Technical Analysis of Stock Market for Beginners
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Reviews for Technical Analysis of Stock Market for Beginners
25 ratings2 reviews
- Rating: 5 out of 5 stars5/5honestly i got a lot of information from this book, Great Book, Recommended.
- Rating: 5 out of 5 stars5/5Very good book. Highly recommended for starters on the stock market.
Book preview
Technical Analysis of Stock Market for Beginners - Stock Market Guru
author.
Table of Content
Chapter 1
Passion
Confidence
Discipline
Decisiveness
Capacity to Accept Failure.
Capability to Accept Risk.
Determination.
Focus.
Chapter 2
Chapter 3
Market Participants.
Traders Type (Time basis).
Chapter 4
Trend Trading
What is Trend Trading?
Chapter 5
What Kind of a Trader Are You?
How to Trade Like a Master
Trading Only High Probability Opportunities
Never Over-Trade
Find a Shoe That Fits Your Size
Timing the Markets
Your Trade Should Fit the Type of Stock You are Trading
How Many Open Trades at a Time?
Chapter 6
Why Some Traders Don’t Use Stop Losses
Stop Loss
Using Stop Losses to Protect Your Profits
Stop Losses When Markets Open with Gaps
Stop Losses When a Stock is Being Manipulated
Chapter 7
Candlestick Charts
Overbought/ Oversold Overload
Gaps in Candlestick Charts
Weekly Charts - For a Longer Trading Position
Using Hourly Charts
Be With the Stock On the ‘West Side’ and Let it Go On the ‘East Side’.
Chapter 8
Never Fight the Market
Buy High, Sell Higher
Winning the Game of Odds
Trading the Different Types of Rallies
The Successful Trader’s Psychology
Beware the Trading Minefields
Trading Secrets from the Masters
Chapter 1
A Good Trader
This chapter is about what are the most important qualities that a trader should possess. We don’t believe that you have to be very intelligent to become a successful trader; but, there are certain qualities & techniques which one must want to learn before entering into this vast world of trading.
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When you thought first time you want to become a trader, what was the first question that came to your mind? It may be anyone of the following. What personality" traits should I have to become a successful trader? What kind of attitude I should have towards the markets? Is it necessary to have good knowledge about fundamental and technical analysis before entering the markets? Who can become a successful trader? What kind of strategies I should adopt to make money?
The first thing you need to do is to inculcate the some of the qualities in yourself. We believe, anyone can become a good trader but following are the important personality traits that a trader should have.
Passion
The first thing that a trader should have is the big word Passion
. Passion is something that reflects in your personality, in your communication, in your attitude and behavior. If you are passionate about something you start enjoying it and it doesn’t remain your job or profession anymore but it becomes part of your lifestyle.
There are people who sit in front of the market since the opening of the market till its closing on daily basis. Many times they don’t do even a single trade in the whole day. But if they don’t sit in front of the market for few hours or a day, they feel that there is something missing in the routine. That’s the passion about the market.
If you are watching the markets on a consistent basis, you become a better decision maker. You are a better judge of the market even better than the experts. It’s always exciting to deal with the numbers. If reading and understanding numbers is your passion, you can become a good trader.
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It is not necessary that you are exceptionally intelligent to become a successful trader; or you should have a very sound knowledge of mathematics or statistics. Any average person with a little bit knowledge about the stock market can become a successful trader. Trading is a competition; anyone who follows discipline and keeps a continuous watch on the market emerges as a winner.
There are many of successful investors in the world and instead of saying anything else I would rather say that they all are exceptionally intelligent. All the investment decisions are made after making a lot of research. Investors satisfy themselves with the growth of the company and sustainability of that growth in the coming years. They don’t make any investment unless they feel everything in the company is going in the right way including business model, market share, customers and expansion plans etc. If your one decision goes wrong it may eat out substantial part of your investments. You don’t get a chance to review your decisions and again you will have to start the process of research and churning your investments. In history, few examples are there which proved investment research can’t tell you the exact position of a company. Satyam Computers and Lehmen Brothers’ were big shocks for the investors which forced them to go back and review all their investments.
But as a trader these can be considered as best of the opportunities to make money. Remember one thing if you feel you are stuck in a wrong position you need to hit your out (stop loss) immediately. Investors can make money only on one side of the market/stock whereas, a trader can make money on both sides of the market; they just need volatility on either side.
Confidence
Always the next big thing is ‘Confidence’ to be successful. You should have confidence in whatever you are doing. Sometimes you may be right sometimes you may be wrong. The most important thing is the execution and for execution confidence is the most important quality.
Especially for a trader; confidence can turn you to be a victor. Lack of confidence will lead to doubt, second- guessing and you will miss out on various opportunities to make profits. It also leads to frequent losses; when you create a position after a long wait, you may be in a wrong position and that will force you to exit. You must believe in ‘yourself and your decisions’ to become a successful trader.
In trading fast and wrong is right and slow and right may be wrong. Hie statement says that if you are confident enough to hit a position, you should hit it immediately otherwise, you will be late and you may be picking up tops and bottoms of the stock. If you are wrong, you always have the option to hit your out (stop loss) losing a couple of bucks. You should be fast enough to create the position at the right level and if you are wrong you should hit your out (stop loss) faster. That will help you to control losses and protecting profits. If you are slow and create a position after a long wait, you may have already missed the move. After creating the position you will not be able to hit your out as you are slow7 and can’t make a decision quick enough, which will lead to ruin. Confidence will help you to create the position at the right levels and hit the out (stop losses) with minimal losses if you are wrong.
So always remember:.
In trading fast and wrong is right and slow and right may be wrong.
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Discipline
Exercising ‘Discipline * in trading can help you to be consistent. Every game has some rules; on the similar lines trading is also not an exception. Exercising discipline even in worst of the times can