Seven Bad Habits of a Trader: Trading Habit #1 – No Patience on Entry

Creators
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Nothing imp… just some emoticons… undeleted… :slight_smile:

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I’m a novice…:sweat_smile: nothing big to share… learning by reading posts…
I liked your above post… waiting for others in series…:sunglasses::sunglasses:
Good Day… :sunglasses:

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That’s because you are applying SL in trading but not in your day to day life

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True and in that process we end up wiping the capital and miss out the good trades. This happened to me yesterday itself. Lost more than 10% of my capital.

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I am sure you are wiser in your next trade…This will definitely help you to become a better trader…:love_you_gesture:

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Everything is good now.
Just Bad day.

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I am glad…best :raised_hands:

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Yup, losses teach better lessons than profits.

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my problem is while i book profits at a trend reversal, i dont exit with a loss eternally waiting for the reversal… so, my profits are limited but the losses are unlimited… :frowning:

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@Naarayanan…Thanks for your response…I guess exiting early with a minimum loss was probably hardest lesson I learnt. My mentor once told me that problem I had with exits was more emotional and psychological than the trade itself. I guess I had too much emotional investment in every trade without realizing markets and opportunities exist tomorrow also. Also I took losses too personal and was not ready to accept and look for an another opportunity. Here is an article I would like to share with you.

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What Went wrong in BEML?

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AS it is a truth that NO ONE CAN PERFECTLY TIME THE MARKET . THE best option for a novice trade to get a nearly correct entry of price is by averaging out . THIS APPLIES IN BOTH BUY AND SELL ONLY. THIS CAN BE EXPLAINED BY A PROPER EXAMPLE. SUPPOSE A PERSON BUYS 50 SHARES OF XYZ COMPANY FOR RS 150/each. NOW AFTER 15 MINS HE SEES THE PRICE OF THAT COMPANY FELL TO RS 142 AND THEN BOUNCED BACK TO RS 155. NOW THE PERSON HAS WISHED IF HE HAD BOUGHT THE SHARES @RS142/ each. He would have sitting on a gain of Rs13/share instead of RS 5/share. This can be somehow solved by averaging out ur position. He can purchase 25shares @Rs 150/share and 25shares @Rs 142/share . which roughly makes his price of buy position at RS 146 /share.

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recently i had increased my account value to over 5 lakhs… so a little greed crept in… entered again in the afternoon which was my mistake. :slight_smile:

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Take Good Decisions Only. Please Don’t fall into Greed.
“With Great Power Comes Great Responsibility”

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@Naarayanan…consider trading profession like a growth of a tree from seed, Everything takes time and needs nourishment and survival. one step at a time and you will build your roots and foundation strong enough to build a castle…take care my friend and preserve capital and that is the only rule of trading!

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turning to vipashanna as in budhhist religion.

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@goldb any meditation can definitely help a trade to be conscious of his emotions…:pray:

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When emotions kick in after a loss i just read this great old adage “What you didn’t get was anyways never yours”

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@rajeshchand…Nice quote…But for traders I like an another quote which goes something like this…“loss is what you can control so control the same…Profit is something you can manage so manage”…

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Thanks Suresh G