One quick question to all traders who consider themselves as successful....

[lazytrader]

Chart patterns, Candelstick patterns, NR7, Fibonacci, Cam pivots, Elliot waves, EMA, Stochostic, Market profiles........

I would suggest you divide the topics into segments and take them one by one.
Start with pivots: Floor pivots mainly because every tom dick and harry uses them and they are simple. Then go to
Price action: Chart patters, candlestick patterns etc
Indicators: MA's, RSI etc
Volume: market profiles and volume based indicators

First get to know them test them and see how they fit into your strategy. If they don't discard them and use them separately. Once you are set then get into wave counting, making your own indicators etc.

If you don't take it nice and easy then you feel like how you do a day after some vigorous exercise.

 

[biyasc]

It took me 3 years definately....a trader needs to mature ,have you seen a MD just passed out doing a cardiac or neuro surgery in 3 years from passing out ? or Have you seen a LL B arguing a case in supreme court in 3 years....and believe me trading is much tougher than these professions.

Markets are dynamic and they constantly change....so trading is not that you master a method and be an expert trader in 3 months....for changing market environments you require changes in your method and to do changes,you require theoratical and market knowledge...no method will be profitable all the time....you have to understand Support/resistances,Elliott Wave, Gann,Oscillators and how to use them,it took me 1.5 years to understand Elliott with all its nuances ....,patterns,Risk/Reward,test various methods,money management,position sizing,market profile,so on and so forth.....and I guarantee that any wizkid cannot complete all the theory and the screen experience you require to be a profitable trader in 1-2 years......you will always have a feeling that your knowledge is incomplete....

We are in one of the toughest and most rewarding profession by choice so we do all it takes to succeed.....The brilliant trading decisions come from combination of all the things I mentioned above........

I dont want to discourage the new traders but dont keep unrealistic expectations........intelligence is no substitute for experience and screen time.....

My best wishes....I am sure we will see some trading gems from the new traders.

Smart_trade

do you really think that you have to know all of these mentioned calculation/method/strategy to become a successful trader.

 

[lazytrader]

After recommendation from my friend scorpio, I visited following thread:

http://www.traderji.com/equities/equities/futures/2123...tml#post298851

The link doesn't work. can you repost it?

 

[Smart_trade]

do you really think that you have to know all of these mentioned calculation/method/strategy to become a successful trader.

Yes,biyasc....I think unless you know all or most of the methods mentioned above and many others ,one does not become a complete trader who can trade profitably in any market conditions....these methods/subsystems come very handy when you have to make necessary changes in your method and no method is going to be profitable all throughout...one need not be expert in these but needs to be aware of what these methods are ,how they work in various market conditions. Without the full knowledge a trader is always incomplete.....if it was not there ,making a successful trader is a two weeks' job....does not happen that way...this is the reason why one cannot be a successful trader by attending a 2 day seminar by a trading "Guru"

This is my view .....some may feel that knowing just one method and doing it perfectly will make a successful trader....there has been an example of "Turtles"who were taught only one method and that group was very successful...but there is no evidence to prove that turtles continued trading the same method and did not pick up other methods as they traded over the years.....

Best wishes,

Smart_trade

 

[WOD]

The link doesn't work. can you repost it?

Sure....

http://www.traderji.com/futures/21235-earn-15-lacs-21-months-1-lot-minifty-8.html#post298851

 

[je_shan]

thanks guys.. I feel like being in a college with so many lecturers around:clapping: and this 3 yrs cycle reminds my principle of 3 yrs cycle in my profession: learn in the first, work in the second and mentor in the third:thumb:
:clap:

 

[biyasc]

Yes,biyasc....I think unless you know all or most of the methods mentioned above and many others ,one does not become a complete trader who can trade profitably in any market conditions....these methods/subsystems come very handy when you have to make necessary changes in your method and no method is going to be profitable all throughout...one need not be expert in these but needs to be aware of what these methods are ,how they work in various market conditions. Without the full knowledge a trader is always incomplete.....if it was not there ,making a successful trader is a two weeks' job....does not happen that way...this is the reason why one cannot be a successful trader by attending a 2 day seminar by a trading "Guru"

This is my view .....some may feel that knowing just one method and doing it perfectly will make a successful trader....there has been an example of "Turtles"who were taught only one method and that group was very successful...but there is no evidence to prove that turtles continued trading the same method and did not pick up other methods as they traded over the years.....

Best wishes,

Smart_trade

thanks for your sincere reply

 

[blitzkreig]

Start with pivots: Floor pivots mainly because every tom dick and harry uses them and they are simple. Then go to
Price action: Chart patters, candlestick patterns etc
Indicators: MA's, RSI etc
Volume: market profiles and volume based indicators

Hi,

Can you please point out some reference or provide some material for starting ?

Thanks

 

[lazytrader]

Hi,

Can you please point out some reference or provide some material for starting ?

Thanks

Start Here:
http://www.traderji.com/technical-analysis/31009-teach-man-fish-printable-version-download.html

 

[samsunglee]

Time teaches everything.
Nobody is perfect. Even Buffet suffered losses in his investment.
One should have perfect timings for entering and exiting stock. It’s an art which comes by experience.
Greed and fear are two important things. Both give same result.

Scenario I :- Fear of losing money will make u to sell stocks. You feel you did good thing @ the end of the day by limiting losses. Next day stock goes up by 10 percent. You repent and think u should have waited little longer.

Scenario II :- Greed to earn more makes you to hold your positions for little longer. You anticipate 5-10 percent more increase. Next day stock is down by 10 percent and you find that your yesterdays profit is no more. Fearing more losses u sell it. Back to Scenario I