TRADE AND GROW RICH
Authors : Mr Indrazith Shantharaj & Kirankumar Nayak
Publishers : Notion Press Price Rs 499.00 Available on-line at AMAZON .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
REVIEW PUBLISHED ON 14.08.2018 :
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 .
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