31072013

Nifty opened below PDL. Did not take the short below the first MC as BPB as I expected some consolidation after continuous fall. Tried a long above the swing high as FTC . quick 15 point trade. Did not get any other reliable signal today.

30072013

I was not watching the market in the morning session. When I came market was drifting down. I expected a BOF at BRN 5800. But it came very late In hind sight analysis there were two nice signals. LOL BOF of BRN/IRH and BPB of PDL/IRL. I would not have taken these trades  as I generally do not trade during announcements.

29072013

Nifty Opened within previous day range. Broke below PDL and BRN. Avoided the BPB of BRN as there was no momentum to the down side. First trade was the BOF of IRH. shorted below PDL. This trade moved well. Avoided the BOF of Range low as there was no space.

Practicing to Fail !

Last week, I was reading about Michael Jordan, the legendary Basket Ball player. His life is very inspiring. . I was very surprised to note how he practiced the game. Despite being number one in the game, his game practice was very basic and simple, like free throws and just dribbling.

Getting the basics right is very important whether it is Basket Ball or Trading. We need a solid foundation to build on. Otherwise the whole structure may collapse. If you get away from the basics, the bottoms will fall out for sure

Unfortunately, many traders do not understand the fact that they are practicing useless skills. They work hard and practice well. Still trading consistency remains elusive for them. They think their problem is psychological or discipline related. Wrong.

The real problem is that they do not understand the “Reality of the Market”. They have no idea how a dual auction market functions and what move prices. Any methods that ignore these realities are destined to fail. The more they practice, the more they will fail and they will become experts in trading the wrong way

Message from Michael Jordan is very clear and relevant even in the field of Trading. Jordan warns that when you “get away from fundamentals… the bottom can fall out of your game, your schoolwork, your job… whatever you’re doing.”

"You can practice shooting eight hours a day, but if your technique is wrong, then all you become is very good at shooting the wrong way. Get the fundamentals down and the level of everything you do will rise.”   Michael Jordan

Are you practicing to fail ?

25072013

Expiry day. I am not comfortable trading expiry. I simply do not trust the market on such days. Today also lost a little. Nifty opened within previous day range. IR formed. Broke IRL and PDL and formed a Barbed Wire around PDL for a while. Went short on the BPB of range low. Market went down respecting all the Flips. But after stopping me out for a point.I was not confident to re enter. Missed a 50 point trade. Tomorrow I will not be available Will be back on Monday.

No Excuses

"Maybe it’s my fault. Maybe I led you to believe it was easy when it wasn’t.”  

“Maybe I made you think…that my game was built on flash and not fire.” 

“Maybe I led you to believe that basketball was God-given gift and not something I worked for, every single day of my life.”

“Maybe I destroyed the game, or maybe you’re just making excuses.”

 Michael Jordan

We should not limit ourselves by thinking that becoming great requires natural gifts. We can all improve our game every day through practice, attention to detail and perseverance.Greatness in sport, or in any other field, is something that takes years of hard work and determination.