Is there anyone out here who's successful in Technical Analysis

[itrader]

Hey,

Good question, but the ANSWER is very difficult for newbies to answer.

TA is a science & more than science it is an ART.

What TA means is that you are working on probabilities, which are on your side, while you trade.

Most Analyst, while studying TA, do not follow the most important things required while trading.

Some of them are: Mindset, skill set, discipline, system & one of the most important criteria is comfort level in terms of what you know & how you use it.

Being an Analyst or rather trading with TA, is not everybody's piece of cake.

What a new Analyst need is experience in all the above mentioned factors.

There are too many things which bog down an analyst.

There are too many things he looks at like: resistance, support, volumes, MA, Indicators, third party system, own's system etc.

It is here that experience counts.

Yes, there are a lot of professional traders, who make their living trading the markets only with TA. It can be done, provided you yourself are ready for it.

Once you get the knack for it, then the question remains how you can scale up what you know.

It takes a lot of time, patience, dedication, learning, updating your own knowledge, understanding of price action, in short a lot of factors are required. Are you ready for it? You need to answer this.

Best Regards for your wonderful journey in TA

iTrader.

PS: just my 2 cents buddy: get yourself a good mentor, who can guide you on this journey. It is a wonderful way to travel. just don't forget, there are a lot of diversions, don't get carried away.:clapping:

 

[Grules]

Mate mentor hi toh nahin mil raha na , actually been trading for 5 odd years lost a few lacs but those were never based on TA they were just like buy something for lottery but now i am thinking of it as a full time stint because something is really pushing me into it , may be its my aggressiveness or may be its because i am too tired of the office **** but yes i want to walk through this wish we had any decent mentors in India . Anyways thanks for ur message and best of luck

 

[itrader]

Hey,

I know getting a mentor is very difficult.

Everybody is busy, & you don't get anything for free here, NO FREE LUNCH!!!!

Right?

anyways, you need to find a good person in your city or some place where you can get some very good knowledge, that should be practical.

I know it's difficult, I traveled the same road, few years back. That time there were not many ppl in TA. So things were more difficult. We had to do everything the hard way.

Today, ppl wanting to learn TA are a bit luckier, but there are some very indecent ppl in this industry. Searching for a good person takes time. But, the hunt would be very well rewarding.


"Never give up!!!" is my mantra.

as the ages old saying goes: "WHEN THE STUDENT IS READY, A MASTER WILL APPEAR"

are you ready? keep hunting for your master.

All the best for your search........

Best Regards.

iTrader

 

[Rajeevji]

Mate mentor hi toh nahin mil raha na , actually been trading for 5 odd years lost a few lacs but those were never based on TA they were just like buy something for lottery but now i am thinking of it as a full time stint because something is really pushing me into it , may be its my aggressiveness or may be its because i am too tired of the office **** but yes i want to walk through this wish we had any decent mentors in India . Anyways thanks for ur message and best of luck

Hi Grules,

I have also lost but losing few lacs is not a good idea. One way to avoid such losses is to trade small: minifty instead nifty, alumini instead alu. Learning phase then becomes less painful.

One important learning from losses suffered and missed profits is that trading is counter-intutive. We should be able to act opposite to our own emotions.

"Unwillingness to take loss": I bought nifty future and trade went into loss in a couple of days and system gave exit signal which I missed being busy elsewhere. Next day the loss grew to a few thousands so I felt let me wait a few days, this is a small dip, and Nifty will come back. Actually it went down 10% and my loss went up much more ...

Unwillingness to risk: In last seven trades I had six whipsaws/losses as per my system in Mininifty futures. In the eight trade I did not enter fearing one more whipsaw will come. And yes, I was correct, the eighth was a whipsaw & see how wise I was. So when signal came to take the ninth trade, I decided to skip the signal - just one last time. And this was the trade where I missed a move which would have wiped out all my six small losses... We have to enter when our heart is shouting "boss dont enter now, this is not the right time"!

From the previous post of our friend itrader, the most appealing thing is that a trader should follow a single system and not get confused like an analyst trying to interpret too many things.

If you find a mentor tell me also. But till you dont, traderji forum is your best mentor.

regards

Rajeev

 

[Smart_trade]

Hi Grules,

I have also lost but losing few lacs is not a good idea. One way to avoid such losses is to trade small: minifty instead nifty, alumini instead alu. Learning phase then becomes less painful.

