Trading as Profession

SavantGarde

Well-Known Member
#81
My Suggestions Are As Follows:

"Walk Don't Run" & Now Coming To The Points That You Need To Keep In Mind.

1) Avoid MiniNifty For The Time Being

2) Track A Few Stocks Not More Than 5 At A Time That Has The Tailwind

3) Alternatively, It Becomes Easy To Identify Sectors Which May Have Buying Interest, Once You Have That Identified It Becomes Easy To Identify Stocks In The Sector

4) Keep Notes For Atleast 15 Days On The Stocks That You Identify viz. Open, High, Low & Close & If Possible Volume

5) This Note That You Keep Will Become As Indispensable For You As Your Mobile Phone.

6) The Note & Your Undivided Attention To The Movement Of The Stocks That You Are Tracking Will Automatically Give You Confidence For Your Entry Price & Exits.

7) Ideal Thing Would Be To Pick Up Stocks With A Few Days In Mind, But If On An Intraday Basis If It Jumps Quite A Bit You may Exit Thus Booking Profit On The Same Day, Where Your Impact Cost Will Be Much Less.

These Are A Few Of The Simple Things To Get Started, Rest Will Depend On The Intensity Of Your Interest.

Will Talk About MiniNifty Once You Get Comfortable With Trading Stocks.

Best Of Luck!


Happy & Safe Trading

SavantGarde

Please guide me...

I want to start trading full-time. This forum is full of information and lots and lots of helpful people like yourself, Saint, Traderji (of course), CreditViolet, Marcus ... etc etc.

My question is - I believe most newbies have this one - how much of capital is required initially.

I would like to trade MiniNifty initially ... and probably a low-priced
big-volume stock initially.

Is scalping very risky for beginners?

Please help me out on this one.

I may sound like I am aiming for the sky - but I was told that 1000-2000
can be easily made in day-trading.

Thanks in advance
 
#82
Thanks a ton for the prompt reply

***
"Walk Don't Run" & Now Coming To The Points That You Need To Keep In Mind.

I was running 'coz I'll have to stop when I fall...hehehehehe
Jokes apart ... You are dead right. Slow and steady wins the race.
I just wanted to make 1000-2000 so that when one day I lose 5000 it won't
pinch me a lot.
I get your point, even 100-200 initially should be OK

***
1) Avoid MiniNifty For The Time Being

But I do want to trade the Nifty eventually - Mini 'coz it requires lesser capital.

***

2) Track A Few Stocks Not More Than 5 At A Time That Has The Tailwind

3) Alternatively, It Becomes Easy To Identify Sectors Which May Have Buying Interest, Once You Have That Identified It Becomes Easy To Identify Stocks In The Sector

4) Keep Notes For Atleast 15 Days On The Stocks That You Identify viz. Open, High, Low & Close & If Possible Volume

5) This Note That You Keep Will Become As Indispensable For You As Your Mobile Phone.

6) The Note & Your Undivided Attention To The Movement Of The Stocks That You Are Tracking Will Automatically Give You Confidence For Your Entry Price & Exits.

7) Ideal Thing Would Be To Pick Up Stocks With A Few Days In Mind, But If On An Intraday Basis If It Jumps Quite A Bit You may Exit Thus Booking Profit On The Same Day, Where Your Impact Cost Will Be Much Less.


This is what I need to remember and follows strictly

***

These Are A Few Of The Simple Things To Get Started, Rest Will Depend On The Intensity Of Your Interest.

Will Talk About MiniNifty Once You Get Comfortable With Trading Stocks.

Thanks once again and I shall keep you posted on my development.
God Bless !!!
 

ravalsb

Active Member
#83
My Suggestions Are As Follows:

"Walk Don't Run" & Now Coming To The Points That You Need To Keep In Mind.

1) Avoid MiniNifty For The Time Being

2) Track A Few Stocks Not More Than 5 At A Time That Has The Tailwind

3) Alternatively, It Becomes Easy To Identify Sectors Which May Have Buying Interest, Once You Have That Identified It Becomes Easy To Identify Stocks In The Sector

4) Keep Notes For Atleast 15 Days On The Stocks That You Identify viz. Open, High, Low & Close & If Possible Volume

5) This Note That You Keep Will Become As Indispensable For You As Your Mobile Phone.

6) The Note & Your Undivided Attention To The Movement Of The Stocks That You Are Tracking Will Automatically Give You Confidence For Your Entry Price & Exits.

