My First Quarter Trading (Q1FY12-13) and 12 Lessons from It

I had a modest stock trading experience in the last quarter (Q1Fy12-13). It had been a long time since I had such number of trades in a quarter. Overall from 1^st April till 30-June I have traded in 16 stocks (including few stocks for intra-day trading experience in the previous post) and an option trade which is solely meant as a test to determine the brokerage rate and see how options expire worthless. That was painful though, especially because I was trading on a small capital and few hundreds of loss for option testing is equivalent to few percentage points loss on the total capital. But nothing beats the practical experience as it would give you the perspective you need for your own method of trading.

I have ended the quarter with a realized loss of 142 rupees and unrealized gain of 1879 rupees. I have discounted option trading loss and few brokerage and nsdl charges which probably would take it to another 700 or 800 rupees of loss. I have discounted these as they would be negligible for a larger trading capital of 5 or more times the current capital used. Nevertheless net gain is definitely affected. Based on difference of balances (in and out flow of money), the net gain stands at 989 only :)

Anyway that’s not bad considering the quarter itself. Below picture shows the detail of performance in 16 individual stocks traded and the one after that shows the values of NIFTY (stock index) and the 16 stocks as on 1-April and 30-June to get an idea of the change in them during the quarter.

Relative to the Stock Index which is a good indicator of most of the market wealth, my performance is much better. I have started with 10k in April and kept adding 10k in subsequent months. On average it is 20k. So the average gain in my portfolio is like 4.9% compared to NIFTY’s -0.3%.

The average of the changes in individuals stocks together during the same period is -12.4%. This value is highly dependent on the stocks being picked. As you see there are 3 stocks that did extremely well during the quarter while there were 5 stocks that did extremely bad. I made losses in 2 of those good 3 stocks and major gain was from one of those bad 5.

An interesting picture emerges when we look at distribution of profits and losses through the whole quarter of trading. As can be seen from below, profits are skewed to the right with one of them being the odd one at the far right. While the most of them are like noise around zero canceling each other, the odd ones at the right are the ones that determine our net gains. By hindsight, it can sound like so many stocks being traded when just one could’ve been enough to make the same amount of gain as the net gain. But it is not so straight-forward like in engineering. What looks like a good stock (Bergepaint, BataIndia etc.) gave me losses, while the bad one (Varun, SUZLON) gave me profits.

Although I have deterred from my arbitrarily set plan for trading, I feel that I am getting to the mindset required for trading as well as investing into stocks for varying time periods. Sitting through painful periods in some stocks like VARUN and ARSSINFRA and then sitting tight through their momentous rises reminded the good old days of 2007/8. The difference is the experience of cyclical market trends.

For the upcoming quarters, I am taking below lessons for trading:

