Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
I 'll always be there for you. To make you feel that you're secured. And even if the rain is pouring hard and the sky is almost dark... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
15 comments:
master ilango,
U take so much pain inteaching us and guiding us in the right
direction with ur Jnsar.
We all and specially me dont have the words for ur selfless
service and love for us all.
☺☺☺♥☺☺☺
A nice article by .Pride. of Traderji
Re: Is earning in Day trading so very easy?
8 yrs back: I wanted 100% per month returns...I would spend all my free time trying to make strategies that would make me those kind of returns...I would try different indicators...I would stack many indicators...I would tweak their settings...thinking that the holy grail lies in some secret settings...I would not look at any charts higher than 5min
6 yrs back: After facing regular losses, I removed some indicators...reduced my monthly targets to 50%...thought up some more strategies...
4yrs back: Got frustrated with the continued losses...thought that trading was not for me...took a sabbatical...came back with a fresh mind and thought of new approaches...was still trying to make a lot of money fast...
3yrs back: Instead of focusing on trading stategies, started understanding money management techniques as well...finally understood the redundancy of indicators...started to look at higher time frames...started feeling that even 20% per month return would be great...
2yrs back: One line that changed everything for me:
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."
Now: I trade using daily charts...no indicators...feel that even 50% per annum returns would be great...my winning trades are usually 2-3 times my losing trades...I can afford to be right only 35% of the times and still be very profitable...and I have all the time in the world to pursue my hobbies...
It took me 8 yrs to realize this...maybe this post can help someone cut his time by a couple of years
salute you sir,, no one has different story , its just that people rarely get to and try to learn from others experiences
quote,falling in love with her eyes i married the whole woman. now comes management of risk markets e like second wives,we cant win and not interested to loose. but hope ,,no master said no hope ,,we shhould approach with confidence ..the secret lies with in us.
Dear DR Ji,
Very good article. I am sure every trader who trade for a living would undergo this cycle but may be different timeframe.
Let me analyze myself to know which cycle I am now in :)
DR, to-the-point summary. Thanx.
DR ji,
You are scaring me:(
@DR,
Amazing. You are a market wizard in my book. Reason is that controlling losses is everything. But there is a difference between KNOWING and EXECUTING. The difference is
discipline and patience. And you seem to be executing. Congrats.
oops DR. I thought it was you. But still fact that you
posted this itself is good.
@ DR Sir,
You are a best example for beginner to learn discipline
& patient trading in the stock market. Everyone was
gone under these stages. But wise newcomer student will
really been helpful with this article.
Dear DR,
Very nice and useful article.Thanks.
ilango to XXXXXXXX
show details 7:58 AM (12 hours ago)
Hi..XXXXXX,
If you really want to take advantage of your intelligence, you need to keep away from market men and if you can not stay away from them, then stay detached.
There are two parts to your trading.
One is your analytic part which observes, deduces and then makes a strategy.
The other is the "dumb trader" who methodically executes the plan.
These two should stay separate. Having known many traders and myself in the early years, all the problems start when "both sit together" which opens up unending possibilities and ends eventually in "misses & losses".
You have to develop calmness. You just can not get excited about spotting a divergence or a pattern. You have to be mechanical about "exploiting such opportunities" in a cold, calculating way.
You have to tell yourself that your "goal is making money" and "not just spotting & being right".
Take it slowly. There will be 1000 opportunities in a year. Just capture 50 to 100 of High probable ones. Dig into your years of experience and discriminate between gambling and "well thought out-high probability trading plan".
Knowledge is good only if applied well. You need not trade everyday. Patience is the key here. Just like the "Crane which waits for the big fish letting go all the small fishes", you need to wait for such good trading patterns that emerge after an extended market at extremes showing divergences and sell into strength and buy into weakness.
You tone down your expectations. If you make Rs.500 out of Rs.10000, try to protect it. And build on it slowly. Skim away some profits. Build your trading a/c slowly.
How many times it has occurred to you that if only I have waited for this moment..So wait..
Get Rich slowly and quietly.
Best wishes.
ilango
Well said Ilango Sir and DR!
Simply Superb Sir
master,,an eye op ener.enemy with in.now i know how to..
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