Fundamental Analysis (FA) vs Technical Analysis (TA)

Importance of FA:

FA means Fundamental Analysis:

Some people find that FA is very much tough to learn and not so much

... data available on web in simple language thats why people switch to

TA and we see some stupid guys and they disturb us with their horrible

TA, Now TA also important we'll discuss about it later

FA is very much simple how? let’s see

A. Select some low PE share

B. Find latest financial report and last 2 year report

C. Compare with them & find out what is the condition of that company

... now.

D. Restated EPS nd NAV should consider here

E. Find the Growth of EPS

F. Find dividend History is it good or bad

G. Gap between Authorized capital and Paid up capital

H. Any chance or reason to increase Paid up? if so then,

good

I. Find when next Financial report may come. If 1st or HY report is

good then study that company’s report. It'll help u to predict upcoming report

J. Find NPR

K. See last 4-6 month DSE news

L. If you see magical growth in 1stQ EPS den avoid that script coz now

a day’s directors start to manipulate with EPS.

‎5. Importance of TA:

TA means technical analysis. Technical analysts believe that the

historical performance of stocks and markets are indications of

future performance. TA is good it help us to find where is the technical BUY/SELL point and ... it works. But when u'll go to learn u may find lots of indicator is there and this will make u confuse. Let’s find some basic but

strong Indicator

A. MACD:

A trend-following momentum indicator that shows the relationship

between two moving averages of prices. The MACD is calculated by

subtracting the 26-day exponential moving average (EMA) from the 12

-day EMA. A nine-day EMA of the MACD, called the "signal line", is

then plotted on top of the MACD, functioning as a trigger for buy

and sell signals.

B. RSI 14:

The RSI ranges from 0 to 100. An asset is deemed to be overbought

once the RSI approaches the 70 level, meaning that it may be getting

overvalued and is a good candidate for a pullback. Likewise, if the

RSI approaches 30, it is an indication that the asset may be getting

oversold and therefore likely to become undervalued.

C. Bolinger Band:

Because standard deviation is a measure of volatility, Bollinger

bands adjust themselves to the market conditions. When the markets

become more volatile, the bands widen (move further away from the

average), and during less volatile periods, the bands contract (move

closer to the average). The tightening of the bands is often used by

technical traders as an early indication that the volatility is about to increase sharply. This is one of the most popular technical analysis techniques. The

closer the prices move to the upper band, the more overbought the

market, and the closer the prices move to the lower band, the more

oversold the market.

D. Stochastic:

The theory behind this indicator is that in an upward-trending

market, prices tend to close near their high, and during a downward

-trending market, prices tend to close near their low. Transaction

signals occur when the %K crosses through a three-period moving

average called the "%D".

E. Support & Resistance:

Support-

The price level which, historically, a stock has had difficulty falling below. It is thought of as the level at which a lot of buyers tend to enter the stock.

Often referred to as the "support level".

Resistance-

The price at which a stock or market can trade, but not exceed, for

a certain period of time. Often referred to as "resistance level".

F. Candle Stick pattern:

A price chart that displays the high, low, open, and close for a security each day over a specified period of time.

Different type of chart pattern

# Bearish Harami

# Bullish Abandoned Baby

# Bullish Harami

# Dark Cloud Cover

... # Doji

# Equivolume

# Harami Cross

# Kicker Pattern

# Piercing Pattern

If u want to learn TA then this indicators are good enough.

for understanding TA this PDF file will help u.

http://www.mediafire.com/f ile/009irc2x00m6nud/Free%20Course

%

20presentation%20on%20TA.pdf See More

Original Post:
Kaushik Hira

Original Link:
http://www.facebook.com/home.php?sk=group_147436708639146&view=doc&id=153475191368631

Basic terms used in stock market I

What is Share market?

A stock market is a public market for the trading of company stock

... and derivatives at an agreed price; these’re securities listed on a

stock exchange.

There are two ways for investors to get shares from the primary and

secondary markets. In primary markets, securities are bought by way

of public issue directly from the company. In Secondary market share

are traded between two investors

►►AGM:

Annual General Meeting held once a year where the directors of the company report to the shareholders on the year’s performance and declare dividend.

►►Book Closure/Record Date:

...

