ITI

ITI is thrusting up with huge volumes 62 is the level where it can pause a bit before reaching its stiff resistance 64-65. 50 now remains as its strong support.
cheers
rish

Wishful Thinking

When the pain grows bit by bit, the natural tendency is to do nothing
and wait for an improvement. A sleepwalking trader gives his losing
trades “more time to work out,” while they slowly destroy his account.
A sleepwalker hopes and dreams. He sits on a loss and says, “This
stock is coming back; it always did.” Winners accept occasional losses,
take them, and move on. Losers postpone taking losses. An amateur
puts on a trade the way a kid buys a lottery ticket. He waits for the
wheel of fortune to decide whether he wins or loses. Professionals, to
the contrary, have ironclad plans for getting out, either with a profit
or a small loss. One of the key differences between professionals and
amateurs is their planning for exits.
A sleepwalking trader buys at 35 and puts in a stop at 32. The stock
sinks to 33, and he says, “I’ll give it a little more room.” He moves his
stop down to 30. That is a fatal mistake—he has breached his discipline
and violated his own plan.
You may move stops only one way—in the direction of your trade.
Stops are like a ratchet on a sailboat, designed to take the slack out of
your sails. If you start giving your trade “more room to breathe,” that extra
slack will swing around and hurt you. When the market rewards traders
for breaking their rules, it sets up an even deeper trap in their next trade.
The best time to make decisions is before you enter a trade. Your
money is not at risk, and you can weigh profit targets and loss parameters.
Once you’re in a trade, you begin to form an attachment to it.
The market hypnotizes you and lures you into emotional decisions.
This is why you must write down your exit plan and follow it.
Many may not be satisfied by this i myself seen many trader friends
who turn every miss trade into an investment for future think about it
is it ok to do that.

BLAMING OTHERS FOR YOUR LOSS

A beginner entering the markets soon finds himself surrounded by a colorful
crowd of gurus—experts who sell trading advice. Most charge fees,
but some give advice for free to drum up business for their brokerage
firms some give for fun some for hype but very few you will find who are
genuine. Gurus publish newsletters, are quoted in the media, and many
would kill to get on TV. Masses are hungry for clarity, and gurus are
there to feed that hunger. Most are failed traders, but being a guru is not
that easy. Their mortality rate is high, and few stay around for more than
two years. The novelty wears off, customers do not renew subscriptions,
and a guru finds it easier to earn a living selling aluminum siding than
drawing trendlines.Traders go through three stages in their attitudes
towards gurus.
In the beginning, they drink in their advice, expecting to make money
from it. At the second stage, traders start avoiding gurus like the
plague, viewing them as distractions from their own decision-making
process. Finally, some successful traders start paying attention to a few
gurus who alert them to new opportunities.
Some losing traders go looking for a trainer, a teacher, or a therapist.
Very few people are experts in both psychology and trading. I’ve met
several gurus who couldn’t trade their way out of a paper bag but
claimed that their alleged expertise in psychology qualified them to
train traders. A teacher who does not trade is highly suspect.
Traders go through several stages in their attitudes towards tips.
Beginners love them, those who are more serious insist on doing their
own homework, while advanced traders may listen to tips but always
drop them into their own trading systems to see whether that advice
will hold up. Whenever I hear a trading tip, I run it through my own
computerized screens. The decision to buy, go short, or stand aside is
mine alone, with an average yield of one tip accepted out of every 20
heard. Tips draw my attention to opportunities I might have overlooked,
but there are no shortcuts to sweating your own trades
Being an analyst is a hard job but being a trader is
more harder.BOTOMLINE:-never trade blindly on anyones call
cheers

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