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

[trump]

nice question,
let me rephrase a little -
"Is there anyone who has been successful with a cricket bat/ a football shoe/etc..etc./with any type of analysis in trading?"
I dunno but is the methodology/equipment which defines success or is it the user.Pardon me if I sound out of place.Ignore my rants safely.Happy trading.

 

[Tradewithhunter]

Hello Friends,

I think a similar question was raised by some other user in some other forum. Being a technical analyst can't guarantee profits... not every person who has graduated in law becomes a successful lawyer

People often blame technical analysis for not being successful in trading - which is like blaming the bat when someone is unable to hit a sixer

The ability of being successful or a failure lies within each individual. You might be an year away, a month away, a week away or a trade away from becoming successful. If you quit in between, you are a failure already.

Cheers
SH

 

[trump]

not less than 10 years to reach pro level, till that time always defend your capital.

 

[screentrader2012]

Wow , this is getting interesting
@ smart trader - U said quite a few traders make money in day trading without TA , were u reffering to jobbers ? what do they do ? just trade looking at the screen , basically momentum trading

Since you are one of the most active members on this site , could u suggest me how do i take my goal forward ?
I basically aim to make trading as my only source of income , I am completely new to technical Analysis but been in the market as a fundamental analyst for 5 years . I want to take my goal forward , whats the right way to approach it , Do i need to learn TA , will it be a added advantage for me ? or should i take a different approach i.e. learn more of trading just looking at the screen. I am of a personal view that going for both screen and charting could be confusing though that looks to be the right way . Please guide me

Dear Grules

Screentrading combined with TA is very powerful and I have doing this for the past 10 years plus sucessfully. Its never confusing.

 

[Grules]

i am still to try active screen trading. wish there was a real good institute which offered such a coaching , i know there are a few but dont know how reliable they are. From all the replies we have seen here , yes TA does not guarantee you success but majority of them say it helps , dont know how true is that cos with all the experience i have with the technical guys over the last 5 years a few managed success and majority of them sucked with their calls..... even the ones with good experience.

Finally , the conclusion ........ Trading has no rules for a profitable trade. Its just momentum which can go either ways , Market is something which no one can rule.......... Psychologically one must be active to move with momentum and yes bit of luck is quite important , which i have been lacking for a while nevertheless we will all keep trying till the end and may be with a better strike rate.


For all those who are successful best of luck and for those who are not , all i can say is best of luck

But again a question that hit me while i am sending in my reply. How many of us have been able to control our mind by following the basics of trading. I lost a lot in the last week or so by ignoring the basic rules. Is there someone who follows them regularly even if they are on the winning side or losing side while in a momentum ?

 

[gauravmutha]

Hi guys

There are successful traders in all 3 formats weather intraday,swing trading or positional. They have find their strategies to trade successfully but after so much efforts so they will never share this to anyone. better so to keep learning and do some trial and error method may be we find some our own strategy rather than finding mentor. master the art of trading.

 

[Grules]

Loads of hits and misses , thanx a lot for everyone...... But the question still hits most of us and yes everyday , may be thats cos the ratio of succesfull people is quite less and that is why its called a risky game. Nevertheless , Still hunting for a lot of stuff will be expecting more and more. Lost a lot of money offlate but thats cos of the same old story , Not hitting the basics right. Would want to sign off by Quoting what a legendary investor named Buffet Warren had said

"You just have to do a few things right unless you do a lot of mistakes "

SO keep it simple stick to basics , but guess thats even tougher than reaching moon for most of us - lol

 

[smartshahezad]

I really would recommend reading "Trading For A Living" by Dr Alexander Elder.

The first part is all about a trader's psychology which is a must know for everyone, beginner or professional. That would answer most of the questions raised here and will show how exactly should be a trader's mindset.

The second part is all basics about TA. It is all explained in a psychological way in very simple language.

You don't actually need a mentor if you have a strong will and are ready to learn. For me, books have been the best mentor and Dr. Alexander Elder's teaching have proved to be the major part or my learning.

Hope this helps

 

[mcxinvest]

I have already posted this on my ongoing thread in commodities section,

But will post it here also...might be help you out.

Seven Tools to Boost Trading Skills and Profitability

Nearly every successful trader keeps a trading journal. They know it is one of the most powerful things they can do to influence their trading skills and, ultimately, their profitability. Most traders, however, don't understand how to keep an effective diary. Here are seven tools you can use to help put you into the realm of the profitable trader.

1. Do the numbers. Keep a notebook of your key markets. It's simply not enough just to look at charts. Write down the high, low, close, & volume of the markets you follow and your most important indicators. Not only will this practice help you keep in tune with your market, you will actually be surprised at how quickly you will hone your tape-reading skills.

2. Record all trades. You must do this. It is fundamental to a trading journal and essential to all the potential transformation that flows from it. Just do it!

3. Record your thoughts and feelings on every trade. If you want to understand your trading psychology, this is the authentic pathway. Thoughts and feelings shape behavior. Just as there are tradable patterns in the markets, there are patterns in your thoughts and feelings that prompt you to trade in a certain way. Learn these.

4. Identify your strengths and limitations. You need to know what you are good at and can rely on, as well as where you reach your current limits. Link your thoughts/feelings/behaviors to each.

5. Develop a plan to overcome your limitations. This is the whole point of your trading journal. Pick one limitation that you want to change and develop a plan to address the thoughts and feelings associated with that limitation. Look to your strengths as guidance in altering what is holding you back. Specify the steps needed to make this a reality tomorrow and into the future.

6. Track your personal performance. Your personal data shows progress and also reveals problematic areas to improve. Track your wins vs. losses and related data (e.g., average win/average loss; wins & losses in an uptrend vs. downtrend vs. trading range, etc.). Do you now see why #2 is so vital to you as a trader?

7. Make journaling a part of your routine. Write your diary at the end of every trading day. Each week, month, quarter and beyond, review your journal to identify areas to work on as well as your progress. Like a runner who can't go a day without a run, you will soon become a trader immersed in the process of self-development and profitability. You are now on the path of the master trader!

Used correctly, the trade journal helps you build not only your technical skills but your mental skills as well. Trading psychology is a key component to trading success.

by Gary Dayton

 

[Anillal]

Loads of hits and misses , thanx a lot for everyone...... But the question still hits most of us and yes everyday , may be thats cos the ratio of succesfull people is quite less and that is why its called a risky game. Nevertheless , Still hunting for a lot of stuff will be expecting more and more. Lost a lot of money offlate but thats cos of the same old story , Not hitting the basics right. Would want to sign off by Quoting what a legendary investor named Buffet Warren had said

"You just have to do a few things right unless you do a lot of mistakes "

SO keep it simple stick to basics , but guess thats even tougher than reaching moon for most of us - lol

The basic pain behind your question is the fact you lost money sir and you are kicking yourself for being such a fool. Do not be so hard on yourself sir. You are not alone. We all have gone through this kicking business and still go through
TA is a necessary skill to become a consistenly profitable trader. It is not some gift but can be learned by anyone as it is just a set of ruies. Along with good money management and level headedness one can easily live comfortably off trading. But if you are thinking to become super wealthy from stock market like your hero Buffett then you need to be in touch with all the world affairs all the time particular the ones which affect the financial world directly or indirectly, and you and only you should be the one to calculate those effects in dollars before anyone gets a clue. Now that is a gift some people are born with some are not.