Just being Contrarian on Nifty is Paying me

Since past 3 months, I have stopped using Tech Analysis. and Being contrarian on the Nifty moves is paying me quite ok then the rests.

I am just sharing the experiance and not criticising the Tech Analysts.

Interesting to know that.
Do you have any system or approach to be contrarian ? How do you manage your risk ?
How do u follow trend, once your contrarian entry come into profit ? Or u book profit quickly and go contrarian again.

Like to get more insight into your contrarian tarding and learn this approach too.

Happy Trading

yes, please give some explanation of the trading setup you are using...

This kind of trading setup require a 1rs coin.. flip it and go long in case of heads & short in case of tails

I hope am not wrong. But I do remember Mr Shankar Sharma having a contrary opinion since April - May 2009. I guess he has not made profits.

Anyway, my point is contrarian trading requires exceptional grip on the market. Along with that it does require very efficient risk trading approach and market timing sense.

I would love to know what rules you are using. As AW10 pointed out, learning something on this would be of good use.

Tc.

I like to be contrarian too but when I know what I am doing, why I am doing and most importantly when I am going to accept that I am a fool and rest of them were right

See an example on one of my FX trade.. everyone was selling Euro and shouting it broken all support.. going back to 1.36 and some crazy voice I heard saying 1.30.. wow.

This was my setup



and this is how it looks now



over 150 pips is not a bad deal at all in just 3 days (avg 50 pips daily) and many more to come in days to come

Can you tell me where u have opened your Forex Account ?? What are the requirements n stuff (How is the payment done/retrieved)... I have forex acc with a UK based firm ... Not happy with their services though ...

I am with Oanda.com (so far the lowest spread I could find) I am mostly on EURUSD & USDJPY and their typical spreads are 0.9 & 1.1 respectively

Requirement is not much, online form, one govt photo Id & address id. Paypal via CC , wire transfer & Cheque can be used to send & receive funds but funds can be receive in same manner as they deposited.. paypal 2 paypal etc..

I am again a contrarian as I am looking to move to UK based and searching for some good broker in UK... US may limit the leverage to 10:1 for retail FX traders

Only thing Oanda lack is the MT4 and they have their own software which is good enough for me as I do not need fancy charting just a simple HLC bar & trend line serve me best... no initial deposit limit.. even $1 will do and any size trading even 1 base unit..

To be contrarian u need to be able to identify whats happening right now i the first place. If u mean random walk thats a different issue altogether.