the game doesn't end with technical analyses

there was a time when i thought

knowledge of technical indicators was a sureshot passport to success in stock trading.

so, i studied technical trading religiously!

while my knowledge increased manifold

it didn't show in results!

so, i worked harder and learnt more technical indicators...

but i was shattered when i started losing more and often...

i had no clue as to why i was losing more and more when i was supposed to be winning....big and easy!

infact, i was losing much more than those who knew almost nothing!

i had already "mastered" some indicators

i could foresee many moves of the market beforehand!

still my bank account kept bleeding...

---

my dreams of quitting my job for a fulltime career in stock trading went for a toss!

i must admit that i mentally quit stock trading atleast 20 times

everytime with a big heartbreak!!!

each time i swore not to come back again

each time i "finally decided" to concentrate on job and look for other avenues of making money!

but every time a graph came in front of my eyes, my mind started giving unsolicited opinion

and more often than not, that opinion was damn right!!

--

i was in a situation where i could neither quit nor stay in trading!

i badly needed help!

help was everywhere, but not the one i needed!

i realised that

while both the winning and losing traders know their technical indicators

while both had their "godfather" favourite technical indicators

there was somthing else which made "hell-of-a-difference"

something which i was missing like a big fool!

it started dawning on me that technical analyses was only half the job....rather even lesser!

--

then, one day, i got my hands on

'secrets of the millionaire mind' by T.Harv Eker

and i got my answer!!!

the difference was

"the mindset"!!!

the winner's mindset....

pattern of thoughts....

pattern of response....

pattern of taking decisions!

while both the winner as well as loser traders

use the same indicators

in the same market

at the same time

.....the difference was

in their response!

the way the winning and losing traders respond to same signals is shockingly different!!!

i realised that losing and winning traders

thought

and felt

and acted

differently

even while the indicators indicated the same indication to all!

--

i also realised that there was similarity in the thought patterns of the winners!

and not surprisingly, there was a common-thread in the thought patterns of losers!

same situation but

one buys, other waits!

one buys, other chickens out!

one shorts, other plays safe!

one shorts, other chickens out!

one jumps, other waits patiently!

one buckles, other endures!

--

the message was loud and clear.

i shifted my attention from studying more technical indicators

to studying my thought patterns...

my reactions to situations...

my response to stimuli...

the difference between what i knew and what i did...

--

my technical indicators were still the same

but my mindset was changing!

...not surprisingly, the results started to change too.

---

indicators only tell you what is likely to happen

what you do thereafter makes all the difference!!

without the right mindset

riding the false confidence generated by the steroid effect of indicators

may prompt you to take bigger positions resulting in a bigger hit!

technical indicators cannot take us beyond the first level

winner's mindset does!

the game doesn't end with technical analyses

it just starts from there!