Wyckoff Chart Reading
The Wyckoff Method is one of the four timeless approaches to market analysis (the other three being Dow Theory, Shabacker’s chart patterns, Elliott Wave Theory and Gann’s swing trading approach). It was developed in the early part of the 20th Century and has been continuously refined through the present day. The Wyckoff Method is a vital, classic approach to trading which reads the market through price bars and volume. Although technical indicators may be used, they are unnecessary under the Wyckoff Method. Richard D. Wyckoff was a Wall Street broker and trader in the early part of the 20th Century. Wyckoff was a broker and witnessed the operations of the largest traders of his day first hand as an ‘insider’ and learned to translate their activities in the ticker tape and bar charts. As he watched traders and investors make poor trading decisions based on rumor, opinion and guesswork, he wrote a newsletter that quickly became so widely read on Wall Street that it would often affect stock prices. He later wrote courses for traders and books on tape reading (including the first day trader’s manual) and his experiences on the Street. The Wyckoff Method has been used by astute [...]
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Qualities required to be successful trader
Many people take to trading in the mistaken belief that it is the simplest way of making money. Far from it, I believe it is the easiest way of losing money. There is an old Wall Street adage, that “the easiest way of making a small fortune in the markets is having a large fortune”. This game is by no means for the faint hearted. And, this battle is not won or lost during trading hours but before the markets open but through a disciplined approach to trading. 1. A successful trader has a trading plan and does his homework diligently 2. A successful trader avoids overtrading 3. A successful trader does not get unnerved by losses 4. A successful trader tries to capture the large market moves 5. A successful trader always keeps learning 6. A successful trader always tries to make some money with less risky strategies as well 7. A successful trader treats trading as a business and keeps a positive attitude 8. A successful trader never blames the market 9. A disciplined trader keeps a cushion 10. A successful trader knows there is no Holy Grail in the market
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READ MORERich Trader
Many new traders are taken out of the trading game through bad mental practices. Here are some things that top money managers have shared through interviews and books that may help traders who are making mental mistakes in their trading. . Ten Powerful Psychological Traits of the Rich Trader They have the ability to admit they were wrong and get out of a trade. They know the place where price proves them wrong. They have the ability to not only close a losing trade but reverse and go in the other direction when it is called for. The rich trader is not trying to prove anything about themselves they are focused on making money. They do not fall in love with an idea, currency, commodity, or stock they will make trades based on price action. Rich traders know that the market action is their ultimate boss regardless of their opinions. No matter how sure they are about a trade they still ALWAYS manage the risk. Rich traders get more aggressive when winning and trade smaller or take a break during a losing streak. A great trader is one that can admit to anyone that they were wrong. Rich traders do [...]
READ MOREHuman Tendencies That Affect Trading
Successful trading is based mainly on trying to follow the right trading plan. But even the most disciplined can be affected sometimes by certain human tendencies that can turn that around. There are certain human quirks that seem to affect trading but most traders don’t seem to be aware of. Here are some of them. Fear Of the Unknown It is a human tendency to feel fear about something that one doesn’t know. This may limit traders on making those calculated risks. Some may just stay on a certain comfort zone, maintain a position where they have an idea of what the results may be. But this can also lead to missing out on valuable opportunities that may be present at one time or another. It can sometime be an unfounded fear that can seriously affect one’s trading success. Information Bias Some traders may not be aware of this, but information bias can also have a serious effect on trading. It is a tendency to accept only data and information that one likes to hear. Upon accepting this information, they seemed more biased to it, even though it may be more of an opinion than fact. In the process, some [...]
READ MOREWork intelligently
Today I read this phrase in a marketing sheet: “Many people work hard… …the successful ones are the ones who work intelligently.” I phrased it earlier (in the The productivity trap) this way: “WHAT to do and HOW to do is more important than the amount of things you achieve.” Or again in other words: “It is not enough to work hard, it is important to work on the right thing in a good way.“ An old phrase also says: “Switch on your brain before you do something.“ In the last weeks I have seen pretty good examples where people worked hard on solutions where the goal could have been achieved better and easier by thinking simpler and different. Another phrase says: “It’s lonely in the saddle since the horse died.“
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