on Wednesday, December 31, 2014
Technical Analysis of SKS MICRO :

Buy SKS MICRO For a target of 440.


Investing and Trading in any equity,future,gold,silver,forex and crude-oil is risky. My recommendations are technical analysis based on & conceived from charts. The information provided is not guaranteed as to accuracy or completeness. This is my personal view only.

Please consult your adviser or consultant or analysts before investing and/or trading. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by any.

Technical Analysis of FEDERAL BANK :

Buy Federal bank for a target of 166.


Investing and Trading in any equity,future,gold,silver,forex and crude-oil is risky. My recommendations are technical analysis based on & conceived from charts. The information provided is not guaranteed as to accuracy or completeness. This is my personal view only.

Please consult your adviser or consultant or analysts before investing and/or trading. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by any.
on Tuesday, December 30, 2014
What is the difference between Sachin Tendulkar and Virendra Shewag, Both have class of their own, infact Shewag palying style is far better than Sachin instead of this Sachin is remembered as All-time Greatest whereas Shewag has been forgotten by most of the Cricketing fraternity.

The Big Difference is Consistency.

This leads me to my next point; Difference between a trader and professional trader, Consistency in profit is what is a “BIG BIG” difference between a trader and a professional trader. As a trader you may be right in one or two trades and make big money but in next few trades you lose your profit and in worst case you lose your capital means you are not trading professional and you lack the most basic skill of professional trader “Consistency”.
Most of you know that is Arnold Schwarzenegger in the picture to the right, Arnold personifies the fact that consistency pays off physically, mentally and financially.

You’ve probably read about habits and how they are the “key” to success in trading and virtually everything else in life. However, I’m willing to bet you’ve found less information on HOW to go about obtaining these all-powerful habits. In today’s article, I’m going to give you a brief overview of the power of effective trading habits and then get into EXACTLY HOW TO OBTAIN THEM so that you can get on the track to profitable trading NOW with CONSISTENCY.
on Monday, December 29, 2014
Rule No. 7: Keep It Simple
I’ve found that the best trading systems are simple. It’s easy to understand why they work and it’s easy to follow their rules. The more complicated a system is, the more room for error there is. That’s probably why I’m such a fan of the PAC Trading System, which remains a very simple trend following strategy.

Rule No. 8: Trade Less, Not More
I see a lot of new traders who think they have to be in the market at all times. They also tend to think that every trade decision needs to be all-in or all-out. The truth is, there are times when the right trade is no trade at all and you have to wait for the market to show you where it’s heading. Trying to be all-in, all the time will lead to whipsaws that whittle away at your portfolio.

Rule No. 9: Focus on Fewer Stocks
Due to popular images of the trading world’s go-go culture, many people thinks that being a successful trader means frantically chasing hundreds of stocks. The truth is, most of history’s great traders – legends like Jesse Livermore, Gerald Loeb, and Nicolas Darvas – spoke often about the danger of trading too many stocks. For Chopad System traders, we focus on the 4-8 true market leaders. The big money is made in those elite leaders, so there’s no reason to be trading dozens of lesser-quality stocks.

Rule No. 10: See the BIG Picture and Follow the Larger Trend
For trend traders, it’s important to focus on the big trends in the market and in individual stocks. Getting too caught up in the intraday action can cause you to make poor, emotional decisions. Often times, the best traders only need to check the market once or twice a day. Some check it even less. When you find yourself getting rattled by the day-to-day market noise, switch to weekly charts or step away from the market altogether for a day or two. A big picture perspective is essential.

Rule No. 11: NEVER Stop Learning
The moment you think you’ve got it all figured out is the moment you’ve likely topped out. Great traders never stop learning, researching, and getting help from other traders. Though the general trading strategies that have been proven to work for decades will continue to work, the details are changing often and need to be adapted to. Be humble and don’t ever stop learning.