While a company a dividend, right/ bonus shares or intends to hold any AGM/ EGM; it declares a book legislature closer provider/ Record Date to register the name of shareholders.

Only shareholders whose names appear on the register after the book closure/ Record Date are eligible to attend in the AGM/ EGM and also to receive dividends & bonus shares and entitlement to right shares, if any

►►Block Trade:

A fixed amount of share tradable under Block market. Block transaction not include in DSE trade . Usually directors/sponsors Buy/Sell in Block market

►►Bond:

...

Kind of security Bond with fixed rate of return in every year.

Some bond are tradable in DSE, and there is convertible Bond nd some Treasury Bond listed in DSE.treasury bond is listed in DSE nd tradeble

but ppl dnt like to invest in bond only institutional buyers buy this kind of bond.

►►Bull/Bear Market:

Bull market - A continuous strong uptrend market for buy pressure is call Bull market. This strong uptrend compares with bull the sign of power.

Bear market- Prolonged period of falling share prices, dominated by selling pressure in the marketplace, brought about by BEARS, or adverse economic or political factors, e.g. a change in the industrial policy of the government, imposition of price control, drought or flood, free imports, etc., or a change in the government, income tax raids, etc.

Category:

There are 5 categories in DSE. A, B, N, Z and G category

A category - Companies which are regular in holding the current annual general meetings and have declared dividend at the rate of 10% or more in the last English calendar ye... ar trade under A category. Settlement time is 3 trading days.

B category - Companies which are regular in holding the annual general meetings but have failed to declare dividend at least at the rate of 10% in the last English calendar year but should give 5% trade under B category. Settlement time is 3 trading days.

N category - Newly listed companies trade under this category. After AGM N category Change its category based on dividend. Settlement time is 3 trading days.

Z category - Companies which failed to hold the current annual general meetings or have failed to

declare any dividend or which are not in operation for more than six months or whose accumulated loss after adjustment of revenue reserve, if any, is negative and exceeded its paid-up capital trade under Z category. Settlement time is 10 trading days.

G category - newly listed company yet to go in production trade under this category and B category settlement is applicable for this category.

►►Capital Gain:

Profit of selling share is Capital Gain. Usually companies don’t distribute Capital gain to share holders.

►►Capital Reserves:

Undistributed Profit of Company is called Capita Reserve. After revaluation and year closing company... add undistributed income in reserve. Good reserves show the depth of company. Normally company keep 30% profit in reserve but there is no such rule about it in DSE.

►►Circuit Breaker:

Circuit Breaker is the maximum permissible deviation of the price (specified as percentage) of the incoming order from the Circuit Breaker Base Price for that instrument. Orders violating circuit breaker will result rejection of the order.

Up to 200 taka______ 20% but nor more than 35 taka

201---500___________ 17.5% but not more than 75 taka.

501--1000___________ 15% but not more than125 taka

1001--2000__________ 12.5% but not more than200 taka

2001...5000_________ 10% but not more than375 taka

above 5001 taka_____ 7.5% but not more than 600 taka

►►Dividend:

In simple word it means profit given by a company to the respective share holders. There are two types of dividends:

*CASH DIVIDEND:

Dividend offered by the company in cash form. e.g X company has declared 20% cash in this year. This means that if you have 1,000 shares of that X company, face value of each share is 10tk, then total price of 1,000 shares is 10,000tk, 20% of 10,000tk is 2000tk. It is noticeable that cash dividend is given on the face value of shares, not on the current market price of that shares.

*STOCK DIVIDEND:

Dividend offered by a company in the form of bonus shares. Suppose you have 1000 numbers of shares of Y company, company has given 30% bonus share or stock dividend, then after record date you will found 30% of 1000 shares=300 more shares free of cost

►►Dividend Yield:

Return rate of dividend. suppose X company’s face value 10 MP 20 declare 15% cash that means 1.5 tk. so market price is 20 tk dividend 1.5 tk. so 1.5/0.2= 7.5 so dividend yield is 7.5 .

►►EPS (Earning per share):

Basic theory to find eps is Net profit after tax/total share = EPS

There are 2 types of EPS:

Basic EPS – W /O considering recent declared Stock dividend or Right share.

Diluted EPS - considering recent declared Stock ... dividend or Right

►►EGM (Extra Ordinary General meeting):

Any general meeting other than the ANNUAL GENERAL MEETING, called to obtain shareholders’ consent to under decisions, such as Split, right etc.

