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DAY 2 - TRADER'S PRACTICE

alifari Опубликовано 2 Июль  в #Trader's blog #Trader #Practice
Success is a few simple disciplines, practiced every day; while failure is simply a few errors in judgment, repeated every day. —Jim Rohn
What is a trader's practice?
For the active trader, it's studying the previous day's trading, replaying markets, identifying best and worst trades, and cementing lessons learned.
It's also seeing how the coming day is setting up across markets and in pre-market trade, developing what-if scenarios for trade ideas, and rehearsing the day's goals.
By the end o…
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DAY 19 - Trader Contest Standing Review

alifari Опубликовано 19 Окт.  в #Trader's blog #Contest #Trader #Review #Standing
Quote: "It takes a hell of a long time to study price. And after 5 long years of it, I can tell you it's all still just your best guess"

I was unable to post my blog for Day 18 as was out of town and decided not to think too much about trading or contest performance, instead had a nice and relaxing weekend with the family. After winning and losing hundreds of trades, I can say one thing for sure that no profitable trade can give you the same satisfaction or happiness than the quality time spend…
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cocciolla avatar
cocciolla 20 Окт.

NOTHING IS SAFE

ANABEVZ avatar
ANABEVZ 20 Окт.

Best wishes!

Bimlesh avatar
Bimlesh 20 Окт.

Very well written... and your words are honest...I also agree, the things, the joy which feel of less value today would be the most regretted tomorrow.. if we dont enjoy it today... we only have 25550 days of life out of which 11000 are nearly finished for almost all over here :)

peachynicnic avatar
peachynicnic 20 Окт.

5 years is really a long way..

MobNaga avatar
MobNaga 21 Окт.

no family, no life!

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DAY 24 - The Mind is the Trader's Ultimate Edge.

alifari Опубликовано 24 Авг.  в #Trader's blog #Trader #Mind #Edge
What goes inside the Mind of a trader is directly related to the success or failure of a trader. Charts matter, Edge matters , Timing matters , Understanding your Market matters.... but the commonly under estimated thing in my opinion is "Frame of mind". As a trader we need to be mindful of our mental state and if we don't feel 100% in the correct state of mind, we should walk away from the trade.
Quotes from: Trading Rules That Work, Jason Janovsky:
"We must rise above the average thinking pr
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Sharpshooter 25 Авг.

Верно)

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DAY 19 - RISK MANAGEMENT

alifari Опубликовано 19 Май  в #Trader's blog #Risk Management #Trader #Amateur #Professional
Risk Management - Amateur Traders vs Professional Traders
Amateur Traders don't give much importance to risk management. Many of amateur traders are under capitalized, as such they use excessive leverage to achieve their goals resulting in taking higher risk than normal. Majority of them don't place their stop loss beyond a technical price barrier, but use some arbitrary stop-loss, which price doesn't respect very often. They give too much emphasis to an individual trade rather than a series of…
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verindur avatar
verindur 20 Май

I worry about risk management here otherwise I have a couple of orders on in different contests targeting top slot. So sometimes its not about risk management its about travelling fast. In fact it turns out to be slow at times.

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DAY 18 - PATIENCE & DISCIPLINE

alifari Опубликовано 18 Май  в #Trader's blog #Patience #Discipline #Trader #Amateur #Professional
Patience & Discipline - Amateur Traders vs Professional Traders

Amateur
Traders are not sufficiently selective when entering trades. When they see volatile price movements, they become impatient and enter trades in middle of nowhere based on emotion, fear & greed rather than waiting for their system to give a buy/sell signal according to their trade plan. They want to be part of market action, as soon as they open their charts and see volatile price movements. They don't think in terms of proba…
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Jignesh avatar
Jignesh 19 Май

I read this as I'm contemplating what to do with 2 trades I just missed and are going my way.  Your timing is impeccable!

alifari avatar
alifari 19 Май

Jignesh, it's all part of the game, we miss some, we get some, but market provides us with ample opportunities day in and day out. Gonna write something about missed trades in my next blog.