Rule No. 12: Don’t EVER Quit
You have to have patience, discipline, and perseverance to succeed at this game. Every trader will hit losing streaks and frustrating times. It’s during these times when the urge to quit or change strategies is at its highest. Don’t do it. If it was easy, everyone would be making millions trading. It requires hard work and mental toughness to be a successful trader and there will be times when you have to swallow your pride, buck up, and persevere even when you don’t feel like it. But remember, as Mike Ditka said, “You’re never a loser until you quit trying.”
on Sunday, December 28, 2014
I like to keep things simple. As Albert Einstein said, “Everything should be made as simple as possible . . . but not simpler.”
With that in mind, here is a list of 12 simple rules that I have found to be the key to successful trading. If you’re not getting the results you want as a trader, you’re breaking one or more of these rules.
Rule No. 1: Follow YOUR Dreams
The dream of being a successful trader, especially someone who trades for a living, is one of those “big” dreams that naysayers love to squash. Don’t listen to these cynics. There are too many examples of people who have started with very little and made fortunes trading. You can be certain they’re glad they didn’t listen to the naysayers. On the other side of the coin, make sure that you really enjoy trading before committing to it. All the great traders I know have a true PASSION for the game of trading. If you don’t have a passion for trading, you won’t last long.

Rule No. 2: Put Your Time and Energy into the Things You Can Control and Don’t Worry about the Things You Can’t Control
You must realize that you can’t control what the market, or a particular stock, does. All you can do is control your reaction to what it does. Focus all your effort on making good decisions based on what actually happens and don’t worry about trying to GUESS what happens next or beat yourself up over things that happened in the past.

Rule No. 3: Find the Trading System that Fits YOU Best
Guys like Warren Buffett make millions with value investing, guys like Nicolas Darvas made millions trend trading, and some guys make a living day trading. There is no “Holy Grail” trading strategy that magically spits out money. There are several different trading systems that “work” and each of these strategies will outperform others at certain times. You need to find the system that fits your personality best and stick with it. The new trader will go broke constantly changing their strategies and chasing different systems.

Rule No. 4: Protect the Money You Have with Proper Risk Management
Defense wins championships, in sports and in trading. That means protecting the downside first. I’m all for positive thinking, but to succeed as a trader you must always plan for the worst. You should never enter a trade without knowing exactly where you will exit it if it goes against you.

Rule No. 5: Give Yourself an Unfair Advantage
To succeed as a trader, you need to stack the odds in your favor and the only way to do this is to cut your losses quick and let your winners run. Successful trend traders can make a fortune hitting well below 50% winners. They do this by making sure that, over the long term, the profits on their winners are much larger than the losses on their losers. It’s such a simple strategy, but so many new traders fail to understand it.

Rule No. 6: Follow Your System’s Rules
Never trade on hunches, guesses, predictions, or emotions. Once you decide on the system that’s right for you, you need to follow its rules. Is there ever a time for discretion? Sure, but I like to say that discretionary decisions should be limited to 10-15% of your trades. If you’re making “exceptions” to your system’s rules more often than that, you’re heading down a destructive path.

on Saturday, December 27, 2014
1. Never, under any circumstance add to a losing position.... ever! Nothing more need be said; to do otherwise will eventually and absolutely lead to ruin!

2. Trade like a mercenary guerrilla. We must fight on the winning side and be willing to change sides readily when one side has gained the upper hand.

3. Capital comes in two varieties: Mental and that which is in your pocket or account.Of the two types of capital, the mental is the more important and expensive of the two. Holding to losing positions costs measurable sums of actual capital, but it costs immeasurable sums of mental capital.

4. The objective is not to buy low and sell high, but to buy high and to sell higher. We can never know what price is "low." Nor can we know what price is "high." Always remember that sugar once fell from $1.25/lb to 2 cent/lb and seemed "cheap" many times along the way.

5. In bull markets we can only be long or neutral, and in bear markets we can only be short or neutral. That may seem self-evident; it is not, and it is a lesson learned too late by far too many.

6. "Markets can remain illogical longer than you or I can remain solvent," according to our good friend, Dr. A. Gary Shilling. Illogic often reigns and markets are enormously inefficient despite what the academics believe.

7. Sell markets that show the greatest weakness, and buy those that show the greatest strength. Metaphorically, when bearish, throw your rocks into the wettest paper sack, for they break most readily. In bull markets, we need to ride upon the strongest winds... they shall carry us higher than shall lesser ones.

8. Try to trade the first day of a gap, for gaps usually indicate violent new action. We have come to respect "gaps" in our nearly thirty years of watching markets; when they happen (especially in stocks) they are usually very important.

9. Trading runs in cycles: some good; most bad. Trade large and aggressively when trading well; trade small and modestly when trading poorly. In "good times," even errors are profitable; in "bad times" even the most well researched trades go awry.This is the nature of trading; accept it.

10. To trade successfully, think like a fundamentalist; trade like a technician. It is imperative that we understand the fundamentals driving a trade, but also that we understand the market's technicals. When we do, then, and only then, can we or should we, trade.