One important learning from losses suffered and missed profits is that trading is counter-intutive. We should be able to act opposite to our own emotions.

"Unwillingness to take loss": I bought nifty future and trade went into loss in a couple of days and system gave exit signal which I missed being busy elsewhere. Next day the loss grew to a few thousands so I felt let me wait a few days, this is a small dip, and Nifty will come back. Actually it went down 10% and my loss went up much more ...

Unwillingness to risk: In last seven trades I had six whipsaws/losses as per my system in Mininifty futures. In the eight trade I did not enter fearing one more whipsaw will come. And yes, I was correct, the eighth was a whipsaw & see how wise I was. So when signal came to take the ninth trade, I decided to skip the signal - just one last time. And this was the trade where I missed a move which would have wiped out all my six small losses... We have to enter when our heart is shouting "boss dont enter now, this is not the right time"!

From the previous post of our friend itrader, the most appealing thing is that a trader should follow a single system and not get confused like an analyst trying to interpret too many things.

If you find a mentor tell me also. But till you dont, traderji forum is your best mentor.

regards

Rajeev

If you are having 6-8 continuous whipsaws, then may be you need to have another look at your system. A good system will not normally give more than 2-3 consecutive losses.It will be psychologically very difficult to take 8 whipsaw trades continuously and take the 9th trade hoping for a big move.....and even if you take 9th trade , you wont be able to wait till the move plays out....you will cash out too early to recover part of your losses.

It is very difficult to make money with such methods.

Smart_trade

 

[DanPickUp]

as the ages old saying goes: "WHEN THE STUDENT IS READY, A MASTER WILL APPEAR"

iTrader

Dear friend

The master of all masters is there all the times. You just have to sit down, screen it and read and analyze what he writes day by day. What kind of master could that be?

Right, it is the market.

Good trading

DanPickUp

 

[kuldeep49]

Hi ,

I have been hit by a question again and again which made me ask this question out here. From all the members out here who use Ami broker, Meta , Falcon or any other charting tool , How useful has it been in making money. In short how many of u made money looking at technicals , it really works ? If yes , Why is it that all the CMTs/ Technical Analysts in other broking firms prefer giving calls out to clients rather than making most of it , Can a theoretical knowledge of Technical analyst make sure u make money 7 out of 10 times. Requesting all the senior / Newbies to post their experience.

Sorry if there is a thread which already exists

I strongly believe that TA gives you a higher probability of a good trade. But just using TA without a plan is more often than not doomed to failure. One needs an strategy with well defined entry and exits along with using TA for scanning stocks showing high probability of a successful trade. And lastly one needs to keep one's emotions in check.

 

[Raju]

Mate mentor hi toh nahin mil raha na , actually been trading for 5 odd years lost a few lacs but those were never based on TA they were just like buy something for lottery but now i am thinking of it as a full time stint because something is really pushing me into it , may be its my aggressiveness or may be its because i am too tired of the office **** but yes i want to walk through this wish we had any decent mentors in India . Anyways thanks for ur message and best of luck

I am also doing active trading for last 5 yrs but still same condition as yours..

Regards,
Raju

 

[Rajeevji]

If you are having 6-8 continuous whipsaws, then may be you need to have another look at your system. A good system will not normally give more than 2-3 consecutive losses.It will be psychologically very difficult to take 8 whipsaw trades continuously and take the 9th trade hoping for a big move.....and even if you take 9th trade , you wont be able to wait till the move plays out....you will cash out too early to recover part of your losses.

It is very difficult to make money with such methods.

Smart_trade

Thanks for pointing out this error of mine.

You remark suddenly now makes me realise that I was ignoring the rule "Never allow a profit to turn into a loss".

Regards

Rajeev

 

[carbonway]

Hi Grules,

We should be able to act opposite to our own emotions.


Rajeev

That is exactly how I made money when I was new to trading. I used my natural Tol-Mol wala common sense and I always succeeded. I always thought how the general public will act to the price and acted opposite to that and used to make 2k to 3 k daily say 65 to 70 % profitable actions. Later I left trading for 8 months due to work load and when I returned, I started making huge losses and have lost 40 % of my capital.

While trading lately, I am confused and my brain is more occupied with the thoughts of loosing rather than concentrating and using common sense.

I remember, when I started trading, I had lust for money and I was profiting. Lately I have lost that lust for money and have been loosing money...:lol:

Psychology is precious.