the ripened mango

one of my dear friends asked me yesterday why I was not/had not switched over to full time trading and quit my job. 

besides the minor reason that I'm a purely positional trader in index which requires just 3 to 4 times one eyed cursory glance at the charts and parameters per day, the major answer (as it came out from somewhere inside me ) is that you never leave the job and become full time trader....it just happens. 

it can't and shouldn't be done. it has to happen. like the dropping of a ripened mango. no effort required. no anxiety. not much thought. 

like the leaving behind of a baggage which is no longer required. 

never leave anything. what deserves to be left, gets left one night without goodbye. 

in fact, leaving is more of an analogue process than digital. 

things are being left behind gradually and incrementally every day, every moment. 

humans are used to events, life is a process.

litmus test for a trader

markets (read operators/fii's/deep pockets/smart money) are like bacteria. 

their aim is to be resistant to as many indicator drugs as possible and infect the money of the MAJORITY. 

surprise/dodge/confusion/uncertainty is their key weapon. and the effectiveness is increased exponentially by mixing it with heavy doses of boredom.

fall till here was fairly predictable. from hereon. expecting some real surprises.

in my opinion, the test for any trader is not to be able to see what's in store in distance but how nible he/she is to understand,accept and adapt to what is actually happening in the present.

bet on self

every budding/potential/amateur trader is a like a stock

he/she doesn't rise till its fundamentals are strong

if his/her p/e ratio is high but artificially jacked, it is a fit case for a bubble and its subsequent painful bursting

and if his/her p/e ratio is genuinely high, he/she can bet on self!

pilgrimage of a stock trader

"where are you going?"
asked the curious father of a stock trader.

"dad, i am going for '3 dham yatra' "
the trader said.

"where?"
asked the surprised father.

"prabhadevi, bandra, fort."
the trader replied.

"where are these?"

"mumbai, dad."

"what kind of 'dhams' are these?!!
dad snorted.

"ncdex, nse and bse"

die early, die rich!

recently

i came across a phrase

which initially disturbed me.

"trader who died rich

is the one who dies early."

even livermore died broke!

--

what's the logic behind the above
seemingly un-nerving phrase?

should we not trade?

is trading useless?

i don't think so.

i searched for a suitable answer.

and after some deliberation

i found one.....

---------

if one makes millions from trading

and keeps trading like jesse livermore

he is bound to succumb to

some unguarded moment

and lose it all.

but

on the other hand

if a successful trader

after making millions

was to turn into an investor

he is assured of dying rich

(if at all he ever dies).

the analyst in the air, the trader in the car!

two qualities are essential
to succeed in stock market-

ability to analyse the situation
so as to
"expect"
"anticipate"
"predict"
a "high-likelihood" price movement.

please note that i didn't say
"high probability".

i said
"high-likelihood"

since majority of people can
sense "high probability"
it is not profitable
for the operators
to let it happen.

hence, the importance of
"high-likelihood".

likelihood is high
when perceived probability
of the event
is low.

so coming back to what i was saying

two qualities are essential
to succeed in stock market-

first
ability to analyse the situation
so as to "sense"
a "high-likelihood" happening

and "get ready" accordingly.

second
to trade what's actually happening!

if you don't have a reasonably trained
and experienced analyst in you
but have decent trading skills
you will be like a skillful warrior
airdropped in
an unknown enemy territory
without a map/gps/compass....
panicking
much more than required!
highly stressed
vulnerable
and susceptible to traps
and mental burnout!

and if you are a good analyst
rather, an overwhelmed one
than you are likely to find yourself
analyzing forever!
even when you should stop thinking
and just follow what is in front of your eyes!

the analyst in you
feels good when his analysis
proves right
and the trader in you
feels good
if he makes money
irrespective of the anaylsis.

both seem to be so opposite
to each other.

one is so sensitive
the other is thick-skinned.

one is a thinker
the other is a doer

one is a white-collar executive
the other is a blue-collar workman

both appear to be so different

but in reality
both are complimentary
to each other....

both are meant
to maximize the profit
and minimize the threat!

both are severely handicapped
without each other....

so
what should one be?

both....

turn by turn?

no...
simultaneously!

who's the boss?
none....
both are team-mate commandos

the analyst and trader in you
are like
a team of
a cop in a car
and a cop in a helicopter
both chasing a criminal
as in "the most amazing videos"!