►►Face Value:

The price of each share stated by the company at IPO is Face Value. All cash dividends are paid on the basis of face value. Suppose face value of a share is 100tk but its current market price is 300tk. Now if a company have declared 20% cash dividend then you will get 20% of it's face value (20% of 100tk=20tk) not 20% of it's current market price

►►IPO(Initial Public Offering):

New shares offered to the public in the PRIMARY MARKET.

►►Lock-In Shares:

Which cannot yet be sold because the condition of offer stipulates that the share be held by the allotted for a minimum period.

►►Market C... apitalization:

Market Capitalization is the total market value, at the current stock exchange list price of the total number of equity shares issued by a company.

Market Capitalization = ∑ (No. of Issued Share * Close Price)►►Market Lot:

A Market Lot is the smallest tradable unit for an instrument except those traded in the Odd lot book. All order quantities can only be an integral multiple of the Market lot.

►►NAV (Net Asset Value):

Which is the value of total assets less liabilities on the date of valuation. It represents the net worth of the company.

►►NPR (NAV per ratio):

Market price/NAV= NPR. 1-2 NRP is good to their holdings, as a matter of their right to receive preferential treatment.

►►Odd Lot:

Stock market shares are generally bought and sold in market lots, which are easy to trade. Any number of shares less than the market lot makes an odd lot. Odd lots typically arise from bonus or rights issues.

►►Overheated Market:

A stock situation in which too much money is chasing too few shares, leading to sharp price rises, and frequent GAPs.

►►Overvalued Shares:

Shares which have caught the investors’ fancy, and who therefore are willing to pay... a price for them which is not justified by their EPS (earning per share) or P/E ratio.

►►Paid-up Capital:

Capital acquired by selling shares to investors, as distinguished from capital accumulated from earnings or from secured or unsecured loans.

►►Panic Sell:

A condition of the stock market in which not only inexperienced investors, but also sturdy bulls, take fright and start selling is called panic sell. It may be caused by sudden unfavorable news or rumor, or a RANDOM WALK by share downwards, or simply, in bear market conditions, the absence of financial institutions from the market.

►►P/E Ratio:

The P/E ratio (price-to-earnings ratio) of a stock is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. It is a financial ratio used for valuation: a higher P/E ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower P/E ratio. The P/E ratio has units of years, which can be interpreted as "number of years of earnings to pay back purchase price",

►►Preference Share:

o called because these have preference over equity shares in the matter of distribution of post – tax profit, and have a prior claim on the assets of the company in the event of liquidation. In terms of risk, these are le... ss risky then equities, but more risky than secured debentures which precede them in the distribution of the company’s funds, and in the event of liquidation, which are paid off before preference shares. Preference shares are entitled to a fixed dividend, and cumulative preference share retain their retrospective claim on dividend when the company is not in a position to declare any dividend.

►►Private Placement:

Shares can be sold to institutional investors on a private placement basis. When they are offered to a favored few, they are usually restricted shares, and cannot be sold in the marketplace for some specified time.

►►Right Issue:

Issue of shares at par or at a premium by an existing company to its shareholders in a certain proportion (and additional shares, if available.

Original Post:
Kaushik Hira

Original Link:
http://www.facebook.com/home.php?sk=group_147436708639146&view=doc&id=153475191368631

Basic of Technical Analysis (TA) in stock market II

There are lot of TAs in Bangladesh, Yes it is really a positive news for all of us to learn and use our self judgment which is a very important issues for our stock business ! At present, DSE and CSE are going implement TA system for the traders. Beside to learn TA, you need to be smart enough for being a successful traders, you have to compile with some world recognized business rules. If you study enough, you may be able to setup yourself trading rule and pattern. You must use a good trading system(Profita, Aptistick, Metastock, Flexgraph, Amibroker etc.). Here I’m going to show a little from myself.

We're going to cover the 2 major components that every successful trading system has in common.

- Entry rules (when you get in.)

- Exits rules (when you get out.)

Entry Rules*

Entry conditions are a precise set of rules that a stock must pass before you will enter a trade. I believe these rules must leave no room for judgment and should most definitely adhere to the KISS principal - that is, Keep It Simple Seen.

