Monday, February 17, 2014

Nifty, holding ST key averages, attempts to conquer MT numbers...

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Go through the simple write ups listed under the label "Applied Technical analysis" and "For Beginners". You will find them under the "LABELS" section at the side bar of my blog. It is quite easy to understand.
For reference, you can download the "JustNifty TA" excel file from "JN GROUP". It is updated and uploaded everyday.
Later you can go through the 8 topics discussed under "Always start trading with these" at the side bar of my blog.
There are more in the labels section like Market wisdom, Trading with discipline, etc.
Take time to go through them while watching the markets simultaneously. The time you invest today to understand the market before putting your hard earned money to work is the most sensible and wisest act.
For Beginners as well as those not able to find successful trades:
Knowledge: To make consistent profits from stock market, understand the market first using a simple study such as the Basic technical analysis using Channels, Lead & lag indicators.
Belief: Having studied, have a strong belief in them that they'll produce results.
Discipline-I: With a strong belief, initiate a trade as in God's command written in scriptures.
Patience: Once a trade is initiated, sit through patiently for the price to lead you to the targets/ through the journey while having an ironclad stop loss for any "surprises".
Discipline-II: Remember to part book, once the prices start to move in "your" direction and exit the trades once SL is breached or target is reached or reversal signals are seen.
Caution: As you get closer to the market, eg: in day trading, your level of consciousness and experience need to be high as well as your ability to manage your trades. If you are not qualified enough, do not destroy your capital.
Safety: Instead, go for "Positional trades" based on either a simple TA or JNSAR. Even here, the "close basis" signals are more trustworthy.
Fear: Everyone has fear including the champions and heroes. You deal with fear, only by facing it and you can face it only if you have a strong belief system. Waving mind has no place here.
Greed: Just as fear can bury you, greed can blow you away. Hence, stay grounded by remaining "silent", part booking/ exiting without celebrations.
Holy grail: "Secrecy & Silence" are the two key ingredients for success. Do not fritter away your successes by talking about it. Let making money be your sole aim. Let you believe in your study and act only when the wind is favourable and remaining idle during all other times.
Get Rich Slowly and Quietly.