the cop in the helicopter
radios the cop in the car
about the location
of the fugitive on the run.
(the fugitive is free
to change his direction
as per his will!)

thereafter it is the job of
the cop in the car
to complete the task!

the job of the cop in the air
is not finished
till the cop in the car is in the street!

the analyst in the helicopter
and the trader in the car
have well defined roles!

it will be disastrous
if the trader is in the air
and the analyst is in the car!

identifying a trader among the investors

lets admit it

majority

if not all traders

are into stock trading

not just for money

but

subconsciously

also for the thrill

excitement

and kick

we drive out of trading!

the day we don't trade

or don't get the chance to trade

we feel so uncomfortable!

that is probably

the reason

we make trading opportunities

where none exist!

that is also a probable reason

why we

overtrade!

--

we can't extract the same thrill

from investing

or swing trading

where waiting is substantial.

moreover,

we can't wait

if we keep looking at the score!

--

that is why

majority traders are mentally

not best suited

to be investors!

and there is nothing wrong about it,

it is ok!!!

--

it is not a co-incidence

that i rarely see

a serious trader

who has the habit of drinking!

i can immediately tell

whether the person in the stock market

is a trader or an investor

by just asking one thing

"are you a teetotaler?"

if he is one

i know i am talking to a trader.

if not

then either he is an investor

or he is into an exciting co-occupation

or he is broke

or he is gonnabe...shortly!

--

trading and drinking

are clear signs

of a sinking ship!

--

investing is either for the rich

who have surplus money

and who are in no hurry

to listen to the daily ringing of coins

in the money box!

or

it is for those traders

who are already getting

the adrenalin pumped

from other sources

and are into trading

only for money!

--

trading is one of the biggest

intoxicating

and motivating

and boosting

occupation

or passtime

in th world!

it can delay the suicide plans

of a rich guy!

besides bringing the dead souls back!!!

--

not just the spirit

you will rarely see traders using

or frequently changing

brands

and gadgets

and other costly habits!

they get all the requisite joy

from trading

leaving these toys and lifestyle

to the broke or to the rich investors.

--








(note : i am a teetotaler and strongly recommend the same!)

i m possible

If u wanted to be wealthy in stock market but so far have misearbly failed in this aim

then I want to ask you a question.

Have u ever profited in atleast one trade? with method? with confidence?

Did u make profit atleast once? without fluke? with surety?

If your answer is "No" then your problem is 'method' or 'knowledge'.

But if your answer is "Yes"

then what if you had taken 10 times bigger position you had taken in that profitable trade?

so?

your first problem is the size of the trade and the factors which are stopping you from doing so!

and, what if you had been successful in repeating that profitable trick again and again?

meaning?

your second real problem is the inability to repeat what you know or can!

In a nut shell,

your problem is not the lack of knowledge

but lack of repetition and inability to take bigger position.

consistency and size of trade!

You are nearer to the professional success in trading than u think!

If you ask me...

If you ask me what all I think are the absolute basic requirements to be successful in stock trading then I would list the following. These come from my own experience till date.

1) Method

If you don't trade as per a method (i.e. you trade randomly)

or

if you keep shuttling between various methods and haven't yet shortlisted & finalised the method you are going to use

then there is no chance for you except some lucky run here or there!

If you have shortlisted a favourite method your journey upwards is definitely on.

2) Buffer amount

If you don't have sufficient buffer amount in your bank after the committed margin money, the stress generated by the normal and abnormal market fluctuations will effect your ability to take correct decisions and hold onto correct positions.

If you have sufficient buffer amount, then you have no tension about unforeseen circumstances.

Shocker times come very few but their fear wears you out!

3) Experience

Once you have a method in the pocket and buffer funds in the bank you still need experience. The real trading is much uglier than that displayed in the showroom!

A soldier who has gun in the hand and bullets in the belt still needs the experience of the battleground lest he should be butchered by the enemy who have three things in their bag - gun, bullets and EXPERIENCE!

4) Consistency

Consistency is the most inconsistent thing in the world.

Many talented and brilliant people faded away like a flash in the pan just because they couldn't be consistent.

You can be only as successful in life as you can be consistent!

Inconsistency can still scuttle your trading dreams despite method and funds!

5) Emergency skills

Emergencies and real bad situations do come once in a while, even in stock market.

No real champion is made without the ability to survive and overpower difficult situations.