11. Respect "outside reversals" after extended bull or bear runs. Reversal days on the charts signal the final exhaustion of the bullish or bearish forces that drove the market previously. Respect them, and respect even more "weekly" and "monthly,"reversals.

12. Keep your technical systems simple. Complicated systems breed confusion; simplicity breeds elegance.

13. Respect and embrace the very normal 50-62% retracements that take prices back to major trends. If a trade is missed, wait patiently for the market to retrace. Far-more often than not, retracements happen... just as we are about to give up hope that they shall not.

14. An understanding of mass psychology is often more important than an
understanding of economics. Markets are driven by human beings making human errors and also making super-human insights.

15. Establish initial positions on strength in bull markets and on weakness in bear markets. The first "addition" should also be added on strength as the market shows the trend to be working. Henceforth, subsequent additions are to be added on retracements.

16. Bear markets are more violent than are bull markets and so also are their retracements.

17. Be patient with winning trades; be enormously impatient with losing trades. Remember it is quite possible to make large sums trading/investing if we are "right" only 30% of the time, as long as our losses are small and our profits are large.

18. The market is the sum total of the wisdom ... and the ignorance...of all of those who deal in it; and we dare not argue with the market's wisdom. If we learn nothing more than this we've learned much indeed.

19. Do more of that which is working and less of that which is not: If a market is strong, buy more; if a market is weak, sell more. New highs are to be bought; new lows sold.

20. The hard trade is the right trade: If it is easy to sell, don't; and if it is easy to buy, don't. Do the trade that is hard to do and that which the crowd finds objectionable. Peter Steidelmeyer taught us this twenty-five years ago and it holds truer now than then.