7) Ideal Thing Would Be To Pick Up Stocks With A Few Days In Mind, But If On An Intraday Basis If It Jumps Quite A Bit You may Exit Thus Booking Profit On The Same Day, Where Your Impact Cost Will Be Much Less.

These Are A Few Of The Simple Things To Get Started, Rest Will Depend On The Intensity Of Your Interest.

Will Talk About MiniNifty Once You Get Comfortable With Trading Stocks.

Best Of Luck!


Happy & Safe Trading

SavantGarde
Good work Savant.

To add to it....trade in small quantities and initially when you are tracking the stocks...do paper trades...that will give u confidence.

All the Best.
 
#84
Appreciate the feedbacks from the experienced and this thread is slowly moving to how should I start day trading ? , I think we are deviating from the main topic .

I would like to have few questions .

1. How do you guys handle losses (big ones ) ?

2. Are all of you guys who are day trading (full time ) young ? . Mean to say , how confident are you guys earning minimum monthly profit ,so that you can sustain yourself and your family( if you have dependents ) . or are you guys after 40 years , retired or made enough money to sustain the living and now targetting some thing extra ?

3.How do you guys handle social life , saying ,from morning till evening ,being alone . no contact . Just you and your trading screen . Or I am wrong ?

4.How are traders looked upon , like what do you say to some one who says where are you working ? .

5.How did your family take this initially , how did you manage to convince the parents ?

I have still lots of questions , more later .

thanks
 
R

ratan jain

Guest
#85
Hello Dear...

I have gone through all that you have mentioned....... and eventually stopped day trading because of the effect it had on my health. I am only into EOD trading for now, which is my main source of income. Its boring compared to intraday, but hey, the payback is better than intraday, with 2 % of tension involved ( at least for me )

I have tried to answer your questions....... hope you learn your lessons quicker that I did and shift to EOD.

Answer 1: In intraday trading there are SUPPOSEDLY no big losses, because you are SUPPOSED to close all loss making trades at small losses. The fact that most people dont.... is a different case altogether.

Answer 2: How confident is the IT professional that he is not going to get a pink slip tomorrow morning? How will he continue living?

Answer 3: Isnt it just great, you have no boss to kiss ass...!

Answer 4: Traders are looked upon as gamblers in most social circles, but I think you can silence them by pulling up in the latest model Audi :)

Answer 5: You cant convince them.......most of the time....... and thats only because they are concerned for you, this being a highly unstable source of income, for unprofessional day traders.

Looking forward to more of your questions.
 
#86
but I think you can silence them by pulling up in the latest model Audi :)
RJ , I wish you to have R8 as early as possible and me aiming bmw1200gs :p.

RJ ,How did trading affect your health , curious .
Can you shed light on EOD trading , how and what ?

Needless to say ,your replies should motivate at least 1% in me to get going or started :eek:. Thanks .
Yes we can learn from your mistakes .Do share your mistakes (It needs guts to accept and share them) .
As some one said , learn from other's mistakes ,you don't live long enough to make them all .

One more ,
When did you guys realize (what point of time in life or what incident or event or target) that trading IS the profession for me ?
 
Last edited:
R

ratan jain

Guest
#87
Thanks :)

I already had high BP, intraday trading just doubled my medication :)

EOD trading....... again my style is absolutely common, I just use my infamous complex martingales to pull me through.

Mistakes.....dear.... not too many... just the common starters ones.....fighting the markets ....... not accepting that I can be wrong etc.

Nothing that a few lakhs worth of losses wont set right :)
 
U

uasish

Guest
#88
I disagree with RJ in the 'Audi' part,always i repeat always keep atleast 3 SEED capital in 3 Banks to start afresh if necessary.

No extravegenza in GOOD months,if you want to go shopping always go for that in BAD months.
It is same yarr Buy in Dips.
 
R

ratan jain

Guest
#89
Ashish :)

May prove you wrong on the Audi part :) ..... not an R8, though, an A6 would be what I would like to own.......

And this would not have anything to do with good months in trading......

Would be financed by my other business, EMI would be around 85000
 
#90
Thanks a ton for the prompt reply

***
1) Avoid MiniNifty For The Time Being

But I do want to trade the Nifty eventually - Mini 'coz it requires lesser capital.

***

God Bless !!!

Hi, can someone explain what is Mini Nifty... i have so far traded only on stocks... have not tried indexes.. etc... can u provide more info on what is this Mini Nifty? and how to trade on it?

Cheers,
Shaju..