MAKE PROCESS THE GOAL)
16.They read trading books but they read more "CROWD" books.Example
    The wisdom of CROWD.
    Markets Mobs and Mayhem
    The art of strategy
17. They provide liquidity to the markets while watching price and volume. 
18.They have a way to gauge fear,greed and speed of the transactions .
19.They practice reading the right side of the chart -not the left side.
20.Every wealthy traders have an edge .
21 Their position size is calculated on the Risk Tolerance .
22. Profits Targets are based on ATR.  
23. One or two trades a month , make their month.
24.Confident decision makers in case of in complete information.
25. A losing trade is not a reflection on themselves as a trader.
26.Their business isn't trading ,it is finding the right trades.
27.They right down  or record every trade price thought or moods.
28.Their conviction of an active trade remain unless something major changes.
29.A winning trade doesn't taking extra risk on the next trade.
30.They trade the reaction and not the news.