Tools for the Trader

Hello friends,

My name is Harshvardhan and I m here to tell you about some of the skills which are required to be a successful trader. It may be equities, currencies, crypto or any other asset class. I do have an experience of more than 8 years of trading and I generally know that which kind of things (indicator/news/volumes) will work at what time. So here we will be talking about common tools which are required for a normal trader.

There are two kinds of studies for this one is fundamental and second is technical analysis(based on price actions). Some are of the view that technical analysis is not suitable for trading but it depends how you look it.

Your intention to trade is for short term (means for 10-15 days), at least not more than a month or so. And that is for the reason we will be using technical analysis for long term fundamental analysis is much better.

Here I am not giving the detail of the tools but just giving a clue that what to concentrate on. So they are :

1. Knowing about support and resistance of the price (may be share, index, currency or crypto).
2. Volume analysis from this we can conclude supply and demand of the tradable asset.
3. Choosing some of the indicator (technical indicators that give us an idea that where prices may move on the basis of prices). This indicators should not be more than 5.
4. Some of the indicators which can be used(usually which I am using) : Moving Averages (time period of 300), Bollinger Bands (20,2), volume and RSI.
5. Basic information from options market.

Some of the news needs to be analyzed on daily basis. We can get an idea from Bloomberg, CNBC or any other financial websites.

So these are the basics the trading. We will be discussing about the each and every points in detail, latter on. We will be also going through the levels of Nifty 50 on daily basis so that you can also learn at the same time.

Thank you, seeing you soon.