Dear All,
I start with Quote from One of the Best Trader of All time Jesse Live more
" After spending many years in Wall Street and after making and lossing millions of dollors I want to tell you this : It never my thinking that made big money for me . It always my sitting . Got that ? My sitting tight ! It no trick at all to be right on markt " .............Jeese livemore
Here Jesse reffreing to sitting tight for trade that is according to you trade plan . You need to wait , wait and wait till right setup comes in market as per you trade plan .
The Biggest Edge the retail trader has , is not to trade .........surprised , let me explain , most of strong hands like Fii , Dii need to be have positions in market every time ......regardless of market conditions .
We as retail traders has got this "Bid Advantage" Not to trade when our trading plan don't permit us You can't control market prices , only thing that you can control is to put your money on trades when and only when your trading plan gives you desired contions to go for trade ,like risk reward ratio to do so .
But we are not aware of this advtantage or should i say never think of it .......just give a thought , in whole trading process what is under your control ......"your entry price " is the only thing that you can control .........if you use limit price order ........in market price order even that is also not sure at which price you get filled for trade , then why you jump on trades without giving a thought that if you are not getting desired entry price and you have not put a trade is your advantage .....by not trading you are using it as your advantage.
The problem with most of traders is that they want profit on every trade , want to trade every swing of market and ultimately take losses in market .
Intra day Trader - Only concentrate on 2-3 trades max in a day , if you cant find a single trade as per your trading plan ......dnt worry you just have use your biggest advantage in your favour
Swing Trader -Only concentrate on 2-3 trades max in a Week , if you cant find a single trade as per your trading plan ......dnt worry you just have use your biggest advantage in your favour
Positonal Trader - Only concentrate on 2-3 trades max in a Month , if you cant find a single trade as per your trading plan ......dnt worry you just have use your biggest advantage in your favour
Dnt Trade Market , Trade according to your Trading Plan.
Next time you want to take a trade thing 1000 times why your taking that trade .........as you will be using the only and the only biggest advantage you have as a trader by simply not trading .
Hope you have find this article useful
M : 9873511276
Thanks & Regards
Abhay Mehrotra
