who wants to be a millionaire before 35?

[robin000]

Certainly you will become a millionaire if you remember one point that
90% of intraday traders are losers.Just this is a caution only.

Wishing all success.

i've heard 98% are loosers, but the rst of the 2% are just like you and me, if they can do we can do it, but how? this is we are trying to find out, and as i said we not gnna leave any stone unturned. i really appreciate ur words. thnx

 

[robin000]

well mate good to see ya wanna be a millionaire by 35...my suggestion would be to not set any targets at first...build urself a trading system and trade and see how u do...follow ur system,tweak it and learn,be patient ,the market is a great teacher if ur willin' to learn...
evaluate ur progress at regular intervals ...
remember mate u got to build brick by brick...

all the best!
krishna

thnx a lot. as far as the target is concerned it was just a tv show " who wants to be a millionaire" from where kaun banega crorepati was coppied. i just added "before 35" and named this thread. i got ur point what u mean, for sure i will follow that, i believe if we are moving in the right direction today or tomorrow we will achieve our goals. thnx once again

 

[robin000]

hey mate! good that you are starting not very late, but one advice if I may, dont even think of the end result before even starting, there is a long way to go, i agree making money is the sole motive for most of the traders but the pro traders who make millions dont just trade for money, they actually love their profession, same like other professionals..who make millions..
To be honest most of them loose money in thier first year and quit, second year they tend to break even and quit, and only after 3 yrs kind of time u may see some light, but again this statistics is not 100% true but made a lot of sense to me atleast and many london city traders i know and even many seniors over here may agree..
One personal advice dont start trading in indian markets not because its too volatile or not matured but because if you opt to trade from indian brokers platform its not really handy atleast for me, why not start trading, oil, bund, interest rates etc in a demo account or just german bund markets, spreadbet etc. Open a demo with Oanda.com or IB or any other broker which offers good demo platform to start with.. if you are sucessful in demo get a trading plan and work on it for atleast another 3 months. Remember trading is one of the lucky professions where in you can take risk on a virtual account.
After making a system according to your needs and personality and after backtesting and even forward testing it on demo, you open a real account dont risk your entire money start with $ 5000 and get a track record(bank statement) of consistently making money every week, day or month etc depending upon your system and start applying to any propreitary house in canada, I am sure they will back you if you have made it so far, Proprietary houses will back you with very good resources(data ,software, platform etc) and will teach you a hell a lot and you get to know loads of pro traders and then you may flourish your dreams.. Just my 2cents
If you need more advice from me please PM me.

thnx a lot for ur suggestions, but i am sorry i am unable to understand the term" Proprietary houses " . and as far as trading in indian markets one of the biggest issue is time zone. 8:25 pm in vancouver markets opens in india. i cant afford to quit my day time job so i thought might as well try indian markets for now.i am not sure bout german markets, but will look into it for sure. the reason i like volatility is cose i am more into day trading.
I canada the brokerage is roughly $18- 50 per one full trade. (i mean buy and sell).depending on how actively we trade and reardless of the capital involved.my cousin is doing this, I want to try north american markets too but i guess they require at least $ 25000 and only for that person who has more chances of winning than loosing, just my views.

 

[robin000]

thnx bro, yes i checked them, yeah they seem to be pretty good, i look forward to setup and account with them. but for now i am only watching indian markets for now, cose my time zone doesnt allow me to trade in any other market then india.so i didnt really tried it that deeply, somebody told me bout IB but he was telling $ 8 or so one side only if we were doing certain trades per month.but as i said i wasnt interested, but if i start full time IB will be the first choice for North american markets.
thnx once again,
Do you think reliancemoney.com is good ?or do we have another better choice?

 

[kkseal]

Intraday trading = Bread & butter
Positional trading = Building Investment chest
Investment = Wealth creation

 

[robin000]

Intraday trading = Bread & butter
Positional trading = Building Investment chest
Investment = Wealth creation

thnx kk i kind of agree. i want to start with intra day, 2nd step will be swing, but not really interested in investing, Swing only when i start full time.

 

[kkseal]

My investment horizon can be as low as one year Many would call that long term trading.
But it's a nice, non-leveraged, low risk mode (kinda dynamic savings). Leveraged trading is a lot more risky The more you put in the more you are at risk financially (trade mgmt is a lot more difficult than Invsmt mgmt & beyond a point the law of diminishing returns start to kick in as well).

A balance of all 3 (spreading your allocation & risk) is the best IMHO.

 

[kkseal]

I feel what one should really seek is not millions & billions, rather
1) The best posible way to trade, invest
2) The best, most efficient way of allocating & manging your resources
both depending on an individual's comfort level.

Returns are a bye-product of the level of success or failure of the above two processes. (i'd settle for lower returns than the best possible if i am comfortable with what i'm doing & the way i'm doing it. This doesn't mean i'll stop seeking better ways but every incremental bit has to fit in with my comfort lvl)

 

[hari09omkar]

We all know that the world economy is in recession these days.So the only opportunity i could think was Trading stocks.....

There are few things i would like to share:
2. God will never give us more than what we can handle.
...
5. And as late Mr, Dhirubhai Ambani said Our dreams have to be bigger, our ambitions higher, our commitment deeper and our efforts greater.
For the newbies I really want you to see these movies.
Pursuit of happiness (Will Smith)
Guru (Abhishek Bachan) Guru was inspired by Late Mr Dhirubhai Ambani.I really respect and salute Mr Dhirubhai from the bottom of my heart. He's my idol
Jannat.
...

Yes friend u have something similar in u with me.U also daydream like me.What a good entertainment at the weekend!!

 

[robin000]

My investment horizon can be as low as one year Many would call that long term trading.
But it's a nice, non-leveraged, low risk mode (kinda dynamic savings). Leveraged trading is a lot more risky The more you put in the more you are at risk financially (trade mgmt is a lot more difficult than Invsmt mgmt & beyond a point the law of diminishing returns start to kick in as well).

A balance of all 3 (spreading your allocation & risk) is the best IMHO.

yeah I agree, using leverages is a big risk for sure.