This is my part of the story from last week of December.
Right now I haven't started trading from my own account. On last weekend I short listed stocks on my own w/o any indicators or anything-just seeing the trend, strength, setup and volume. I have a twitter post made as well.
I haven't spent a penny on books, one might think it is bullshit then. But I download it for free from LIBGEN as I can't ask my parents to buy it the hardcover as for them it is total money wastage. According to them money needs to be earn but they don't want to read books and spend time to sharpen the process. As Naval says There is no scarcity of knowledge, but scarcity of desire.
People will say we don't have money to buy books. But if the motherfucking desire to be a trader then you will read hundreds of page son your laptop as well, no use of excuses as crutch in life.
I still haven't started trading but the last week I almost saw 2000 stocks and shortlisted around 150 of them which have performed pretty good this week. Even though I haven't made money, I have got the confidence that the first step to filter out stocks is good as 99% of people don't get the first step right.
They enter stocks by seeing tips or advices from twitter and then fuck it up as their own thinking wasn't applied to enter it and they get mentally in a freeze state what the heck is going on.
My father has kept on repeatedly saying to me this year that both you and me can start trading meaning he will give money on his own terms but he wants fast money and not with a process. He knows almost nothing about the process and technicals at all. Sometimes he has said to me even to try out Options trading. But I have said to him I won't do it with you as you know nothing and you are after money instead of building a process which can make you money, even though I had to face the backlash of all this. I have stood affirm to my ground and haven't burnt my hands doing Options trading as I have made a contract with myself that I won't do Options trading from the time I start trading, the only thing I will do is cash stock trading and the focus has to be on building and refining the process & set up and minimizing the loss.
When the euphoria of R Power was going on- he got to know that and he kept on saying to me that we should buy this but I was like what are the cues behind buying this or why are you saying to buy this? He said to me I feel like ki ye upar jayega & I was like ye kaafi galat approach hai.
But then when he was seeing it moving up, he was feeling I would have made the money. Then on 11th June I said to him if you feel like this way then I buying it right now. asked him what is the upside you hope? He straight away said 200-300, then I bought 1500 QTY at 74.18. I was like he needs to learn to learn lesson by doing it the wrong way, happened what I was expecting. It was the top where we bought, it kept falling down. I asked him what to do, he was like rakh le abhi, aayega upr. I said to him you were expecting it go reach 200 and it not even coming back to 74, what the heck is this? A man masked behind his biases selling himself self fulfilling prophecy that it will come back but he doesn't know that hope doesn't make money in market and this goes for a lot of people. Also- all real returns—in wealth, relationships, and knowledge—come from compound interest.
said to him when to sell, he is like ki aab toh loss ho hi gya hai, dekhte hain. I was like this totally the opposite way of trading as we need to set a SL or even pre decide how much loss to take per trade. All of trading is about taking minimal losses & sticking to the plan. Never listened to me and I sold it taking it in my hands at 40 rupees when it was breaking the BOX where around 42 was the low. Lost around 45000 in one single trade. I still feel it wasn't options trading, we would have lost a couple of lakhs for sure.
I am not a trader right now but what I do have is first principles thinking applied in some part of my life and I am well versed with how to approach trading.
Deep insights
Thanks a lot sir 🙏
This is my part of the story from last week of December.
Right now I haven't started trading from my own account. On last weekend I short listed stocks on my own w/o any indicators or anything-just seeing the trend, strength, setup and volume. I have a twitter post made as well.
I haven't spent a penny on books, one might think it is bullshit then. But I download it for free from LIBGEN as I can't ask my parents to buy it the hardcover as for them it is total money wastage. According to them money needs to be earn but they don't want to read books and spend time to sharpen the process. As Naval says There is no scarcity of knowledge, but scarcity of desire.
People will say we don't have money to buy books. But if the motherfucking desire to be a trader then you will read hundreds of page son your laptop as well, no use of excuses as crutch in life.
I still haven't started trading but the last week I almost saw 2000 stocks and shortlisted around 150 of them which have performed pretty good this week. Even though I haven't made money, I have got the confidence that the first step to filter out stocks is good as 99% of people don't get the first step right.
They enter stocks by seeing tips or advices from twitter and then fuck it up as their own thinking wasn't applied to enter it and they get mentally in a freeze state what the heck is going on.
My father has kept on repeatedly saying to me this year that both you and me can start trading meaning he will give money on his own terms but he wants fast money and not with a process. He knows almost nothing about the process and technicals at all. Sometimes he has said to me even to try out Options trading. But I have said to him I won't do it with you as you know nothing and you are after money instead of building a process which can make you money, even though I had to face the backlash of all this. I have stood affirm to my ground and haven't burnt my hands doing Options trading as I have made a contract with myself that I won't do Options trading from the time I start trading, the only thing I will do is cash stock trading and the focus has to be on building and refining the process & set up and minimizing the loss.
When the euphoria of R Power was going on- he got to know that and he kept on saying to me that we should buy this but I was like what are the cues behind buying this or why are you saying to buy this? He said to me I feel like ki ye upar jayega & I was like ye kaafi galat approach hai.
But then when he was seeing it moving up, he was feeling I would have made the money. Then on 11th June I said to him if you feel like this way then I buying it right now. asked him what is the upside you hope? He straight away said 200-300, then I bought 1500 QTY at 74.18. I was like he needs to learn to learn lesson by doing it the wrong way, happened what I was expecting. It was the top where we bought, it kept falling down. I asked him what to do, he was like rakh le abhi, aayega upr. I said to him you were expecting it go reach 200 and it not even coming back to 74, what the heck is this? A man masked behind his biases selling himself self fulfilling prophecy that it will come back but he doesn't know that hope doesn't make money in market and this goes for a lot of people. Also- all real returns—in wealth, relationships, and knowledge—come from compound interest.
said to him when to sell, he is like ki aab toh loss ho hi gya hai, dekhte hain. I was like this totally the opposite way of trading as we need to set a SL or even pre decide how much loss to take per trade. All of trading is about taking minimal losses & sticking to the plan. Never listened to me and I sold it taking it in my hands at 40 rupees when it was breaking the BOX where around 42 was the low. Lost around 45000 in one single trade. I still feel it wasn't options trading, we would have lost a couple of lakhs for sure.
I am not a trader right now but what I do have is first principles thinking applied in some part of my life and I am well versed with how to approach trading.
Wonderfully written!