Namaste Savant bhai
Thanks for sharing and guiding.
Would like to share my very little experience of past couple of months in this regard.
First, there is no such system/analysis/technique which is absolute. One can and one should be ready to take the loss with dignity.
Second, the best system/analysis/technique is that which follows the market. I mean to say that one must apply the system in the direction of the market, in stead of looking for market to move as per the system. For example, earlier I also try to analyse the market as per my system(s); the system telling market is weak because I usually was thinking/suspecting of market going down and can clearly see the signals according to my desire. But I failed every time, because the Market is much much more important than any system. Rajput Bhai, once told me about such psychological barriers, in analysing; and after much much brainwashing at my own, I am a little bit better now in this regard.
Third, one or two days of upside and downside movement do not indicate the change in the trend. In this regard too, I was well guided by AW bhai, Raunak Bhai, Rajbut Bhai, Praveen Bhai, Simple Trader Bhai, Raj bhai and many other big brothers over here.
Fourth, Just avoid mixing news with technicals. It is my own experience. I have also mentioned this in this thread, that I have stopped looking at what Dow, Euro or other markets are doing. If my system is telling me upside move, in a script, Just enter it for the sake of pure trading. Just trade, do not anticipate/calculate/evaluate it on the basis of any other thing but the analysis/system I am using.
Fifth, Avoid using volume as much as possible. Around 90% of the time, in my personal experience, I have found that it mis-guided me in the wrong direction. The most confusing and irrelevant thing, I experienced, is the funda of Smart Money. I am sorry to say this because, I know many of us overhere, take volume too much seriously. but, it is just my experience, or rather very little experience which may not be fully correct. But whatever I experienced, I am sharing.
Sixth, do not go by the tops and bottoms a share is making. Around a weak ago, I too made this mistake; because of having the routine habit of seeing things in the perspective being spread in the masses. State Bank of India, gave a beautiful upside signal. But I was afraid to enter long, you know why, because everyone over here and on the News, shouting high, "Markets are at their peaks, there has to be some correction for the market to make new highs, any time FII selling can come etc etc.". I thought that SBI is at its highs, let it come down. Entering overhere could be risky. And eventually I missed the bus. But because at that time, I was a little more confident on my system; I decided to go paper trade on that script. And, now I am too much relaxed that I learned a very good lesson.
Thanks again Savant bhai for such encouraging post.
