Lost everything but hope..

[sunilrhs]

Dear All,

This is Sunil, writing from some part of Gujarat.

I read somewhere " people come with lot of money in share market, then they loose it, then they become Analyst" like me ..

I too started with lot of money initially..got fresher luck and got carrried away..i lost everything (in 2005-2007). At that time I was doing my MBA in marketing & fiddeling with Finance

Then again I started doing trading when market got back to 20000 after that famous crash. Again in couple of months i lost everything.

Even now, when nifty was at 4600..went all the way up to 5600...i still lost everything.



Well one may say..i never learned anything and doing the same mistake. Well this the mistake i was doing. tried lot of new things and lost lot of things.

Though i feel now, being an educated person, how can i go into something which i dont know completly..Its like darting in the dark, that too , against all odds.

Finally ended up at traderji, spent lot of hour daily on the same. came across to very interesting thread started by PRIDE. i got some glimpse of hope and started reading it from first post to last..to my shock when i reached to last thread..the thread was terminated by PRIDE himself..

Anyways will definatly speak to SG, ST, Pride and other fellow traders here soon. Will learn all the things which is important to cut the loss especially.

All i can say is, i should have come here earlier.

A very warm regards to all.

Sunil

 

[sanjosedesi]

Finally ended up at traderji, spent lot of hour daily on the same. came across to very interesting thread started by PRIDE. i got some glimpse of hope and started reading it from first post to last..to my shock when i reached to last thread..the thread was terminated by PRIDE himself..

Anyways will definatly speak to SG, ST, Pride and other fellow traders here soon. Will learn all the things which is important to cut the loss especially.

Even I landed up at TJ while searching for lessons of life, but that was more than a year back and I just now starting to move to pure technical trades rather than tukka trades.

I did not even know about PRIDE !! Thanks. Searched and on cursory glance, his strategy seems to be similar to described by Alexander Elder and also what I am starting to get into. It also has high similarity with SH - TradeWithHunter (search on TJ and you will find his threads). The difference is the question of timeframes.

Trade less but make high probability trades with good money management, and I wish you recover more than what you lost. Have fun !!

 

[sanjosedesi]

Also see 4xpipcounter 's thread on trendlines. The thread is dormant but the first few pages have good material.

 

[sunilrhs]

Even I landed up at TJ while searching for lessons of life, but that was more than a year back and I just now starting to move to pure technical trades rather than tukka trades.

I did not even know about PRIDE !! Thanks. Searched and on cursory glance, his strategy seems to be similar to described by Alexander Elder and also what I am starting to get into. It also has high similarity with SH - TradeWithHunter (search on TJ and you will find his threads). The difference is the question of timeframes.

Trade less but make high probability trades with good money management, and I wish you recover more than what you lost. Have fun !!

Thanks Buddy for motivating.....I did the same... tuuka trades..just saw the price moving up & got into it or entered into those who has just hit day high..anyways tough lesson learnt...Will definatly study & implement, the best for me, technicals at TJ. Thanks for sharing info about Alexander Elder & Tradewithhunter... thanks again for you kind words...

Regards

Sunil

 

[kunal2807]

If you have time and patience,pl go through SAINT's thread "Teach a Man to Fish......".It is available in pdf format also.You may need to read more than once to digest the thing.Once you get hold of the concept,you are through with any market.Afterwards you can judge any strategy under your aquired knowledge or else you can develop your own strategy.BTW, Forexpipcounter's thread on Trendline is a very good one.Do not loose hope.You must be successful,only have some patience and desire to learn from SAINT's thread.
Regards and Best Wishes
Kunal

 

[sunilrhs]

If you have time and patience,pl go through SAINT's thread "Teach a Man to Fish......".It is available in pdf format also.You may need to read more than once to digest the thing.Once you get hold of the concept,you are through with any market.Afterwards you can judge any strategy under your aquired knowledge or else you can develop your own strategy.BTW, Forexpipcounter's thread on Trendline is a very good one.Do not loose hope.You must be successful,only have some patience and desire to learn from SAINT's thread.
Regards and Best Wishes
Kunal

Thanks Kunal for showing me the right way...Will surely and must read thread of Saint also.

Best Regards,

Sunil

 

[sanjosedesi]

Thanks Kunal for showing me the right way...Will surely and must read thread of Saint also.

Saint's book/PDF is great. However, there is one thing I have realized. People talk about mind, method and money management as 3 parts of trading life. On the method part, you can read and read and read, and you will go crazy. There are 10s of techniques, there are 100s of indicators and what not. While it is easy to learn them, it is much much harder to implement them because once the trade goes wrong (despite your best attempts), not only you lose money, you start losing faith in that method. Best is to start with something which ls least confusing and hence simple to implement, and as you develop confidence that this works ... then you start adding more and more complex things.

In that aspect, Saint's book is a bible you must read, but SH's 315 (and related threads) are the best starting points, as long as you can figure out how to avoid whipsaws. 315 may (have not benchmarked) give low yields, but it will give yields, and once you have figured out the art of entry and exit (including stop loss although I do not remember if 315 has explicit stop loss), then you can use the 100s of indicators to optimize your yields to the next level.

