Recently I attended a two day seminar on Technical analysis. I would like to share my experience( Traderji too has requested)
I had read 3-4 books on Technical analysis before the Seminar. I think the most important thing about the seminar from the perspective of a beginner is the emphasis and the sequence of usage of TA tools. They began by emphaisisng on one's own observation. It began with bar-reversals which I did not know was so important as it was only in one book. Traderji can probably explain the basics better through diagrams but the finer point was that an upward bar reversal has relevance only if preceded by a downward trend and vice-versa.
Then the importance of Gaps which again for some strange reason I did not read. The finer point I remember is that even the experts find it difficult to distiguish between exhaustion and runaway gaps.
A basic general principle was that once you master the principles of technical analysis- they remain the same for everything be is intraday or other type of trading only the time frame is different.
They obviously covered moving averages, supports and resistance, trend reversals and indicators very well(for 2days). I was not so satisfied with the coverage of continuation patterns. Eliot waves and Derivatives were convered in the end. Again, I have read 3-4 books on derivatives also and I am not satisfied.
There is another person in Delhi who is going to conduct a one day seminar. I feel that such workshops are for people who are already into trading either because of professional exposure or hobby and need some formal finetuning. For a pure beginner,it is like reading one more book that gives a good basic direction. How can one become a skilled trader in two days? Perhaps traderji would like to comment.
If I were to do the seminar, I would to it at a business centre with computers for everybody for 5 days:-
Day one- Trends and Channels, supports and Reistnace, Moving Averages and Bar Reversals- Followed by practicals by the students on computers(SOC) and live trading experiences(LTE).
Day Two- Trend Reversals and Contiunation patterns followed by soc and LTE
DaY Three- Major oscillators/ indicators followed by SOC and LTE- Some insight into how to build one's own oscillator.
Day Four- Applications like Derivatives and commodity futures or others follwed by SOC,LTE
Day five- Final combination with proper theory and practical exams to ensure what is learnt is digested.
Traderji's comments on the above? Since SOC and LTE in an expert's presence were totally absent, one could not get a proper insight into metastock. I can also conduct a two day seminar on fundamental analysis but I cannot imagine doing so without giving hands on experience on the computer on the best software. I have even written to equis why they don't try to create metastock professionals just the way we have Tally graduates and there microsoft certified professionals.
Some of these observations proved true when the next day I came across www.tradingacademy.com where they have a seven day instead of a five day course but by Indian Standards is extremely expensive. I would suggest beginners to listen to their free online courses like the "Seven pillars of Trading".
Considering how much the academycharges, I got a good value for money but I think that to be a skilled trader, this was an orientation and not training. They had excellent points in transparencies the photocopies of which they did not give. It is difficult for a beginner to hear somebody in one area and read in another area and take notes at the same time.
concluding, let me share the best thing I learnt. In India, Sitar is an instrument
S-Support
I-Indicator
t-Trends
a-Averages
r-Resistance
This is what one is supposed to study but before that:-
Inside Bar
Rversal Bar
Gaps
Volumes
Primary
Traderji's comments on the above. I know there is no definite sequence but this is a good sort of direction.
I request traderji's comments on one partiular issue. Is trading so simple that after giving an orientation, one can afford not to monitor. For instance can I start drawing continuation patterns, supports and Resistances etc and others correctly. Should not an expert monitor that it is being done correctly. Is metastock also so simple that it does not require any practical training.
I think beginners should either go the whole hog since money is involved or avoid such seminars. Very few people know about professional trading in India. It could be a good dormant market provided the right kind of training is provided. Even with metastock, I feel like an untrained soldier with a very good weapon which can prove counterproductive.
I had read 3-4 books on Technical analysis before the Seminar. I think the most important thing about the seminar from the perspective of a beginner is the emphasis and the sequence of usage of TA tools. They began by emphaisisng on one's own observation. It began with bar-reversals which I did not know was so important as it was only in one book. Traderji can probably explain the basics better through diagrams but the finer point was that an upward bar reversal has relevance only if preceded by a downward trend and vice-versa.
Then the importance of Gaps which again for some strange reason I did not read. The finer point I remember is that even the experts find it difficult to distiguish between exhaustion and runaway gaps.
A basic general principle was that once you master the principles of technical analysis- they remain the same for everything be is intraday or other type of trading only the time frame is different.
They obviously covered moving averages, supports and resistance, trend reversals and indicators very well(for 2days). I was not so satisfied with the coverage of continuation patterns. Eliot waves and Derivatives were convered in the end. Again, I have read 3-4 books on derivatives also and I am not satisfied.
There is another person in Delhi who is going to conduct a one day seminar. I feel that such workshops are for people who are already into trading either because of professional exposure or hobby and need some formal finetuning. For a pure beginner,it is like reading one more book that gives a good basic direction. How can one become a skilled trader in two days? Perhaps traderji would like to comment.
If I were to do the seminar, I would to it at a business centre with computers for everybody for 5 days:-
Day one- Trends and Channels, supports and Reistnace, Moving Averages and Bar Reversals- Followed by practicals by the students on computers(SOC) and live trading experiences(LTE).
Day Two- Trend Reversals and Contiunation patterns followed by soc and LTE
DaY Three- Major oscillators/ indicators followed by SOC and LTE- Some insight into how to build one's own oscillator.
Day Four- Applications like Derivatives and commodity futures or others follwed by SOC,LTE
Day five- Final combination with proper theory and practical exams to ensure what is learnt is digested.
Traderji's comments on the above? Since SOC and LTE in an expert's presence were totally absent, one could not get a proper insight into metastock. I can also conduct a two day seminar on fundamental analysis but I cannot imagine doing so without giving hands on experience on the computer on the best software. I have even written to equis why they don't try to create metastock professionals just the way we have Tally graduates and there microsoft certified professionals.
Some of these observations proved true when the next day I came across www.tradingacademy.com where they have a seven day instead of a five day course but by Indian Standards is extremely expensive. I would suggest beginners to listen to their free online courses like the "Seven pillars of Trading".
Considering how much the academycharges, I got a good value for money but I think that to be a skilled trader, this was an orientation and not training. They had excellent points in transparencies the photocopies of which they did not give. It is difficult for a beginner to hear somebody in one area and read in another area and take notes at the same time.
concluding, let me share the best thing I learnt. In India, Sitar is an instrument
S-Support
I-Indicator
t-Trends
a-Averages
r-Resistance
This is what one is supposed to study but before that:-
Inside Bar
Rversal Bar
Gaps
Volumes
Primary
Traderji's comments on the above. I know there is no definite sequence but this is a good sort of direction.
I request traderji's comments on one partiular issue. Is trading so simple that after giving an orientation, one can afford not to monitor. For instance can I start drawing continuation patterns, supports and Resistances etc and others correctly. Should not an expert monitor that it is being done correctly. Is metastock also so simple that it does not require any practical training.
I think beginners should either go the whole hog since money is involved or avoid such seminars. Very few people know about professional trading in India. It could be a good dormant market provided the right kind of training is provided. Even with metastock, I feel like an untrained soldier with a very good weapon which can prove counterproductive.