iCharts Discussions

[rvg]

Can trading be considered for a living...as a profession..as a major source of income..?
It is a definite yes. But then, Can you derive your major source of income as a professional sportsperson..? Yes, but you need to put in a tremendous amount of time, discipline, hard work and above all a lot of patience.

Just like in any other business, if you have a winning formula, stick to it. Do it consistently. You go around the "Temple City - Madurai" and live there for 24 hours, you could become a better trader watching those "ant like" nature of people there. They don't miss a thing when it comes to making money. Their enthusiasm is quite infective. Their hard work is quite admirable. Most of the street vendors have "never say die" attitude. I guess, all the traders are alike. If someone can make his living out of a 1000- 5000 Rs capital taking enormous risk on the street, Traders in dalal Street too can. If they fail, they have only themselves to blame and no one else. Traders on the street don't repeat their mistakes because they know the hard realities. Traders in dalal street generally have casual approach to "money making" and tend to repeat theirs.
So Change that approach, you can get rich slowly and steadily. Wait for those opportune moment to make your winnings. Play it low during corrections as NO ONE can get that right while it is on but go full throttle once the trend is clear. Leave the intelligence at home, just follow the market like a herd .. Doubters can never make it. Believe in yourself, your own past experience will provide riches unimaginable.
Know your trade..So learn all the basics and methods and leave them to the analysts. Use only that works for you.
Consistent work, patience and a calm temperament and sticking to your plan/ method is a sure shot to Success. Talk less about your trades - Secrecy begets success.
(Live with a trader's family and know that they are so easy going with the life but "steadfast in their seriousness to their trade")

[suresh.punjani]

RVG sir,

gud one

[anantha]

EXCELLENT AND THE BOOST FOR EVERYONE
(TRADERS) Keep it up

[diwakar]

Nice......

Inspiring trader from madurai....

[veerappan]

nothing to be serious... take it in a simple way... u can .... and u will... suppose if it goes against to u also... it wont impact on u... u will get ready for the next.... that one u shd learn... rest all bakwas [hindi?]....
[veezhlvadhu vektamalla....veezhlndae kidappadhu than vetkam]
veeru
chennai boy

[opportunist]

RVG your enthusiasm is infectious and your idealism is worth applauding. However, I must sound some caution regarding a few sentences which I feel may mislead people despite all your good intentions.

Take for example: "Leave the intelligence at home, just follow the market like a herd .. Doubters can never make it .....etc." This is just as incorrect as it gets. In a herd mentality people tend to buy at the top and sell at the bottom. So newbies need to learn not to follow the herd but RECOGNISE it from afar and then take advantage of that knowledge. Believe me that is the crux of any strategy.

It is common sense that if everybody is going somewhere then there will be very little room for yourself if you follow everybody. However, the uninitiated do exactly this out of ignorance and fear. Ignorance from the fact that they are part of a herd and fear of moving away and losing direction even after they discover they are being slaughtered.

Also it may be true that "traders on the street" are astute with their investments but to say "Traders in dalal street generally have casual approach to 'money making' and tend to repeat theirs." is going a bit too far. A chanawala does work hard and uses intelligence and shrewdness to dodge the cops and the goons of the street, but a trader on the Wall st. is up against big business and threat of complete decimation of his capital if he doesn't follow a good plan. If some one is careless on wall st. or dalal st. he/she wont exist to discuss the matter. Period.

You are dead right when you say "you can get rich slowly and steadily. Wait for those opportune moment to make your winnings." but advice such as "Play it low during corrections as NO ONE can get that right while it is on but go full throttle once the trend is clear." perhaps may be read as "go long only, not short". You should go long or short as the trend dictates. At least as an 'opportunist' I will say so.

Finally I completely agree with "Consistent work, patience and a calm temperament and sticking to your plan/ method is a sure shot to Success." However, if you "Talk less about your trades - Secrecy begets success" is what I disagree strongly with. How come do we have a vibrant SB if that is true? People on SB discuss and find ways to better their method. I have myself learnt so much here that it was a complete education for me. True you don't like to publish your method verbatim because you fear that you may lose your advantage but then if John Bollinger and Welles Wilder thought that way we would have never got the Bollinger Band or the RSI.

After some years of trading I strongly feel that trading is a game and just by knowing the rules well will not win it for you; it is also not possible to win by copying someone else's method. Each person has to find his own way through practice just like it is not possible to score a century by knowing how Sachin does it. You may watch him closely but you cannot copy his temperament, judgment and skill which is partly God gifted and partly a result of tremendous practice.

So although counter intuitive it may not be right to say that Secrecy will get you success. It may only make you a frog in the well.

[rvg]

Thanks all for your comments..

[amitsaraf21]

RVG dekho koi maukaparast aapko gyaan denaa chahataa hai. Yaani maukaa milte hee gyaan de diyaa.