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

oxusmorouz · #71 16th March 2007, 06:40 PM

Thank you, CV

uasish · #72 17th March 2007, 01:15 AM

nick721156,
Day trading is the most risky thing plz dont be alluered by that.North East ,7 sisters ,are one of the beautiful places in our country,infact i am still proud being a "Cottonian" ,i had done my graduation staying at cotton college hostel.

Asish

hari09omkar · #73 17th March 2007, 02:02 PM

Quote:

Originally Posted by CreditViolet

Waste a year on that

And then piss away another year designing MA Slope Systems

This is really a strange thread

Toilet is the right place for that,right?
I don't know if you are not understanding the language of the posts or overlooking it!!!!!
I have answered a question of pshirukar,not ascertaining my confirmation on using it! And then what is our commerce minister doing,is mentioned! I think you have not got it.
I know here are many threads to learn some good systems and technicals as a whole too. Your threads are many of them. But these threads are not meant for a beginner who is absolutely new in stock market,not knowing the little things of how to take a trade with a proper stoploss,why this is the stoploss and why not few bucks earlier or after,how is the trend determined etc. etc. This thread is a learning curve of not knowing anything to knowing something and not a specialist' thread. Many beginners who want to make a day in the market will get benifitted from my step by step writings of learning curve here,as these writings ofcourse have some faults in them,which the seniors are supposed to point ouit,as they also have not born with the "holy grail" knowledge from their birth date,they also do have made mistakes and sharing them is what expected in the forum.I repeat,I am not saying or posting a system here,just the steps I learned so far,may be that is wrong may be right,pont them out boss,instead of being sarcastic! If the people and the beginners are not wanting this learning of step by step and the seniors here(not all of them) are wanting to make stray comments and use vulgar languages,I will not post them and close it from my part!!!!!!!!!
But if not,doesn't matter anything and believe me,I will not waste years to find where I'm wrong!
Hari om!

hari09omkar · #74 17th March 2007, 02:44 PM

Quote:

Originally Posted by nick721156

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

Well Nick,I am trying to clear some of your queries with my little knowledge.
1.EOD data> When one is to cool some water,what he will do? He will buy a refrigerator.But then,the refrigerator alone cannot cool it,beacause it needs power for that. Electricity along with the refrigerator will solve the matter of cooling the water,right?
Now compare it with charting or analysis technically of stocks. You need a software for charting and making a system of profitable trading.Like Metastock,Amibroker etc.These softwares alone cannot make the charts of the stocks - data about the stocks are needed,like volume,price,high,low etc. This data is like electricity in our previous example and the software is like the refrigerator. Without the data the softwares are not going to do anything!
Now there are two types of data. One is that which is collected after the trading session or day. Like the total volume of the day,opening and closing,highs and lows of the day etc.This data is called EOD data - i.e. End Of Day data.
Another one is real time data,which is the current price and volume movements etc. tick by tick.
Eod data can be used for positional delivery trading,short to midterm and even day trading! and real time data is used chiefly for daytrading.
2. Book> I am recommending "Technical Analysis of Stock Trends" - by Edwards & Magee.All time classic.This is by far the best book for anyone-beginner or experienced,to clear the basics of technicals.Indian edition of this book is available from Vision Books publishers of New Delhi. The latest eighth edition is superb. The price written on the back of it is Rs. 595/- . But a good shopkeeper should give you around 15% less as rebate,so that will make it around 510/-. I bought it from Kolkata and they took around 505/- .

Now the problem is you are not in big cities,right? No problem. I am giving you the phone numbers and site address from where you can contact the publishers and may be order it by post.
Phone: (+91-11)29836470
Email: visionbk@vsnl.com.
Hari om!

oxusmorouz · #75 17th March 2007, 04:05 PM

Quote:

Originally Posted by hari09omkar

Many beginners who want to make a day in the market will get benifitted from my step by step writings of learning curve here

To those of you who worship MACD as a magical entry-exit rule, I have enclosed 2 results derived from a true portfolio backtester tested on 30 sensex stocks in futures trading. The rules are similar nad they differ only in their risk management strategy, the other conditions remaining the same. I have also provided for slippages and commission.

