Trader's life..................

This pic I have got from the net explains perfectly how a trader's life should be like ....

A quote to remember .......

Here is a quote taken from Mr. Glenn Dahlen from Facebook …………

 

“ Finding a trading methodology is like digging a hole. You try to dig the best damn hole you can. If it isn't "perfect" you don't throw all the dirt back in the hole and start over.”

Elder Type Trade : A Recap

On Monday the 15.7.2013 , TataSteel opened with a gap down  @ 254.50. When I see that, I refrained from buying and decide that the best buy point will be above 260. Frankly I didn't expect it to gap down and go under 255. I then again searched on the net for any news that may drag the stock down.And yes I found  one that may be the possible reason. Tata Steel's European section , formerly known as Corus has reported a £ 1.2 billion loss for the year. That information may leaked well before and could be the reason of the stock's long downtrend. In the next two days  TataSteel has come down even more and closed @ 243.20. The Impulse on weekly chart has again turned red , and daily chart is showing a red sign as well. 

A fresh Elder type trade is developing

Spotted this trade last night. Tata Steel is one of the prestigious companies in India. From the very beginning  of 2013 it started a downtrend which is still continuing. It has given up about 40% of its value ever since. Why do you we want to buy a stock that is in a downtrend ? Because It has started to show some signs of trend exhaustion. After searching the net I have found no bad news about the stock except one. TCS has replaced Tata Steel as India's most admired company. 

Counter Trend Trading ....A useful tool

Dr.Elder

It was a time when the cold war between Soviet Union and United States at it's peak. A Russian army ship was passing near the coastline of Africa in the middle of the night. Everyone in the ship was either relaxing or sleeping after a hard day, except one. A Russian Army doctor, a Psychiatrist, has something in his mind that nobody knew in the ship. He was about to flee. When the  time was right , he jumped off of the ship and started to swim towards the beach. Soon enough his companions become aware and followed him. Luckily he could manage to make it to the United States embassy and got a political asylum. He was only 23 at that time. Later he became a well known mentor and writer of many successful books about trading like "Trading For a Living " , "Come into my trading room " , "Sell and Sell short " etc. Yes, I am talking about Dr. Alexander Elder.