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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 dont 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 dont know what to do with Amibroker or Metastock software although many people are talking about it. I dont 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 Prings 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
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 dont 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 dont know what to do with Amibroker or Metastock software although many people are talking about it. I dont 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 Prings 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
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: [email protected].
Hari om!