1. Trade only through discount brokerage firm so that stop loss can practically be applied to minimize losses early on.
2. Don’t hold stocks for too many days when daily lows are falling consecutively. Bergepaint was a silly loss.
3. Don’t swing between expectations of the trade. While experiencing more than 5% loss in Bergepaint, I was fluctuating between taking stop loss vs. surviving the pain as the capital is anyway small.
4. Take profits for atleast a fraction of the holdings when expected target is met. I should’ve done this on Varun to sell 100 when it crossed 40. At 42, I almost went up to place the sell order but then I changed mind as if I was trading a fundamentally strong stock which will bounce back quickly if it falls off its highest price.
5. Study charts of atleast those stocks which are recently traded or held in portfolio and those in watchlist. I missed the momentous move in Ajantpharm because I wasn’t looking at charts.
6. Position management is the most important part of the trading process. Once we enter a trade, all that matters to us is the result of the trade when we exit it. We close our mind for everything else. This is a hard to overcome survival instinct and requires discipline and can be learned through practice. I can say that most of my trading performance is attributable to position management than stock selection or timing.
7. DOT – Do not OverTrade. Overtrading is trading on margin (excessive margin) or trading leveraged through debt or derivatives. Most of the trading careers end because of overtrading. While it always feels good to recalculate what would be the potential gains if I had used 20x times the capital, the expiry dates, margin calls and other factors would not allow us to do effective position management under monetary pressures.
8. I wouldn’t like to diversify. But the reason I have not used my full capital on any single trade is because it is akin to overtrading especially when I have just started first time after a long time. Though it appears to be diversification, all I have done is capital allocation per trade based on risk I am willing to take. I sure can take huge risk if the reward is good (like in Varun) but still I didn’t. Because I may not be comfortable handling the same kind of percentages if my capital were 100x of the present.
9. Be more active in trading. I am coming to the conclusion that though there are plenty of opportunities in the stock market (stock market is the amalgamation of all kinds of businesses), there are practical limitations to realizing or squeezing most of the potential returns. One of those is the activity rate of the individual trader. Alternatively one would think of overtrading on few stocks infrequently. But the risk involved and the lost time in waiting before entering the trades is not worth the alternative. With 7 & 8 applied, the potential returns from the market are greatly reduced. Though it still looks better than saving in surefire markets like debt/FDs/Bonds (depending on trading distribution), it is still not the best of what the market can give. Hence one should get active in trading, which of course leads to next lesson.
10. Find next good bets. Of late, I do not like the term bet. However, one should always be on the lookout for next good entries into stocks already being traded, held or prospected or yet to be discovered. This also means one should track market statistics, explore economy and industry news (I am not there yet), use proprietary scanning programs, etc.
11. Avoid stocks with large spreads and low floats. I used to like stocks like Varun that give 100% kind of returns just from a dead cat bounce trade. But I was able to learn about how volume plays in these stocks because of the large spreads and low floats. Low float implies less number of market participants. A single institutional investor would move the stock all the time. So whatever he/she decides to trade the stock at, will be the best price we can enter or exit. Rest of the time these stocks will be difficult to enter or exit as they get to the circuit limits without matching orders. Also large spread stocks are difficult to exit on stop loss if the trade fails. That results in more loss than anticipate. On a rapid fall, the stop loss may be triggered but may get skipped past. This requires little more effort than looking at market statistics and stock charts. That which is finding out their float percentage (can be done after-hours) and finding spread gaps between orders in Level 2 quotes which can be done only during market hours. Make a list of your chosen stocks in all MidCap and good part of SmallCap segment and keep checking their spreads during market hours and sort them. Also note that spreads can vary with time just as volume does.
12. Trade on momentum. A trader with good position management skills will most often ensure that he/she trades a stock through atleast one momentum period, it is not enough to patiently sit through tough times if one wants to make the most out of the stock market opportunities. Hence one should constantly look for momentum trading opportunities. Those high percentage trading opportunities that last from few days to few weeks. Don’t be patient when trading on momentum. Exit on the signs of fading momentum or lack of momentum.

That’s all for this quarter. I don’t think I will be able to share so much of data in the coming quarters as I won’t find time nor comfort as the capital increases and trading activity reduces free time to make this much detailed posts.

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My Day Trading Experience Today And 15 Lessons From It

 I had a modest day trading experience today. It has been a really long time since I ever did day trading. Last time I remember was in the first half of 2008. Out of less than 10 such days, I used to trade only in one or two stocks all through the day. In that aspect today was a good development as I traded in four stocks and at varying times. Earlier I used to make entry at the start of the day and close later for profit or loss.

Yesterday I got notification in office that office will be closed for today in observance of nationwide strike for petrol price hike. To make sure there is also no national holiday, I checked for trading holiday list on NSE. Then I decided I must use this rare opportunity for day trading. My preparation entailed only finding high volume stocks that have potential for big swings and for which my broker allows upto 10X leverage for intra-day. It was quite tedious task to go through 200 such scrips. I got bored and stopped after checking few stock charts. I noted about 17 of those stocks (arvind, ifci, mtnl, relcapital, sail, essaroil, godrejind, hcc, apollotyre, itc, jublfood, mrf, ofss, pantaloonr, gmdcltd, rpower, divislab). It was clear I wasn’t up for day trading. I decided to watch a movie or two for the night before and slept late. After watching Limitless (2011) for yet another time, I had decided to do some trading whenever I wake up.

I woke up at 10:45 and didn’t feel like trading at all. I thought “Anyway, how much can I do with low capital?” But I had bought a NIFTY option yesterday as a test to find out brokerage rate. I got the idea of checking whether limit orders are possible for options. This had excited me to stop sleeping and get a start with trading. I was able to place a sell order for option at 11 rupees while it was quoting at 0.15 rupees. That was amazing as it is beyond 100%. Earlier I had mistakenly assumed that there is a 20% range around cmp within which we should place limit orders. Wildly swinging option prices shouldn’t have such limits. Otherwise it would require me to monitor the option price all through the day. Thankfully, there are no limits so it opens up lot of possibilities.

