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Technical Analysis And Stock Trading For Indian Markets
I have been following stock markets since 2001, and since then I have been a follower of technical analysis which has the power to tell the future and of stock trends and obviously trend changing indications as well. In india there are three type of normal traders, One who is against technical analysis, second who is least bothered about technical and fundamentals and want trade in stock market on the basis of tips, third is the one who wants to follow/use technical analysis methods to take entry/exit in stock market.
I am always a follower of technical analysis and will always be, since it never fails, yes, it could fail only when your interpretational skills are wrong and I have this in mind that charts are never wrong.
If some trader says you that technical analysis is a complete failure or is useless, then these are those people who have failed to interpret the charts successfully, its just like a difference between an amateur doctor and a professional experienced doctor, you take your lung x-ray to both, the amateur doctor says that you don’t have Tuberculosis, and the professional doctor says you do have it, where’s the difference? its in the interpretational skills, doctor’s wrong diagnosis on wrong interpretation can cause lot of problems!
The same thing is applied in charts = x-rays, I am trying to compare charts with x-rays because just like x-rays are a negative print of your body the same way charts are a print of any stock. You have to learn the interpretational skills in order to understand what is happening in the stock and what is expected to happen in near future, a trend reversal or a trend continuation?
Charts explain everything about the future and short term movements in the stock.
Technical analysis is a vast subject and people(traders,investors,amateurs) are slowly realising this science as a gateway to successful intra-day trading and yes, long term investing, using some technical analysis software and trying to figure out what is expected the next day on the basis of stock filtration technique using some in built parameters in the software.
One such software is Metquotes, which can be downloaded from [http://www.metquotes.com] and is developed by myself in vbasic .net, this software uses my scanning methods and generates reports on the basis of the filtration methods using the End of Day stock quotes which are also downloaded by this software from http://www.nseindia.com
This software does scanning only on EOD(End of day) data, it does’nt provide real time data, now you will ask a question that why is this software based on EOD instead of real time data? the answer is, its not required at all.
Many traders these days are buying real time feeds from vendors on the websites and paying them nearly 3000-5000 monthly only for the real time feeds, which are mostly compatible with METASTOCK PROFESSIONAL, an Equis product, available at http://www.equis.com
What I tell to my clients…is that you don’t need real time feeds from these vendors, instead choose a good broker which can provide real time quotes in a trading terminal which can be very economical and you have to pay only one time fee, Rs200 or Rs500, thats it!
The trading terminals have real time quotes and the stock graphs can be seen in those terminals, the prices of stocks change every other second in that terminal.
I have used all trading terminals, the best currently which is available is Angel Anywhere, from angel broking, http://www.angeltrade.com
Their software is pretty good designed for professional technical analysts. You can see at a time 6-10 graphs easily on the terminal, plot all types of indicators on the graphs and you can have bar and candle graphs. I normally use candlesticks for analysis so by default when I login into Angel Anywhere software, all the settings are loaded, which obviously I saved from last login.
My trading method for intra-day is, by scanning EOD data from METQUOTES, i choose the best stocks on the basis of volume and price breakout, then I do analysis of charts of the chosen stocks in METASTOCK PROFESSIONAL, and calculate the resistance and support levels.
The next day I track the same stocks and take buy/short sell positions in those stocks.
This looks pretty easy but requires lot of hard work, the phrase EASY MONEY, doesn’t exist in the technical analysis field.
The main system which reduces my technical analysis time is METQUOTES, since it scans the break out stocks, and filters the laggards.
Metquotes is at [http://www.metquotes.com]
That is all for now!
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