Does Technical Analysis Really Work??

[CreditViolet]

Re: Is Technical Analysis Really Works ???

Yeah here are my picks:
After EOD 06.02.2007
Buy above - Target - Stoploss
ARVIND MILL: 61.50 - 64-66 - 58
Ashokleyland: 47.50 - 50-52 - 48
BATAINDIA: 224 - 232-235 - 215
CHAMBLFERT: 39.50 - 40 - 38
GDL: 191 - 197-214 - 186
gtl: 160 - 180 - 154

Ok how I picked them ?
All these are in uptrend and broken some resistance on increased volume.

Let me check my luck once more LOL

- Lok

And thats where you make your biggest mistake like many on the forum.

 

[CreditViolet]

Re: Is Technical Analysis Really Works ???

Where I am ? in which step ??

Maybe at 14 or 15. I guess

CV

 

[CreditViolet]

Re: Is Technical Analysis Really Works ???

Ok dont disclose ur sytem, Get a partner and start a chat room for live calls. Im sure ul get huge huge client base.


wat say???

Hey Swagat buddy
Hmmm..maybe a good idea, I will think about it.

CV

 

[Saint]

Re: Is Technical Analysis Really Works ???

I have spent hours together reading many books on technical Analysis.

Tried all sorts of trading systems and followed scrupulosly money management technique etc.

Alas nothing works.

OR

It works as good as from which side of the bed I gets up in the moring

I am wondering there are so many followers of tech Analysis, whether they are really making money solely attributed to technical analysis.

It is better to toss a coin and place a trade instead of breaking our head on so many graphs and patterns.

Traderji I know you will be laughing at this statements, but for me it is true

-- Lokanath

hmmmm.........the question you need to find the answer to is:Can it be done?If Everest has been scaled before,even once,one cannot say that it cannot be done......one can surely say that he/she cannot do it,but not the other way around.If even one person can make money from the markets using TA,if even one person could consistently pull money out of the markets,then it can be done.

So,my friend,if you really wish to succeed at this(that's step no 1 actually,do you really have that burning desire to succeed and make the necessary sacrifices)........if you therefore wish to succeed,you have to take all the blame for it.Every time you lose because you didn't adhere to your rules,the blame is not the market's,not this forum's,not your wife's,not TA's or FA's.......yours and yours alone.Go back to your methods,your money management disciplines,your entry and exit criteria,your mind,your health......somewhere,there's a problem that you need to look into and rectify.

Been there,done that,my friend........ I can understand the frustration and agony.But don't allow your mind to settle for petty excuses.......take all the blame and look into what needs to be rectified.

And,as for people successfully making money out of TA.......There are many in this forum itself who are doing it.And as said before,if one person can do it,it can be done.

Whether you want to make the necessary sacrifices and undergo all the pain required is another question.

I hope you do........and wishing you all the best on this journey!

Saint

 

[SavantGarde]

Re: Is Technical Analysis Really Works ???

I have spent hours together reading many books on technical Analysis.

Tried all sorts of trading systems and followed scrupulosly money management technique etc.

Alas nothing works.

OR

It works as good as from which side of the bed I gets up in the moring

I am wondering there are so many followers of tech Analysis, whether they are really making money solely attributed to technical analysis.

It is better to toss a coin and place a trade instead of breaking our head on so many graphs and patterns.

Traderji I know you will be laughing at this statements, but for me it is true

-- Lokanath

Hi Lokanath,

There is not much that I can add to Saint's wise words....but what I am going to suggest is probably most unusual to Practice...for a while...which is...Play....Freecell & Spider Solitaire (Two Suit).....on your computer...the games are provided by Microsoft OS...so you shouldn't have problem locating...
And another thing to remember about Freecell.....particularly....That Every Game Can Be Won....I am sure you will develop some observing skill....thereafter, one can practise in terms of paper trading sitting in front of a Brokers Terminal....believe me, you can reach a stage......whereby you can trade with 99.5% accuracy...without even having to look at any kind of trading software but have to keep tabs on what is happening around the world politically...economically...& blah blah.......(Key to this development is Patience & power of observing & rest shall come quite easily....

I think you should then become a very confident...Intraday & Short Term Trader

Always Have A Dream

SavantGarde

 

[kkseal]

Re: Is Technical Analysis Really Works ???

Hi Lokanath,

There is not much that I can add to Saint's wise words....but what I am going to suggest is probably most unusual to Practice...for a while...which is...Play....Freecell & Spider Solitaire (Two Suit).....on your computer...the games are provided by Microsoft OS...so you shouldn't have problem locating...
And another thing to remember about Freecell.....particularly....That Every Game Can Be Won....I am sure you will develop some observing skill....thereafter, one can practise in terms of paper trading sitting in front of a Brokers Terminal....believe me, you can reach a stage......whereby you can trade with 99.5% accuracy...without even having to look at any kind of trading software but have to keep tabs on what is happening around the world politically...economically...& blah blah.......(Key to this development is Patience & power of observing & rest shall come quite easily....

I think you should then become a very confident...Intraday & Short Term Trader

Always Have A Dream

SavantGarde

Yes SG, this really can be done. I don't know if you were serious or just being sarcastic, but i personally know a person who can do it. He doesn't have links with any brokerages, insider sources etc. and isn't much of an analyst (in the conventional sense) either. Has a background of Economics though.