Note: I am a technical analyst by trade. It is my belief that all fundamental and economic influences on a stock price are taken into consideration by the market. Therefore, I focus my attention on price action.

And remember, there is no Holy Grail of entry systems. There is no specific formula in TA world that will get you in at exactly the right time, every time. It's our goal to construct some simple, yet robust entry rules…

Here are a few components that I think are important when identifying possible entry points:

- Price: It is important to set price maximums/minimums because a stock's price may determine its attributes. e.g. speculative stocks tend to be cheaper, and blue chip stocks tend to be more expensive.

- Liquidity:This is a measure of how much money the stock trades. You need to set minimum levels of liquidity to keep you out of stocks that simply don't trade enough.

- Volatility: This is simply a measurement telling you how much a stock moves. It is important to trade stocks that move enough for you to make a profit, yet they aren't so erratic that you cannot get to sleep at night.

- Trend: The cornerstone of technical analysis is the trend. Remember "the trend is your friend" and you always want to trade with it, not against it. You need a way to measure this.

- Trigger: This is the point that indicates it is time to enter a trade. The trigger condition occurs only at one point in time and isn't held "true" over extended periods of time... e.g. a moving average cross over.

When combined, these components are going to make up our entry rules. But before we even begin action, we must first determine one of the most critical elements of any system.

What time frame are we going to trade?

- Short-term (e.g. reversal trader.)

- Long-term (e.g. trend follower.)

There are distinct differences between these 2 types of systems and your choice here will have a marked effect on every decision, thereafter.

Short-term systems tend to require a greater time commitment and require more money. The benefit of trading more often is that usually this means your profits are more consistent too.

Conversely, longer-term systems tend to require less time, and less money. However, since you are keeping your positions open longer, you need to wait until positions are closed out before you can collect any profits.

Generally I like the traders and some of closest friends, especially those who are just starting out, to begin with a trend following system. The reason being is that it takes less time, less money, there is less risk and it is easier than short-term trading.

Moreover, trend following systems tend to have higher win to loss ratios and are therefore, psychologically easier to follow.

Exit Rules**

Actually, there are five reasons that should be part of your stock exit strategy:

• The price has reached the predetermined target you established when doing your homework before you made your purchase;
• The price drops back down to your trailing stop order that you have set according to your stop rules;
• You need the money for some other purpose (to buy another more promising stock, to invest in some other asset or for some other good reason;
• As a part of good capital management you wish to realize some of the gains and reduce your holdings of this stock; and
• You have reached the end of the time you gave for this stock to perform and you believe there are better opportunities.



Have a nice day !!!

Original Post:
Kaushik Hira

Original Link:
http://www.facebook.com/home.php?sk=group_147436708639146&view=doc&id=153475191368631

Basic of Technical Analysis (TA) in stock market

Everything you learn about trading is like a tool that is being added to your trader’s toolbox. Your tools will make it easier for you to “build” your trading account.

Bollinger Bands

• Used to measure the market’s volatility

• They act like mini support and resistance levels

• Bollinger Bounce

o A strategy that relies on the notion that price tends to always return to the middle of the Bollinger Bands

o You buy when the price hits the lower Bollinger band

o You sell when the price hits the upper Bollinger band

o Best used in ranging markets

• Bollinger Squeeze

o A strategy that is used to catch breakouts early

o When the Bollinger bands “squeeze” the price, it means that the market is very quiet, and a breakout is eminent. Once a breakout occurs, we enter a trade on whatever side the price made its breakout.

MACD

• Used to catch trends early and can also help us spot trend reversals

• It consists of 2 moving averages (1 fast, 1 slow) and vertical lines called a histogram, which measures the distance between the 2 moving averages.

• Contrary to what many people think, the moving average lines are NOT moving averages of the price. They are moving averages of other moving averages.

• MACD’s downfall is its lag because it uses so many moving averages.

• One way to use MACD is to wait for the fast line to “cross over” or “cross under” the slow line and enter the trade accordingly because it signals a new trend.

Parabolic SAR

• This indicator is made to spot trend reversals; hence the name Parabolic Stop And Reversal (SAR)

• This is the easiest indicator to interpret because it only gives bullish and bearish signals.

• When the dots are above the candles, it is a sell signal.

• When the dots are below the candles, it is a buy signal.

• These are best used in trending markets that consist of long rallies and downturns.

