Market updates for 15/01/2013

Nifty daily chart

Nifty is moving around trend line resistance . If it closes above 6040 then we can expect decent amount of up trend. Lets see how it is going to unfold in coming days.

Corporate results on 15/01/2013

Axis Bank , Bajaj Fin Ser , Rel Ind Infra

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6041
Reversal if closes below	5800

Thought for the day

 

Any intelligent fool can make things bigger and more complex. It takes a touch of a genius and lot of courage to move in the opposite direction - Albert Einstein 

 

 

 

Evolution of a trader

Stage Two: The Rookie Trader

1) In this stage you have lost enough money to realize what you are doing is completely wrong. In other words, you start to realize that you don't know. 

2) You will then devour every trading book available. 

3) Your search for magic indicator and the holy grail starts here 

4) You will memorize every technical pattern known to man. You will read about the ADX, moving averages, Fibonacci lines, pivot points, MACD, Bollinger Bands, channels, etc 

5) You will go through the "help" tab on your data vendor to read about every single technical indicator available 

6) You will plot them on your charts and spend hours looking for an indicator that works

7) You will be extra confident now, thinking you have found the magical technical indicator

8) Yet, you still continue to lose money everyday. You realize that your indicators are lagging and that every other new trader is probably looking at the same thing. 

9) You realize that you are the sucker 

10) You are in the conscious incompetence stage 



                                                                                                
                                                                                                                to be continued.............