Laid back type of trading

[rip07]

Life is pretty simple so the trading but both are not easy to execute in a fashion to get out maximum of yourself.

Here, I will try sharing those trading steps which might make easier our trading journey. Fellow members also can contribute. It will serve the purpose of thread, 'sharing while learning'.

Thanks
rip07

 

[rip07]

Let's start friends!!!

Never run after money I mean Price, let the price come to you. We, in real life, most of the time wait for sales on the products we desire and we find great deal of discounts on such products during the year. We do not run after that when they are at peak or expensive. We make the budget and decide our price range where we would like to buy.

In trading/investing, also we got many sales like this through out the year, bad numbers of good companies (Sensex 30 or Nifty 50), is one of the opportunity.

Just relax!! One or another company will fail to please our so called analysts on TV, is the time to add some.

In case of trading is pretty simple, Top-to-Bottom approach, only on Sunday when you get some time (will explain later). No pressure!!

Thanks
rip07

 

[Hulu Girl]

Hie, so you are going to share any good kind of trading knowledge with others. It is related to Forex or stock market trading?

 

[rip07]

Do not trade in forex but basic is same, can apply in all markets.

Hie, so you are going to share any good kind of trading knowledge with others. It is related to Forex or stock market trading?

It will be easy to understand but execution depends on the trader.

Should be simple in analysis of technical as fundamental.

Thanks
rip07

 

[rip07]

Before proceeding we should look for/follow some mentors here, actually here we have many mentors with excellent skills and knowledge.

In a successful career we always need a mentor who can understand us and guide us till the end of that dark tunnel where we can see the light.

Recommend Mentors (Again depends on personality of an individual trader to follow/choose the mentor):

Smart_trade da: He suits almost all types of personalities, can guide you in almost all aspects.

Subhadip: Pivot Method explained very well and detailed.

X-Ray: Demand & Supply method and newly introduced Market profile.

Amitandive: for daily motivation.

Lonewolf: His dairy to understand how he evolves/evolving his trading journey.

Marimuthu: How you can accomplish impossible things--from 20k to 20L

Vjkris, Oilman, Snakehead, deba, denzo, and many more.. just go through their respective threads when time permits.

Without mentors, chances are high we can fall despite a good start.

Thanks
rip07

 

[rip07]

After choosing a mentor we should set a Goal.

Pareto Principle -80/20 almost apply in all aspects of careers.

Our 80% return comes from only 20% of trades, if we dedicate our energy and skills on those 20% trades, chances are high we will get higher return with relax/peaceful state of mind. It is not necessary that we have to do trade daily in order to get those 20% trades. Just relax and by doing weekly analysis can also bring fortune to us. But we have to define that fortune in order to measure our success. So, analysis you current situation and where you want to see yourself in coming 1-3-5 years and what amount of money can bring you peace.

(if we are looking for here only money, fun, adrenaline, thrill etc, may be trading career is a bad choice.)

Thanks
rip07

 

[rip07]

Tools

In this case no indicators only simple line chart with trend lines for our understanding. Any online website which can provide data in real time, 'tradingview' might be useful for this purpose.

Time frame

We can see Weekly chart for big picture, daily chart for intermediate trend and finally can use 4 hours chart for entry or exit.

There is no doubt we can find better entry in lower time frames but we are easy going people. No need to catch top or bottom, just 60-80% of the middle part of the trend is fine with us in a trend market (20% trades). Avoid range market (80% trades fall in this category).

Thanks
rip07

 

[rip07]

Top to bottom approach

When we see big picture for example BankNifty monthly chart, we are in uptrend and possible 12-13 months are still there for rally, although we cannot time the market, all what we can do is speculate and participate.

If we are right we will win, If we are wrong, we will not loose much.

Thanks
rip07

 

[rip07]

In a similar fashion, this is a weekly chart for big picture

Thanks
rip07

 

[rip07]

It is a daily chart of Bank Nifty, if draw a simple trend line from one point in lower side of left part to other point in upper side of right part, we find that it is uptrend and bank nifty hardly breached this line during this time period. Those touching points on trend line can be use for entry with tight stop-loss.

Thanks
rip07