About 6 mths back he had asked me to buy tea stocks I hesitated (as tea at that stage looked almost as bad as sugar looks now) and lost a good chunk of the opportunity.

I wouldn't have posted this as a lot of people would have disbelieved me even perhaps sneered at me if i did, but now that you mention it ...

Regards,
Kalyan.

 

[SavantGarde]

Re: Is Technical Analysis Really Works ???

Yes SG, this really can be done. I don't know if you were serious or just being sarcastic, but i personally know a person who can do it. He doesn't have links with any brokerages, insider sources etc. and isn't much of an analyst (in the conventional sense) either. Has a background of Economics though.

About 6 mths back he had asked me to buy tea stocks I hesitated (as tea at that stage looked almost as bad as sugar looks now) and lost a good chunk of the opportunity.

I wouldn't have posted this as a lot of people would have disbelieved me even perhaps sneered at me if i did, but now that you mention it ...

Regards,
Kalyan.

Hi Kalyan,

First things first, I wasn't being sarcastic...at all...and moreover I meant every word that I wrote...funnily enough...something that happened today at the office.....there were a few regulars....who always end up loosing...money regularly on a daily basis....I told them to pick up any stock or index futures from my terminal that I sit for my personal trading.....& that I would enter the stock or index future and exit with profit....the first time somebody pointed to ONGC, sure enough I entered and exited with profit, they couldn't believe that it could be done so easily...and they pointed to another one on my screen TITAN, well, well, same success again....and then they pointed to ICICI..... it was the same again........and they still think I had some kind of magic wand........believe me I am just like any of the guys....but I do believe in being the Best in whatever I take up.......and to let you know a li'l about my background.......I am a consulting architect........specialising......in troubleshooting.....& as far as the markets go....to cut a long story short...entered on 17th May 2004....Yes....same day when everybody wanted to get out........with a couple of circuits.......didn't even know what daily trading was...leave alone..Market Circuits........

I'M Possible (IMPOSSIBLE I don't know how to pronounce.....

....& Within Evereybodys Graspppppp

Regards

SavantGarde

 

[swagat86]

Re: Is Technical Analysis Really Works ???

Hi Kalyan,

First things first, I wasn't being sarcastic...at all...and moreover I meant every word that I wrote...funnily enough...something that happened today at the office.....there were a few regulars....who always end up loosing...money regularly on a daily basis....I told them to pick up any stock or index futures from my terminal that I sit for my personal trading.....& that I would enter the stock or index future and exit with profit....the first time somebody pointed to ONGC, sure enough I entered and exited with profit, they couldn't believe that it could be done so easily...and they pointed to another one on my screen TITAN, well, well, same success again....and then they pointed to ICICI..... it was the same again........and they still think I had some kind of magic wand........believe me I am just like any of the guys....but I do believe in being the Best in whatever I take up.......and to let you know a li'l about my background.......I am a consulting architect........specialising......in troubleshooting.....& as far as the markets go....to cut a long story short...entered on 17th May 2004....Yes....same day when everybody wanted to get out........with a couple of circuits.......didn't even know what daily trading was...leave alone..Market Circuits........

I'M Possible (IMPOSSIBLE I don't know how to pronounce.....

....& Within Evereybodys Graspppppp

Regards

SavantGarde

Applause for u man Excellent

 

[lokanathpai]

Re: Is Technical Analysis Really Works ???

And thats where you make your biggest mistake like many on the forum.

Eeeek CV

U mean this trading system is wrong.
This is the method pronounced by Mark Race !!
Pivot traders also do this, they enter once R1 breaks for R2.

Oh No!!

Every book tells something like this, breakout on volume kind-a thing.

if they are wrong then what is there which is untold by them

that's why I tell T A is nothing but coin toss

- Lok

 

[kkseal]

Re: Is Technical Analysis Really Works ???

Hi Kalyan,

First things first, I wasn't being sarcastic...at all...and moreover I meant every word that I wrote...funnily enough...something that happened today at the office.....there were a few regulars....who always end up loosing...money regularly on a daily basis....I told them to pick up any stock or index futures from my terminal that I sit for my personal trading.....& that I would enter the stock or index future and exit with profit....the first time somebody pointed to ONGC, sure enough I entered and exited with profit, they couldn't believe that it could be done so easily...and they pointed to another one on my screen TITAN, well, well, same success again....and then they pointed to ICICI..... it was the same again........and they still think I had some kind of magic wand........believe me I am just like any of the guys....but I do believe in being the Best in whatever I take up.......and to let you know a li'l about my background.......I am a consulting architect........specialising......in troubleshooting.....& as far as the markets go....to cut a long story short...entered on 17th May 2004....Yes....same day when everybody wanted to get out........with a couple of circuits.......didn't even know what daily trading was...leave alone..Market Circuits........

I'M Possible (IMPOSSIBLE I don't know how to pronounce.....

....& Within Evereybodys Graspppppp

Regards

SavantGarde

Glad to know you were not being sarcastic and also the fact that you believe it is within everybody's grasp (some abominable humbugs make it out to be a great mystery that can be unravelled only by a select few - they are actually misleading).

There are external indicators that are as powerful (& on a given day more powerful) than the indicators on the charts.

Your fantastic success reinforces my belief that an analytical background is most suitable for a Technical trader - helps in the assembly of otherwise isolated components and also troubleshooting, fine-tuning of the assembly and/or one or more of its individual components.

Congratulations, thanks & regards,
Kalyan.