21. There is never one cockroach! This is the "winning" new rule submitted by our friend, Tom Powell.

22. All rules are meant to be broken: The trick is knowing when... and how
infrequently this rule may be invoked!
on Wednesday, December 24, 2014
1. Successful traders stay neutral:
Staying neutral means to be emotionally detached from your trading decisions. I’ve met many day traders that were emotionally suffering for the rest of the day after losing 1000 or even less and when they made 10000 they would be “on top of the world”. They are definitely not trading neutral.
If you are like that, then your trading will definitely be driven by fear and greed; if you are down 1000 you probably don’t want to take a loss, just because you know that you will be emotionally suffering. If you are up 10000 you might want more, even though you should take profits. Or you might end up taking profits way too early because you are afraid that the position might turn against you. The professionals don’t let the day-to­day oscillations in their account faze them. The results of one week don’t matter much, not even the monthly results. It’s just a small blip of time in their career, so the day-to-day oscillations don’t really matter. Emotional ups and downs are pretty normal for beginners. If they influence your trading decisions too much, then I would strongly advise you to go back to paper trading in order to gain the confidence you need to not let those oscillations affect you too much.
Staying neutral also means to see the price movements like they really are, not how you want them to be. You might all know the situation where a trade is going against you, and you start looking for other reasons why it is still a good trade and you should hold it. This is very dangerous since it leads people to breaking their stops and to lose big. Your entry and exit criteria have to be absolutely clear before you make a trade. Switching strategies while you are in a trade is one of the worst things you can do. You can always find a reason for your position to go up or down, but you don’t see the actual price movement anymore. You are shifting from reaction to prediction! A day trader should under no circumstance try to predict future price movements. As traders we have to play the actual price movement, not what we think the movement should be! Please leave prediction to investors. A lot of times I see traders taking positions in stocks they know very well fundamentally. They mix trading with investing. This is very dangerous too. While there might be reasons to enter a position for a short-term trade they often end up holding it as an investment if it goes against them. Just think about Enron.
Yes, there were points during the Satyam / 2008 Crash sell off where a trade would have been justified. Even I held Satyam for a short recovery from about 20 to 25. The problem is, that if you base your entry on the belief that the company is cheap and it has to recover, you will be more and more inclined to hold your position or even add to it once it goes lower. The stronger your opinion on a stock, the harder it is to make decisions based on the actual price movement. I would strongly advise you to have a separate account for fundamentally based trades. A day trading account gives you too much leverage, making it very tempting to take risks that are way too high!! I am not saying that it is not good to have expectations; everyone should know what his potential trades are most likely going to do. Should those expectations be wrong though, then we have to accept that and react according to what is really happening.
2. They are not afraid to place a trade:
Fear or a lack of confidence in your trading decisions makes it hard to enter trades in the first place. You will often find yourself letting good opportunities pass by, or you are waiting for additional confirmation that the stock is going your way, which makes you enter trades too late and you end up chasing the stocks; often getting in at the end of the movement. Fear of losing money makes it harder to take losses. Too much fear will either make you not take losses at all and cause significant draw downs, or it will make you take losses to soon, before the actual stop price was hit. Confidence in your ability to make good trading decisions will help you to be patient since you know that eventually there will be good opportunities. Traders with a lack of confidence tend to look for different trading strategies every time something goes wrong for them. They are therefore never able to focus on one strategy and master it. Even if you are a experienced trader you might lose some confidence once in a while. Go back to paper trading or to trading small shares in order to get yourself back on track.
3. Successful day traders only use risk capital for trading:
If you are day trading with all the money you have without having another income you will be way too scared in order to make any neutral decisions. There is a saying that scared money never wins. I have yet to see a trader who was able to live off a 5K trading account without any additional income.
4. They focus on a few strategies that suit them well:
Many traders try to implement too many strategies at once. They think they have to make money every day. The most successful traders I know only have a few strategies that they are highly successful with, sometimes only one. The goal is to find a strategy that YOU are comfortable with and to master it. This won’t come overnight. Of course you need to have a look (and try) different strategies until you find something that you are comfortable with. Keep in mind that no strategy works in every market. Therefore it is normal to sit on the sidelines every once in a while. You don’t have to make money every day. The key is to only trade when the odds are in your favor and to stay in the game. Once you have established a “bottom line” strategy you should slowly move on and implement other strategies.
5. They are patient:
This starts with patience in your learning process. Take time to trade on paper for a while. You will make mistakes and it will take time to get comfortable with your trading decisions. Please make your mistakes on paper; this will keep you in the game. If you absolutely want to trade live right away please do so with a very small amount of shares. You can make a lot of mistakes if you are trading a small amount of shares. If you use your full buying power though one blown stop can wipe you out. I have yet to see a trader (including myself) who didn’t blow a stop at least once!!
Patience to wait for trading opportunities is very important too. As stated above, not every strategy works every day. You might have to wait a while to find a good trade. It can also happen that you have a losing streak. A good trader will not worry too much about that and will do something else. Sitting in front of your computer trying to make back losses is the worst thing you can do. I would strongly advise you to set maximum losses per day, week and overall. Stop trading immediately if your maximum losses are hit. Remember, as long as you stay in the game there will always be another day with new opportunities.
6. They are great money managers:
A good day trader will never risk more than 2% of his trading capital on a single trade. This means that if he has to take a stop, the amount of money he is willing to lose will be no more than 2% of his capital. 2% is the absolute maximum. You should attempt to risk less than that. The reason why this is so important is that even if you are right 99% of the time you can still lose 10 times in a row. Every once in a while this might happen to you. Only if you risk little money you will be able to survive such a draw down.
7. Successful traders – Trade with Confidence:

I believe that trading with confidence is by far the single most important secret to successful day trading. The most successful traders I know only use a few basic strategies based on simple technical analysis, candlestick charts and chart patterns. What made them so successful was the confidence in their trading strategy, their ability to stay neutral and to execute their trades according to what they see.
Technical analysis of Axis Bank:

Sell Axis bank for a target of 474. Stoploss as per your risk levels.


Investing and Trading in any equity,future,gold,silver,forex and crude-oil is risky. My recommendations are technical analysis based on & conceived from charts. The information provided is not guaranteed as to accuracy or completeness. This is my personal view only.

Please consult your adviser or consultant or analysts before investing and/or trading. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by any.
on Monday, December 22, 2014
Technical Analysis Of Godrejind :

Buy Godrejind for a target of 311. Stoploss as per your risk levels.


Investing and Trading in any equity,future,gold,silver,forex and crude-oil is risky. My recommendations are technical analysis based on & conceived from charts. The information provided is not guaranteed as to accuracy or completeness. This is my personal view only.

Please consult your adviser or consultant or analysts before investing and/or trading. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by any
A good futures trader is someone who can profit in any type of market condition. Traders come from many different backgrounds and lifestyles, but most good futures traders are:

Independent Thinkers

Great futures traders think for themselves. They follow what is happening with world-related events, the markets and other factors to make their trading decisions. In times of collapsing prices, they avoid panic and seek out paths to profit by using bearish strategies. Conversely, they do not get caught up in greed when others are feeling like prices will continue to rise with no inevitable correction. Avoiding this kind of crowd mentality allows the best futures traders to position themselves and profit at the right time. (Check out World’s Greatest Investors to learn more.)

