Help required - Trading for passion and livelihood
- Thread starter kumarsemails
- Start date
Hi Kumar,
I think everybody is confused here with the level of questions asked by 12 years experience person.
I think if you can through some light on your trading style since past 12 years, may be we will be able to understand the depth you need.
If for past 12 years you just trade for fun and don't have successful track record of good earning, may be it is better that first you do paper trading.
Believe me trading with job is hobby but after quitting job it is source of bread and butter. Most of the time you will feel lonely at home.
I also quit the job because of my trading passion and somewhat successful in it. But still I am not able to earn 50%/PM of my last drawn salary.
One more thing. I think it will take time for you to become successful professional trader(pls don't mind of using harse word), so please keep aside money required you for living at least 24 month, even if you don't earn single panny in trading. Don't touch that money to whatever happen to trading account.
I think trading is the toughest business in world. One wrong move and You may loose your all profit earned in years.
I think everybody is confused here with the level of questions asked by 12 years experience person.
I think if you can through some light on your trading style since past 12 years, may be we will be able to understand the depth you need.
If for past 12 years you just trade for fun and don't have successful track record of good earning, may be it is better that first you do paper trading.
Believe me trading with job is hobby but after quitting job it is source of bread and butter. Most of the time you will feel lonely at home.
I also quit the job because of my trading passion and somewhat successful in it. But still I am not able to earn 50%/PM of my last drawn salary.
One more thing. I think it will take time for you to become successful professional trader(pls don't mind of using harse word), so please keep aside money required you for living at least 24 month, even if you don't earn single panny in trading. Don't touch that money to whatever happen to trading account.
I think trading is the toughest business in world. One wrong move and You may loose your all profit earned in years.
I have been trading just based on recommendations from here and there and studying graphs for past few years and a little bit of fundamental analysis.
I understand risk with each kind of trading products - options, futures, commodity etc.
It was a hard learning but i think i can do good since i am doing good since last 2-3 years and generating 30% return.
but i think i lack a lot on the latest tools which people use. so wanted to learn that.
since i have a software setupi can built a trading company as well. and since trading is my passion i can more keenly work on trading part of company. and for software others can do.
I understand risk with each kind of trading products - options, futures, commodity etc.
It was a hard learning but i think i can do good since i am doing good since last 2-3 years and generating 30% return.
but i think i lack a lot on the latest tools which people use. so wanted to learn that.
since i have a software setupi can built a trading company as well. and since trading is my passion i can more keenly work on trading part of company. and for software others can do.
Hi Kumar,
I read ur thread completely, all the 4 pages... Just wanted to share the knowledge I got,if it helps I am happy thats all....
As per my understanding, in terms of " Professional setup " you try to mean the software,datafeed,broker/dealer terminal required to do trading. If my understanding is correct, here comes my answer...
Requirements :
During Initial days have single PC trade on your own with below to find whether you are profitable.
1) Software : AmiBroker v5.5 or above
( You can learn to use Amibroker with help of google & U r IT professional,so no advice needed here,you will be good to learn easily
)
2) Datafeed : There are hundreds available, please find best after good analysis on Realtime data, delay, No. of scrips they offer n all. ( Ex: RTDS, but not suggestion ). Find on your own or others may help you here.
3) STRATEGY : U have clearly mentioned that " Profit making is your concern, you just need setup ". Please donate most of your time in finalizing 2 or 3 strategies which are profitable considering the maximum drawdown,false signals and which suits your personality.
Some may find hourly or higher timeframe as best,for some its 5min/15min.It depends on you.
Plan according to the capital you are going to invest, take your time and PAPER TRADE atleast 90 days to get wellversed with how you are acting during profits/losses and how much drawdown the strategy gives / the ROI you are able to generate.
To be short, "LEARN LOT ABOUT TECHNICAL ANALYSIS" May be at the end, you can formulate your own strategy.
If you are really confident of quitting job, Please have huge amount as back up on long term, Never touch that for capital any trading activities because No one can predict whether you will profit from Market or not... I wish you all Success...
On hiring other people,
Even 12th grade student can be hired to do, only if you are confident about your entry n exit strategies, if he/she is properly trained but the hired person will lack proper experience about market.I am not aware of legal aspect of this part .
Note : I am not against or in support of anyone who are pessimistic and optimistic about your plan / I dont persuade you to become fulltime trader, I just told what I know....
Another request to all others, when we are interacting with a stranger who seeks some help, Explain the drawbacks in more polite and matured way. There is no point in telling " I may sound harsh/rude n all " and then explaining things.
"All the Best for your Future"
~Billa
I read ur thread completely, all the 4 pages... Just wanted to share the knowledge I got,if it helps I am happy thats all....
As per my understanding, in terms of " Professional setup " you try to mean the software,datafeed,broker/dealer terminal required to do trading. If my understanding is correct, here comes my answer...
