Market updates for 24/01/2013

Tata Motors daily chart

Tata Motors faced trend line resistance at Rs.336 and today it has closed below Rs.318 which was earlier peak. The breakout above Rs.318.50 was a failure and now it is likely to fall further.

Corporates results on 24/01/2013

Biocon , Coramandel Intn

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6101
Reversal if closes below	5800

Thought for the day

Pleasure is always derived from something outside you, whereas joy arises from within. - Eckhart Tolle

 

 

 

 

Evolution of a trader

Stage Six: The Expert Trader

1) In this final stage, you completely understand the markets you are trading. Being involved in it everyday you are aware of every key price level 

2) You understand market concept and are able to predict the direction of the markets a fairly good amount of time. 

3) You pat yourself on your back and take profits as soon as you feel euphoric. You do this because you understand euphoria is the same as emotional trading. 

4) You talk to other traders and realize the development stage they are in 

5) People start asking you for trading advice, you publish a book, and you have a specific trading methodology that represents you! 

6) Taking trades come naturally and you are able to get in and out at the precise price levels based on tape 

7) Instead of having the markets take your stop out, you exit when you know you are wrong. 

8) You keep your head high but remain humble on the inside. You have now officially graduated the school of the hard knocks 

9) You have reached the unconscious competence stage.