Strong Analysts

To be a good futures trader, you must understand technical and fundamental analysis. The more you are able to apply your understanding, the better you will be at spotting trading opportunities. To do this you want to learn as much as you can about all the different forms of analysis. This will help you gain the knowledge and the experience necessary to make better trades. While this may seem like an enormous task, in reality it’s not. It can be done during your leisure time by reading different books, magazines, visiting futures-related websites, watching the news and by paper (practice) trading. (Read our related article Blending Technical And Fundamental Analysis to learn more about doing this.)

Active Learners

To continue learning new ways of trading, consider going to seminars or other events where you can interact with other traders and learn to accept and use new ideas. This allows you to learn from other traders’ mistakes, meaning that your odds of having more successful trades increase.

Handy with the Tools of Their Trade

When you are trading futures information is key. You want to make sure that you have the ability to place trades 24 hours a day, have real time quotes, software to help you analyze the markets quickly and be able to receive fast executions. With these tools you will be able to react quickly to the changing market conditions.

The Bottom Line

Being a good futures trader means staying informed. Inform yourself about different forms of analysis, different strategies and learn from the mistakes of others. Trust in your well-researched strategy and your diligence will pay off. By following these simple tenets, you are increasing your odds of seeing more profits and fewer losses in these challenging yet rewarding markets. (For additional tips on become a great trader, read our related article Patience Is A Trader’s Virtue.)
on Friday, December 19, 2014
Technical Analysis of GMR INFRA:

Buy Gmr Infra For A Target Of 21. Stoploss is as per your own risk levels.

Technical Analysis of HINDALCO:

Buy Hindalco For A Target Of 168. Stoploss is as per your own risk levels

Technical analysis Of Bhartiartl :

Buy Bhartiartl for a target of 368. Stoploss as per your risk levels.


Investing and Trading in any equity,future,gold,silver,forex and crude-oil is risky. My recommendations are technical analysis based on & conceived from charts. The information provided is not guaranteed as to accuracy or completeness. This is my personal view only.

Please consult your adviser or consultant or analysts before investing and/or trading. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by any.

When a market gaps up out of a trading range it confounds many traders. They do not understand how the price can gap up to a whole new trading range, stay there all day, and even go higher through the day. If the gap is out of an oversold level it is actually a high probability trade entry in most cases as a new trading range is established with the potential of a new uptrend beginning. If a gap up does not fill in the first hour and a half of trading the odds are it will just keep going in that direction for the remainder of the day. Shorting momentum is a bad idea in most cases and shorting a gap up is not a signal in most cases it is an opinion. Gap ups tend to work much better in long term up trends than in bear markets.

What causes these situations? They are generally psychological and not based on fundamental valuation changes:

There are only three positions a trader can hold on a gap up day: Short the position, holding it long, or flat and in cash.

The traders short positions will have a very strong desire to cover their shorts to stop the pain, this will increase as the day goes on. Shorts that have to cover due to being stopped out into the gap creates buying pressure pushing the market up yet farther.

The traders and investors long have no pressure to sell on the gap up day. They are happy with their positions and generally let the winner ride in most cases. There is no pressure coming from long positions being stopped out so this alleviates a lot of selling pressure. Only profit taking from this group creates selling pressure and they are under no real urgent pressure as they see their account grow.

Traders and investors on the side line in cash want in on any pull back. Professionals have under performance of the market as pressure and they need to chase and get positioned right so they have pressure to buy. Traders that are flat want to get on the profit bandwagon so they create even more buying pressure as they enter on any chance they get. Many will give up and chase by the end of the day as well.

This is what causes these types of gap and gos. Long are sitting tight creating no selling pressure, short are having to cover causing buying pressure, and people on the sidelines are wanting in causing dips to be bought and rallies out of weakness. Think about these dynamics next time you think “It just can’t go any higher.”
-Steve Burns...
Trading is a war and there may be few battles which may get lost, losing a battle do not means you have lost the war. Trading is not about one day, one week, or even one year. Trading is about taking money out of the markets over and over again, consistently.

When I have bad days and series of losing streak in trading one thing which has helped me time and time again is  I look at my long term track record of my trading curve , and that gives me confidence in myself as a trader, and my trading methodology.

So if you want to make long term profitability as stock trader, and option trader, here are principles that will help you to be profitable in the long term as a trader.