If you don't prepare yourself to face such emergencies then don't be surprised that your trading career is hijacked one fine day!

6) Mental toughness

This is the stick you need to support you at every step in trading career!

This is the stick you need to shoo away every unfriendly dog encounter on the dalal street!

Everything is psychological.

No place or situation tests human endurance as much as battlefield and stock market.

A growing mental toguhness is the final frontier to trading success!

Top Gun!

When I was in class 10 in K.V. HMT Pinjore in 1987

one of my juniors was Vinod Mittal

a young mischievous, sharpminded but academically weak boy

not too much in the good books of teachers!

After completing his 12th standard after somewhat struggle

someone guided him to apply for the post of Airman in Indian Air Force.

An airman in IAF is equivalent to Sepoy in the Army and Seaman in the Navy.

He got selected.

His parents must have been happy for their shaky son having got a stable job

but somehow the young restless Vinod wasn't.

He knew that he had settled for the entry-level post in IAF

He knew that though he had got a job, his flight in life was also capped.

He knew he was different but his academic weakness and insecurity caused by it had sealed his ambitions.

He started his training for the Airman.

He used to see trainees of his age being moulded into pilots on the same airbase he was posted at.

One day he came to know about a lateral entry scheme wherein 1 or 2 airmen who were highly talented but somehow had landed in the airman's uniform were given a chance to qualify for pilot's role.

1000 airmen were shortlisted and Vinod Mittal was one of them.

Out of those 1000, 10 were shortlisted and Vinod Mittal was one of them.

Out of those 10 only 2 were finally selected and Vinod Mittal was one of them.

Thereafter we lost track of the lucky man!

--------------

After almost 2 years one fine Sunday of 1992, I was strolling in the famous Yadvindera Gardens in Pinjore with my childhood friend Ashish Dewett when we saw a dashing young man say hello to us!

In front of us stood a smart guy with minimal hair on his head, chest out, head held high, smile on his tough face and proud shining eyes behind dashing Aviator Rayban!

Flight Lieutinent Vinod Mittal !!!

We were amazed beyond words !!!!!

We shook hands and sat in the cafeteria nearby.

There the Flight Lieutinent shared his amazing story...

After having got selected for the pilot's training

He had been further marked for the training as a FIGHTER pilot

not only this, he was further marked to the fighter pilot for a CHOPPER and not jet.

To be a fighter pilot of a combat chopper is arguably more demanding than being the fighter pilot of a jet!

Perhaps because choppers can't fly high and fast enough to escape the enemy missiles that easily!

But choppers can strike the places and the way no jet can!!!

"Why do your lips seem as if you have been training as a boxer?" I asked him jokingly.

"Training!" he replied.

"A squadron leader trains two pilots in one go inside the cockpit after the theory session.

My trainer makes me and my buddy pilot sit on his either side inside a cockpit near his elbows.

Then he gives us a situation and asks for the answer.

We have to reply in a flash.

If we delay our response or give a weak or wrong response

BanG! hits his elbow on our cheek or chin!

My lips often come in the way!" he gave a 1000 watt smile.

"Tell us more about the training." Ashish asked Flight Lieutinent Vinod Mittal.

"Inside our cubicles, right in front of our study table we have pasted a huge poster of the cockpit.

This way we are always programming our minds to get accustomed to the cockpit.

The cockpit has become our world.

On the front wall of our cubicle, right in front of our beds

we have written formulae and readings and instructions

so that whenever we are lying in our bed but awake

we keep revising and repeating them.

These readings and formulae and instructions have to pop out of us in a flash when the situation comes.

We have to be the best.

Afterall, a nation is at stake!"

-----------------------------------

If only we traders train the way the IAF trains its fighter pilots!

for we are no less than fighters pilots

and that too of a chopper which is an easy target of the market missiles!

Bidding for Diana!

Mulla Nasruddin went to a mela.

He saw a crowd in a corner.

"50000 Dinars!"

"55000"

"65000 dinars!"

"66000!!!"

He was perplexed to hear the loud voices.

It didn't take his inquisitive mind long to figure out that traders were participating in an auction.

"70000 dinars!"

"72000"

"75000 dinars!"

"What is the auction for?" Mulla asked!

"I don't know exactly" replies an onlooker.

Mulla went to the person who was one of the traders putting the bids.

"What is the thing being auctioned?"

"Probably it has got something to do with a horse!" the trader replied.

