Traders Carnival: How To Be A Top Trader, By JC Parets
As a top trader JC Parets studies over 6,000 charts every week. The founder of All Stars Charts, a technical analysis commentary website, started his trading career in 2005.
On his website he describes some of his tenets of trading as...
Simple timeframe: I look out weeks and months. I am not a day-trader, but I also don’t care what happens next year.
Uses candlestick charts for everyday charting: Once a week I go through the 3000 charts in my arsenal with just bars. No moving averages or momentum or anything else on the chart – just bars.
Uses line charts for ratio analysis: This helps with the day to day or week to week changes in a ratio. Remember that not everything opens up every day at the same time.
Uses 14-period RSI for momentum: I don’t change my RSI periods and I don’t smooth them out like others do. Not that there’s anything wrong with that, it’s just that 14-periods works for me. Also, when I say “periods”, I mean daily and weekly.
Parets spent over an hour at this year’s Traders Carnival conference in Mumbai sharing his views on how to be a top trader, successful trading strategies and his view on the India markets.