Would be IAS needs HELP

#1
To be very strait forward, I know nothing about trading and market. I only know that there is a stock exchange, you buy a product listed there and sell it when the price goes up :)... I want to do that online.... Now i need your help. Please advice me which broker i should choose ? there is only icici bank and hdfc bank working in my city. Should i choose them as broker ? or go for someone else. I want to open an account with one lack and want to trade in shares for day and for long... i did call kassa they asked me what i want to trade in ? i said in securities to which they replied we r also offering forex trading. Here on traderji i have seen a post saying: forex trading is illigal in india :confused: if that is true then what kassa guy was offering me ? please tell me how to do forex trading ? is it buying USD by giving rupee and selling it off when the exchange rate decrees ? Please help me my family is forcing me to be an IAS which i do not want to be in any case :mad:.
 
#2
Hi profit,
you know nothing about market and trading,then why in so hurry for account opening and trading.If you go for trading without any knowledge you will empty your one lack account in less than six months (this is average life of new trading account without having knowledge of trading and many members here have this experience ).
So my advice for you, please take trouble to learn the basics first and then learn some method and strategies for trading, learn chart reading, open a demo account (many foreign brokers offer this like brocco, gci etc. with Metatrader charting platform and also gives NSE and MCX charts ) and practice your trading method for few months, if you are profitable and confident with demo account then think for opening your live trading account.

Best wishes
 
#3
Thanks, Renu ji for ur reply :)

I followed ur advice and in last 2 months i played on demo accounts and i have earned 5 lakhs against the virtual cash of 25 lakhs on moneycontrols profitbhai.com. I am also watching tv and internet sites. now i think i can enter the market...my question to u is that is it allowed to sell deliverable shares on the same day or the next day ? if yes then why people do intraday ? for saving on brokerage and exchange charges ? if this is the case then which broker should i choose as i want to do intraday trading deliverable shares... i think the low brokerage ones like zerodha and rksv would be most suited to me for short-positioning calls.
 

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