as seimens breaches its support zone it has fallen like cards and this fall has come on volumes next major support is near 750 levels so keep an eye on this cheers rish
Successful traders are sharp, curious, and unassuming people. Most have been through losing periods. They graduated from the school of hard knocks, and that experience helped smooth their rough edges. Successful traders are self-assured but never arrogant. People who survive in the markets remain alert. They trust their skills and trading methods, but keep their eyes and ears open for new developments. Confident and attentive, calm and flexible, successful traders are fun to be with. Successful traders are often unconventional people, and some are very eccentric. When they mix with others, they often break social rules. The markets are set up for the majority to lose money, and a small group of winners marches to a different drummer, in and out of the markets. Markets consist of huge crowds of people watching the same trading vehicles, mesmerized by upticks and downticks. Think of a crowd at a concert or in a movie theater. When the show begins, the crowd gets emotionally in gear and develops an amorphous but powerful mass mind, laughing or weeping together. A mass mind also emerges in the markets, only here it is more malignant. Instead of laughing or weeping, the crowd seeks each trader’s private psychological weakness and hits him in that spot. Markets seduce greedy traders into buying positions that are too large for their accounts and then destroy them with a reaction they cannot afford to sit out. They shake fearful traders out of winning trades with brief countertrend spikes before embarking on runaway moves. Lazy traders are the favorite victims of the market, which keeps throwing new tricks at the unprepared. Whatever your psychological flaws and fears, whatever your inner demons, whatever your hidden weaknesses and obsessions, the market will seek them out, find them, and use them against you, like a skilled wrestler uses his opponent’s own weight to toss him to the ground. Successful traders have outgrown or overcome their inner demons. Instead of being tossed by the markets, they maintain their own balance and scan for chinks in the crowd’s armor, so that they can toss the market for a change. They may appear eccentric, but when it comes to trading they are much healthier than the crowd. Being a trader is a journey of self-discovery. Trade long enough, and you will face all your psychological handicaps—anxiety, greed, fear, anger, and sloth. Remember, you’re not in the markets for psychotherapy; self-discovery is a byproduct, not the goal of trading. The primary goal of a successful trader is to accumulate equity. Healthy trading boils down to two questions you need to ask in every trade: “What is my profit target?” and “How will I protect my capital?” A good trader accepts full responsibility for the outcome of every trade. You cannot blame others for taking your money. You have to improve your trading plans and methods of money management. It will take time, and it will take discipline.
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
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.