After placing an option order, I had logged into Power Indiabulls software and Sharekhan browser based terminal. The market gapped down already as expected as US markets fell by more than 1% across the board. That was also one reason to lose hopes on day trading and selling my about to expire option. Nevertheless I had decided to try atleast to explore day trading. I had created a new watchlist in Power Indiabulls with those above 17 stocks and began checking intraday charts of stocks one by one ordered by alphabetics and percentage changes for the day.

I ended up looking up ARVIND (first on the list), SAIL (last on the list), HINDALCO (opened by mistake from NIFTY list as it also rose by 4%), DELTACORP (as it was already in my delivery portfolio). Now I don’t remember exactly why I bought ARVIND but I bought 100 shares at market price. While it was quoting at 77.8 the broker did its worst to buy above 78. I noted down my first lesson for the day!

ARVIND had already bounced twice from its lowest price for the day so I thought it is worth trying its upside. I had placed alerts at 77.5 and 78.9 and a limit sell order at 78.9. Now I had time for other stocks. I looked at order book of DELTACORP and noticed it steadily rising 0.10 every minute and stopped at 59.2. I had decided to short-sell at 59.2 and buy back at 58.25. I placed orders for these in Sharekhan which gives lower brokerage rates. I had placed alerts in PIB and stop loss buy order for covering the margin trade. I was watching SAIL and HINDALCO. HINDALCO was already up 4% and was not sure if there is further upside to it.

I had repeatedly watched all the four stocks LTP, % change, order book, intra-day charts along with checking out MTNL and OFSS as well once in a while. Intermittently I had completed my morning ablutions (but in the afternoon  :)) and decided to go for lunch. It was already 13:00.

Then HINDALCO was at 1.5% which meant it retraced by 2.5% from its high price for the day. So it looked like a good intra-day opportunity and what is better than following the trend? Like the saying “trend is your friend”. I had placed a buy order for only 10 shares (as I didn’t want to take time to calculate how much margin is left in Indiabulls) at 115.9. My Sharekhan margin was already over as I had portfolio holdings and crossed 10X margin already for the day with the DELTACORP orders. I felt I was screwing up but didn’t care as the primary concern was to eat some food. I checked ARVIND, DELTACORP again and again for 15 minutes, as they didn’t move an inch I went out for lunch. Before going I had placed a stop loss sell order at 115.4, just in case. I had ARVIND without protection because it was clear it won’t move much for the day and is off its lows for now.

After half an hour I was back and had a pleasant surprise from HINDALCO. It was up to 117.6. As I was deciding to sell it crossed 118. I sold the shares at 118.15 but regretted for not buying for as much worth as I did for ARVIND. That is when I dug into margin reports and experimented with changing open positions from cash to intra-day and vice versa to see their impact on margin utilized. That was a good learning opportunity. My margins for delivery for 40% while for intra-day were 10%. By default orders are for delivery (or cash segment). While placing buy or sell orders, if I choose the order type to be Intra-day instead of cash (default), my leverage would be upto 10X. On fast moving days, there won’t be much time to change open positions or learn these stuff anew.

The rest of the time till 14:30 no movement happened in ARVIND or SAIL. But DELTACORP reversed trend, crossed upper limit and stop loss order got triggered. As its position got closed and the stock was well off its lows, I had placed a buy order in cash segment for 32 shares mainly to check how long margin is allowed for delivery trades in Sharekhan. I had 1000 rupee margin, so I bought for more than that. I will know whatever happens in 6 days. If margin is allowed for 5 days, I can forever stop trading with Indiabulls as they are adamant at not reducing brokerage rates.

Sometime around 14:45 or so, SAIL was showing strength. I bought 40 shares (this time with intra-day margin) at 94.65 and watched it jump up and down. After few minutes ARVIND started moving up from its average price of 77.8. I had watched both of them compete for sometime. I had a sell order for SAIL at 95.9 and alerts at 94.9, 95.25. ARVIND crossed its intra-day high and was struggling to go up further. From 14:55 to 15:00 it was full of suspense like those last few Overs in Cricket. After 15:00 intra-day square-off can begin at any time so I wanted these stocks to reach my targets before that.

