Jack Schwager: You have picked a lot of traders in your career. What do you look for when you hire a trader?
Michael Platt: I want market makers, people who know that anything can happen. The type of guy I don’t want is an analyst who has never traded – the type of person who does a calculation on a computer, figures out where a market should be, puts on a big trade, gets caught up in it, and doesn’t stop out. And the market is always wrong; he’s not. Market makers know that the market is always right. You are wrong if you are losing money for any reason at all. Market makers have that drilled into their head. They know value is irrelevant in times of market stress; it’s all about positions. They understand the markets will trade against positions. They get it. It is built into their books. It colors the way they think. I look for the type of guy in London who gets up at seven o’clock on Sunday morning when his kids are still in bed, and logs onto a poker site so that he can pick off the U.S. drunks coming home on Saturday night. I hired a guy like that. He usually clears 5 or 10 grand every Sunday morning before breakfast taking out the drunks playing poker because they’re not very good at it, but their confidence has gone up a lot. That’s the type of guy you want – someone who understands an edge. Analysts, on the other hand, don’t think about anything else other than how smart they are.
Last Close : 6547
Above is Daily Chart of Nifty Future
We need Three (3 ) Consecutive close above 6593 +Weekly close will create Fresh Buying Wave
Next Target : 7363-7720 level.
11th Week (including this week )…………will see Unexpected level in Nifty Future
-Yesterday after kissing 6602.80 it crashed Intraday to 6522 level !!
Yesterday’s low very Crucial for Traders.
Decisive Break with volumes below 6524 level and stays below for 15-20 minutes ,We see PANIC upto
& There after more Panic upto 6463—6454 is possible.
Yesterday’s High Crucial Hurdle for Traders ,Crossover and stays above 6602 level with volumes will take to 6635 level.
Laxman Rekha for Traders at 6644 level.
Nifty Future will it kiss 6650 First…………………or Will it tumble to kiss 6450————–6410 level ??
Again Writing :Buy 6700-6800 put and Forget.Buy 6400 Put too.
Connecting : 6239——————————6480 …………….Fallen back from 6603 level !
This will act as Crucial Hurdle ,Yes Long Term Formation of Inverse Head & Shoulder formation on Weekly CHART
Updated at 7:54/14th March/Baroda/India