biyas,whatever short time I spent with my teachers,the one between them whom I liked more told something like this:.....95% of the traders are failures and out of the successful ones,95% are bulls(I can make some mistakes in quoting him as the time decay has taken some memory off my brain...)....so the remaining 5% are bears in the success terriotory.
He had been a great bear.A market takes a little percentage of time to go down in comparison to the time taken to rise that path.
U can watch that on ur screen any day.Now the question is how to play the contrarion bears' game? It is less risky than contrarion bulls' game!Well if someone reveals the system to trade counter-trends,he will not be doing any good to the others and not to himself also.
But in a forum,where Saint has made a himalayan effort to make people think on trends to earn a living,I can atleast give the thinking process to go for the working structure of counter trends.To implement it in practicality,three things are important:
1.Knowledge of indicators.
2.Intrinsic data of buying pressure and selling pressure,tick by tick.PIB,Sharekhan will not be of any help.
3.Multiple time frames.
Buy Martin Pring's 'Martin Pring on Market Momentum' for a general overview of indicators and their applicability.It was available here in kolkata at Rs.395/- when I bought it,may be the price is diffrent now(printed price,book seller will give u discount on that
).Then go for the advanced text of conceptual clarity.
It is tough,no doubt,to trade contra trends.But rewarding,specially south journey! But a caution is there: If money can be made trading trends,don't bother the contra trends and put off the computer after u make the most of the trends.
19th February 2008, 08:58 PM
Re: New for day trading.