There's another way people say this (although the meaning is different). When starting, focus on making a good trade rather than making money. Money will flow once you start making good trades. Now someone's definition of good trade may vary and he might want to use these 100 indicators, but in my definition a good trade is what has a high probability of positive results, and I think 315 can give it as long as you learn how to control whipsaws.

Hope this helps.

 

[sunilrhs]

Saint's book/PDF is great. However, there is one thing I have realized. People talk about mind, method and money management as 3 parts of trading life. On the method part, you can read and read and read, and you will go crazy. There are 10s of techniques, there are 100s of indicators and what not. While it is easy to learn them, it is much much harder to implement them because once the trade goes wrong (despite your best attempts), not only you lose money, you start losing faith in that method. Best is to start with something which ls least confusing and hence simple to implement, and as you develop confidence that this works ... then you start adding more and more complex things.

In that aspect, Saint's book is a bible you must read, but SH's 315 (and related threads) are the best starting points, as long as you can figure out how to avoid whipsaws. 315 may (have not benchmarked) give low yields, but it will give yields, and once you have figured out the art of entry and exit (including stop loss although I do not remember if 315 has explicit stop loss), then you can use the 100s of indicators to optimize your yields to the next level.

There's another way people say this (although the meaning is different). When starting, focus on making a good trade rather than making money. Money will flow once you start making good trades. Now someone's definition of good trade may vary and he might want to use these 100 indicators, but in my definition a good trade is what has a high probability of positive results, and I think 315 can give it as long as you learn how to control whipsaws.

Hope this helps.

Thanks a lot buddy for such a nice reply...and believe me this is what exactly, that has happened with me so far...came across lot of things & could'nt decide what is best for me...now i feel to go step by step. Already started reading Alexander Elder's book i.e. Trading for a living.

Even i feel, to start with 315 will be the best way going forward...its easy to understand yet effective system..

And yes the best thing i did recently is 'approched zerodha guys for trading acccount" ..will be able to cut very hefty brokerage. In last 3 months i ended up giving 2 lacs as brokerage alone. One may argue how much daily turnover i did..not much..50 lacs daily in cash by me & 50 lots daily of options by my broker..but options proved to be Zero sum game...the only difference was the brokerage...

I know I am at fault by giving him the freedom. Now i have learnt my lesson and that too in a very hard way.

Always looking forward to your guidance..

Regards

Sunil

 

[sunilrhs]

Saint's book/PDF is great. However, there is one thing I have realized. People talk about mind, method and money management as 3 parts of trading life. On the method part, you can read and read and read, and you will go crazy. There are 10s of techniques, there are 100s of indicators and what not. While it is easy to learn them, it is much much harder to implement them because once the trade goes wrong (despite your best attempts), not only you lose money, you start losing faith in that method. Best is to start with something which ls least confusing and hence simple to implement, and as you develop confidence that this works ... then you start adding more and more complex things.

In that aspect, Saint's book is a bible you must read, but SH's 315 (and related threads) are the best starting points, as long as you can figure out how to avoid whipsaws. 315 may (have not benchmarked) give low yields, but it will give yields, and once you have figured out the art of entry and exit (including stop loss although I do not remember if 315 has explicit stop loss), then you can use the 100s of indicators to optimize your yields to the next level.

There's another way people say this (although the meaning is different). When starting, focus on making a good trade rather than making money. Money will flow once you start making good trades. Now someone's definition of good trade may vary and he might want to use these 100 indicators, but in my definition a good trade is what has a high probability of positive results, and I think 315 can give it as long as you learn how to control whipsaws.

Hope this helps.

Thanks a lot buddy for such a nice reply...this is my fourth attempt to reply ur post..but there seems to be some problem with my account...anyways...just read first 100 pages of Alexanders's Trading for a living and u wont believe i found my self on every word and every pages, whenever he refered to losers.



Back to ur comment on '315' , even i found this srategy very simple and yet very effective...and fully agree with ur theory of "TRADE LESS BUT TRADE ACCURATE"..its better not to loose money rather then earning for broker....

BTW i am planning to switch to Zerodha as found them to be very cost effective as i seldom put any trade though my broker and secondlly, it will be good if they offer ODIN as i am much familiar to it now through Angel Broking...

Well i had been doing some trading with help of PRIDE system with my knowledge...in last 8 days i did around 26 trades including options, Nifty futures, RIL, SBI, DLF & LT...today was the first day when i got loss through RIL and that too by just 5 points..but ended my day with profit through sell on nifty future at 5497 and covered at 5470... yesterday i got around 46 points in options in just 2 trades...even my broker was surprised by this change of my behaviour..and for last two days he is seeking advice from me :lol: ...well thats the power of TraderJI....You ppl rock here...

if in case i need to PM you how can i do it ????

With Best Regards,

Sunil

 

[timepass]

Sunil, I have listed some of the reading material this post. Later posts in the thread mention some of the useful reading material.