I thought there may be few minutes before square-off begins. But my intra-day sell order got cancelled already. Luckily just a minute before 15:00, I had converted ARVIND and SAIL from intra-day to cash segment. They were within 40% margin limit. I had removed all sell or stop loss orders to be within 40% margin limit.

Now all the open positions were risky and they will go for delivery and lurk in my portfolio for many days. I had checked their EOD charts to see if there is hope for holding them overnight. As I wanted this to be a pure intra-day experience and the stocks not being too strong on EOD charts, I decided to sell them before 15:30. First off SAIL was doing good, so sold it at 95.55. ARVIND went up to 78.75 and quickly started falling down, on huge volumes. I was looking for a break but it wasn’t taking any. I thought it was enough when it reached 77.5 and sold at market order. Once again the broker did its worst to sell it at 77.4 while the quote was at 77.5. This one stock ruined my feeling for the whole day.

Anyway, when I looked at the consolidated details of the four day trades, I had noticed some improvements to my day trading. Instead of just looking at one or two stocks, I had explored more stocks and traded four this time. Of them, two were closed with stop losses and two were profitable.

My profitable trades had more percentage profits than losses. However the capital allocated was less. This had turned the net gain to the negative side. I am taking below lessons from this day-trading experience:

1. Don't place market orders unless the stock is moving fast and the strategy is pyramiding. The broker do their best to get worst prices for our fills. Hence study order book and place limit orders.
2. Overnight preparation alone is not sufficient for day trading. Some stocks must be followed a week or two before the day.
3. Indiabulls was charging exorbitant brokerage rates. I would reduce these charges significantly by using Sharekhan alone.
4. Net gain was -70 rupees. If brokerage was reduced and all trades are allocated as much capital as for ARVIND, it would’ve been +90 rupees. I could spot opportunities, but I need to do better money management as well.
5. Capital allocation: till I can feel the weight or strength of different stocks, it is wiser to allocate same amount of capital for each stock. Following Tony Oz’s advice, one should not allocate more than 1/3 in one stock. Which means I can go upto 2.5/3 (cash segment), or 10/3 (max trade) times the available cash.
6. Orders should be placed with type Intra-day to avail of maximum margin. However this reduces the time available by half an hour. Close the max trades before 15:00 to avoid being squared-off.
7. Find stocks that have gone up or down by large percentage. Such stocks are likely to reverse or continue the trend, with large percentage swings. These are the best candidates for intra-day trading. It is random to find a stock which will break out from narrow range but it is more certain to expect wild swings in stocks that have just done a wild swing. Top gainers and losers of the day before provide a good list for this.
8. Be patient; don’t just keep watching the same stock all the time. Place alerts for each stock being watched and move on to explore other opportunities.
9. In day trading not all days are profitable. Especially the one like today where the broader market swing was narrow the possibilities are limited. Don’t take a bad lesson from this.
10. Place stop loss orders with intuition. The idea is only to reduce losses as much as possible. It is okay to get stopped-out with profits as well.
11. Don't just jump into any stock for the sake of day trading. Wait till a compelling opportunity presents itself.
12. Sometimes do scalping if stock is bouncing in a range. Do with the broker giving lowest brokerage rate.
13. Study the direction of a stock for which there is huge volume. For ex, if a stock suddenly rose occasionally during the day and the volume supporting that short time was higher than other times, then trade for uptrend and vice versa.
14. Buy the strength, sell the weakness. All of my trading now revolves around this. Rulistic strategies won't work under many circumstances. Hence I study a stock's price movement to determine its weakness or strength. If it is strong, it will fall lesser than broader market while rise faster.
15. Trade divergences. Divergences are the best opportunities. I look any stock that is diverging away from general market trend.

This wasn’t too bad. After many years, it was still possible to apply day trading rules. Good to know that it was still possible despite lack of enthusiasm or motivation or enough preparation. It just needs more practice to get to the professional level. I will keep that for the upcoming post-meltdown days.

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My Stock Trading Plan

Without a definite plan it is difficult to make fast progress in any endeavor. I have decided to set out my plans or goals, whatever, so that I can go on autopilot. The more things I do on auto pilot, the lesser I would feel like I am busy. Daily plans can make a huge difference after a prolonged period of time.

