The software by www.technicaltrends.com is excellent from that education perspective.
Mr Sudarshan Sukhani of Technical trends speaks on CNBC. It is a little ironical that I went to him just before I bought Metastock in May last year. However since I was totally raw at that time, I could not assess it properly. Actually just before that, I had purchased the best financial accounting package Tally which proved far superior to the customized accounting package I was using earlier. So I was already biased in favor or a branded product and preferred Metastock.
However like in the stock market, the trend need not always be true. Recently, I had to return to Mr Sukhani again for intraday data as the alternatives are extremely expensive for a rookie. Well, I seem to have discovered a goldmine. I have been operating the software for last three weeks and it is quite a find. In all trading books it is given that one has to discover one's temprament and then decide what type of trading one is suited for. I think at Rs 20,000/- per year for both eod data, intraday data and practical education this is worth it. The alternatives are too expensive to experiment whether day trading suits you or not.
Just as to learn driving, you need a car and a coach, this software operates like that. Its actually a newsletter cum enabling software. It has recommendations of swing trading, position trading and day trading which one can easily crosscheck on both the intraday and eod graphs of the software. The position recommendations are given in with detailed graphs and swing setups like inside day, NR7, 1234, volatility setups. etc. For a beginner it is very easy to crosscheck and learn. That apart there are recommendations on derivatives and some pretty good writeup on nifty and the stock mkt that I have not seen in other newsletters.
He also gives recommendations on day trading every hour most of which are correct. You need luck also because one never knows what the stock will do after it crosses a signal. He is the first technical person I have come across who so confidently speaks about day trading- a majority advice against it and he recommends futures trading in intra-day. I think intraday futures can be recommended only by that person who thoroughly knows the subject.
Most important is that this software enables learning by doing and learning while doing by giving graphic and text explanations of position trading which is real education.
If you know how to do Elliot wave count , there is a provision although it will not ofcourse have the fancy explorations of Advanced get.
In the newsletter there is data on top25 scrips, top gainers and losers and top twenty scrips etc stc.
It also has data on options and futures. Metastock has only futures data.
One of the best features I liked is the stock scans. They are extremely thorough and enables a beginner to think how to select a stock ( file attached).
It has provision for data conversion to mm, binary format, eodintra etc.
It has general tiling and template features.
Though comparison to Metastock in certain ways is like comparing a Wagon R to a Hondacity but a small car can take you places faster than a big car- this is excellent in that respect.
All the indicators are classified wonderfully under their respective heads- momentum, volatility , trend etc which itself can be very educative. This classification is there in Metastock manual but not in software. Some gerneral indicators are explained better than Metastock and vice-versa.
The best part is that for total laymen indicators have been explained in laymen terms using the analogy of Alligators. For complete beginners, it is very easy to understand.
Another very good thing is that as you compare the 5,15,30 and 60 min and daily chart everyday at an affordable cost, it develops excellent charting sense since there are so many situations one faces everyday and apply it to other broader charts It does not cover all the nifty stocks.
Metastock is wonderfully convenient and userfriendly. It has better visuals and better advanced features if you know how to use them. Metastock expert advisor used alongwith exploer and custom tester can prove very effective but in my view, the basics need to be well developed first. Technical trends has only one expert advisor compared to Metastocks multitides.
It is ones own individual prerogative to choose depending upon what one wants. Just as one can watch both NDTV and CNBC, one can buy both- one for learning , the other for convenience if one can afford it. The intraday data cum the newsletter makes it a much cheaper alternative but considering that one has to compare oranges to oranges, I will say strictly from an educational perspective, it is the package.
A last sweetner the technical trends website has some excellent guidelines for beginners.I started with them. Some of them are only for registered members but are worth reading.
There are some operational glitches and people from outside Delhi may find it difficult initally, overall I think it is worth it.
I tried to learn trading from almost half a dozen people and spent a couple of months with the last person.In more ways than one, I have learnt more practical trading in the last three weeks than the last six months. This has been written only with the perspective of helping beginners.
Mr Sukhani also conducts seminars but he does them one topic at a time which enables one to digest concepts properly instead of thrusting all of them at one go.
Mr Sukhani has lived up to his name and made this one of the happiest(sukhi) new years of my life. Hope it helps some of you too.
