ZEE TELE

LONG ZEE TELE ABOVE 266 FOR A TARGET OF 280.
cheers
rish

trading and Personal Challenges

Traders who at times experience emotional challenges or frustrations
in their trading careers are by no means alone. These
challenges are part and parcel of the business. Listen to the
body and its body signals – there are always signs the body
will put out when engaging bad habits.
But there are certain steps that can be taken to protect against
each trader’s own personal Achilles heel.

Beware of precisely what the particular problem or challenge
is. For example, maybe a trader has the tendency to give back
three weeks worth of profits in two days.

Sometimes it’s very helpful to identify the conditions that precede
periods when a trader gets “sloppy.” Was he feeling elated
after having hit new equity highs? Or, was he distracted by
events that were occurring outside of trading? A trader has to
learn to acknowledge the sides of his personality that hold him
back in trading, because these traits are never going to
disappear. After all, we are not robots – we are human. But
when he can recognize a pattern of feelings or emotions he
feels before he starts to get into trouble, he is a lot less likely
to take a trade that was not part of his game plan.

Have a trading plan each day. This is insurance against making
marginal, spontaneous trades. It also will protect the trader in that
it forces him to take one day at a time and reminds him that the market
alternates between trending periods and choppy periods. Atrader
that can identify ahead of time the type of period that he is in can
be prepared with the appropriate type of strategy for that day.

Routines and rituals are tools for staying grounded in the present
and can aid in keeping the trader’s behavior consistent with
his trading plan. Everyone needs tools to create structure and
order in an otherwise very abstract game. Record-keeping such
as logging trades, statistics or market indicators, is an excellent
discipline that helps one stay in the present and stay consistent.

Set small goals every day. Such a goal might be to have three
winning days in a row, or to follow a trading plan just for that day.
It might be to make no more than three trades a day and to refrain
from overtrading. Or, it could be to put a half position on every
five-minute bull or bear flag that forms. A trader’s small goals
should reflect his own trading style, needs and weaknesses.

A trader should learn to differentiate between challenging
conditions that are caused by the market environment, versus
unforced errors that he makes himself. He should avoid being
hard on himself if the current environment is flat or his normal
trading style is not suited to current conditions.

A good way to correct behavior is to think at all times about a
desired outcome. Post it next to the trading screen. Read it
every morning. Every time a trader goes to take action, he
should ask if it truly supports his desired goal. If he wants the
outcome badly enough, he will find away to reach it. He should
imagine the winning feeling upon achieving those short-term
goals and replay that feeling over and over in the mind as motivation.
It’s important to be very clear about what his purpose
and goals are in the market each day, not just over the long run.

Traders should consider having a trader friend with whom
they can share their daily account statements. Most traders
will do better when they have to be accountable to an outside
party with regard to their trading performance; they are less
likely to let one large loser get out of hand. If his judgments
are impaired, at least there is someone on the other end who
can draw attention to the fact that the trader is deviating from
his plan or might be in need of a break. A trading buddy is not
there to offer advice on the market or on individual trades. In
fact, if a trader finds himself having to ask for advice or opinions,
it is a sure sign that he should not be in that trade. A
buddy is there to serve as a coach – to offer a pep talk or motivational
boost if needed, or to serve as an outside party topoint out when a
trader is engaged in destructive trading
behavior that is resulting in an extended draw down.
Markets can change quickly. The more unbiased a trader is,
the easier it is to change with the environment. If he starts to
develop a bias that is not warranted by the technicals, but is
instead caused by emotions or poor reasoning, his body signs
and language more often than not will tell him. Most professionals
know when they are in a bad trade and know when
they are making a mistake. The more trades a trader makes
and the more experience he gains, the more he will learn to
recognize his own personal signs that indicate he is indeed in
a bad trade, regardless if it has not hit his stop level yet. Until
a trader is able to gain in this knowledge, it’s yet another
excellent reason for always have a resting stop in the market!
Of equal importance, again, he needs to remember how his body
feels when he is in control and has a winning position on. The
best traders learn to take this one step further and add to a winning
position. GREEN LIGHT GO! Step on the gas! This
concept is as crucial as learning to recognize when a trade does
not feel right.

mind( body) reaction to trading

It is easy for most people to learn how to recognize how their
body feels when in different states. An athlete who is in the
groove may feel keenly aware, yet relaxed overall. On the
other hand, an athlete who is “choking” will be tense, anxious
and rushed. Learning to pay attention to bodily reactions can
help a trader confirm when he is engaged in good behavioral
patterns or transgressing his own rules. He also can learn to
recognize how his body feels when a trade is working out and
how it feels in a losing trade.
Here’s a personal example. When I know a trade is working
according to plan and the market is doing as expected – even
if the trade has not yet kicked in – I find that I feel a level of
confidence where I do not feel compelled to look at the
screen. I do not feel bothered by anything and am relaxed
with a feeling of “knowing” that my position is a good one.
However, if I am in a trade and it does not “feel” right, even
if it has not moved against me, I find myself gazing intently
at the screen, my breathing is a bit more shallow, and I hardly
blink. Five minutes can pass by, and I will still be sitting
in exactly the same position in my chair.
I also am aware of certain patterns in which I engage when I
am starting to get tired or burned out. I know from experience
that I will be more likely to drop my guard at these points, and
so I will do best if I stop trading when I feel this way.
The longer a trader has been trading, the greater his awareness
that higher highs in the equity can still be foiled by
lower lows; this is the one thing to forever be on guard
against. Many winning sports teams have won championships
strictly by playing fabulous defense. However,
with trading the ultimate goal is to do more than just eke out
a living, but instead to truly capitalize on the occasional
gifts the market can offer. So, just as it is important to recognize
how one feels when in a state that can lead to errors
in judgment, it is equally important to identify with a
“Green Light GO” condition. This is when it is time to
pound the table and stay with a strong trend move.
Confirmation of a winning trade comes not just from indicators,
but also from our own bodily state, which will give
the feeling of being in sync.
Ultimately, the traders who make it in this business will be the
ones with the most perseverance. As time goes by, experience
will become a trader’s greatest asset. Each day, a trader gets
more experience as to what the best trades feel like and which
of his own behavioral patterns lead to trouble. Once he learns
the patterns that lead to mistakes, it is easier to make those
mistakes with less frequency. The fewer the unforced errors,
the steadier the equity curve in the long run.

RELIANCE

GREEN ARROWS show trendline support expect a bounce from support else it downmove is quitr furious ril may violate this channel,see the trend and trade
cheers
rish