"You are bidding and you don't even know that?" Mulla ridiculed the trader!

"Why should I bother? I came here to make money. I saw people bidding so competitively. I am sure it must be something precious they all are after!" the trader justified.

Another trader standing nearby heard the two's conversation and said

"I just came here. Somebody told me that the auction was related to the famous racing horse Diana! When I saw so many merchants so feverishly putting the bids I was sure that Diana must be precious!" replied the trader.

"Where is the Diana?" Mulla asked further.

"Don't know? Haven't seen!" the trader replied, visibly upset at the disturbing Mulla.

Mulla too wanted to bid for Diana.

He had a small bag full of gold coins he had won as prize from the sheikh in the previous town.

But he wanted to have a look at the Diana first.

He asked other traders but nobody had even a clue about Diana!

Then finally one trader said "Diana is probably hidden in that tent!"

Mulla saw a guarded tent at a distance.

He stealthily went to the rear of the tent and peeped inside.

He saw a goat inside!

A guard caught Mulla peeping inside.

"What are you doing here?" the guard asked.

"I am looking for Diana!" Mulla asked.

"Diana is not here!" the guard shot back.

"But the trader there said the auction was related to Diana-the racing horse!"

"Yeah! It is!" the guard nodded.

"But this is a goat!"

"This famous goat's milk is supplied by my master Sheikh Abdul for the consumption of Diana! My master hired the royal agents to auction the goat!"

Abraham Maslow Hierarchy of trader's needs

Level I:

Physiological need

= I must survive the market!

------------------------------

Level II:

Safety need

= I must not lose!

------------------------------

Level III:

Social need

= I should be among the profitable traders!

------------------------------

Level IV:

Esteem need

= People should know that I am a profitable trader!

------------------------------

Level V:

Self-realisation need

= Could I have been a better trader?

------------------------------

Making of a professional trader!

Long ago I had read somewhere that "there is no real advancement without a crisis"

An amateur trader becomes a professional trader passing thru various stages each separated by a crisis!

----------------

Nothing explains these stages as beautifully as the Greiner's postulates

which I have adapted below to the stock market to understand a trader's evolution :

----------------

A curious passerby comes to the stock market.

Doesn't know what to do, how to do.

Either he exits due to ignorance or successfully overcomes the first barrier with ideas to trade!

(Growth thru creativity : Phase I)

-----------------

This growth phase continues till their is a 'crisis of leadership'

He feels the need for some specific idea to steer him further.

Either he quits or successfully overcomes this barrier with a method!

(Growth thru direction : Phase II)

-----------------

The growth continues further till their is a 'crisis of autonomy'

He feels that the method is somehow not working.

Either he fails to find a solution to this and quits, or successfully overcomes the dilemma by letting the method guide his trades completely and not poking emotions and opinions in its signals!

(Growth thru delegation : Phase III)

-----------------

The growth moves still higher till their is a 'crisis of control'

The trader finds that method can't be followed blindly in varying situations of the markets.

It needs to be continuously adapted to the situation.

Either he surrenders or successfully learns to adapt.

(Growth thru coordination : Phase IV)

-----------------

After this the trader grows very fast till their is a 'crisis of red tape'

He finds that he has lost the fun of trading on the way and is becoming very mechanical!

Either he re-infuses excitement in trading and commits a blunder or

learns to co-exist with the reality!

(Growth thru Collaboration : Phase V )

----------------

Is not that there are no more crises in a trader's life after this stage.

But by now he has mastered the art of overcoming the crises

and has become a professional.

Story of a Prince!

Many tadpoles (novice traders) enter the wet land (stock market)!

Majority don't survive. Are eaten by other water animals (big traders)!

After about five weeks (trades), the tadpole (novice trader) begins to change.

It starts to grow hind legs (defence),

which are soon followed with forelegs (aggression).

Their tails (stop loss) become smaller

Lungs (method) begin to develop,

preparing the frog for its life on land (long term stay in the market).

Now and then, they wiggle to the surface to breathe in air (dencent profitable trades)

They eat plants (easy trading opportunities) and decaying animal matter (share of tougher trades)

Some tadpoles eat frogs eggs and other tadpoles (sign of a budding professional).

Eleven weeks (of consistent trading) after the egg was laid,

a fully developed frog (seasoned mature trader) with lungs (method), legs (guts), and no tail (crisp stop losses) emerges from the water.