Stochastics

• Used to indicate overbought and oversold conditions

• When the moving average lines are above 80, it means that the market is overbought and we should look to sell.

• When the moving average lines are below 20, it means that the market is oversold and we should look to buy.

Relative Strength Index (RSI)

• Similar to stochastics in that it indicates overbought and oversold conditions.

• When RSI is above 70, it means that the market is overbought and we should look to sell.

• When RSI is below 30, it means that the market is oversold and we should look to buy.

• RSI can also be used to confirm trend formations. If you think a trend is forming, wait for RSI to go above or below 50 (depending on if you’re looking at an uptrend or downtrend) before you enter a trade.

Each indicator has its imperfections. This is why traders combine many different indicators to “screen” each other. As you progress through your trading career, you will learn which indicators you like the best and can combine them in a way that fits your trading style.

We know this has been a very long lesson, and we do encourage you to go back and read over anything you haven’t fully understood yet. Sometimes it just takes a couple times of reading before you truly grasp something.

Once you understand the concepts of these indicators, go to a chart and start playing with them. Really study how each indicator reacts to the price movement.

When you fully understand an indicator, then it will become another tool for your trader’s toolbox. For now you should just take a break. Grab some coffee or get something to eat. We know your eyes are hurting! Let this lesson soak in, and then come back when you’re refreshed!

***************************************



How to read charts in stock trading



Learning to read tick, or candle stick charts and get it right is something every trader needs to do. Chart patterns change everyday in the movement of the stock markets.



Figuring out support and resistance levels, finding buy and sell areas, and determining strength or weakness is what you need to learn.



Knowing if the stock in is a trend and what the volume is, these are very important to your trading decisions.



To have an edge from reading charts, the trader has to be able to understand chart patterns as they are forming, and you then have to make sure the chart pattern has formed.



In the stock market especially over longer time frames the patterns will repeat. The percentages are in your favor if you understand these different patterns on the charts. It is at those chart levels that the imbalance of order show up between the buyers and sellers of different pairs in the FX or the same is true if you are trading stocks .



Many support and resistance areas are known to all the big brokers and banks that trade the stock markets. They recognize these patterns in charts and trade them accordingly. Watching the gold and oil markets are something to watch also. The currency markets can be influenced by these to commodities.



You should read numerous investment books and researching the internet for the best ways to use indicators, how to read chart patterns and technical analysis, forex newsletters are also great source to help you make educated trading decisions. If you have level II on your trading platform learn to read it. It will show where the market makers are sitting and where the support or resistance is.



This is true that stock trading involves so many risks, learning to read charts is a very good strategy can be very helpful to make you profits in your trading. Make sure that you learn charts and a trading method that will take most of the risk in both up and down markets. You wouldn’t want to end up losing your trading capitol because you failed to foresee the different trends on the stock charts.



**********************************************************************





The foundations for volume spread analysis were laid by R.Wyckoff way back in the early 1930s. Wyckoff was supposed to have made fortunes with his principles. Wyckoff started with a premise that price / volume / Time could provide a picture of the demand and supply from smart money (he called the smart money ‘composite man’). It would be nice to look at Wyckoff methods time to time as his work is the basic one and others have built on it. Wyckoff had three basic principles:

Price and volume

Cause and Effect

Effort and Result

The current day VSA available in the market still relate to these tenets.

I know most of you are eager to get straight into the core of VSA. But let us lay some foundations before building the blocks of VSA. First thing is of course to understand a little more about working of Smart Money (hereafter we will just use the term SM to indicate Smart money).

The SM basically moves the market in four phases as follows

1. Accumulation

2. Markup

3. Distribution

4. Mark Down



Most of you may be fully aware of these. Still we will look at these phases more in details as this would help us to understand the SM operation better which in turn would give a better perspective to VSA.



There will not be any demand for something when there is plenty of it available and nobody wants it. As the availability decreases and more people want it then the demand increases. So the first thing the SM does is find something that is available a plenty and cheap. The next step is to create a scarcity of the same and get people interested in it which in turn generates the demand.



This is first phase which is Accumulation.

Accumulation



Accumulation is a process through which the SM acquires a large quantity of the stock at the lowest possible price. Accumulation is a subtle, sophisticated and sly process of cornering a huge quantity of the stock that makes the following phases possible and worthwhile. Once a large quantity has been absorbed the number of floating stock reduces and the demand increases. This makes possible the next phase Markup.

