iCharts Discussions

[casper]

long line

u r talking about the big vertical one? in steel gray color?? then its the grid line which became very big due to zooming in the chart, otherwise it will look like small boxes in graph

drawing fib

i hv drawn fib two times, for two trades

1st fib for long trade

i took the highest point of previous days move (5th)and drag fib from here upto today's low (8th) so far

here my intention was " i know its a gap, but it happened as market was closed, if market were open then this kinds of situation ( i.e. fall from the top) may only take place in case of a down trend, so i imagined it (opening of today) was a full scale down trend which stopped and bottomed out at days low, and made a fib of that gap

2nd fib for short trade

now when i thought of going short, it already made a nice upmove, so i used today's upmove itself to know if it falls (only if) then wht will be the scenario?

so chart number 58's fib is showing u that only

[rk_a2003]

Thanks Casper!

I will follow your advice whenever possible. The problem is Iam not a full time trader.

Some times I do get opportunities to be in front of terminal for the whole day, some times i don't.

Today unfortunaely I am busy with my job.

Thanks

RK

[vinay28]

Thanks casper

[rk_a2003]

Casper!

I believe you are a fulltime Trader & Investor. what is your advice for some one who want to become a full time trader.

If that person want to be a trader not just because of money but he loves the challenges in this profession and he enjoys continuous learning.

May be the question is short & simple , but I know to answer this question is not as simple as asking it.

I feel like asking you this.

In case you dont want to answer this , never mind

Thanks & Regards
RK

[casper]

hi rk

answer to that simple question is also very simple

one should have following qualities in him/her

1.what to do to make profit

2. how to do it "SAFELY"

if u know these two points, u will be the king, i can write pages after pages describing them, but at the end of the day, u got to digest my (or any body whom u follow in market, starting from ur RM ranging up to mr Charles Dow)delirium and after digesting, u need to make ur own delirium (strategy)

what u actually need to know is to know which is going to move and in which direction, t.a (if u r a short/mid term/intra trader) or fundamental analysis (in case u r investor) will give u the light

its the first step to be successful (for me a successful trader is self sufficient one, so my successful trader does not takes tips hence he will rely on his own knowledge of t.a /f.a and wont take others tips)

so t.a and f.a or their combination, is the first step and very important step too

but this is not the MOST important step, i hv seen so many peoples those who are good t.a or u can say "experts" but very very poor traders, it looks like a paradox, but they perhaps dont understand t.a is not trading, but its a tool to be a good trader

if u learn how to use compass u r one step ahead in navigation, but if u think that ur compass is ur ship.... u r gone during sailing



most important thing to be a trader is the discipline
successful traders are OBLIGATORILY disciplined trader , if u dont hv discipline in u, better try some thing else

u know t.a or any other kind of analysis will show u what is going to happen, now going through that way, and sticking to ur path , takes a hard does of discipline

why?

bcoz when u r successful, u r essentially following a path, a known path, and bad news is, u know what can happen in this path, u know what is ur destination, u know how can u bail out urself in case of danger, so this path is "pathetically boring"

find out any one who is consistently making money and trades for living, and ask him how u see trading? he will say "boring" yes its a boring job
no challenge is there

why?

challenge will come if i go out of my known way, to trade successfully and earn and be successful, I will hardly go in any unknown way ever

let us analysis my morning trades

both the trades were successful and i got some good old nifty points there, and i did it by saying in advance in a open forum,


ever thought what gave me so much confidence to do that? simple
some very known signals were popping out from the chart and were virtually telling me "see me and when i am here , u know what will be the rest...."

now a critical question to ur reasoning power..... both the trades i closed in mid way, after my closing price went more and more, still i closed and said i am happy....

was i doing charity at that time? or i am a fool? or i am simply crazy???

i know these points can come to any one and every one and any body is free to draw their own conclusions too


for me , reason of closing was presence of 34/89 ema in between which coincided with fib levels making them harder to breach... price did breached and any body who was holding gained a lot.... but a professional trader will think "what will happen if it does not breach? i will have to lose a considerable chunk of profit which i am already in and if thing goes worse, i may need to book loss too" and he will never dare to venture there as trading is not a gambling for him/her but his/her professions

now u saw?its ur discipline which at the end of the day separates a winner from a looser one

u know as u learn, u will make good entry, but brother, entry is nothing, its ur exit which separates u from the looser one, so u will need to book at proper time, some time, with small profit , if market allows, some time with big profits, that too if market allows and every time in loss, u need to cut it as fast as it can be done

peoples does just opposite..... they book small profit or no profit at all, but hold a loosing trade, hoping a better price..... for them, trading is a fun ...... i am thankful to them, if they were not in the market, guys like me would have started begging

