Authors : Mr Indrazith Shantharaj & Kirankumar Nayak
Publishers : Notion Press Price Rs 499.00 Available on-line atAMAZON .IN
About the Authors :
Mr Indrazith Shantharaj is a full time trader and coach in stock market . He is a former IT Professional and now pursuing full time career in stock market .
Krishnakumar Nayak , an Engineer by qualification , has built mechanical systems to trade in Nifty and Crude Futures
Stock Trading is some times referred as Informed Gambling . Hence taken by many as a pastime for gambling on the movement of prices of shares . For some others it is investment avenue and buying and selling is just a part of the process . But one needs to be daring to take trading in a stock market as profession for a livelihood .
Many of those who are active in stock market have dreamt to become another Buffet or Jhunjhunwala and to earn crores . Actually most fail to recover their investment and turn sour towards the market .
Whether you are in the market as professional or just for thrill of the market , you have to have some discipline to be successful in the market .To be successful in market , one needs small capital , some study and hard work and lot of patience .
A professional needs education and training to be successful in his profession . No sportsman can be winner in any sports discipline without training and hard work . But many in the market dream of becoming successful traders without education , training or commitment .
The book is under reference is for those who want to take stock trading seriously as a profession , especially for those who want to make stock trading a career . The road is fraught with risks and it is not easy for a person with limited resources and small risk taking ability . In other trades there is some guarantee of margins for a trader and they have to find avenues increase the volumes to break even . In stock trading , there is no guarantee of margin and hence the journey here is more adventurous .
For a new entrant , the book is like a primer which gives glimpses of what he should learn before entering the market . All basics are explained in a lucid way .
A dilemma one confronts is to base his decision on fundamental information of a company or technical chart that shows the movement of the price . For a new comer decision is daunting as an ideal situation may never arise . Even if one decides to take a plunge on a stock , one has to decide the time to enter , how long to hold and when to exit . Market would be a collective reflection of greed , worry and fear all the traders put together and constantly changing . A new trader would be a lost kid .
The book explains the need of planning , art of chart reading and playing the mind game intelligently to beat the market . Chart reading and various indicators are explained with lots of charts and examples . The book tries to demystify the mystery of entry point , holding period and exit at the right time .
If the trade is planned well with mental preparation for making money or losing it , the trader will not have heartburn or euphoria at the end and he would be ready for his next adventure . Book explains the need for planning & maintaining journals for each trade . Maintaining journals will help the trader to look back and identify where he went wrong and how he can learn from the mistake . The authors explain simple ways of tracking a trader's trade which is learning abcd of the profession .
For most of the advisers , LOSS is a four letter word and never uttered before their prospective clients . They only show the winning trades to lure the prospective clients with a promised " Guaranteed Returns " . But in reality , most of the traders would be talking only on their losses . In fact , losses are the stepping stones for success . Once my candidature for a Trader's post was rejected as the losses I had made in the existing position were meager . But large uncontrolled losses may cripple us from trading . Hence the losses we make must be affordable so that we can continue with our business of trading . To make our losses affordable , we have two tools . one is STOPLOSS . The other is " sizing of the Trade " . Both the tools are given fair treatment in the book . The interviews , at the end of the book , contain glimpses of losing trades star traders have made in their career .
For becoming a professional trader , one should have mental state of a professional . Traders must be open minded and ready to see the facts without mental blocks created by them for or against any sector / stock . There is chapter dedicated towards attitude management .
The only deficiency I saw in the book is the absence of a chapter relating to understanding the basic financials of the company related to a stock . Trader of any item should know some thing about the item he is going to buy or sell . So is the case of a stock trader . He should have basic knowledge of the financials of the company apart from its products / services and management . It will help in choosing the right stock for trading and he can use technicals further to decide on the trade . Fundamental knowledge about the going-on in a company will help one to understand the whys of the charts he is reading . Total disregard for fundamentals will not help a trader in long run . Hence we suggest to add a chapter on Basic financial Reading .
Overall the book caters to the basic needs for new entrants by giving them the glimpses of things they should know , learn and adopt to become a successful trader . The book is written in simple understandable language without much technical words thrown in . Book is a capsule course for the entrants and we recommend them to read as first lesson before entering the market . They can build their base of education later on .
For News ABOUT IPO AND OTHER STOCK MARKET NEWS , CLICK HERE .
To know Precautions to be taken before Investment ,
ALL YOU WANT TO KNOW ABOUT BITCOINS
NEW ARTICLE ON BITCOINS
NEW AGE DIGITAL CURRENCY
TAX ON RETIREMENT
MORE THAN 15000 VIEWS CLICK HERE TO READ
FOR DETAILS ON AAYKAR SETHU ,
NEW MOBILE APPLICATION FROM INCOME TAX DEPT , CLICK HERE
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAAR
e-INSURANCE Account ( eIA ) SWIFT