Straddle storieS

+90 Points profit per set today.

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Top Five Trading Lessons From Market Wizard Dr. Van. K. Tharp from the book “Market Wizards”: “The composite profile of a losing trader would be someone who is highly stressed and has little protection from stress, has a negative outlook on life and expects the worst, has a lot of conflict in his/her personality, and blames others when things go wrong. Such a person would not have a set of rules to guide their behavior and would be more likely a crowd follower. In addition, losing traders tend to be disorganized and impatient.” The profitable trader is able to manage stress, has a positive outlook on life and expects the best from themselves and their trading. They take responsibility for their wins and losses. They know who they are and are in touch with their goals. They have specific rules to guide their trading and are organized and patient. “The simple truth is that most people are risk-aversive in the realm of profits – they prefer a sure, smaller gain to a wise gamble for a larger gain – and risk-seeking in the realm of losses – they prefer an unwise gamble to a sure loss. As a result, most people tend to do the opposite of what is required for success. They cut their profits short and let their losses run.” Most traders are unprofitable because they take profits quickly but let losers run. Many traders can have a nice winning streak or be profitable in a bull market only to give back their profits with one big loss or lose all their bull market profits during the next bear market. “Most people approach trading to make a lot of money, and that is one of the primary reasons they lose.” The best way to go broke fast is try to get rich quick. Trying to speed up the process of big profits usually just leads to huge losses. “If you are really committed, then not only are you certain that you are doing the right thing, but somehow events just seem to occur to help you.” If you really want to be a profitable trader only time separates you from your goal. If you do the work, learn, grow, and persevere you will eventually get to where you are going if that is what you truly want. “The realization that you are responsible for the results you get is the key to successful investing. Winners know they are responsible for their results; losers think they are not.” Blaming high frequency traders, dumb money, option pinning, market makers, insider traders, or simply “them” for your trading losses is not going to do anything to help your trading. The only real metric to measure whether your trades are good trades is whether you followed your trading rules with discipline. We only control whether we follow or planned entries and exits then the market determines whether we make money or lose money.

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Emotions in Trading and How to Use Them to Your Advantage Stay Positive It is important to remain calm and not overreact to the market. No matter how much you may want something, you can’t predict what will happen with your trades. So try to stay positive even when things aren’t going as planned. This way, it’s easier for your emotions not to get in the way of your trades. Always Have a Strategy Whether you’re trading stocks, currencies, or anything else, it’s essential to always have a solid plan in place. It is never easy knowing what will happen next, so stay positive and not focus too much on the short-term nature of things. Always be prepared with your strategies for whatever may come up! Learn from Your Mistakes No matter how good we are at something, we’re bound to make some mistakes. When you mess up and lose on a trade or two, it’s important not to let your emotions get the best of you. So don’t beat yourself up too much when things aren’t going according to plan. Instead, learn from your mistakes so you can be more prepared next time. Be Open-Minded One of the best things you can do is to be open-minded about what might happen next. It’s difficult for human beings to look at something that isn’t happening and then predict how it will ultimately end up, but this is one of the main reasons traders lose money on their trades. By being open-minded, you’ll be able to make better decisions because you won’t have a preconceived notion of how the market will go. To be successful in trading, you have to learn how to use your emotions positively. This means that the next time you get angry because of a bad trade, don’t try to fight those feelings. Instead, use those negative emotions to learn from what happened, so it doesn’t happen again. You Are Not Your Trades It’s also crucial to remember that you are not your trades. You may want a particular trade to happen, but it doesn’t mean it will go the way you initially thought. So try and stay away from those “if only” thoughts because those can mess with your emotions. One of the most important things for traders is not to take their trades personally. This might seem difficult at first because there are real money consequences when it comes to trading, but it’s important to remember that you are not your trades. Your feelings about what happens don’t affect the market itself, so try to separate yourself from your trading decisions. Stay Disciplined Lastly, staying disciplined is of the utmost importance when it comes to trading. Many traders don’t have a set schedule for how they trade, making them less successful in their trades because they let emotions get in the way of sticking with that specific plan. Being disciplined is one of the essential practices any trader should focus on if they want to be successful in the long term. Having a specific trading plan and sticking to it can help traders know what they’re doing at all times, which is an advantage when it comes to making good trades!

+113 points per Straddle set Profit.

