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#1
19th October 2004, 09:21 PM
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Broad Picture- When To And Not To Trade
(i) Trading on break out from Patterns
(ii) Trading in overbought/ oversold zone (iii) Trading at support and resistance level (iv) Trading at breaking of trend lines (v) Trading at the percentage retracement. (vi) Trading while making the use of gaps (vii) Trading on negative and positive divergences I think this forms a good broad summary about when to trade. Is there any other category, traderji? Getting out of traders would also involve all the above? In the case of breakouts, one has to keep the 3% filter in mind apart from volume. I think with the exception of Gaps and to a lesser degree, percentage retracements, others have been covered. Any dos and don’ts, finer points or points to be kept in mind would be welcome. It is better to have them at one place rather than scattered in different posts. Former PNG MD, Mr Gurcharan Das said once that to succeed at anything one has to try and know all the details without losing sight of the big picture. I have presented this in that context. Last edited by sh50 : 31st January 2005 at 08:03 PM. 
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#2
20th October 2004, 08:04 AM
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Re: Broad Picture- When To And Not To Trade
Very good synopsis!
Trading is a probability game so one should make sure that the odds are in one's favour before making a trade. This can be done by using a confirming indicator like volume and open interest. In Trading for a Living, Alexander Elder describes the different kinds of indicators that one can use. I think all aspiring traders should read his book.
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