its the money they loss which professionals, ranging from smaller professionals like me to big shot FII or even bigger, mr warren buffet earn

if there were no such fools, i bet there would never be a warren buffet or george soros

now one should start learning t.a, firstly from some books, as it will be the most elementary knowledge which is comparable with alphabet, u need to learn alphabet to learn the language, it does not matters much whom u taught a.b.c.d, but u got to learn them at first

then there are lots of theories, which are complex one and if u will understand them only if u understand the alphabet part, and it will also not help much

bcoz a theory does help its author best, in market every body is unique, my capital, my power of loss absorption, my strength to manage stress and above all my expectations from the market, wont match 100% with any other guy

so my strategy will help me and a few more peoples who are like minded , but for others, it will be "cyanide"

so reading lots of strategy and hopping from one to another is also not going to help, at the best, when u start understanding strategies, u will get to know " how things works" nothing more than that

finally, there will be a day when u can find the method which suits u and then only u can start trading most efficiently and believe me then the door of the kingdom of bored traders( ) will be open for u

[veerappan]

most important thing to be a trader is the discipline
successful traders are OBLIGATORILY disciplined trader , if u dont hv discipline in u, better try some thing else ....
casper i am not able to understand this much of english words and all... but this one was changed my life...... without mind set.... that is also important ... if u need add it.....[if u need ] bcoz for this u r a author

bye
veeru
chennai boy

[casper]

hii veru sir,



nice to see u!!

yes, its some thing like what u say about mind set and discipline in system , as u always say na, small things are enough, dont complicate the things and buy when ur system says buy, sell when ur system says sell, dont try to direct ur system and follow one which u understand and trust

a u r much senior than me in market, ( ur expeience is of more than 23 years and my age is 28 now ) u know it better than me that how peoples loose only for this mindset and they did not followed their systems correctly

i remember one case u told us where u saw a guy made crores and then lost all due to mindset, its very important thing for a trader to have discipline and no mental prejudice

[rk_a2003]

Casper !

Thank you so much. Both of you hit bulls eye.

When I finds a method that suits me then “door of the kingdom of bored traders will be open for me” OH! Casper! You almost threatened me.

Casper! In stock market someone loss is someone gains, is it so?! If it is so it's really disturbing me. I thought that it need not be necessarily like that.

I am thinking that in continuous and ongoing activity of huge buying and selling of FII’s and DII's, the intelligent and smart day traders scalp gains which necessarily need not be a loss to someone.



Veerappan Sir!

Your preaching – not to be with a mindset (being objective) sounds so simple but almost equal to achieving ‘NIRVANA’

But you are right, who are able to achieve it they can swim in this stock market gigantic stream like a fish irrespective of the fact whether the stream is up or down.

Thanks & Regards
RK

[casper]

this is a closed circuit brother and the circuit cant print currency notes, so one's gain is essentially another's loss

but it goes like this, today i got stopped out and u won, tomorrow u got stopped out and i won

so if u see at professional traders'world, u will see they are getting compensated very nicely and no body is actually complaining, personally when i trade, a group of ichartians who are very close to me, remain online with me and some times they bet against my positions, some time they win some time me, but these trades becomes a point of discussion and reason of smiling together at the end of the day

in ichart Shout box, if u r a subscriber, u will see lots of traders, a considerable part of whom are hard core professionals, chat, smile, trade and some time leg pulls each other

at the same time they are very good friends of each other and the point that some time they are betting against each other does not annoys them

bcoz given the huge number of market participators and their various identities, starting from scalping ranging up to long term investment, it is seemed as if market has a gift box for all of us

some time i will win a scalp trade and my friend who has a contra position to my trade, in form of say, investments wont win, but since he has his own criteria so eventually he will also get his share of smiling

a few month ago, bhariartl was falling and i was holding a short position and gained a lot and was very very happy

now a few days ago, one of my very close friend in ichart, mr raveendar singh, my "paaji", told me in the evening "casper bhai, saw bharti?? made new high there, i am having an investment there for a longer term"

now see the god of market gave both of us equal opportunity to smile and celebrate each other's success we both won in our ways and no body is complaining why inspite of being very close friends, we had some contra positions in the same stocks



so when u become professional u became a sort of immune to these problems bcoz for a professional, these are not a problem at all

BUT

what i wrote in my yesterdays post is true for novice guys, who really dont know what to do and whats more, they dont believe that they are getting butchered every day until they run out of cash, every day our market see thousands of them is joining and thousands of them getting killed

they are least informed lot, they will start buying when nifty comes to 6200 , only to see nifty at 6300 and celebrate and then to get trapped for ever

they will open positional shorts at 4800 for the same fate, they will buy rnrl or satyam when these companies are at the threshold of eradication, and my dear brother, its a naked truth that they are actually the financial protectors of professional guys, as they finish their capital their total money get absorb in this system, i know its a heart rending truth but its a fact and its also true that they themselves should be blamed for this

if u want to see some examples of them, clik the link below, posted by ST sir himself

http://www.icharts.in/forum/typical-novice-trader-t481.html

check it and u will know what exactly i want to mean

[rk_a2003]

Thanks again casper!

