Hi All!
I am new to this forum but have gone thru some of the articles and details posted by other forum memebers. I am glad that I visited this site and thank one and all who have been posting, participating and moderating this site. I am looking forward to learning and expanding my horizons. Afterall, everyone's goal is to be a successful trader/investor at the end of the day.
I define myself as a Trader who takes multiple positions in a day and exits for minute swings (except in cases where I rein in on a major breakthrough opportunity). I trade mainly in Equity Stocks & F&O.
Discipline as everyone else has also mentioned in their threads is the key to any successful trader. But when does one realize how much trading in a day is enough. Or to put it more boldly how much money is enough?
There is much hype about the strategies to use, the books to read, and so much more gyaan available these days teaching/training us in what to do and what not to do?????
Personally I think that if you have been trading for sometime, we should work on creating a master strategy that works for you. I have mine and they never let me down. I would'nt get into the intricacies but would surely list a few points that helped me become a successful trader.
Concluding, I have been taking one Magin position in Equities, One Nifty Options position for 2 lots (that's 2*50 = 100) and one Futures position. I have been trading for almost 3 1/2 years now and seen myself develop as a successful trader over these years. My breakdown is Simple:
Rs. 500 from margin buy / sell (no. of shares taken accordingly 500 or 1000 if expecting tiny momentum)
A Rs.5-7 premium fluctuation on my intraday option position giving me another Rs. 500.
Finally, Another Rs.800 from futures position. (The profit on tiny fulctuations is higher as the lot size is large and I get leverage for a fractional premium)
I never get greedy and increase any of my positions even though I can make more money in a single day (as it spoils the disciplinary fundamental - one thing leads to another)
I end up making almost in the range of Rs.1000- 1500 each day. My profit trades to my loss trades is 8:2. Still I end up making 6 profitable traders for 10 trades executed. By far, my ledger has added Rs. 7,32,542/- in profit to my trading account. I've spent great bit of it but what the fish? Ain't I earning to spend? And for a guy like me who has an e-business; this is an additional income.
MY MANTRA FOR SUCCESS: Trade the markets only when they are ready to be traded. Seasoned and Regular traders both shall not have a problem knowing when the markets are ready to be exploited.
Have fun trading.
(All views are my own and I do not wish to dump gyaan. I am happy my share of monies & enjoying luxuries that this money can buy me and just wish you all a very best. All things metioned above are like a journal entry for your view)
Ciao.
I am new to this forum but have gone thru some of the articles and details posted by other forum memebers. I am glad that I visited this site and thank one and all who have been posting, participating and moderating this site. I am looking forward to learning and expanding my horizons. Afterall, everyone's goal is to be a successful trader/investor at the end of the day.
I define myself as a Trader who takes multiple positions in a day and exits for minute swings (except in cases where I rein in on a major breakthrough opportunity). I trade mainly in Equity Stocks & F&O.
Discipline as everyone else has also mentioned in their threads is the key to any successful trader. But when does one realize how much trading in a day is enough. Or to put it more boldly how much money is enough?
There is much hype about the strategies to use, the books to read, and so much more gyaan available these days teaching/training us in what to do and what not to do?????
Personally I think that if you have been trading for sometime, we should work on creating a master strategy that works for you. I have mine and they never let me down. I would'nt get into the intricacies but would surely list a few points that helped me become a successful trader.
- Know the fundamental basics about stocks
- What is the classification of the different instruments that can be traded
- What are the rules that each fundamental instrument follows to be traded
- Which instrument/market best defines your capital capactiy & trading period
- Which market is best sutaible to your from a risk: reward ratio?
- Why are you trading what you are trading?
- Define how much income from stocks is enough?(be realistic)
- Break that Income goal into daily,weekly or monthly figures?
- How many days can u trade in a month?
- Do you want to make stock trading your bread earning source?
- How much risk are you willing to take?
- Have a trading sheet to enter your trades
- Keep a track of all your trades
- Never be emotional when trading
- Trade with discipline and let go if you made a loss. Don't try holding grudges with the market.
- When you lose, remember - the fault is always yours!
- When you win - let's party!
- PAPER TRADING IS THE KEY! Do not trade real markets if your'e novice.
- Gain ample experience from paper trading before you trade with actual money
- Remeber - don't gain this experience in a costly manner if you can avoid it.
- Work on multiple strategies (while paper trading) and then square in on any 1 or 2 killers.
- Stick to those profit making master strategies always
- Trade towards making decent but consistent proofits regularly.
- Still don't be a pauper and say 200-300 is enough each day! A little greed is always motivating. 800-1000 daily is fun.
- Not fun unless you have your killer strategies
- Finally If this helps then remeber me - Let's Party! LOL
Concluding, I have been taking one Magin position in Equities, One Nifty Options position for 2 lots (that's 2*50 = 100) and one Futures position. I have been trading for almost 3 1/2 years now and seen myself develop as a successful trader over these years. My breakdown is Simple:
Rs. 500 from margin buy / sell (no. of shares taken accordingly 500 or 1000 if expecting tiny momentum)
A Rs.5-7 premium fluctuation on my intraday option position giving me another Rs. 500.
Finally, Another Rs.800 from futures position. (The profit on tiny fulctuations is higher as the lot size is large and I get leverage for a fractional premium)
I never get greedy and increase any of my positions even though I can make more money in a single day (as it spoils the disciplinary fundamental - one thing leads to another)
I end up making almost in the range of Rs.1000- 1500 each day. My profit trades to my loss trades is 8:2. Still I end up making 6 profitable traders for 10 trades executed. By far, my ledger has added Rs. 7,32,542/- in profit to my trading account. I've spent great bit of it but what the fish? Ain't I earning to spend? And for a guy like me who has an e-business; this is an additional income.
MY MANTRA FOR SUCCESS: Trade the markets only when they are ready to be traded. Seasoned and Regular traders both shall not have a problem knowing when the markets are ready to be exploited.
Have fun trading.
(All views are my own and I do not wish to dump gyaan. I am happy my share of monies & enjoying luxuries that this money can buy me and just wish you all a very best. All things metioned above are like a journal entry for your view)
Ciao.