There are certain tasks that can’t be done in one sitting and need many days for completion. That doesn’t mean they require lot of time everyday. They just need little of our time everyday. Actually there are many things in our life in that way. Even academic education is like that. It is not easy for kids to learn one subject in one month and complete their six subjects in six months or even 8 months with revision. Instead they would be given one chapter in each subject per day or week and all subjects would be taught by giving an hour for each subject per day. This should make them less stressed. However the current scenario of academic education is totally screwed up (with tuition business, grading and all).

There may be certain activities that we need to do occasionally which don’t fit into a routine, but we can have a master plan for a longer period say weekly plan. Then these also get into autopilot mode. In my career, goals are set every year and one of such goal may include making a patentable invention one per year (I wish I had thought this way long time back). Once all your activities are on autopilot mode, you would begin to feel that you are free every day and every week at least for a small amount of time per day/week.

While stock trading seems like a chaotic endeavor, this too can be modeled like that. For less active stock traders, there won’t be excitement in trading without a scheduled plan. If they have a plan they can look forward to doing that everyday. They can also continue other parallel endeavors such as a job or business.

For a long time I used to think that I must get out of the rat race so that I can fully dedicate my time for trading stocks. I have experienced, though few times, how exciting short term trading is. The risk remains either way and there is no question of getting out of the rat race in the foreseeable future. Once I accepted that I looked at my options and started solving hurdles for cutting losses. I wrote a script that fetches CMP of any stock periodically and sends me an alert and email whenever a price trigger event happens for the particular stock (with tolerable delay). This should distract me from whatever I am doing so that I can place the stop loss orders either to buy or sell. This is easier done than said.

Most of my best trades happened with stop orders atleast for one of entry and exit. That’s the best way to avoid becoming like Ivan Pavlov’s dogs (conditioning). Let me get this straight, if you say you don’t have time to trade stocks, you are simply putting technology to shame. So much for all the technological progress (I too was like that for quite a while). Armed with the alert script, alerts from Moneycontrol and Yahoo Finance (for diversification of alerts to make sure I am alerted in a span of 15 minutes no matter where I am), I can now create a master plan for trading.

• One intra-day trade every week. Atleast one.
• One delivery based trade every two weeks. This is because of T+2 settlement delay problems with Sharekhan. I will make it one per week if I go with Indiabulls. But for now one per fortnight.
• One margin based delivery trade per month with margin up to 50%.
• One maximum margin intra-day trade per month with minimum margin of 25% and up to 10%.

While setting this kind of action plan would look like useless as this can may create pressure to trade regardless of market conditions. That's why I never got around to making such plans. So I am allowing such flexibility into my plan to skip trades during major market events.

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Enterpedia Answers the First Question.. The Why of Entrepreneurship?

Why do you want to become an entrepreneur?

Very soon after graduation and into my first job I began to realize that the next big thing after acamedics is the entrepreneurship. You can't forever go around saying you want to pursure entrepreneurship without answering the why of it. I myself wasn't sure of anyway of answering or if I wanted to be one. But on one Sunday I had visited the best book house and found this book - Enterpedia. I bought it after reading some of the text.

I won't tell if it is a good book or whether buying is worth or if it is better than Rashmi Bansal's series. But I can say that it has relevant and timely information for entrepreneurship in today's very very fast paced world. Unfortunately I had never gotten past the first chapter. Actually it is organized into steps not chapters. I never got past the step 1. Because the answer to "why entrepreneurship" gave me a much needed paradigm shift. Though I had briefly read parts here and there and felt it has valuable information.

Influenced by few older entrepreneurs I used to think the reason for entrepreneurship must be to make lots of money.. or to get rid of annoying boss.. or to work whenever I want - the freedom. But these would never get me anywhere. Enterpedia counters these mythical reasons with amazing explanation that fits well with reality.

To make lots of money

The money part of it doesn't work because money should not be the reason it should be the result. If you want to make lots of money (and likely fast), you are likely to cut corners and compromise on the quality of your produce and service. For years, you could wonder why you are not heading anywhere. It just doesn't work that way. Only when you come outside of time then you will notice that money will flow with time and it shouldn't be the motive for entrepreneurship. The best thing I liked from Enterpedia on this was - just like there are people who want to become entrepreneurs to make lots of money than jobbing away as slaves, there are others who stay from becoming entrepreneurs because the opportunity cost is very high to leave lucrative jobs that are offered these days. Talk about offers and 25 lakh per annum, 45 lakh per annum are norm for the few top paid employees from IIMs or top ranking institutes. I don't know about you, but if I am offered such pay I would be in a very difficult situation to decide and most likely go with it. With increasing uncertainties in the world economy, fast pace of change it has become increasingly difficult to start out on your own. The opportunity cost is just high even if you are an average fresher from a commonly reputed university.

