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In this video of the Face2Face series, we have with us, Mr. Vivek Bajaj, co-founder, StockEdge, Elearnmarkets, in an interesting conversation with Dr. Jignesh Shah, a successful doctor and a part-time trader, who will share with us the best ways to be a successful part-time profitable trader in the stock market.
Dr. Shah has been in the stock market for over 20 years, and to begin this video, we will discuss the background of Dr. Shah's life, and how the process of stock trading has evolved over time, with the launch of NIFTY and SENSEX, derivatives, options, and the changes in how we trade and invest in the stock exchanges over the years. We will discuss the importance of following our passions to become successful profitable trader and staying dynamic to adapt well to the coming changes, be it the stock market, or any industry we are working in.
We will next discuss how Dr. Shah focused on technical analysis, and how he traded with the MACD indicator to refine his skills as a good trader. We will talk about trading psychology and how its principles stay the same, no matter what happens in the stock market.
Next, we will touch upon how the right entry and exit in the trades of the stock market can affect our success as traders in the market, and how our mindset sets us apart from any failures in the stock market. We will touch upon the importance of doing our own research and analysis to create our trading strategies and systems for profitable trading, and how Dr. Shah learnt about it with his own experience in the stock markets.
Next, we will start with Dr. Shah’s technical discussion on the RDX strategy, which is a combined system of the RSI indicator and the ADX indicator. We will discuss the basics of these indicators, and how combining these indicators can give traders an edge in the stock market.
We will discuss some essential points we should keep in mind while following an RDX strategy, and with some examples, Dr. Shah will discuss how we can tweak the RDX strategy as per different time frames, to get success from the strategy. We will also touch upon the basics of a profitable trading system for any trader, and how this system can be built to help traders with position sizing and the best entry and exit to minimize our losses, based on the momentum of the market. With some practical short examples, we will see how to use RDX to pick trades based on momentum and RSI.