Sunday, October 3, 2010

Quick Thoughts Again

As I begin another post, I realize I have some more time to do the things I want : Write, Trade, Share(Teach) and spend more time with the family.
Lot of More's!

Starting October 1, I will take a break from CNBC-TV-18 (10 years and 10 months!). I needed some rest from a hectic work schedule. I will be available on Bloomberg-UTV for few times a week. My first appearance should be on Tuesday, October 5 at 9 AM. If you have the time, do tune in.

This post was about King Canute, king of England. He was walking on the sea shore reflecting on his weakness and age. His courtiers in an effort to curry favour praised him as a king with God-like powers. The king did not believe them but said, "If I have such powers then the tide will stop coming in when I command it to do so". He did command but the tide continued to come in.

This story has a significant connection with trading. Markets do what they want, and, traders cannot control the day to day action of the markets any more than King Canute could control the tide.

Traders can control their own actions. This is what the focus of all trading should be! Disciplined rules for entry, exits, position sizing, stock selection will give a profitable trading career.

1 comment:

Pi said...

My friend has started a blog where he puts out trade ideas based on chart patterns on individual stocks. I was surprised by the quality of pattern analysis, though he has just started, so it will take time to see how the ideas perform. But do have a look -