Requirements :
During Initial days have single PC trade on your own with below to find whether you are profitable.
1) Software : AmiBroker v5.5 or above
( You can learn to use Amibroker with help of google & U r IT professional,so no advice needed here,you will be good to learn easily
)2) Datafeed : There are hundreds available, please find best after good analysis on Realtime data, delay, No. of scrips they offer n all. ( Ex: RTDS, but not suggestion ). Find on your own or others may help you here.
3) STRATEGY : U have clearly mentioned that " Profit making is your concern, you just need setup ". Please donate most of your time in finalizing 2 or 3 strategies which are profitable considering the maximum drawdown,false signals and which suits your personality.
Some may find hourly or higher timeframe as best,for some its 5min/15min.It depends on you.
Plan according to the capital you are going to invest, take your time and PAPER TRADE atleast 90 days to get wellversed with how you are acting during profits/losses and how much drawdown the strategy gives / the ROI you are able to generate.
To be short, "LEARN LOT ABOUT TECHNICAL ANALYSIS" May be at the end, you can formulate your own strategy.
If you are really confident of quitting job, Please have huge amount as back up on long term, Never touch that for capital any trading activities because No one can predict whether you will profit from Market or not... I wish you all Success...
On hiring other people,
Even 12th grade student can be hired to do, only if you are confident about your entry n exit strategies, if he/she is properly trained but the hired person will lack proper experience about market.I am not aware of legal aspect of this part .
Note : I am not against or in support of anyone who are pessimistic and optimistic about your plan / I dont persuade you to become fulltime trader, I just told what I know....
Another request to all others, when we are interacting with a stranger who seeks some help, Explain the drawbacks in more polite and matured way. There is no point in telling " I may sound harsh/rude n all " and then explaining things.
"All the Best for your Future"
~Billa
Billa,
Thanks for understanding my question and helping me find the answer.
Your inputs will go a long way for me to pursue the path i am planning to take.
On the NOT high-frequency side. aka non technical based, do you have recommendation how to go about doing it in a more professional way rather than relying on sites like moneycontrol for analysis
regards,
Kumar
Thanks for understanding my question and helping me find the answer.
Your inputs will go a long way for me to pursue the path i am planning to take.
On the NOT high-frequency side. aka non technical based, do you have recommendation how to go about doing it in a more professional way rather than relying on sites like moneycontrol for analysis
regards,
Kumar
Hi Kumar,
Really Happy that if my inputs are helpful to you
Dont rely on any website,Mentor,Trading Guru's,Tips provider,Strategy selling / AFL selling websites.Please dont trust any of them.You will lose all your capital.
The only way is to LEARN & PRACTICE.Its not possible to learn most of the things in very short time and become successful.To put it more clearly,Its like you are learning some new technology in software industry, you may be an expert in JAVA but whether you can be successful in CLOUD COMPUTING from day one itself ? Impossible na... Sameway,
1) You should start your learning about markets
2) Practicing Ur Trading Skills
3) If you are profitable, then only PROFESSIONAL SETUP / FIRM to trade.
Its highly risky to straightaway start with trading directly, But I can help you with learning about Market from scratch if you are interested. Thats all I can do...:thumb:
Really Happy that if my inputs are helpful to you
Dont rely on any website,Mentor,Trading Guru's,Tips provider,Strategy selling / AFL selling websites.Please dont trust any of them.You will lose all your capital.
The only way is to LEARN & PRACTICE.Its not possible to learn most of the things in very short time and become successful.To put it more clearly,Its like you are learning some new technology in software industry, you may be an expert in JAVA but whether you can be successful in CLOUD COMPUTING from day one itself ? Impossible na... Sameway,
1) You should start your learning about markets
2) Practicing Ur Trading Skills
3) If you are profitable, then only PROFESSIONAL SETUP / FIRM to trade.
Its highly risky to straightaway start with trading directly, But I can help you with learning about Market from scratch if you are interested. Thats all I can do...:thumb:
Kumar,
I also agree with some fellow members that do not rely on tips etc provided. You will never be able to sustain on that. You need to know the game yourself. Billa has given some excellent suggestions. Do keep that in mind. Also do not go overconfident if you have made money in last 2-3 months. It has been an easier market. It does not last too long like that.
But best of luck! I would suggest you should also add some part time income to your kitty if possible. That will help you to sustain longer. And also dnt start chasing profits. Be very disciplined with your trading.
I also agree with some fellow members that do not rely on tips etc provided. You will never be able to sustain on that. You need to know the game yourself. Billa has given some excellent suggestions. Do keep that in mind. Also do not go overconfident if you have made money in last 2-3 months. It has been an easier market. It does not last too long like that.
But best of luck! I would suggest you should also add some part time income to your kitty if possible. That will help you to sustain longer. And also dnt start chasing profits. Be very disciplined with your trading.
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