·        Trade with the trend, Market is a irrational beast and it can keep going in a single direction so always try to be with the trend. As Humans emotions overpower you, as a trader you need to control your emotions in making your trading decisions.

·        Have a trading plan and trade as per your plan. Do your Homework before you begin trading.

·        Trade based on quantifiable facts, not your own emotions. Trader should react based on price action, not based on my feelings.

·        Trader should learn from other people’s experiences, instead of losing his own money and learning the hard way.

·        Trader should study historical charts of stocks/Index in different time frames, to know short, medium and long term trend. Always back tested your trading strategy before entering market.

·        Trader should develop a trading plan to give him rules to follow to instill discipline in trading.

·        Trader should have passion for trading and “Never give up” attitude.

·        Trader should develop a trading methodology that fits my own personality and risk tolerance parameters.
on Thursday, December 18, 2014
Must read for every kind of trader. Enjoy your weekend!
What separates the 10% that make money from the 90% that don’t?

10,000 hours.

The key to success in any cognitively complex field is, to a large extent, a matter of practicing a specific task for a total of around 10,000 hours. 10,000 hours equates to around 4hrs a day for 10 years. For some reason most people that ‘try their hand’ at trading view it as a get rich quick scheme. That in a very short space of time, they will be able to turn 500000 into 10 Lakhs! It is precisely this mindset due to which most of traders fail !!
The greatest traders understand that trading much like being a doctor, engineer or any other focused and technical endeavor requires time to develop and hone the skill set. Now you wouldn’t see a doctor performing open heart surgery after 3 months on a surgery simulator. Why would trading as a technical undertaking require less time?
Trading success, comes from screen time and experience, you have to put the hours in!
Education, education, education.
The old cliché touted by politicians when they can’t think of anything clever to say to their audience. The importance of education to success in trading cannot be placed on a high enough pedestal. You have to learn to earn, the best traders work obsessively to refine their edge further to stay ahead of the curve.
Think for yourself.
“NO! NO! NO!”… “Do not Sell Real Estate Stocks, Market will go Higher”…”Don’t move your money from Stocks! That’s just silly! Don’t be silly!”
A quote from well-known stock guru SP Tulsian aired on CNBC days before 2008 crash, many traders/investor lost 90% of its value. Many followed this call and felt the obvious pain as a result. As the old saying goes, “too many cooks spoil the broth” it is very much the same in trading. Successful traders blinker themselves from the opinions of others; they focus on their own analysis of fundamental and technical information.
Adapt or Die.
Market conditions change and technology advances, thus the conditions for trading are always evolving, the rise in mechanical trading is testament to that. The very best traders through a process of education and adaptation are constantly staying ahead of the curve and creating ever new and ingenious methods to profit from the markets evolution.
Fail to plan, you plan to fail.
The best traders have a well-documented plan; they know exactly what they are looking for and follow that plan to the letter. Their preparation for a trade starts long before the market open, it is this meticulous planning and importantly adherence to that plan that helps them avoid the biggest demons for any trader, over trading and revenge trading.
“Be like Machine”
As human beings emotions pay a key role in our existence, for a trader emotions can be a source of great pain. Trading psychology and the management of your emotions in a trade play a key role in overall success. Fear and greed can cut your winners short and let your losers run. Dealing with emotions follows on from your plan; the more robust your plan the less likely you are to fall into the emotional mine field.
Know your tools
Every trader has a set of tools they use, DOM, Charts, News feeds etc. These tools are a traders bread and butter; they are the most vital part of a traders arsenal, without which it would be impossible to trade. The best traders have mastered their order entry methodology, they know all about the features they need from their charts. This mastery of their tools, allows the trader to get the very best out of the resources they have available to them and ensures perfect execution of their trading ideas.
Know Thyself
Behind all the egos and excess, the best traders know their limitations; they focus on what can go wrong in a trade, and expend a lot of energy in limiting and controlling their risk before thinking about profits. They have a heightened sense of self-awareness and focus on incremental self-improvement.
Profit & Loss
The best traders focus on the trade itself rather than the P&L; they view each trade as a technical exercise and focus on getting the most out of the market in accordance with their plan. They do not think in terms of the grocery payment, the electric bill and the desire to make X amount to cover a loan payment. Focusing on the money behind a trade can cloud technical objectivity.
In Conclusion

The greatest traders work hard to get ahead and even harder to stay ahead. Through increased and niche knowledge they constantly adapt with the market and remain profitable in every environment. Drive, tenacity and the will to succeed is the greatest edge of every successful trader.