Can I make a living out of Trading only?

[midas touch]

Trading is 80% psychology 15% money management 5% ur system. system will nothing to do with ur success its small part in it.

success is u.....................

regards,
jahan.

How is that Sir?
Trading is 80% psychology
I used to think that if I know a particular method(entry-exit-SL),I'll succeed..

so,Sir will I succeed if I don't have any method/strategy,but psychology is strong though I'm a Tukka Trader?

 

[midas touch]

How is that Sir?
Trading is 80% psychology
I used to think that if I know a particular method(entry-exit-SL),I'll succeed..

so,Sir will I succeed if I don't have any method/strategy,but psychology is strong though I'm a Tukka Trader?

And there are many trusted,well-tested method here...

 

[jahan]

And there are many trusted,well-tested method here...

yes u can do Apply a random entry(tukka system)system and u still make money best example is PT sir,only important thing is ur psychology and when ur going to exit the Trade(risk management).

Regards,

 

[investmentideas]

I think trader generally do not make profits...so dont go for a bet whose probability is low inthe very start....

 

[muralinagaraju]

Hi friend,
ya you do can completely rely on trading to survive and many people also does that but here things to be considered are, regular updates, long term or short term plan, if short term plan then you can make nice money, conditions applied you should have daily updates and you should know what is happening in particular company, through news papers and other media . long term is any ways safe and risk less. last thing to be considered as a beginner is choosing a best trading platform to trade...

And initially if you are not really brave to quit the job and start then go for good automated trading platforms. these people will help you in your future problems.

For any quaries you can reply back to me

 

[Ichimoku India]

Hello every one

A Very Very interesting topic and equally interesting discussion, based on every individuals personal experience. Some good and some bad.

Before I write anything, here are some quotations, which I have them all around my walls in my trading room:

 Trading: the hardest way to make easy money.
 Trade what you see, not what you think!
 Before you attempt to beat the odds, be sure you can survive the odds beating you.
 When in doubt, stay out....
 Never confuse wisdom with luck.
 "Remember this: The market doesn't beat the trader. It just gives him the opportunity to beat himself.
 It's OK to be wrong. It's not OK to stay wrong.
 "The funny thing about the stock market is that every time one person buys, another sells, and both think they are right.
 "A beginner sees much opportunities. An expert only a few..."
 "Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and I don't care how tough you are, it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't about how hard you hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done. Now, if you know what you're worth, then go out and get what you're worth. But you gotta be willing to take the hits, and not pointing fingers saying you ain't where you want to be because of him, or her, or anybody. Cowards do that and that ain't you. You're better than that!" - Rocky Balboa, quoted from Rocky movie.
 I fear not the man who has practised 10,000 kicks once, but I fear the man who has practised 1 kick 10,000 times Bruce Lee
 When it comes to trading, always build your strong foundation. Building a strong foundation is like growing strong deep roots of a tree. Once the foundation is built, then this tree can grow into a money tree. You then can call yourself a money-making-machine.
 Trading is a tough Business. There are no short cuts to success.
 You can never make the same mistake twice. The second mistake is not a mistake, it is a choice.
 My failures do not define me, they refine me.

I have more than 1000 such motivational quotes which keep me going into this trading business.

And answer to the question of the topic: YES. You can make money in the BUSINESS of Trading.

Just because your neighbour is making good money in the business he is doing and is living lavishly, is no guarantee that you will earn the same and live the same, if you do the same business. Just like any new business, Big or Small, you have to study the market of the business you want to get into, Have a short term and long term plan. Be disciplined in your business and your daily routine to that business. Open up the shutters of your business every day, even if there is no customer on your door step. You need faith in yourself and have patience. There will never be another Sachin Tendulkar. But can anyone guarantee that there will never be another one better or equal than him.

My background as I have been (so called) talking wisdom: I am an NRI. In the trading BUSINESS since last 7 years. And am blessed that I am in the trading business.

Please feel free to contact me if any one has any questions and hopefully my 2 cents worth of contribution helps.

Cheers and Happy Trading All.

 

[Riskyman]

Hello all,

Wonderful topic to discuss and some wonderful insights as well. Thanks for the same.

I had a full time job high paying job until a few months ago. Lost the job due to uncertain world economy. Now I'm a full time trader with wife, kids and parents to support. It was a tough call for me to make. I had the option of going out there and choosing an easy way out by taking up another job. But I choose to rough it out bit in the stock market. When i started trading I blew up close to 6 lakhs of my capital in less than a month. I took my initial failure as lessons to keep for the rest of my life and the money I lost was the fees I paid for the education (Costly education i would say). But on hindsight and in may ways I am thankful that I lost the money and i failed because the lessons Ive learnt are invaluable. I think If I had been successful initially then maybe I would have become complacent and ended up blowing up a much larger amount later of in life. I'm glad I now stand where I stand.

And to answer the question thats been asked here... the answer is a big YES. There is not a thing in this world that can stop you from making money in the stock market. I have to tell you that I have never lost a single rupee in the market because of bad entry or trading in a bad stock. I lost my money simply because my emotions were not in place. I didn't take profits when I saw them and I didn't cut my losses in time. Successful trading depends on STRICTLY these two things. TAKE PROFITS WHEN YOU SEE THEM AND CUT LOSSES IN TIME. You will learn other skills with time. There is no other way. We cannot predict the market all the time or if all the trades we enter will be in our favor. The odd are always stacked against us. So the 2 things i mentioned above will ensure you can come back to trade the next day.

Lastly, be positive. Only those people who think will win eventually win. A loosing attitude will always make you loose. There are no shortcuts to success. Work hard, learn the trade and save your emotions for your wife/girlfriend/kids etc. When you are trading stocks be cold as ice. Winning will become easier.

My thoughts only.

 

[Ichimoku India]

The question of this thread is: Can I make a living out of trading?

The right and honest answer is that "No one knows, but YOU yourself, if you can make a living out of trading or not". Many people are making their total living and have gathered riches from trading. The question is: "Are you the one to take yourself to that level".

If you take trading as a gamble and "let me try this business" attitude, then you better not waste your time and money as this is a very cruel and ruthless business with no emotions. If you want to be successful in THE BUSINESS of trading, then it needs your total dedication for a few years with the money which is lying under the mattress (or in a bank account) and if that money goes, it will not disrupt your life, living and family, then make your valued decision.

Cheers and Happy Trading

 

[TraderRavi]

I didn't take profits when I saw them and I didn't cut my losses in time. Successful trading depends on STRICTLY these two things. TAKE PROFITS WHEN YOU SEE THEM AND CUT LOSSES IN TIME.

exactly my view also......you only need to control these two.....:thumb:.....your profits need to be greater than your losses....simple......losses are part of the game as you cant win every trade, no matter you have won 10 trades in a row, the next trade has again 50-50 probability of success......

 

[VIKAS 21]

Nice discussion going here, really beneficial for the ppl who are confused in taking decision share trading as a career....

My view is that when we have at least one year of consistent earning & we hv atleast one or two methods on which we can believe will work for us, having gud knowledge of risk & money management & backup by good bank balance.

one should be capable of trading intra/positional both as well .

If one feels he fulfills all these conditions , one can opt for trading as a full time career.