As part of the BC Basic Income project, my team and I were tasked with trying to understand the system of income and social supports available to BC residents. We developed these visualizations which have proven very popular

The most common problem faced by day-traders and it's easy solution which is extremely difficult to implement.
A thread.
( uses concepts I have discussed many times before in separate threads)

Problem : I have a good system, I understand charts and/or price action, but I simply can't make money. I hold my losses too long or ( this is most common) I get out of profitable positions too fast and cannot sit for the whole move

At many firms at NASDAQ, day-traders are seen as elite sportspersons playing in a difficult taxing game. That's why, they have regular sessions with sports psychologists. They are advised to follow the basic routine of sportspersons.
Train ---- Play tournaments --- Rest

The cycle repeats

We retail day-traders here neither rest nor train.

Rest = taking time off markets
Train = trading in markets in training mode

Understanding REST is easy, simply take time off markets and spend time with family or do something you love

The most memorable interview I did this year was w/ Stanley Druckenmiller, who famously made $1B shorting the British Pound.

The trading legend's track record includes a 30-year stretch returning 30%+ a year (without a single down year).

Here are 8 investing lessons🧵

1/ Make concentrated bets in high conviction plays

2/ Concentrated bets can sometimes *reduce* risk

3/ Use a multi-disciplinary approach to investing

4/ Know when to sell (he never uses a stop loss)

1/ There are a ton of books about Financial & Fundamental Analysis, Scuttlebutt and Technical Analysis. But there aren't many books 'taking risk'.

Among the few that exist, 'Zurich Axioms', written in 1985, is the best. Here are my key takeaways from the book.

2/ A bit about Max Gunther's (The Author) background. He was an Anglo-American journalist and writer, who wrote 26 Books.

His father, Franz Heinrich, was the New York Head of Schweizerischer Bankverein, which later merged into the famous Union Bank of Switzerland (UBS).

3/ The 'Zurich Axioms' were a set of unwritten rules followed by a informal group of Swiss Bankers and Traders who used to socialize around Wall Street after World War II. Mr. Heinrich was one of the founding members.

Max Gunter formalied these 'Axioms' by writing about them.

4/ There are 12 'Major Axioms' and 16 'Minor Axioms' (Corollary to the Major Axioms) in the book.

But remember, this is MY key takeaways from the book and not an exact summary. So you might find quotes, phrases and links inserted here and there by me (Not from the Author).

5/ Axiom #1: In order to earn returns, you must take risk. Risk will make you worry.

Risk-taking and worrying go hand-in-hand. If you're not worried about an investment, you're not taking risk.

Spend half your energy towards earning an income and the rest towards speculation.

Nano Course On Python For Trading
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Module 3

In this post, I will attempt to teach you how to write an algorithm in python to automatically find support and resistance. We shall use the data we downloaded in module 2.

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To visualize price action, I have used the daily candlestick chart. To quantify the meaning of support and resistance, I have taken below definitions:
In a series of 5 continuous candles, if the first three candles make increasing high and then 2 decreasing highs, then the

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high of the third candle is considered resistance. Similarly, if the first 3 candles make lower lows and the next 2 make high lows then the low of the third candle is support.

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The above explanation is for the sake of quantifying support and resistance at a very basic level. These are called fractals. Now let's get started with the code.

mpl_finance is the new module here. We will use its candlestick_ohlc function.

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Now, if you remember, you downloaded data for nifty 50 stocks in module 2. We shall use that data. Let's work on ITC data this time.
We will use data from 1 Jan 2021 to 30 June 2021.

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