The Traders Self Help Book

Oh the woes that befall a trader!!!. I have been saying that I will go long if the Nifty crosses 4515. It looks like we will gap over it today (As I write this note the Singapore Nifty is trading at 4550). Normally I would wait for the 5 min high to be crossed after the gap up. But that could mean loss of another 30 points. If I buy at a gap up above 4515, without waiting for a 5 min filter then I could be hit by the market falling immediately after a gap up. How my trading day shapes up will revolve around this one decision. May be I should toss a coin!!!. Suddenly I feel better now that the decision has been taken.

The rally in the US overnight and the rally in the commodities mean that the trends in equities and commodities are intact. India could follow despite the monsoon issues and the Swine flu problems etc.

For what it is worth, I believe that Kospi continues to trend up, HSI remains in an uptrend and HSCEI goes into an uptrend if it crosses 12020.

I have now dispensed with the uninteresting part. The interesting story is that of the book Fooled by Randomness by Nassim Taleb. This is not a book on financial markets or trading. It is a self help book for a trader. It is the most uplifting book I have ever read. I mean what can be better than being told that it is not my fault if I am not a successful trader?. That successful traders are a product of luck?. It means that not being successful is not a reflection of my skills. Can you imagine how uplifting can this idea be when taken to its conclusion?. I am not at fault!!! And others who are more successful are not any better!!!. Suddenly it has brought everybody down to the lowest common denominator. Equality at its best. I am not any different in skills from the.... dare I say it... the Oracle of... nor any different in skills from the one who defeated the Bank of England in one glorious bet!!!.