The tactics, behaviour and mindset that can be learned from the world’s most successful financial traders

I’ve got to stick to my own rules, even if they make me look stupid sometimes. That’s the fact for survival. Irrespective of some negativity that may come my way in a month or, even on a quarterly basis, I know I’d be triumphant in the end. Any temporary negativity I may be experiencing right now has little or no effect on this fact. My expertise is measured by my faithfulness to my trading ideas. That’s the most important factor. If I follow my rules, then I’m making progress, but if I breach my rules, I need to go for psychological help. This has nothing to do with whether there is an ongoing positivity or negativity.

European Markets Data

Index	Quote	Change	Change%
Russia	1417.2	-44.73	-3.06%
London	6714.2	-126.07	-1.84%
Paris	3953.63	-97.48	-2.41%
Frankfurt	8306.7	-224.19	-2.63%
Turkey	91607.81	-1571.06	-1.69%
Hungary	18881.33	-195.07	-1.02%
Austria	2431.3	-63.57	-2.55%
Poland	45320.99	-612.67	-1.33%
Czech	973.48	-15.91	-1.61%
Sweden	1221.6	-32.97	-2.63%
Finland	6288.89	-198.08	-3.05%
Norway	447.87	-8.36	-1.83%
Greece	1067.02	-13.63	-1.26%
Italy	18087.7	-504.47	-2.71%

Indian Markets have erased gains and is in the red. The Sensex, after touching a high of 20,289, is now down 17 points at 20,207. Nifty is down 13 points at 6,143. In the near-term, the Nifty is likely to move in a range of 6,130-6,230 till we see a breakout in either direction. The bias is likely to remain positive as long as the Nifty sustains above 6,130.

DAX has shown a good buying opportunity before few days and given a good return on long positions. But this time, index should face some correction or likely to come down from this level. Day traders can make short position with the stop loss of 7860 level for a lower target of 7735. Let us we check it...

Axis Bank, India’s third largest private sector lender, its net profit for the quarter ended March 2013 increased 22% from a year ago, to Rs 1,555 crore. The bank attributed the growth to higher interest income, growth in non-interest income, better margin and lower-than-expected rise in operating expenses. The private lender’s profit after tax for FY13 also grew by 22% to Rs 5,179 crore.

India's central bank lowered its key interest rate by a quarter percentage point as it tries to revive stalled growth in Asia's third-largest economy. The announcement was overshadowed by India's minority government losing a coalition partner. In making its second rate cut in 3 months, the Reserve Bank of India cited the weakest economic growth in 15 quarters as outweighing inflation fears. High prices, especially for food, still remain a concern and could limit the bank's scope to reduce the rate much below its current 7.5%.

Stocks in Hong Kong added 0.30% at the open after the Dow on Wall Street extended its record-breaking run. The benchmark Hang Seng Index rose 67.83 points to 22,839.27. In Shanghai, shares were up 0.16% in early trading, as investors awaited trade data for February to be released later in the day. The benchmark Shanghai Composite Index rose 3.81 points to 2,328.10.

Indian shares may open higher, extending the previous session's rebound, supported by firm global cues. With the Economic Survey raising the growth projection for next fiscal and simultaneously lowering the inflation target, investors wait to see whether the government will reduce borrowing in the next fiscal. Indian shares rose notably on yesterday, helped by short-covering in heavyweight stocks after the Fed will stick to its easy monetary policy for a long time and the pre-Budget Economic Survey projected an optimistic 6.1 to 6.7% growth for the next fiscal.

The Bank of France predicted a modest growth for the first quarter, following a possible contraction in the previous three months. Gross domestic product is expected to increase 0.1 percent in Q1 of 2013. Last month, and also estimated a 0.1 percent economic contraction for Q4 of 2012. The French economy expanded by a modest 0.1 percent in Q3, after 0.1 percent contraction in Q2 of 2012.

Asian stock markets are mostly trading lower with investors taking some profits after recent gains. The overnight flat close on Wall Street and a lack of fresh triggers are also contributing to the decline in most of the markets in the region. Worries about the near-term economic outlook too appear to be weighing on investor sentiment to an extent. After a flat start and a subsequent fall, the Australian stock market is edging higher amid stock-specific activity. Healthcare, financial and mining stocks are trading higher, while stocks from energy and utilities sectors are trading weak. The benchmark S&P/ASX 200 index, which declined to 4,907.9 after opening flat, rebounded subsequently and is currently trading at 4,937.7, up 16.7 points or 0.3 percent from its previous close. The broader All Ordinaries index is up 15.6 points or 0.3 percent at 4,956.1.