The best way to find the type of trader you are is to see the capital curve,(or equity curve) over time into your trading account. Over time it may increase or decrease depending upon your performance but the way it is increasing and decreasing will give you an idea of where you are going, towards a professional trading or still in the 95% of crowd, who overall lose money. ------------------------------------------------ Type - 1 Big Loss Small Profit You will not believe me I observed ledgers of many traders where I found that this category has the majority. Some lose there entire capital in just 20 to 30 trades their losing trades are so capital disruptive that they soon get out of the game. The reason are many but one common reason I found in such traders that , they do not accept that they are on a path of failure. They always get crazy about their accuracy ,(as if you book small profit and big loss than your accuracy will be excellent) . One more problem is their search for a HOLY GRAIL.
My advice: May be this game is not for you. Try something else than trading, (Bitter advice but what can I do the reality is that this game is very hard) ----------------------------------------------- Type - 2 Big Loss Big Profit Now this category is of those traders who enjoys this game, their main reward is not monetary reward the innate thrill of this game, gives them so much pleasure that they can resist themselves. Reasons why they tend to behave like that are many but I think, they play the main role for prices to rally fast they make market uncertain and high volatile. Ultimately they lose money but they are not concerned. My advice: May be you , do not need any advice , You need Introspection
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Type – 3 Small Loss Small Profit This type is of that trader who had a bad experience in the market and now they want to improve their trading they read books follow gurus . They always are in a search for holy grail . Though they ultimately lose money but I like this type of trader because they at least accept loses. They at least cut down the main hurdle. They survive long. Advice: You accept small losses but why exiting early manage your emotions follow plane believe in plane, that’s it. Just allow trade to run in profit.
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Type – 4 Small Loss Big Profit This type of traders are the pro ones their entry is difficult but exit is marvelous , rest of the traders shuffle a lot while exiting from a trade but this trader they are genius in it. They make plane, execute them, flexible with plane, accept mistakes … etc Advice: Sometime you may feel boring as the trader life is not a social life , after seeing all whipsaws in your trading journey you may feel tired but always remember there is yet many milestone to achieve, this is just a beginning. ----------------------------------------
The trading is a negative sum game , here one's profit is a loss of other. This is like battle where traders fight with their conflicting opinions at the same time simultaneously.
So keep your fighting spirit up .
Comment
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THERE IS A MISTAKE PLEASE CORRECT THE TYPE 4 CATEGORY IS SMALL LOSS AND BIG PROFIT CATEGORY
Thank you for your valuable contribution to the Tradingview community and keep up the good work!
begag99739
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Type one lost 30lakh till now any advice I am dr by profession. Can’t control my emotions. Carry forward loss for next day and market opens against me. Made some big profit too but loss them again.any advice from expert thanks
sukhenb27
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@begag99739 stop fleecing your patients. it's because of their curse that you are unable to grow big on the money that you fleece from your patients/customer.
TRADEWITHFUN247
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@sukhenb27, There are many big traders Dr by profession ...It is not about they are fleecing from patients.
TRADEWITHFUN247
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@begag99739, I want to know more about your trading style your trading mindset only after that anyone can give you better advice....There are multiple reasons why traders can't book loss and those reasons are always in there personality traits . You can better understand about the psychology formation as you are a doctor by profession. Our believes affect our decision making while trading
@TRADEWITHFUN247 .sir I am being arrogant can’t see trade going against me..I always did averaging in losing trade.on expiry day waited till Premimum becomes zero.yes sir I think I must work on my psychology.
TRADEWITHFUN247
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@begag99739, You know being right on a particular Scrip gives more pleasure than booking profit on it... Every trade you take is your opinion about the price. If prices goes against you think you are wrong which is really uncomfortable for anyone to accept. Who will in this world be okay with being wrong. .... Unless you accept the reality, that your opinion you analysis your predictions has nothing to do with prices movement . If you buy CAll option and price rises you feel good about your prediction, but "why" price is not moving up because of reason you putting about it. same goes with losing position you are not losing in an open position because you are wrong , Prices are totally random accept it rather focus on money management position sizing.
sukhenb27
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@TRADEWITHFUN247 doctors are always overworked and in demand because patients are more compared to the proportion of doctors. so I find it amusing how doctors can find time to stick to screen and do option trading
begag99739
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@TRADEWITHFUN247 THANKS sir for your valuable advice and guidance.WILL WORK On money management and position size. Taking break for 6 months.HOPE i will recover my losses in future and come out of this phase asap.🙏.will work hard👍🏻
Thank you for your valuable contribution to the Tradingview community and keep up the good work!