1 Lac per month

N

netapep

Member
#1
#1
Dear Fellow Traders,

I am stepping up in the field of trading first time so I need your help.
I have opened account of 50000 INR. I want to earn 1 lack per month (avg 5000 per day). Is it possible. I have done some research on commodities.
These are few rules that I shall follow during trading ------

1. I will trade only Intraday.
2. I will not trade before 1 pm
3. I will follow my trading plan strictly.
4. I will not place more than 4 trades per day
5. I will not trade in impulse


If any other suggestions, please help me achieving my goals ....
 
DSM

DSM

Well-Known Member
#4
#4
It is possible to earn 5K in commodities. You have a few good ideas :

1. Protecting yourself against gaps.
2. Waiting for the range to form.
3,4,5. Discipline.

The unanswered questions :

What about Money Management?
What is your risk per trade?
And finally, what is your strategy? What commodities you intend to trade? (Does it involve momentum? Trend? What about handling volatility? Booking profits and SL's?)

netapep said:
Dear Fellow Traders,

I am stepping up in the field of trading first time so I need your help.
I have opened account of 50000 INR. I want to earn 1 lack per month (avg 5000 per day). Is it possible. I have done some research on commodities.
These are few rules that I shall follow during trading ------

1. I will trade only Intraday.
2. I will not trade before 1 pm
3. I will follow my trading plan strictly.
4. I will not place more than 4 trades per day
5. I will not trade in impulse


If any other suggestions, please help me achieving my goals ....
Click to expand...
 
N

netapep

Member
#5
#5
Thanks Dear MSM for your query --

What about Money Management? -- 3% per trade and max 10% total trades
What is your risk per trade? - max 2500 inr
And finally, what is your strategy? i have developed 5 indicator system.. if any 3-4 gives trade signal, i would enter the trade and if any 2 indicators give exit signal, i will exit.
What commodities you intend to trade? I would not trade gold and silver
(Does it involve momentum? Trend? both
What about handling volatility? i would not trade in volatile market.
Booking profits and SL's?) at least 1:1.5 ratio

Please suggest if anything wrong
 
DSM

DSM

Well-Known Member
#6
#6
Dear Netapep,

What you say in theory, it seems fine. But here's my favourite quote on the subject : In theory there is no difference between theory and practice. In practice there is.

So let's see how you bridge the gap between the two.

netapep said:
Thanks Dear MSM for your query --

What about Money Management? -- 3% per trade and max 10% total trades
What is your risk per trade? - max 2500 inr
And finally, what is your strategy? i have developed 5 indicator system.. if any 3-4 gives trade signal, i would enter the trade and if any 2 indicators give exit signal, i will exit.
What commodities you intend to trade? I would not trade gold and silver
(Does it involve momentum? Trend? both
What about handling volatility? i would not trade in volatile market.
Booking profits and SL's?) at least 1:1.5 ratio

Please suggest if anything wrong
Click to expand...
 
N

netapep

Member
#7
#7
Dear DSM,

well said....

I will try for best possible.... lets hope for the best....

One more thing to add.... I am jobless now and I am trading with my hard-earned savings so that i shall be financially independent.



Thanks for your support
 
N

netapep

Member
#9
#9
I am opening account of only 50000 inr hence there is no scope for me.
Unfortunately my company has terminated me... From last 2 months i m jobless... In these two months I studied commodity and forex trading...
 
N

netapep

Member
#10
#10
I will wait for my account size to increase upto 5 lacs {if everything goes right} and then i will trade in gold and silver. For the time bieng i can trade silver in mini lots.
 
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