Catch me live on ETV (AP< TELANGANA) 7.30 PM today. Subject : CRYPTO CURRENCIES / TAX

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Good morning all

You might not have thought so, but even professional traders have bad weeks. Sure, you may have suspected that they have an occasional bad week, but you probably didn't know that this was a common thing all around and you shouldn’t get discouraged by it. You can be hitting 50 percent or 60 percent winning trades off the get-go, but what many realize only after spending some time with other traders is that down days and down weeks happen all the time, at the end, it’s the cumulative P&L that does all the talking. Lesson #6 – What Matters is the Long-Term A trader’s cumulative profit and loss statement (P&L) says it all. Any trader would have certainly had a bad week here and there, sometimes a terrible week, but what happens over time is what really matters. You will come to realize that having a system and having a process will trump everything else. If you continue to work on your plan and continue to trade your plan because you know that your plan is profitable then having losing days or even a string of losing weeks won’t stop you. Maintaining your discipline and continuing to trade through your plan is the surest path to success. Lesson #7 – You are always learning Traders who have been active in the markets for a long time treat trading not only as a job with the professional approach and attention it deserves but also as an educational experience, constantly learning and evolving. You are here trying to understand the world of forex and trading and you're trying to figure it all out, but keep in mind that this is not a game that you learn overnight. Trading is not a skill that you pick up after watching a two-hour webinar or after attending a thirty-minute presentation of a new trading strategy. Those things are useful, of course, but they won’t magically make you into a trading master all on their own. There are always new ideas or new ways of doing things, the trick is to take all you can get and incorporate the good into your own trading.

7 Most Important Lessons from Long-time Traders Lesson #1 – Have a plan… and follow it The two major things that constantly impede traders are number one - having a strategy. Not just having a strategy but having tested that strategy and knowing that historically it will produce a profit, because the surest sign that something is going to produce a profit in the future is what it’s done in the past. Of course, we cannot ever be certain of the future so it’s by no means a guaranteed indicator of future results, but the best thing that we can do is to try and find a formula that over time has shown to produce a profit. And the second major thing is having the discipline to follow that plan. Having one helps you have the other so having a plan that you've tested and that you've gone through the process with and that you have clearly defined the rules for helps you in the discipline process. When you are confident in what you are doing, you will confidently do it no matter the obstacles. Many traders underestimate the importance of trading psychology and the daily process you go through in order to keep yourself on track and following a plan. Lesson #2 – There is no perfect formula One thing that traders with years of experience have to their advantage is a historical perspective and the benefit of having traded a system for a long enough time to see it be successful. Some people haven’t traded the same system for more than two hours in their entire trading career, and some other people start modifying their system and start changing things up every time they have one or two losses. People search for a perfect formula where they’re not going to lose or where they can win 80 or 90 percent of the time. What you should be focusing on instead is refining your trading plan and getting very specific about the rules. After which you should spend every day running through the process and going through your trades to analyze what is a good trade and whether it fits into your trading plan and the rules you’ve set, and then trading it with consistency. Lesson #3 – Consistency doesn’t mean winning all the time Consistent profit doesn't mean that every trade is a winner, and consistency doesn't mean that you’re winning five in a row every single day. Being consistent means getting results over time. The key is in the discipline and in trying again and again and seeing failure after failure but continuing to come back and continuing to trade the plan because eventually, those volatile movements ease back and eventually they turn into great trading opportunities which ultimately turn into winners. Lesson #4 – No matter how diligent you are, the market won’t always respond favorably You may think that you’re being really good and really diligent about everything, but there are periods in the market where it looks like what you're doing just absolutely doesn't work, but what ends up happening is (picture this) consolidation leads to expansion or a broken trend in the market breaks the structure and false breakouts lead to incredible trend following opportunities and what you find out is that you can actually make money in the consolidation and you can also make money in the trend, all you have to do is be consistent with what you're doing. Lesson #5 – Everyone Loses Sometimes If you watched other traders, you’d get to see every day whether they're making money or losing money and you’d get to hear from them talk about the losses that they’ve had. Sometimes those losses can last a day, sometimes they can last a week and sometimes they can last a whole lot longer than that. If you were able to see a large pool of traders you’d see that even though there certainly are people out there making money every single day, not everything that they touch turns to gold and there really is a battle going on and some days really are bad days and some weeks are really bad weeks.

https://youtu.be/2fagQ3Ixgik PART II