This frog will live mostly on land (openly contested stock markets) with occasional swims.

Thereafter, the frog progresses in leaps and bounds!

One in a thousand trader frogs is kissed by a princess (lady luck) and becomes a handsome prince!

That's you!!!

liars on the dalal street

"30% festival off!"

"upto 50% off!!!"

"50+30% discount"

"Buy 1, Get 1 free"

"Buy 2, Get 3 free"

"upto 90% off!"

These are some of the funniest and most amusing lines I see in the markets!

Everyone asks for discount before buying!

Every shop worth his trade ensures that he gives discount after some tantrums!

Before even that he ensures that he has changed 400 price label with 500!!

Abraham Lincoln was probably wrong when he said - "You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time...."

Discount culture has been fooling all of the people all of the time!

Or, put it differently, all of the people have being deliberately yearning to be befooled all of the time.

In still other words, all of the people have been befooling themselves all of the time!

It is a mirage we all know but we all love to ignore!

Afterall, what does a 30% or 50% or 80% discount mean?

Why should anyone expect a discount and why should one give a discount?

Why not price it fairly?

A discount can mean one of the five things:-

1) Either you were being overcharged earlier, or

2) There is a problem with the product or service being sold now, or

3) They have jacked up the price before window dressing it with "discount" or

4) They are selling it now at a loss, or

5) It is a distress sale.

Distress sale doesn't happen everyday, everywhere and with every product or service!

Also, obviously, nobody sells at loss unless it is a distress sale!

So, the truth lies somewhere in the first 3 lines.

=======

The same logic applies to stock prices

1) Either it was earlier overpriced, or

2) There is some fundamental problem with the company or sector or economy, or

3) The "insider" brokers along with the "friendly" media create an impression of a "discount" after a jacked-up price!

=======

An aware trader or investor should be sharp to spot the reason and call the bluff!

Majority of the trades in the market are bluffs

Learn to know the real worth of a stock, catch every liar on the dalal street!

Who's a smart trader?

The trader who knows everything but is still losing

is a smart trader!

His "smartness" is preventing him from implementing what he has learnt.

His longing for being "smart" influences his decisions.

His craving for being acknowledged as "smart" forces him to keep looking for "smart" trades even when none is there.

His enjoyment of the title of "smart" trader results into subconscious pressures.

"Experts" are always humbled and punished in stock market.

The moment a trader feels he knows it all and can out"smart" the market, market puts him in place!

There is nothing called "smart-trader" or "wise-trader" or "genious-trader" etc.

These are mere phrases of appreciation or acknowledgement by lesser traders of the last good trade by the traders on the public screen!

But these adjectives create reputations which are death-knell for traders.

Being a "trader" is in itself a complement.

A trader doesn't want any title

or prize

or appreciation

or recognition certificate

or trophy!

There is nothing called "Profit of the previous trade" in a trader's vocabulary.

Neither is anything called "Profit of the next trade".

"Trade in hand" is everything to a trader!

A true trader doesn't want to be on the public radar.

He doesn't want anything to distract him.

Vegetable and Fruit traders of Azadpur, Delhi

Marwaris of Rajasthan

Banias of Gujarat,

Komati of Andhra Pradesh,

Suds of Punjab,

Chettiar of Tamil Nadu.....

....and many more are great examples of true traders

who are not smart

only profitable

without trumpets!

why women are better traders than men?

5% of the total traders are women.

But if you consider only successful traders, the percentage is higher of the women!

Reasons are not hard to find!

Women are less arrogant.

They rarely get stuck up in bad trades.

They don't have the proverbial "Male Ego" that shouts "I can't be wrong!"

Men are "tough-enough" to withstand the pain of adverse market moves and thus "naive-enough" to keep their accounts bleeding rather than let their ego bleed.

Women traders simply follow - the money!

Being profitable is more important for them than being right!

They are flexible in their mindset.

They don't trade with preconceived prejudices and notions.

They are more at home with the idea of "take it as it comes".

Women traders are more disciplined and less lazy.

As an inference from John Gray's masterpiece "Men are from Mars, Women are from Venus"

- Women traders like communication. They are more alert to anything the market is trying to say!

- Male traders like power. Anything that makes them feel powerless is likely to cause immense discomfort and hence compromised decision.

So, what can male traders do?

As Osho said

"Awareness about the fact is itself the liberation!"

