Muhurat trading is the auspicious day on the day of Diwali is done traditionally to celebrate the Hindu New Year. It is a symbolic ritual which has been performed for years. As Diwali also marks the beginning of the New Year, it is believed that muhurat trading on this day brings in wealth and prosperity throughout the year.
Vows traders should make on Mahurat Trading session to follow for next full year.
Invest on Trading Education: To become Doctor Engineer CA or master any other profession you need to study and master the concept.But trading is only profession in world where traders enter without any knowledge with small amount of money in account, lose money due to lack of knowledge and than blame market for their loss. “Trader should be responsible for his/her losses.” Be accountable to yourself and do not give excuses. So If you feel you are not having proper knowledge,invest money on your trading education and stop getting fleeced by market.
Perfectionism: There is no perfection in trading as far as making money on every trade or having a perfect system. All you can hope to be perfect at, is following your system, rules, and trading plan. A winning trade should be measured as one in which you followed all your preset guidelines. Even the best traders only average about a 50%-60% win rate at best over long periods of time.Most of trades in quest of Holy Grail Trading system forget to work on themselves. If you want to be perfect, make sure you do not get emotional with your trades and follow the system rules. The key is having bigger winners than losers, not being perfect.
Fear: Faith in your system is the only way to overcome your fear of trading. You must do enough back testing on your system until you know that you have a valid edge over the market in the long term. Most of traders back test for 1-2 months and feel they got an edge. Till things are going in your favor, all is well as soon as things turn against you most of traders are unable to handle the loss and give away all their winnings. You must see opportunity in trading not possible losses. You must take your systems trade signals each time and if you can’t overcome your fear of loss and failure then perhaps trading is not the best profession for you. Unsuccessful traders allow their emotions — specifically FEAR and GREED — to consume their trading.
Impatience and Anger: Wait, take your entry signal when it is time and not based on your emotions. Do not get mad at yourself. Learn from your mistakes and move on. Every mistake gets you closer to learning what you need to do to become consistently profitable. Unsuccessful traders lack self-discipline and patience. These are two qualities that I believe are essential to becoming a successful trader — especially a successful day trader.
Aviod Being Reckless: Trading to big of a position size is risky, reckless, and completely unnecessary. Only enter appropriate sized trades with preplanned stop losses and then trailing stops to lock in profits while they are there. Follow your system and rules and if find yourself hoping and wishing the stock would stop moving against you instead of making decisions based on facts, you should exit that trade immediately.