Often u would find a struggling person talks philosophy
Bcz, that's easy
Kind of accepting what's happening as inevitable
It's fate & u r bound to take it

But very few guys,
refuse philosophy
decide to fight
Make a plan
start from scratch
&
persist with hard work

They win

1/4
Relate it with trading
Each and every successful trader was a struggling trader once
It's just becoz he decided to keep philosophy aside and worked upon his core weaknesses,
he became what he is now

2/4
Behind his present success, there would be lots of painful experiences and sacrifices wold be there
which he committed to fullfil his ambition.
That's the solo route to success in trading career

3/4
Philosophical approach will definitely not work here
Do not fal prey to the easy option of accepting the so called fate as failure
That's losers game

4/4

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More from @ProdigalTrader

19 Oct
thr exists no way of building conviction on ur trading process
except "backtesting"
Its not just about the response in price after the chart set up is formed,

scaling in potential
Volatility risk
Impact of demand etc etc
thr r lot many important parameters to b quantified.

1/5
All the trading decisions u take in ur trading
has to be backrtested for the last min 5 years data.
Suppose u havent done any backtesting, and u have position which goes against u
u would be just holding it based on ur emotions.

2/5
u dont have any idea about what are the chances for price to regain all the losses
But if u have done the BT, then u will have an exact point of price beyond which there is no hope for any recovery.

3/5
Read 5 tweets
18 Oct
Volatility based Stoploss in day trading
Why closing based SL is fraud idea?

when u day trade with chart analysis,
u need to use OHLC charts
That means u use bar charts or candlestick charts.
U should never use line chart for that

1/10
This is quite obvious and everyone knows that
But the question is why is that?

Pls read on

In OHLC charting,
High and Low of every candle denotes the volatility in that time period.
This parameter is of atmost important in day trading as

2/10
this determines the stoploss for the trade
If a trader measure the volatility of every bar properly,
he is well informed about how much price can swing
away from a certain price point at any given period of time.

3/10
Read 10 tweets
24 Sep
psychology behind attempting to find and trade tops/bottom is quite straight forward.

suppose price is going up and near resistance
conceptually trade here is short
if the price fell from resistance and confirmed trend reversal,

1/5
one needs bear a bigger SL here
trend reversal point after confirmation being quite far
So we would wait for pullback so that risk would be lesser
When pullback actually happens,
he assess it as correction and assume the previous trend strength is lost already

2/5
Now, when price completes pullback and resumes falling again
he find himself in the same dilema, that SL quite wide as price fell already

Amateur traders find its solution as picking the top
so that he would be quite close to the SL level when making the entry

3/5
Read 5 tweets
23 Sep
Patterns and its trend requirement to qualify as a pattern

in charting, thr can be only 2 types of patterns possible

1... continuation pattern
2... reversal pattern

Simply it means there has to be trend behind every pattern to either continue or reverse.

1/7
that means u cannot draw a pattern,
after a sideways move

be it anything like head and shoulders, cup and handle, triangle etc,

u need to find a pattern after a strong trending move
in other words,
patterns are mere consolidations after a trending move

2/7
Such consolidation usually takes some geometrical shapes
which we name it based on the overall shape of the price action

if there was no trading move prior to the pattern u r finding out,
there is no such pattern exists.

3/7
Read 7 tweets
21 Sep
Right Trading Psychology - Role of conviction on ur process & practical way to build it

In my early days
trading wasn’t making progress
I had no idea if my approach would work
Does it have a high probability or not

Took a big leap when I started to learn coding

Thread 1//22
Once I started coding,
I started mechanically checking the set ups I use
Surprisingly I found that I oversee majority of the failure set ups
& end up understanding am playing on low probability set ups
I was betting more on hope than on fact.

2//22
That forced me to test everything before executing
becz
I knew I tend to see what am looking for
Not what actually was there in front of me.

Then
I went on to test

3//22
Read 22 tweets
20 Sep
A reality check on the return of ur capital

Suppose ur portfolio worth 1 Lakh at the time of investment.
You have seen lot of updates on twitter/telegram/fb etc. that many traders comes up with posting 5% up/10% up kind of updates on their timeline everyday.

thread 1//10
You are being a beginner,
just looking for a paltry 1% increase in worth every day for the next 1 year (almost 250 trading days)

2//10
Here comes the reality

Investment = 1 lakh
Interest = 1%
Interval = daily
Time span = 250 days (trading days)
Final amount = 12, 03,215/-
12 Lakh 3 thousand 2 hundred and 15 rupees !!!!!!!!!!!!!
thats 1100% return !!!!!!!!!!!!!

3//10
Read 10 tweets

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