To be my own boss

Some IIM students opt out of placement season and get ready to board their own ship right out of college. I don't know how they think, but if you are not one of them, everyday you would go to a job and think "Why the hell am I still here? Life is getting boring with same routine everyday.. I don't like to be supervised.. I don't want to stick to 9-5 everyday.. I don't like deadlines (that would anyway change at the end :)..) I don't like to be rated.. I don't want to worry too much about finishing and delivering."

Enterpedia says these are all myths. As an employee you had only one boss to manage, but as entrepreneur you have many. Unlike in a job there is no one to shield you. You cannot really do whatever you please. The world outside is much harsher than you would ever dream. In Enterpedia's words ".. the way your customer holds the gun to your temple, he will make your nastiest boss look like Santa Claus." This is the best line I liked in this entire book! I tend to very much agree with that line though I didn't have a nastiest boss, I did experience nastiest customers second-hand.

Freedom

You won't really have freedom as an entrepreneur, as you would expect while being a slave. In a job, you worked 9-5 or its flexible variation with fulltime weekend breaks. But as an entrepreneur you are at it 24/7. You will be directly interfacing with nastiest customers that don't wash their mouth with Dettol before they yell at you. Rather your boss does (if you were employee). You can't take holidays whenever you want. Assuming you want to get results and avoid going bankrupt.

Layoff

On the sacking part when you couldn't deliver, Enterpedia introduces a British phrase "vote with your feet". Again your customer can be very nasty walking away from you into the loving arms of your competitor. Atleast when you get sacked as an employee, your boss tries to sugarcoat it and wouldn't tell you what a jerk you were. When a customer sacks you off, he not only empties your job but also of your self-esteem and your future.

The three best reasons, based on Enterpeida, in order are:

1. I want to define my identity
2. I want to create meaning in society
3. I want to see respect for me in the eyes of my people

Now that was just enough for me.

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Outsourcing to Another Dimension TIME from The Man from Earth (2007)

I had just watched this movie and I don’t want to say anything about it as it would spoil the experience for those who are yet to watch it. The movie, I agree with one reviewer on IMDB, a film that reaches to the stars and does not depend on CGI. Well, that’s the great thing about the movie. A lot of it is about the way the movie is made in the simplest manner at lowest cost, with all story happening as a conversation between a group of people sitting on sofas in a house. But I will share about some things that I have learned from this movie and its making.

This movie doesn’t use CGI like Avatar but entertains the (knowledgeable) audience to as much level though not in the same way as Avatar did. It is like a more exciting one than any good bed time story that I listened to as a child. The story like this which is set in talking is basically like ourselves having a curious conversation about curious subjects on a Saturday afternoon or listening to a bedtime story narrated by your uncle who puts such elements in the story that you as a child would have had no limit to imagine.

I learn something new from this movie about outsourcing. The common understanding of outsourcing is in one dimension. That is you outsource some of your work to other PEOPLE who are mostly professionals at it or for cost advantage like the BPO Industry is involved in. But the makers of The Man from Earth show that you can outsource your stories to TIME dimension. This is altogether a new way of looking at things that are anyway done for ages in local settings. Really the current times offer very exciting possibilities.

Nevertheless outsourcing to time requires that you have to narrow down your subject or in other words the area of your work. In this particular case, you have to string your story with elements that are popularly known and well known. Otherwise you would target lesser number of audiences. But for an experimental artist it doesn’t matter.

The movie also solidifies the reason as to why personally narrated bedtime stories are better for children than showing them movies or tv serials on your or their favorite tv channel. Watching movies or tv shows end to end for hours on end is a big bad mind numbing activity. When we outsource bedtime story telling to the tv shows we are limiting their imagination. It may still be okay to outsource this to those tv shows where there is only talking without visual 2-d or 3-d show. Basically similar to stories told on radios.

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