By Dr. M. Woodruff (“Woody”) Johnson, Online Trading Academy Mastering the Mental Game Instructor

“As an answer to the title question, many traders might say that they are trading to win. But, actually you might be surprised to know that most people are trading not to lose when participating in the financial markets. What is the difference?”

A must read for all the traders. Its very interesting, thought provoking, pragmatic article.

Click here for the rest of the article: Are You Trading to Win or Trading Not to Lose?

Healthy And Wealthy Trading

GBPUSD-24–02–2012

Russell 2000 Futures –  TF –  24–02–2012

Healthy And Wealthy Trading

Healthy And Wealthy Weekend

GBPUSD –  24–02–2012

Healthy And Wealthy Trading

Despite a chaotic session, as usual JSW Steel and State Bank Of India gave couple of trading opportunities.

State Bank of India gave 2 trades; the first one was a short trade which happened in the first hour itself and later at the beginning of 2^nd  half, there was a chance for long trade but came with a warning bell.

Well, today’s first half was very much similar to usually what happens after a big storm, a complete lull in the atmosphere and the later part was the effect of the follow up or secondary attack.

At the beginning itself there was one respectable long entry in State Bank Of India (SBIN) and after that I shifted my total attention to JSW Steel which gave 2 clean trades –  one short and one long.

The most prominent question I was confronted with after the market was closed, did I expect today such a huge correction to happen, about 100 points down!!!!! Well, I didn’t expect such a large fall but I did anticipate and was well prepared for a profit booking to happen any time. I did give my indications, rather reasons on 20th instant itself –  ref. http://niftybaba.wordpress.com/2012/02/20/nifty-future-forecast/ .

Its not the charts alone that help me identify NO TRADE ZONES at macro levels but media as well as FIIs suddenly upgrading companies, increasing target levels, market experts making incomprehensible statements that even they don’t understand and follow, etc. etc. etc. but of course in a subtle manner. Its part of the game rather business. 

A spectacular opening with SBI leading the way in its usual inimitable manner.

I am attaching here a classic SBIN chart of today’s session taken at 10.45 IST with HMA-Bollinger Bands Day Trading System in action.

As foreseen on my 20th instant analysis, Nifty Futures did not gap open on the higher side but, opened low. If you take a look at the charts, we can see that there was hardly any scope for a short since 3 of our key entry rules were not met –  1. Price closes below HMA; 2. Price closes below Bollinger Bands; 3. RSI below 50. Just a reminder, it is always advisable to take cue from the chart with higher time frame.

Symbol: 6E –  EURUSD Futures

Presenting here charts of 6E-EURUSD Futures with HMA-Bollinger Band system.

I am presenting here my tentative Nifty Future forecast for 21^st  Feb. 2012. I have taken for this discussion, 2 charts –  3750 secs. and 1869 secs.