Mr Sudarshan Sukhani of Technical trends speaks on CNBC. It is a little ironical that I went to him just before I bought Metastock in May last year. However since I was totally raw at that time, I could not assess it properly. Actually just before that, I had purchased the best financial accounting package Tally which proved far superior to the customized accounting package I was using earlier. So I was already biased in favor or a branded product and preferred Metastock.
However like in the stock market, the trend need not always be true. Recently, I had to return to Mr Sukhani again for intraday data as the alternatives are extremely expensive for a rookie. Well, I seem to have discovered a goldmine. I have been operating the software for last three weeks and it is quite a find. In all trading books it is given that one has to discover one's temprament and then decide what type of trading one is suited for. I think at Rs 20,000/- per year for both eod data, intraday data and practical education this is worth it. The alternatives are too expensive to experiment whether day trading suits you or not.
Just as to learn driving, you need a car and a coach, this software operates like that. Its actually a newsletter cum enabling software. It has recommendations of swing trading, position trading and day trading which one can easily crosscheck on both the intraday and eod graphs of the software. The position recommendations are given in with detailed graphs and swing setups like inside day, NR7, 1234, volatility setups. etc. For a beginner it is very easy to crosscheck and learn. That apart there are recommendations on derivatives and some pretty good writeup on nifty and the stock mkt that I have not seen in other newsletters.
He also gives recommendations on day trading every hour most of which are correct. You need luck also because one never knows what the stock will do after it crosses a signal. He is the first technical person I have come across who so confidently speaks about day trading- a majority advice against it and he recommends futures trading in intra-day. I think intraday futures can be recommended only by that person who thoroughly knows the subject.
Most important is that this software enables learning by doing and learning while doing by giving graphic and text explanations of position trading which is real education.
If you know how to do Elliot wave count , there is a provision although it will not ofcourse have the fancy explorations of Advanced get.
In the newsletter there is data on top25 scrips, top gainers and losers and top twenty scrips etc stc.
It also has data on options and futures. Metastock has only futures data.
One of the best features I liked is the stock scans. They are extremely thorough and enables a beginner to think how to select a stock ( file attached).
It has provision for data conversion to mm, binary format, eodintra etc.
It has general tiling and template features.
Though comparison to Metastock in certain ways is like comparing a Wagon R to a Hondacity but a small car can take you places faster than a big car- this is excellent in that respect.
All the indicators are classified wonderfully under their respective heads- momentum, volatility , trend etc which itself can be very educative. This classification is there in Metastock manual but not in software. Some gerneral indicators are explained better than Metastock and vice-versa.
The best part is that for total laymen indicators have been explained in laymen terms using the analogy of Alligators. For complete beginners, it is very easy to understand.
Another very good thing is that as you compare the 5,15,30 and 60 min and daily chart everyday at an affordable cost, it develops excellent charting sense since there are so many situations one faces everyday and apply it to other broader charts It does not cover all the nifty stocks.
Metastock is wonderfully convenient and userfriendly. It has better visuals and better advanced features if you know how to use them. Metastock expert advisor used alongwith exploer and custom tester can prove very effective but in my view, the basics need to be well developed first. Technical trends has only one expert advisor compared to Metastocks multitides.
It is ones own individual prerogative to choose depending upon what one wants. Just as one can watch both NDTV and CNBC, one can buy both- one for learning , the other for convenience if one can afford it. The intraday data cum the newsletter makes it a much cheaper alternative but considering that one has to compare oranges to oranges, I will say strictly from an educational perspective, it is the package.
A last sweetner the technical trends website has some excellent guidelines for beginners.I started with them. Some of them are only for registered members but are worth reading.
There are some operational glitches and people from outside Delhi may find it difficult initally, overall I think it is worth it.
I tried to learn trading from almost half a dozen people and spent a couple of months with the last person.In more ways than one, I have learnt more practical trading in the last three weeks than the last six months. This has been written only with the perspective of helping beginners.
Mr Sukhani also conducts seminars but he does them one topic at a time which enables one to digest concepts properly instead of thrusting all of them at one go.
Mr Sukhani has lived up to his name and made this one of the happiest(sukhi) new years of my life. Hope it helps some of you too.
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