Mr.Practical

Are you in stock trading

a) for profits?

b) for the satisfaction of being right in your trade predictions?

c) both?

If your answer is 'b'

Then you are most likely suffering from the disease of hanging on to losing positions!

You are in the mental state of denial.

You find it difficult to accept your "prediction" gone wrong!

You find all kinds of excuses to hang on and finally pay the price!

If your answer is 'a'

Then you have the rare quality of a successful trader, irrespective of how experienced you are in this field!

Being profitable is more important to you than being right!

If you are proved right, great! Otherwise, you dump your judgement and go along with the trend without even an iota of hurt feelings!

Rather, you silently pat your back and call yourself "Mr.Practical" !

(Answer 'c' is same as 'b' except that it sounds good)

But, how to avoid the ego trap?

First, never announce your trade!

Discuss anything and everything but never give any advise!

Never treat any opinion as final. Just treat it as a high-probability likelihood event!

And, finally, just change the spellings of your ego to igo (I go).

How rich are you?

A very rich trader died at the age of 51 and went to God's visa office.

"Want visa for Heaven", he said to the old lady at the counter.

"Pl give your finger prints here", she said pointing to a screen.

"What's that!" he asked.

"The machine will rate you on a scale of 10 on richness. If you score more than 7, you go to Heaven!"

"No problem!" said teh beaming trader who was sure to score 10 out of 10.

He put his palm on the screen

Pop came out the result

"2½/10 : The gentleman may kindly be trasported to Hell.

- By order

Secretary,

Home Affairs,

Kingdom of God"

"How can it be?" shouted the effluent trader.

"Your data is wrong.

I am one of the most successful trader in my generation.

And your machine has given me 2½ out of 10 on richness scale!!!" he protested.

whent the martials were about to catch him from arms

the old lady said

"Wait, Martials!"

"Here is the detailed score card for you, Mr.Trader" said the lady, handing over the scoresheet to the agitated trader.

The trader snatched it in a flash and read

"Richness by wealth = 1/1

Richness by Health = 0/1

Richness by character = 0/1

Richness by spiritual solace = 0/1

Richness by Family & Social ties = 0/1

Richness by Self Realisation = 1/1

Richness by Mannerisms, Behaviour & Cultural Refinement = 0/1

Richness by Fragrance of Wisdom = 0/1

Richness by Apathy = 0/1

Richness by Luck = 0.5/1

Total = 2½/10

Trader's eyes and mouth went wide open!

...and suddenly he woke up!

..and found himself sweating like hell!

"Thank God, I still have time!" he murmured!

Essay on "trader" written by a trader's son in matric exam!

1) The planet is full of traders - trading in vegetables, automobiles, arms, contrabands, emotions and gods, etc.!

2) There appear to be more traders than consumers in the world. Everyone I meet calls himself trader. This is hurting the name of the real traders. Government should do something about them!

3) By definiton, a Trader is the one who neither produces nor consumes a product or service, but makes more money than both the producer as well as consumer by buying cheap from someone to sell costlier to someone else!

4) A trader should never behave like a consumer. Unlike a consumer, a trader is not interested in the use of the product. He never gets emotional about the product or his "trader" title. He is just interested in making money from trading the product. He hates consumers. He hates behaving like a consumer! A true trader never marries a consumer daughter of a consumer father!

5) My friends in stock market also call themselves "trader". But many behave like consumers rather than traders! They get excited in a rally mela when they see everyone buying. They forget their real role and start buying like a consumer! Government should do something about them.

6) A trader accumulates "highly useful" products during "off-season" at cheap rates to sell them during "peak-season" at peak rates! Younger generation traders even buy at high rates to sell at even higher rates. This is very risky and the elder traders are really worried about the fading art of traditional trading these youngsters are spoiling in the name of excitement!

7) A trader is interested in buying anything which values more than it costs and will have good demand in the market.

8) A truely great trader is never interested in trading till he is getting extra-extraordinary price!!!

9) Ordinary traders make money at the time of selling! Extra-ordinary traders make majority money at the time of buying! They buy the same thing much much cheaper than ordinary traders. So, even when they sell at the same rate as ordinary traders, they make much more profits. Extra-ordinary traders know that there is competition at the time of selling but there is little competition at the time of buying!

10)Traders have strong hearts but weak souls. Income tax authorities should treat the traders a little bit politely!