Will you please help me to be a day trader, you knowledgeble people?

[hari09omkar]

Will you please help me to be a day trader, you knowledgeable people?

Namaskar everybody. I am a student from Kolkata and want to express that this is a very good forum in the internet available for indian stock market,where people share their knowledge and experience in trading. What has inspired me to post this thread on traderji is the wisdom of you people. There are so much knowledgeable persons out there,that I am confident that this thread will attract the persons of wisdom already there and make me ready for my target to achieve.Here it is.
Technical analysis of stocks is one of the many things that I know nothing almost. But I want to become a successful day trader one day.And I think this can not happen if I do not apply technical analysis.I had watched several sites like the ebay,amazon and found that the books on technical analysis are priced out of my rich. Then the softwares needed for them are priced in lakhs.But I am not defedent.One day I will definitely read those books and buy whatever is needed,although this is not going to happen right now as I am from a middle class family and my father will not be able to fund me in this matter.But the question is which books and which softwares to buy? Do they help to daytrade really or this is my misunderstanding?Can I get them in India? I want to know the basics,the advanced and everything of this subject. Will you people help me to get the requisite knowledge and resources and guide me from top to bottom ? Also notify me if there is any institution in Kolkata which teaches it and where from the books and softwares to avail in Kolkata.Any library?Asking for too much? Well,let me know as much as I can from my friends here.

 

[Linus]

Hi Hari,

Your longterm goal should be to become a successful day trader.To achieve this you must know technical analysis, so your short term goal should be 'I will understand this subject first'. Concentrate on your short term goal first.

I will recommend you to start off with two simple books. 1. Technical Analysis of Stock Trends by Robert Edwards and John Magee. 2. Martin Pring on Market Momentum. Both these are published by Vision Books and should be available in your city.

Regards and ATB,

Sunil Saranjame.

 

[hari09omkar]

Hari om!
Thanks Sunil for your guidance.My short term goal is rightly put in by you.Please reply to this thread as many as possible you all gentlemen.As this will prove to be the helping hand for many potential traders of tomorrow,not only myself.Thanks and merry xmas to you and all.

 

[winstonn]

hi hari,

keep the 3M funda in your mind.

1st M ::: mechanics of trading

2nd M::: Money Management

3rd M::: Mind Control.


every body learns first 2 M's. But 3rd M is really difficult to master.
Failure of this M to master is the key cause markets move up and down.

100% mastery is ideal and not real. But be disciplined and ready to pull trigger whenever needed.
As far as day trading , 95% people get loss.
there are market scalpers which book profit even at 1-2 Rs/- but trade bulk quantities.

Again market makers and institutional players manipulate the markets on lower time frames like 5 or 10 min. and hence 95%people get losses.

so the bottom line is my dear friend first do your homework very well, still well , and still well. Only with real money you can control 3rd M i.e. mind control. paper trading all is ok, trade real money and then see the difference.

I advice you to quit day trading and be a swing trader for better money!!!!

thanxs
winston

 

[hmp]

dear winston
for swing trade how much risk/reward ratio u keep to get real profit? suppose we r having 1 lakh as a trading capital how u will divide it to play . also how much stoploss u keep? can u pl. explain it by example ?
regards
hmp.

 

[winstonn]

hi,

the capital you risk is fixed i.e. 2% means you are mentally prepared to lose your 2% capital if the trade is lossing one!

now it does not mean that your Rupee stop is fixed. it depends on support and resistance.

eg. There is a Buy signal in shasun chemicals at 106 with stop at 98.

so rupee stop is Rs 8/- ( 106 - 98 )

if you are starting with 1,00,000/- then your mental loss is 2% ie. 2000/-

2000 divided by 8 gives you 250.

so you should buy only 250 shares of shasun chemicals at 106 with stop at 98.
If you are stopped out , your loss is 250 * 8= 2000/- i.e. 2% of ur capital.

thanxs
winston

 

[hari09omkar]

Thanks winstonn for your suggestion.But I am more interested in knowing how to fish rather than having a fish,like commented Saint in one of his thread.Let me know the dangerous game of day trading and being a believer,I will achieve it as the almighty is with me,like everybody else,and She showed me a good path for that-go and ask the people in traderji.Keep posting your views and guidance and make this thread a comprehensive one in the forum to everybody who wants to be a successful trader in the capital market in India.Thanks everybody.Merry xmas to all.Hari om.

 

[hari09omkar]

Can you help me traderji, in this matter? If you are not able to help me in providing information in this matter,then a word or two of encouragement will also help to boost one's confidence who is a fresher in any subject.Thanks.

 

[ratan jain]

its a difficult game my friend.

It takes years to succeed

That too only 5 percent will succeed

best of luck

 

[CreditViolet]

Can you help me traderji, in this matter? If you are not able to help me in providing information in this matter,then a word or two of encouragement will also help to boost one's confidence who is a fresher in any subject.Thanks.

Tread back before its too late

CV