Jignesh avatar
Jignesh 20 Май

You're right,  But it depends on the time frame you trade.  Scalpers have opportunities all the time, but say you hold trades for a few weeks, those opportunities only come 2-3 times a month.  If you miss it, it's harder to shake off.Looking forward to reading your insight on missed trades.

alifari avatar
alifari 20 Май

I agree with u and used to think the same, but if you have a higher time frame bias and conviction that price will go in certain direction and even if you miss the first opportunity, you can drop down a time frame or two and enter on retracement with tighter SL and earn similar R profitability then the initial trade. But this logic best work on live account, but in contest it's all about high profitability, so yes I agree that it's hard to let it go.

Jignesh avatar
Jignesh 20 Май

Yes you are right.  I'm speaking with a bit of a bias.  I've been wanting to short Gold all year.  I missed the first entry on March 16, and then missed the retracement on April 14 by $2.  It's been hard to shake that off, these are the types of trades that make my quarter.  But for the most part, usually you get a decent retracement.

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Trader - Solitary Scholar

alifari Опубликовано 17 Май  в #Trader #Solitary Scholar
One is a professor surrounded and besieged by huddled students. The other is a solitary scholar, sitting in the tranquility and privacy of his chambers, at ease in the spacious and comfy room where his thoughts can move freely. Here we encounter the tumult of schools, the dust of classrooms, the indifference to beauty in collective workplaces,There, it is allorder and beauty, Luxe, calme etvolupte'
Jacques Le Goff
To my way ofthinking the trader is the "Solitary Scholar" Using order and beauty i…
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Jignesh avatar
Jignesh 17 Май

That is excellent, a beautiful analogy!  very insightful, you've opened my mind.  There is a saying, you hear what you need to hear when you need to hear it.  This is just what I needed to hear as I'm in a period of trying to distinguish "the noise"

alifari avatar
alifari 17 Май

Glad you liked it. The fact is there is lot of negativity & criticism everywhere I look around in my country, so I try to motivate myself by reading stuff which could inspire me to achieve my goals.

Jignesh avatar
Jignesh 17 Май

I completely understand, I try to do the same.  It's too easy to fall into that cycle of negativity.

Omela avatar
Omela 18 Май

good)

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Rookie Trader

alifari Опубликовано 9 Май  в #Trader #Rookie
Most of the rookie traders trade like this (including me). Out of sync, hammering every swing and getting cheeks done.
https://www.youtube.com/watch?v=_fNp37zFn9Q
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How to think like a Price Action Trader

alifari Опубликовано 26 Дек.  в #Trader's blog #Price Action #Retail #Trader #Mentality
Since market volatility is very thin, I thought there is no point in looking at charts and trying to find trade opportunities in a trade a 30 pip daily range. So I did some reading and here are some interesting points which could be helpful for price action traders :
1) Preserving win rate at the expense of risk/reward is foolish and a sign of a lack of confidence.
2) Very rarely taking a full loss on your losing trades is not something to be proud about. It very likely means your initial SL was…
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Daytrader21 avatar
Daytrader21 26 Дек.

It is always good to remember some valuable advice, you are never to old to learn new tricks in this game, but the most valuable advice is: Cut your losses short and let your winner run.

alifari avatar
alifari 26 Дек.

"Cut your losses short and let your winner run". I agree but the fact is it is the most easiest thing to say in trading, but most difficult one to implement.

geula4x avatar
geula4x 26 Дек.

+1 Liked: Nice post with very interesting ideas! Thanks for sharing and happy trading :-)

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Mass Psychology of Crowds

alifari Опубликовано 24 Дек.  в #Psychology #Trader #Mass #Crowds #Herd
[color=#000000]Read this on one of the traders blog (Rufus) found it interesting so would like to share it here:

LeBon ….. About crowds. Mass psychology of crowds
“Whoever be the individuals that compose it, however like or unlike be their mode of life, their occupations, their character, or their intelligence, the fact that they have been transformed into a crowd puts them in possession of a sort of collective mind which makes them feel think, and act in a manner quite different from that in which each indiv[/color]…
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geula4x avatar
geula4x 26 Дек.

+1 Liked: Psychology is one of the most important aspects of trading, which is usually ignored. Really liked the sentence: "Watching a chart is watching crowd psychology"! Happy Trading :-)

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