Agree with Abhijit's view that too many can't get you much ahead. Too much reading leads to saturation and there's lot more to be learnt from actual implementation.
Cheers,
Girish
From: Technical-Investor@
Sent: 30-Nov-2009 08:23
To: Technical-Investor@
Subject: Re: [Technical-Investor
Just one point, my last on this thread in particular and the subject in general.
When we started, online trading itself was new in India, so was TA / charting.
There were hardly any 'seniors' then, and we had to fend for ourselves, so the bakwas we did was a 'first'.
You posted some 13-14 books..how on earth can anyone read ALL and implement them?..apart from videos and other files.....
This is definitely OVERDOSE.
AP
----- Original Message -----
From: FLOYD JOHNY LEWIS
Sent: Sunday, November 29, 2009 11:51 PM
Subject: Re: [Technical-Investor
] Information overload & Random thoughts
Hi Abhijit
I have written previously too on this forum - as a trader i want to be emotionally neutral so no questions of being emotional.
Nor am i trying to read between the lines - but definitely have problems with the last line of your previous post.
I can remember my parents saying the same things to us which their parents said to them too but every generation does the same things inspite of being forewarned.
Would be happy if all you seniors can justify to us why you did that same old bakwas when your seniors too had asked youll not to do so. Trading has been in vogue for almost a century now.
Would you like all newbies to behave like zombies and just follow instructions and walk on someone elses path?
You would have observed in all my emails that i try to balance it so neither side gets carried away.
Am definitely no union leader of the Newbies nor am interested in scoring any brownie points here on this forum.
Let the newbies try out things which you seniors may have tried in the past - lets look at the silver lining, lets look at the light at the end of the tunnel - it is quite possible that one of our newbies may observe something or think differently than all others in the past - Not speaking of any holy grail discovery but just some new way of thinking - an innovation type - why should we restrain their thoughts. Innovations are possible when the mind is left free to think without any restrictions and boundries.
Having said the above - we all are looking forward to learn the faster way but with sincerity and hardwork and this can happen only by the handholding of all seniors on this forum.
If seniors share their trading tactics and strategies the newbies will have something to start with and focus their attention on improving with the guidance of the seniors.
I rest my case here - I cannot close this thread as am not the orignator of it but would request the originator to do so - Lets move ahead in trying to achieve the objective of this forum - learning and sharing TA for one and all.
Regards
Floyd
--- On Sun, 11/29/09, Abhijit <ap19632000@yahoo.com> wrote:
From: Abhijit <ap19632000@yahoo.com>
Subject: Re: [Technical-Investor] Information overload & Random thoughts
To: Technical-Investor@yahoogroups. com
Date: Sunday, November 29, 2009, 1:01 PM
Do not try to read between the lines please......
I meant, there must be some reason why no seniors are posting on a topic which is the same gheesa peeta for them over the years.....
They have been there, done it all, and know it is of no use going through all this all over again.
You are certainly not in a wrong forum, else, why would I be posting all these messages / replies..... be practical, not emotional.
AP
----- Original Message -----
From: FLOYD JOHNY LEWIS
Sent: Sunday, November 29, 2009 11:24 PM
Subject: Re: [Technical-Investor ] Information overload & Random thoughts
Hi Abhijit
Agreed to everything you said except the last line.
That was not only a bit too harsh but below the belt too.
What i inferred by your last line was - that this forum is only for the Seniors and know all's if that be the case then i think i am in the wrong forum.
It is quite possible that we may have gone overboard in all our excitement - but there was no intentions whatsoever to overshadow the Seniors.
Prashanth and moderators - would be grateful if you could let us know whom this forum is for??? as would not like to violate the forum rules innocently nor post in a forum which is only for the know all's.
Well seniors not joking this time though.
