General Trading Chat

[LoneWolf]

Was a chart trader all along. But that time intraday charts were not available on any chart data service. So used to plot reliance chart on a graph paper by hand...graph paper,a pad and pencil....1 point change and we used to plot it. Very tedious process but it gave me great advantage in chart reading.We used to keep those graph sheets, put them on the dining table and look for long term trends and S and R levels on weekends.

People used to look at us chart traders as some kind of black magicians or Whoo-doo artists....few used to make fun saying " chart seedha pakadna hai ya ulta" or " chart dekhkar koi rupiya kama sakta hai kya....." but soon they realised that we were few profitable traders in the market.

Smart_trade

I should learn not to complain, when my data feed vendor does not feed someday.. Like Subhadip says - "Nihil Ultra" - Nothing is Impossible.. :clapping::clapping:

 

[Vipul_84]

Excellent quote ST Sir. These are nice ways to identify explosive move intraday! You have summarized it very well . :thumb:

Strong momentum moves can be identified by 1) Oscillator in OB/Os zone for 5 bars or more 2)STGaps 3)Bars in the direction of the move are wide range bars and the corrective bars are small bars 3) Oscillator remains above 50 in corrections 4) The move and corrections staying above VWAP and + 1 SD and finally develop a feel of the strong momentum move ...I used to call them Popcorn moves as they make the bursting sound like popcorn in popcorn machines we see in malls and multiplexes.

Once a strong momentum move is identified then use aggressive pivot,range consolidation or P-1 bar entry methods for low stoploss entries.

Smart_trade

 

[Smart_trade]

I should learn not to complain, when my data feed vendor does not feed someday.. Like Subhadip says - "Nihil Ultra" - Nothing is Impossible.. :clapping::clapping:

Keep a graph paper sheet at hand and start plotting intraday moves and trade....Just joking.We used to have a compass box that time with few pencil sharpened every day,pencil sharpener, eraser,a ruler to draw trendlines,few of us used to carry even a compass to measure the angle of ascent or descent ( though I did not go into so much of detailed analysis, gann angles etc stuff )

But believe me the chart reading understanding we got from drawing the charts by hand was superb...we were living in every tick which the market was printing...this has helped me a lot.

Smart_trade

 

[Vipul_84]

Another gem from you ST Sir. We are so happy to see a nice person & successful trader in you :thumb:

This is the problem which every new trader has to face. What % to reinvest depends on whether one is in capital building stage or capital preservation stage. In capital building stage of a new trader his capital is small, household expenses and housing loan installments take away major chunk of the profits leaving very little for capital formation. This happens with every new trader. It happened with me too and the capital formation is slow. But one should invest back 50 % of the profits in capital formation stage. Once capital acquires a critical mass, then the profits increase rapidly and our expenses dont increase in the same proportion and then the capital formation process becomes faster.

In capital preservation stage all financial needs, present and future , are met and the trader trades not for making more money but he trades because he enjoys it and that gives him occupation and income apart from fulfilling his passion. In this stage money ,though important, assumes lower priority. In that case he may take out all 100 % of profits and invest it elsewhere.

I too used to have same questions when I was in capital formation stage, I was into trading full time, no other income source,no inheritance in terms of money, and household expenses and HDFC housing loan installments to be met from trading income....but after a few years the capital grows in exponential proportion....so just concentrate on trading well and making consistant profits...all other things will fall in place .

Smart_trade

 

[LoneWolf]

Keep a graph paper sheet at hand and start plotting intraday moves and trade....Just joking.

But believe me the chart reading understanding we got from drawing the charts by hand was superb...we were living in every tick which the market was printing...this has helped me a lot.

Smart_trade

LOL, This can kill the boredom that I get while trading..

How many are there with you at that time, and were you trading together in a home ? Or at broker;s office ?? and are those who are there trading with you are still in business ??

Lucky are those fellow who got this opportunity to trade, learn and grow along side you..

 

[mudraatrader]

snakeoba hasnt appeared since long :lol:
when will it be next

 

[Smart_trade]

LOL, This can kill the boredom that I get while trading..

How many are there with you at that time, and were you trading together in a home ? Or at broker;s office ?? and are those who are there trading with you are still in business ??

Lucky are those fellow who got this opportunity to trade, learn and grow along side you..

We were a group of 6-7 traders trading from broker's office.Some of us traded with high leverage and gone burst as they wanted to become rich fast...1-2 took up jobs as they failed in mastering their mindcontrol and failed in trading ,from the group I am the only survivor who is still trading the market happily. Few other traders were there who were not chart traders and they are very successful and still in trading because of their passion....success rate is very low in this business.

ST

 

[lemondew]

Just made a new high

snakeoba hasnt appeared since long :lol:
when will it be next

 

[^k^]

Bhau aaj form me hai,answering every query,lekin my bad,aaj mere paas hi koi sawal nahi hai

roj nifty tuktuk rahe aur hamare saare sawalo ke jawab Dada de de.:thumb:

 

[Smart_trade]

Bhau aaj form me hai,answering every query,lekin my bad,aaj mere paas hi koi sawal nahi hai

Aaj kaafi free time hai...have bought in dips..now waiting....

ST