Can I make a living out of Trading only?

[GTji]

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.

I feel you need at least 2-3 years experience in trading the stock market before you can start making consistent profit. If you have some other regular income, then that's fine. Otherwise better keep that job and continue trading on the side.

 

[Christopher583]

Answer to ur question is certainty yes

 

[trump]

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.

Nice insights.But as you hv pointed out correctly, the skills would be learnt with time and more screen time.:clapping:

 

[ashu1234]

Hi trump,
Its been two years down the line since the thread started, so how it is going on your end? Satisfied, Confident or is it still like a marry-go-round circle.
Just curious to know. Out of my five years of learning curve so far, initially got a good deal of success but later couldn't keep up the consistency and blew things up and then it was a marry-go-round circle of me, testing failures, recovering and again failures and then balancing things out. But now at peace with market as I don't find need to do all by myself, i.e researching, trading and watching whole plan to work till the end. Instead of playing solo, I'm executing all this with my colleagues (who are also my friends) and we are doing this in professional way. And I think it suits me best as I am sort of team player and working with others takes the pressure off in a great way. We get benefit of each others edge at crucial times, yes there are some down time too when nobody gets head or tail of the market but then it again helps to stay calm and wait for the opportunity. So in a way I do make living out of the market but in different way by not exposing myself directly.

 

[trump]

Hi trump,
Its been two years down the line since the thread started, so how it is going on your end? Satisfied, Confident or is it still like a marry-go-round circle.
Just curious to know. Out of my five years of learning curve so far, initially got a good deal of success but later couldn't keep up the consistency and blew things up and then it was a marry-go-round circle of me, testing failures, recovering and again failures and then balancing things out. But now at peace with market as I don't find need to do all by myself, i.e researching, trading and watching whole plan to work till the end. Instead of playing solo, I'm executing all this with my colleagues (who are also my friends) and we are doing this in professional way. And I think it suits me best as I am sort of team player and working with others takes the pressure off in a great way. We get benefit of each others edge at crucial times, yes there are some down time too when nobody gets head or tail of the market but then it again helps to stay calm and wait for the opportunity. So in a way I do make living out of the market but in different way by not exposing myself directly.

Rightly said dear, to be frank, I am yet to overtake my day job's salary from trading only, so in a sense one can say that its still a failure.But I am working on it.Now I have discarded all stuffs and doing my own analysis, and finding that my own analysis is paying me handsomely rather than resting on some others idea.Well it requires lot of screen time though, but still worth it.In a way I am still evolving.

 

[Pradeep Narayan]

My 2 cents... our mind is a funny thing - if you set your thoughts on getting something, the mind will find a way to it. Try it out - from getting a movie/bus ticket, dating, marriage, job and money!

So if one focuses on having a job, you will get a job that gives a salary. If one focuses on getting money, you will only get money - you set your limits.

So when we find we don't make money trading than our salary - our focus is on the job & securing it. Guess the focus should be on money and not on the means to get it - and Trading is one of the means.

 

[jagankris]

I have voted - No.

The reason is it takes time understand the markets and one's own behavior to trading may be the 2 to 3 years or more.

If one is able to with stand the learning curve paying money to markets then one can start making money consistently.

 

[hedgefudge13]

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.

This is truly an inspirational story for all of us and especially to me as I am 22 years old (gonna be 23 in 4days) . and I want to become a full time trader and have a fund of my own and everyone to whom i talk , says that i'm delusional and no one can make money in the stock markets . I'm taking this thread and many posts as an inspiration , especially yours .



Inspired ,

HedgeFudge

 

[SurtiTrader]

Yes, in fact I am earning my livings through Forex Trading and if given proper time you wont need any other thing to do as you will earn through it abundantly.

 

[learnthemarket]

Yes, in fact I am earning my livings through Forex Trading and if given proper time you wont need any other thing to do as you will earn through it abundantly.

Sir, how can I trade forex market from here. Some peaople said to me forex market is not legal to trade. Please guide