Regards
Floyd
--- On Sun, 11/29/09, Abhijit <ap19632000@yahoo. com> wrote:
From: Abhijit <ap19632000@yahoo. com>
Subject: Re: [Technical-Investor ] Information overload & Random thoughts
To: Technical-Investor@ yahoogroups. com
Date: Sunday, November 29, 2009, 12:30 PM
The newbies need to think, why in spite of my caution, it was me who has posted 2 trading strateies over the last 10 days - actual trading strategies, and not just text book stuff. (I know someone who made a huge profit in Suzlon futures and he thanked me personally after booking profits - I told him to book at 78...long from 64 I think - in futures).
If you wish to let me be just a bystander, knowing fully well what repurcussions it will have, then so be it.....it is like the teenage kids nowadays (those who have teenage kids will appreaciate) - no matter what you advise, they will do what they want.
So keep on posting tons of material, and at the end of a few weeks, few months, please do not end up where you are now.
When Pankaj and me said we have gone through all this, it has some meaning guys.
In the last 10 days, from my memory, following are the strategies that have been posted:
MA crossover, OOPs, 200 E to S crossover, MACD, Stochastics, ADX, RSI, 12range bar, and some more.
Tell me honestly, when the market opens tomorrow---- which one are you going to use?????? All will give profits some times, all will give losses some times.
Finally it is your temparament and money management that will save you, and not ONE strategy.
Have you ever wondered why other seniors have not posted anything and why TI has become almost a 'newbies' forum now???
AP
----- Original Message -----
From: Prashanth
Sent: Sunday, November 29, 2009 9:28 PM
Subject: [Technical-Investor ] Information overload & Random thoughts
Hello,
This month has been a record of sorts in this group. For November (which is still to end), we currently are having the largest amount of mail sent in any month from the start of this group. Thankfully, most if not all messages are worth the read and hence the overload is bearable to a extent.
I see a lot of interest in reading books, checking out seminars, etc. That is all the more wonderful since there is a huge amount of knowledge that can be used out there. But as AP rightly said, reading everything without focus just because its available out there (and for free) can actually hinder a person rather than helping him grow.
Based on my own perception, to newbie's and even experienced guys, it may seem that one is comparatively not well acquainted and worse taken at face value (both here and elsewhere), everyone seems to be successful while one is not so successful. While there are and will indeed be few successful traders, its important to understand what success means from their own viewpoint rather than assuming success to be able to make lots and lots of money.
Success in markets can be very subjective. A person who has a full time job and in addition trades / invests in the market may feel that he is successful if he can make around 20 - 25% a year. For a full time trader / investor, such returns are not even considered since they have a much higher satisfaction level.
Being in the markets for over a decade, I can say one thing with Guarantee, not many offer to say the truth. Ask any one in the market and all of them seem successful which is theoretically improbable. A Investor may find success in few stocks, but conveniently forgets the larger number of duds he holds. A trader on the other hand showcases specific instances of success while at the same time not exactly pointing out that using the same strategy he also has had pretty had months.
There is no holy grail in the markets that work and catch all trends. On Friday, we had a massive move of around 100 point on downside from open and then a further 150 points on the upside. No such strategy will exist that can potentially catch both the ways. If one focuses on eating everything, the only thing that will be eaten is the trader's capital.
Statistics says that around 75 - 85% of options expire worthless. In the series of November 09 for example, on a approximate calc basis, at end of trading on Thursday, 90% of options were worth Rs.5 or less (and hence all the options can be assumed to have expired worthless). This does not have to mean that selling options is a better option. Infact, if you are not having sound knowledge of both TA and option theory, selling options carries more risk than buying options.
Persons like AP, Vish among others are very experienced professionals and thus while it may seem that trading options is very easy, please do understand that such performance is because of huge amount of experience that they have had over the years.
For anyone starting off in the Investment world, please do note that many members here who contribute liberally are established players. While it will be worth observing them and asking them questions, trying to copy their record is a sure recipe for disaster. Its would be something like a person who just having seen a doctor perform a easy surgery think that surgery is easy and try the same without grasping the details and the experience the doctor possesses before he has ventured into surgery.
I have seen too many cases of financial ruin and hence I believe in being conservative when approached by newbie's. The idea is to first survive in the markets, you can always thrive when you are really ready.
Cheers & Happy Trading
Prashanth
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