I already gone through the link you provided. Thanks.

RK

[veerappan]

rk god shd give all u.... i meant not the things and not in the material forms...... again u read the lines... i think u may get it very soon......u can face in any situation .....in tamil one sentence is there... iduvum kadanthu pogum...i dont know in english ... better ask any one ... well known english and tamil boys or girls.....

[rk_a2003]

Thank You Veerappan Sir !

[josabr]

I don't understand tamil much, but i think i know this one.."iduvum kadanthu pogum" translated means " This too shall pass" or to put it simply " this too will be gone" .

[rk_a2003]

Thanks Josabr !

[badri2011]

This is the addition to Veeruji's statement: "Idhuvum Kadandhu Pogum".

This Too Shall Pass

Once a king called upon all of his wise men and asked them, ” Is there a mantra or suggestion which works in every situation, in every circumstances, in every place and in every time. In every joy, every sorrow, every defeat and every victory? One answer for all questions? Something which can help me when none of you is available to advise me? Tell me is there any mantra?”

All the wise men were puzzled by the King’s question. They thought and thought. After a lengthy discussion, an old man suggested something which appealled to all of them. They went to the king and gave him something written on paper, with a condition that the king was not to see it out of curiosity. Only in extreme danger, when the King finds himself alone and there seems to be no way, only then he can see it. The King put the papers under his Diamond ring.

Some time later, the neighbors attacked the Kingdom. King and his army fought bravely but lost the battle. The King had to flee on his horse. The enemies were following him. getting closer and closer. Suddenly the King found himself standing at the end of the road - that road was not going anywhere. Underneath there was a rocky valley thousand feet deep. If he jumped into it, he would be finished…and he could not return because it was a small road…the sound of enemy’s horses was approaching fast. The King became restless. There seemed to be no way.

Then suddenly he saw the Diamond in his ring shining in the sun, and he remembered the message hidden in the ring. He opened the diamond and read the message. The message was - ” THIS TOO SHALL PASS”

The King read it . Again read it. Suddenly something struck him- Yes ! This too will pass. Only a few days ago, I was enjoying my kingdom. I was the mightiest of all the Kings. Yet today, the Kingdom and all his pleasure have gone. I am here trying to escape from enemies. Like those days of luxuries have gone, this day of danger too will pass. A calm came on his face. He kept standing there. The place where he was standing was full of natural beauty. He had never known that such a beautiful place was also a part of his Kingdom.

The revelation of the message had a great effect on him. He relaxed and forgot about those following him. After a few minutes he realized that the noise of the horses and the enemy coming was receding. They moved into some other part of the mountains and were near him.

The King was very brave. He reorganized his army and fought again. He defeated the enemy and regained his empire. When he returned to his empire after victory, he was received with much fanfare. The whole capital was rejoicing in the victory. Everyone was in afestive mood. Flowers were being showered on King from every house, from every corner. People were dancing and singing. For a moment King said to himself,” I am one of the bravest and greatest King. It is not easy to defeat me. With all the reception and celebration he saw an ego emerging in him.

Suddenly the Diamond of his ring flashed in the sunlight and reminded him of the message. He open it and read it again: “THIS TOO SHALL PASS”.

He became silent. His face went through a total change -from the egoist he moved to a state of utter humbleness. If this too is going to pass, it is not yours. The defeat was not yours, the victory is not yours. You are just a watcher. Everything passes by. We are witnesses of all this. We are the perceivers. Life comes and goes. Happiness comes and goes. Sorrow comes and goes.

Now as you have read this story, just sit silently and evaluate your own life. This too will pass. Think of the moments of joy and victory in your life. Think of the moment of Sorrow and defeat. Are they permanent ? They all come and pass away.

Life just passes away. There is nothing permanent in this world. Every thing changes except the law of change. Think over it from your own perspective. You have seen all the changes. You have survived all setbacks, all defeats and all sorrows. All have passed away. The problems in the present, they too will pass away. Because nothing remains forever. Joy and sorrow are the two faces of the same coin. They both will pass away.

You are just a witness of change. Experience it, understand it, and enjoy the present moment - this too shall pass!