Being disciplined is of the utmost importance, but it’s not a sometimes thing, like claiming you quit a bad habit, such as smoking. If you claim to quit smoking, but you sneak a cigarette every once in a while, then you clearly have not quit smoking. If you trade with discipline nine out of ten trades, then you can’t claim to be a disciplined trader. It is the one undisciplined trade that will really hurt your overall performance for the day. Discipline must be practiced on every trade.
When I state that .the market will reward you. Typically, it is in recognizing less of a loss on a losing trade than if you were stubborn and held on too long to a bad trade. Thus, if I lose $200 on a trade, but I would have lost $1,000 if I had remained in that losing trade, I can claim that I saved myself $800 in additional losses by exiting the bad trade with haste.
(Updated on 15-05-2012 Time 08.50 AM)
As assumed Market continued sharp fall and lowered to 4855 as against our level
4876-4845 and bounced marginally.
Bearish trend seems to be continued and no respite yet seems for the bulls
Trading below 4845 will throw the Market even lower to 4819.
4793 may not be ruled out in panic fall.
4903-4928 zone is the nearest hurdle.
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