Hi friends,
Weekend post ,I would like to share my experience i gained during my last 8 years as a Trader and adviser.
To start off i was like any newbie who used to buy and sell on anybodies advise ,And enjoy the adrenaline rush when the trade used to be in favorable direction on the other side get sad on every loss trade .This happened for quite some time ,It had to stop someday ,Well i had to stop as my trading account was down to almost zero!!.
That day onwards ,I started to look for traders or advisers who used to give trade calls and it used to fascinate me few of them regularly hit the right traders ,So i got one thing straight this can be done.
I zeroed in on Elliott wave as a tool to build my trade setups ,Had countless battles on stockviews arguments etc on yahoo and google groups each battle saw me coming out with a new experience ,Slowly i started to get a hang of how waves were unfolding in market
.
I tried mastering few trading setups and kept looking for their reemergence ,Slowly got confident and started to make some money on my own trades .I lost money only when i deviated from my trade setup or some last minute changes in trading plan ,These mistakes i still do human mind after all but i always look to minimize these hiccups.
Would further discuss on this if you fellow traders would like to know more let me know your experiences as well it helps in building a trading mindset to run along with live market which is full of cacophonies..
Regards
Rish
Weekend post ,I would like to share my experience i gained during my last 8 years as a Trader and adviser.
To start off i was like any newbie who used to buy and sell on anybodies advise ,And enjoy the adrenaline rush when the trade used to be in favorable direction on the other side get sad on every loss trade .This happened for quite some time ,It had to stop someday ,Well i had to stop as my trading account was down to almost zero!!.
That day onwards ,I started to look for traders or advisers who used to give trade calls and it used to fascinate me few of them regularly hit the right traders ,So i got one thing straight this can be done.
I zeroed in on Elliott wave as a tool to build my trade setups ,Had countless battles on stockviews arguments etc on yahoo and google groups each battle saw me coming out with a new experience ,Slowly i started to get a hang of how waves were unfolding in market
.
I tried mastering few trading setups and kept looking for their reemergence ,Slowly got confident and started to make some money on my own trades .I lost money only when i deviated from my trade setup or some last minute changes in trading plan ,These mistakes i still do human mind after all but i always look to minimize these hiccups.
Would further discuss on this if you fellow traders would like to know more let me know your experiences as well it helps in building a trading mindset to run along with live market which is full of cacophonies..
Regards
Rish
Hi Risha,
ReplyDeletecan you share tools that you are using for analysis and reference book to learn EW?
Hi manish, I use Amibroker charting platform with a live datafeed ,I go through all the scripts during weekend and select the ones i like and track them during market for potential trade initiation,I select my stocks using elliottwave + classical technical analysis patterns i read a lot about elliotwave on net also lot of videos on you tube ,I did buy a hard copy of elliotwave principles by frost and prechter
ReplyDeleteRish can you pls enlighten on your trade set-ups? Tks for your help
ReplyDeleteHi SR i do intraday with negligible capital and concentrate on positional trading with most of my capital.I look for triangles ,in abc corrections i look for trading c wave rallies if its a impulse i try to play 3rdwave setup and 5th wave spikes.I avoid b wave trading
ReplyDeleteRish, Before following your blog, I also underwent big cycles of losses. From past 3 - 4 months, your inputs helped me and gave me some level of confidence in trading. Can we also learn EW? Please guide How and where?
ReplyDeleteNice to know you got your confidence back in trading ,Yes you can learn EW i used to do online sessions ,You can read on net lot of content even i have lot of content on blog go through Trading eliiottwaves ..
ReplyDeleteHi Rish, Any insights on which trading method may offer consistent returns over a longer period of time - Pattern trading OR mechanical trading system? I have tried both, but both have them haven't given consistent results over a long period. So am figuring it out, which may suit under different market conditions
ReplyDeleteHi manoj if you can identify waves on a longer term charts and then apply mechanical system on that try that. I have never tried mechnical trading ,Why i said identify waves because it would help you to get a hang of market condition which way its tilting so accodingly you can apply mechanical system..
ReplyDelete