Accumulation normally takes place in congestion areas. Congestion area are mostly sideways range bound movements where the stock appears to have no interest to either move up or move down. The SM ensures that the stock is contained below a certain upper level which is the supply area. At the same time the SM also supports the prices above a certain lower line which is the support area. The stock moves within an upper resistance or supply area and a lower support area.

The congestion areas are characterized by Indecision. One of the most important characters of congestion areas is the Low Volume. When most traders are bullish or bearish the volume is high. Low volumes indicate indecision among the traders on bullishness and bearishness.

Ah.. Sounds easy…….. Well the problem is that congestion areas are seen in both accumulation areas as well as Distribution areas ……… oh , Well that is not the only problem………. There will be periods where no one seems to be interested in the stock… the pattern of price movement most of time very similar to the congestion pattern…..

So the naturally the question is how one would ascertain if the pattern is really accumulation in progress…



…How one checks if the congestion area is really an accumulation area.



There are a few things to lookout for..

• First, the indecision should be quite visible. In other words the volume should be low and quite. No huge volume upsurges. Even if the volume is relatively higher the range between up day volumes and down day volume should be narrow.



• Second, the spread of the bars (High – Low) should be narrow.



• Third, the volume should shrink near the support line and expand near the resistance line.



• Fourth, the stock should be trading in a range for some weeks if not months.



Also you may see some shakeouts in the trading range. The SM would temporarily drive down the prices below the support line in order to takeout the stop losses and panic the weak hands into selling. You will see the stock bounces back above the support line immediately. By this process the SM is shaking out the weak money from the stock. For most of us it is just a failed breakout. Sometime the stock instead of bouncing back would continue to drop if there was too much supply. So trading these breakouts could be tricky.



Also it would a good sign if the stocks trading range is much above the support line. Normally we would see some of the above signs if not all in the accumulation area. There are many other patterns which signify accumulation. Some of them are rounding bottoms, reverse head and shoulder and double bottoms (or “W”) patterns. Each could be explained in terms of SM activity. However we would go into the details now.



One thing to keep in mind when evaluating patterns is that it is very important to check the volume pattern as well.

Original Post:
Kaushik Hira

Original Link:
http://www.facebook.com/home.php?sk=group_147436708639146&view=doc&id=153475191368631

Common mistakes in stock market

1.

Buying low-priced stocks

People are drawn to bargains like moths to a flame.. But when it comes to investing, all too often you get what you pay for.

2. Using fundamental analysis only

Looking at charts of past market leaders shows you what to look for today when trolling for a new crop of winners.

3. Buy and hold

Holding leading stocks is often easier when the market's heading up, but in a bear market holding losers will wipe you out.

4. Averaging down

Some financial gurus would have you believe that averaging down is the silver lining in a declining stock. The average cost for your holding, therefore, goes down. But that strategy rests on two big assumptions.

5. Not having an exit strategy

Knowing when to sell your stock is as much a skill as knowing when and which ones to buy. A key investing rule is to cut your losses quickly.

6. Focusing on low P-E stocks

A common mistake among growth investors is to ignore stocks with unusually high price-to-earnings ratios. Truth is, many of the best stocks tend to command a premium because of their outstanding growth.

7. Buying stocks in a down market

A falling market makes owning stocks a risky proposition. Three out of every four stocks follow the broad market's trend.

8. Focusing on dividend-paying stocks

Dividend-paying stocks can sometimes provide a steady income stream for risk-averse Investors. But dividend yielding stocks sometimes go down. For growth investors, they may also produce smaller potential gains.

9. Falling in love with a stock

One prominent school of investing favors an impersonal approach to stock picking. Let the numbers dictate what you buy and sell, goes the theory. Do not fall in love with your stocks and don't let fear and greed enter into your decision making.

10. Paying too much attention to insider selling

For decades, people have spent endless time and energy searching for an easy way to time the market. Oscillators, sentiment indicators, and insider selling gauges have all been treated as reliable primary signals to buy and sell at the right time.

Original Author: Kaushik Hira

Original Link: http://www.facebook.com/home.php?sk=group_147436708639146&view=doc&id=153759344673549