Will you please help me to be a day trader, you knowledgeble people?

Hari om pshirukarji.
If I am to speak of day trading so far,MACD & RSI are the successful one for me to predict future movements.But then the volume and timings are very important.Specially in a state like India where in every now and then there is breaking news from the ministers of banning export of this and fixing price of that for one year,no indicator will be predicting rightly!
And if I am to speak of delivery based position trading,you will see market is opening gapping down of 450 points,breaking all your stoplosses and giving no chance to exit! So it is safe not to go by the indicators fully,until the markets are stabilised and take a direction properly. Overall,in a coducive market,in my opinion,MACD,RSI are good and William%R is a good one to see if it is oversold and averbought.
That is the view of mine in this regard! Let's see what the others and seniors say in this matter of indicators. Overall, good topic pshirukar!

Waste a year on that

And then piss away another year designing MA Slope Systems

This is really a strange thread

Isn't it a part of the learning curve,CV? A year or so on holy grails and a year of reckless trading with poor mm?
Just out of curiosity, did you go through the same process before you got refined?

well oxy, I started off by reading neiderhoffer, livermore, elder and van tharp...so moneymanagement was built into my trading right from day one...and unlike others i started with (and still trade) options...so saved the MA, RSI learning curve...got whacked in some pattern trading...but an extended learning curve was considerably shortened by CV...
now whenever i see books and systems, even before bothering to read them, just go to these great boards where they are taken apart in shreds and discussed....

my reply has no relation to CVs post above, but to your reply...reason being that - know how indicators are built..and why...and there will be light at the end of the "channel"...

Beginner,

I am not contending that but to have so many resources available around and all one is interested in indicators and news nonsense.Its just ironical that people keep wasting their time over and over again.

CV, allow me to quote a few lines from Evidence Based TA (btw, thank you for suggesting me this book. 'twas a nice read)

""What ails the truth is that it is mainly uncomfortable and often dull. The human mind seeks something more amusing and more carressing" ..(to continue) indicators provide this.
Who would believe one who proposes the importance on mm? Often doesn't seem to fascinate audience and the person who tries to tell a thing or two usually gets ignored over a guy who claims to have a magical indicator or a entry-exit rule with a significant degree of outperformance.
Eventually, people will realize this after seeing the account balance in a couple of years or so (if they do realize it) and irrespective of the resources available, most learn purely (and only) by experience and this experience is worth every rupee traders pay for it (every rupee of the trader's account balance diminished)

Great Post Oxy

Dear friends,

At the beginning, let me say Hello to all of you gentlemen. Although presently I am a serviceman, in course of time I would like to change from my present occupation to Day trading and investing in share market. With a view to this, I have tried my hands on investing in shares. I have then realized that to be a successful investor and a day trader, knowledge of TA is a pre-requisite, as Hariom rightly pointed out. Then I tried several sites like investopedia, TIS, incademy – to name a few- to gather knowledge about TA. But I must admit that this is the best thread I have come across in my quest for knowledge for TA. After going through all those communications among you “great” people, I have developed a bit of confidence that I shall be able to achieve my goal. I sincerely wish you all will help me out. Already I have taken print outs of your communications to store for future reference. I also echo the same voice as Hariom that day trading is not as bad as many people make us to believe. In case of investing, I several times got stuck with my stocks because these days market is becoming very unpredictable (At least for medium ). You keep on waiting till your down trodden (because of sudden volatility in the market) stock makes a up move to see some profit. This way it is difficult to make a living with small investment. Again, I have on my own tried Day trading with very very small amount without no or minimum knowledge of TA, which is why I have not been successful. I have all these time looking for knowledge and systematic approach for Day trading. But I must confess that I am still directionless. I don’t know what to do, where to start with! There are so many sites that offer write up on TA by various indicators, software, datas to play with. But frankly speaking, I am very much directionless. I don’t know what to do with Amibroker or Metastock software although many people are talking about it. I don’t know what is the use of EOD or IEOD data although many are using it. My problem is much similar to that of Hariom. I must appreciate the way Hariom has started the learning process from scratch and it is moving ahead one step at a time. Fortunately Hariom is privileged than I for his home town Kolkata. He can lay his hands on many things immediately. I am from a small town in North east where investing in share market has not taken any fancy as yet. So I am equipped only with an internet connection and ICICIDIRECT.COM demat account – good or bad because other brokers are not available. Yet I want to make it big. I sincerely hope and request you all to help me in my endeavour. Also I promise that whatever I learn and experience I shall be posting here so that all new comers are benefited. I have Martin Pring’s book “Introduction to Technical analysis”. I have studied the Candle stick chart from the book. I have found that all the topics given in the book is not so easy to understand. So for a beginner like me, it is becoming a little cumbersome. That is why I would request you to give me address or websites from where I can get free/buy “ Investment & Technical Analysis by Tapas Kumar Dey “ and some other already mentioned books . Secondly I would like to know about any institute that gives short term training on TA and other related maters on investing/day trading in shares.

I do hope you will be generous to me in this regard.

Nick

Dear friends,

At the beginning, let me say Hello to all of you gentlemen. Although presently I am a serviceman, in course of time I would like change from my present occupation to Day trading and investing in share market. With a view to this, I have tried my hands on investing in shares. I have then realized that to be a successful investor and a day trader, knowledge of TA is a pre-requisite, as Hariom rightly pointed out. Then I tried several sites like investopedia, TIS, incademy – to name a few- to gather knowledge about TA. But I must admit that this is the best thread I have come across in my quest for knowledge for TA. After going through all those communications between you “great” people, I have developed a bit of confidence that I shall be able to achieve my goal. I sincerely wish you all will help me out. Already I have taken print outs of your communications to store for future reference. I also echo the same voice as Hariom that day trading is not as bad as many people make us to believe. In case of investing, I several times got stuck with my stocks because these days market is becoming very unpredictable (At least for medium & long term). You keep on waiting till your down trodden (because of sudden volatility in the market) stock makes a up move to see some profit. This way it is difficult to make a living with small investment. Again, I have on my own tried Day trading with very very small amount without no or minimum knowledge of TA. which is why I have not been successful. I have all these time looking for knowledge and systematic approach for Day trading. But I must confess that I am till now directionless. I don’t know what to do, where to start with! There are so many sites that offer write up on TA by various indicators, software, datas to play with. But frankly speaking, I am very much directionless. I don’t know what to do with Amibroker or Metastock software although many people are talking about it. I don’t know what is the use of EOD or IEOD data although many are using it. My problem is much similar to that of Hariom. I must appreciate the way Hariom has started the learning process from scratch and it is moving ahead one step at a time. Fortunately Hariom is privileged than I for his home town Kolkata. He can lay his hands on many things immediately. I am from a small town in North east where investing in share market has not taken any fancy as yet. So I am equipped only with an internet connection and ICICIDIRECT.COM demat account – good or bad because other brokers are not available. Yet I want to make it big. I sincerely hope and request you all to help me in my endeavour. Also I promise that whatever I learn and experience I shall be posting here so that all new comers are benefited. I have Martin Pring’s book “Introduction to Technical analysis”. I have studied the Candle stick chart from the book. I have found that all the topics given in the book is not so easy to understand. So for a beginner like me, it is becoming a little cumbersome. That is why I would request you all to give me address or websites from where I can get free/buy “ Investment & Technical Analysis by Tapas Kumar Dey “ and some above mentioned books . Secondly I would like to know any institute that gives short term training on TA and other related maters on investing in shares.

I do hope you will be generous to me in this regard.

Nick