online trading academy

[oilman5]

Copy paste from my other thread
...............................................

SUCCESSFUL PERSON
1 STRONG SENSE OF PURPOSE.consistent winner identify first what i want ,then try to achieve that. Stick with perseverance & put well defined effort
2 PROPER GOAL SETTING-SMART , achievers visualize outcome clearly.Have emotion of winning – I KNOW I CAN.
3 POSITIVE ORIENTATION- EXPECT TO SUCCEED . take strength from past achievement- so more confident.psychologically believe failure is Temporary- learn from it.
4 ROLE MODEL ATTITUDE AT START – trust . achiever studied –success of others successful, then try best to copy .
5 SELF ASSURED. STRONG GUT BELIEF.
6 GOOD ABILITY TO PLAN & ORGANIZE. Methodical . prioritize , break the goal in parts , with detail in time
Approach to accomplish. Prefer one work at a time.

7 NECESSARY EDUCATION/LEARNING- spend heavy time to learn with clarity , go into crucial detail.

8 PATIENCE- understand strong value of preparation.all good achievers have strong patience.
9 PERSEVERANCE- resilience & stubborn to perform.
10 ENJOY WHAT THEY DO- enjoy the process and have passion.
.................................................. .................................................
FAILED PERSON
Undisciplined.dont know what they want-poor clarity .driven by impulse.often No direction-poor decision maker.constantly change & find soln outside – may start many project without full commitment ,so cant finish.
VAGUE GOALS,may be achievable. Not ready to put extra effort.believes Reason. Say- i think i can do.
They dwell in past , while facing problem , they believe– soln may come from outside.Failure creates an avoiding attitude.
Have resent in mind.They have habit of blame,excuse,badluck. Don’t understand success reqd- intensed focus & perseverance.
UNDISCIPLINED develops self doubt.
SCATTERED IN MIND ,as well as poor priority concept. Waste time on trifle.having habit of chasing illusions.
LOOK FOR SHORTCUT. UNDERESTIMATE TIME TO BE SPENT FOR LEARNING
Attitude of getting now. So minor distortion create deviation for them.
Undisciplined belief in quickfix.- has panic in mind.so they r quick quitter.
Develop stress,boredom due to work
.................................................. .................
note :this is based on successful traders and failed trader ,given the test and followed path of trade journey as per OTA guidance

 

[oilman5]

Copy paste from my other thread
..............................................
TRADE RULE TO LIVE BY; presently i use simple rule SET
s = stop ,e= entry, t= target .........this way it control by greed looking objective , as first i think STOP pt, so when price comes there i enter, automatically my buy low philosophy get satisfied and at target book 50% - so easily i manage trade.
.................................................. .............................
The only thing that you can exercise is self control through your trading rules and self discipline.Trading rules are the collection of the trading method and the rules that you apply on your trades using that method.
No matter what type of trading you’re doing (swing trading, day trading, long-term trading), you’ll need to come up with your own set of rules to keep your trading structured. The problem is most people don’t want to make up their own rules, because if they did they would have to take responsibility for their results. And, as we all know, most people don’t want to take responsibility for their action. But, as we all know, the only way to be successful in trading is to take 100% responsibility and act in our own best interest.
Here are some samples :

- Every trade is a pair. A trade order and a stop loss order (manage the risk)
- Stop trading after 3 losing trades and step back to analyse (never dig your own grave)
- I will exit each trade whenever it makes 30 points profit.
I will use the valid signal that my trading algorithm gives (or the method that I decide to use)
- Avoid or reduce the trades in high volatility days.
- Enjoy trading and take responsibility for each of the wins and losses in all your trades.
.................................................. ..........................................
One thing that is common in trading for trade learner, is the temptation to not follow your rules just this one time. This comes from the very real possibility of the exciting results that are possible. This is the trap that many new traders (and some experienced ones too) fall into. This trap is easy to fall into as people believe exception to rule save this time, so hold losers due to hope .
Follow the rules that you have decided to follow also the trading environment that you decided. Once you've defined your rules, you must execute them flawlessly.
Which means following them to "Toto". You may set up your compliance score card and rate yourself on each trade, whether you followed all the rules in each trade? Measurement of your compliance will give you immediate feedback on how flawlessly you are executing your rules.

Its important to separate the outcomes of the trades from the fact whether your execution was flawless or not. Many a time we mix the two up. Its important to keep the review process after trading hours and not mix that up with the outcomes during trading. Outcomes are the result of market movement and we dont control that.

So there is no point beating yourself up with the results of unsuccessful trades. Fix that only in reviews of your trading method after market hours and treat that as a different corrective step.
Well defined trading method rules and flawless execution are part of your daily operational success. The review of the outcomes is a post trading exercise meant to fix issues in your trading method. Keep the two separate always!
A trade learner always have problem with his emotions and doubts about his trading methods. He has to work himself to fix these. - use a trading compliance worksheet to track your trades.