Conclusion reached : Entry/Exit rule isn't going to help you make money. You can make a consistent 20% p.a purely by risk management.
Putting it in other terms, magical indicators go to the dumps without proper money management.

Quote:

Originally Posted by hari09omkar

But if not,doesn't matter anything and believe me,I will not waste years to find where I'm wrong!

The years spent in learning the process is never a waste of time. It is something which every trader has to necessarily go through to become a hard boiled trader who makes consistent returns. People who don't go through this process and see only profits from day1 usually end up as terrible analysts (like a guy in CNBC who said "The support for the nifty is at 3550 because the 200day EMA is there"...why should the nifty take support at the 200day EMA?

)

uasish · #76 17th March 2007, 05:45 PM

oxy,
Nice system tests ,to provide actual performance.

Asish

nick721156 · #77 17th March 2007, 05:51 PM

Quote:

Originally Posted by trader111

Hey buddy, do find time to go through some charts(abt 20) daily. Try to find( from whatever you have learned so far) whether there might be a possible entry tomorrow. Then tally it with market action nxt day.IMHO this will give practical meaning to what you are learning from books or ppl. Hope you are already doing this. Giving time to learn TA will be more rewarding than reading abt different trading practices, for starters.
Best Wishes.

What is IMHO?

Nick

nick721156 · #78 17th March 2007, 06:07 PM

Quote:

Originally Posted by swagat86

Begin with this
http://**********.com/files/1544810/...ader_Vol_I.rar
http://**********.com/files/1543010/...der_Vol_II.rar

Another thing My frnd Day trading or any form of Trading- Its all about how much Comfortable u are. Ppl are still suspicios of Stock Market activity(Thnaks to the Scams).
What i mean to say is that u gotta Try out what suits u. Forget what peaple say. Money can be made in all forms of Trading. If u want to make money u must know what u are capable of.

If u think u gonna be a Day trader. find a simple Setup and try trading in small Volumes Till u become Confident enuff.

Best Wishes
Swagat

Dear Swagat,

I tried to down load the free versions of these files; but could not. I have dowloaded WinRAR3.70beta4 because this is required to open these files if I am not mistaken. Pl clarify. Is anything more is required for downloading these files?

Regards,

Nick

CreditViolet · #79 17th March 2007, 06:10 PM

Quote:

Originally Posted by hari09omkar

.
This thread is a learning curve of not knowing anything to knowing something and not a specialist' thread. Many beginners who want to make a day in the market will get benifitted from my step by step writings of learning curve here

Well you claim to be a beginner at the start of the thread and now you want to advise beginners who are starting out.Last thing you can do is not to misguide any serious beginner out there.Canned Indicators are simply not the way to daytrade.

I posted a link on Dr.Brett's findings, did you actually go through it and understood what he said? Ofcourse not, too busy preparing to trade randomness, but hey, I am not complaining..carry on.

vince · #80 17th March 2007, 06:14 PM

Quote:

Originally Posted by hari09omkar

Hari om!
Vince your suggestion of avoiding the indicators and focusing on price is a good one. Because,in many cases there is positive divergences of MACD and RSI and yet the prices keep going south,and if it does not follow them,whom to blame?

Money is lost. So the main thing here is volume-weighted price - isn't it? Other things will come later!
Now,my first question to you,all of you,I am using the 200 EMA for every scrip and posting it on the chart of Metastock. What else should be done to ensure that moving average counting is fully covered and nothing is missed? The weighted moving average or volume adjusted or variable or simple moving average? which one and for how many days? what should be their real use? to make short term bounce back level? Thanks.

A Ma is just a smoothing of the price line , and has no bearing on future prices . So as I have said earlier dump it.

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