 

[oilman5]

XLT has 2part - one is psychology already explained ,so next is experienced trader showing trade , in daytrade /swing trade. Also sometimes discuss how to analyse.
Basically they show u ,how to combine -trend, multiple timeframe + demand/supply.
Anticipatory trend change pt @ bollinger band, how bad news brings to low price-creating opportunity for buy.
MA trend continuation, so where to enter on pullback.
If risk/reward and high probability , not there dont trade.
putting stop in system and planning it before.
They use odd enhancer to improve Confidence to take the trade mechanically.
Imp is LEVEL on Level.
Directional bias of Nifty.
SEctor rotation
How to study CANDLE while forming, so that u can view -larger perspective.
Extensive use of 1st pullback buy.
Weekly for trend/daily for Swing.
Imp of curve study -last 3month's high/low.
Imp of Small stop.
Extensive preparation of written plan: so that u can trade in real market ,and get out early if wrong.
Also they say MARKET TRAP - so u can avoid it.
Strategic thought process in mind & discipline u to take only such trade ,based on price action.
THIS R RECORDED SO U CAN STUDY FROM VARIOUS TRADERS, AND copy them ,if suits U as well as in VARIOUS market condition.
They say daily income trade ,not to fouling with SWING hold trade.
,,,,,,,,,,,,,,,,,
hope it helps those who want to know XLT

 

[oilman5]

XLT has common theme
.............
1] trade plan preparation - 2lecture
2] odd enhancer -2 lecture
3] trend+ demand/supply , multiple timeframe(elder triple screen)-2 lecture
4] candle -
5] TA - MA , bb
6] Momentum tool
7] Risk management
8] scanning for opportunity
9] Gap
..............................................
Total 12 lesson, + 2 types - intraday ,swing

2 patterns they teach, 1 momentum= RBR- rally base rally = continuation
SWING =reversal - DBR- drop base rally
..............................................
At lower end of curve , u may play Continuation.
At higher end , u plan for SHORT with anticipatory trend change.
They believe heavily in good reward/ risk , high probability and small stop.
Odd enhancer= condition to take trade = 80%
Trap at Pivot, break out -they avoid
They have discretion to trade in zone / price confirmation
.......................................
Advance topic: 1.sector rotation- play on strength- pair trade(correlation)
2. against news play
.......................................
every 3 months course is repeated by other trainer , so learner can get correct view of what to do in various market condition.

hope it help all basic query on OTA

 

[oilman5]

TRADE PLAN PREPARATION
........................................

After guiding u basic on trading OTA teaches extensively , how to trade as per plan.
So Trade plan preparation starts.Without tradeplan NEVER trade. This is 1st difference PRO vs Novice.
ELEMEMENTS r
1] time u have- about 4hr study to find opportunity /understanding market + 2hr in market = intraday trading.
time u have- about 2hr study to find opportunity /understanding market + 1hr in market = swing trading.
time u have- about 5hr study weekly to find opportunity /understanding market + 1hr weekly for order placing market = position trading.
2] About 2hr a week to to write trade/what u have learnt from trade journal.

3] Choice of style vs your fitment
very Quick , adaptability - strong execution skill + visualisation skill ,what may happen within next 15min min=intraday trader
Quick , adaptability - strong execution skill + visualisation skill ,what may happen within next 2day,using support/resistance=swing trader
adaptability - fundamental idea on economy/sector rotation + visualisation skill ,what may happen within next 7day,using weekly chart= position trader

4] strike rate
Below 50% u cannot be a successful trader.
Exception=Only trend trader with 40% strike rate , because of excellent money management , adding on winners.
Reward/risk >2 , otherwise dont take a trade
5] if u like to countertrend, be anticipatory on turning pt. Use Higher timeframe study for imp support/resistance. Always buy low,sell high
if u like to be trendtrader, join on pullback. Use lower timeframe to study Momentum.

Never mix up trend trading vs countertrend.loss assured as psychological fitment NOT POSSIBLE.
Triangle/pennant = continuation
W/M ,H & S= reversal
prepare eye accordingly , understand present context ,if u prefer higher timeframe.
6. stoploss - tells u lot of things , chances of reversal, not to fight with market.
strike rate 60% , makes u ready ,so 4 out of 10 hit stop = u in survival mode ,loss should not be BIG to trouble u.
7. Trading is a solo activity , afterall its ur system . If other source create comfort , u r not yet psychologically ready to be a PRO.
List of stock in which u apply ur style , should have syncronization.
Swing stock should have cyclicity.
Trend stock should have continuation.
For break out play go to midcap/small cap where greed/fear easily visible in chart.
As PRO , intraday choose big vol Nifty , where manipulation not possible , moves r within ATR.
Result /order only may create some impact , take due care in tradeplan. Price will go up to sellzone due to good result , book profit there.
Always careful , other side may be PRO, trade cautiously, but with confidence as per ur successful set up, if wrong activate Stop . Go to next trade & write the lesson learnt.
...............................
My results tell , i am a good Intraday/swing trader, but BAD positional trader. So i have concentrate on swing.Also STOP position trade.
Line chart helpful to find imp Pivot for swing.

 

[oilman5]

In trading 2 most imp aspect r 1) momentum -trend continuation, 2) Reversal
........................................................................................................
Momentum works well, in shorter intraday. But higher timeframe suits pullback.
SWING or reversal is not so easy ,as its taken as if it looks price showing opp bias.So u have to learn little bit contrarian, expecting pt of reversal, (so use extensively Lower pivot for long).
Skill is how u may draw reversal line, anticipating trend change pt.
Higher time bias ,GAP r helpful for it.

Tradeplan is nothing but, written guideline WHAT to do ,WHEN price reach there.To helps EXECUTION.
AIM is No emotion in trade.

 

[kunduanirban]

Dear Oilman5

Very useful post. Thanks

 

[throwawayacc123]

oilman, you should write a book on trading.

 

[sandy28k]

Oilman5:
Nice info you have added. Thanks!
Whats your view on Sharekhan's ignition online course (with OTA), duration: 1 month, they charge Rs 40,000/- for the same. Is it really worth?
Planning to join their December-14 batch.

 

[nifty trade]

Nice knowledge