Help required - Trading for passion and livelihood

[kumarsemails]

DBSameer,
Thanks for understanding my question and answering somewhat I was looking for.

I want to know more about these 3 points. Can we have a one-to-one discussion if you have no issues?

3. Make as many methods of trading. Back test them. Zero in on two to three methods that work the best in back testing.
4. Get a good real time data with a reliable software.
5. Get a tripple screen trading system.

regards,

 

[karunakumari]

Hi, you need to the following if you want to be a full time trader. This is what i did...

1. Find as many traders as possible in your city and sit with them and understand how they operate.
2. Revisit you analysis techniques. May be enroll into classes, sit with an expert, etc. My take is being full time trader requires more of technical analysis than fundamental. However you can pick your choice. Read lot of books.
3. Make as many methods of trading. Back test them. Zero in on two to three methods that work the best in back testing.
4. Get a good real time data with a reliable software.
5. Get a tripple screen trading system.
6. Do cost analysis. With brokerage of icicidirect you will never be successful. Chose a good discount broker. Figure what is your play...
7. Have a psychological help ready. Trading full time requires a great deal of psychological balance of your mind.
8 Have adequate capital in place.
9. Pray sincerely to whichever God you believe.

what do u mean by triple screen trading system?

 

[pm_shah]

kumarsemails

I am also same boat as you and from same profession. As everyone has explained, it is not cake walk and needs lot of hard work, passion, persistence, discipline and "luck". It is not impossible also as there are many people who are doing it successfully but there are very few of them. Anyway I do not want to preach over here as you are in this field since last 12 years. However I can guide you with whatever knowledge I have. So if you are interested then PM me and we can take it further.

PS I do not have any vested interest in doing it, just wanted to help.

 

[kumarsemails]

Thanks Mr Shah. How can I PM you. I dont see that option.
mine email is kumarsemails [at] gmail.com
could you send me test email?

 

[Cubt]

Kumar,



Even i wanted to become a professional trader, i have been trading and working in software field since 2008. Now with 6 years of exp, moving up corporate ladder earning 10L per annum, but i do not want to leave the job n become full time trader, because to be a successful trader its not necessary tat one should quit his job start trading full time. In fact, its even harder to perform well when u quit ur job n start trading.



All i did was, keep learning n try to adopt a system tat suits ur personality n doesn't distract ur day job, either its positional or intraday, choose a trading method tat suits you. Find a way to automate tat method, so tat it remove ur emotions and helps to continue ur job.



I don't quit my job because am not afraid of losing a high paying fixed income, its because i don't want to lose my network, friends at office. If there is a way to trade ur trading method without manual intervention, then there is no point in quitting a job. After all, full time trading is a lonely business.

 

[kumarsemails]

"cubt" thanks for advice.
but you didnt understood my question.
I want to know how to do it. (not whether i should do or not do).

 

[Cubt]

Okay, pls post ur question, i shall reply to tat specific question with watever knowledge i have. I cannot simply answer how do to it as it would not give a clear answer for you

 

[onlinegtrash]

I have one practical advice...

after you have figured out the brokerage/charting set up etc.

Start with 50k... or 20k... add more money only if you are making profits...
Expect not to be profitable at least for first two years of professional trading.
Don't plunge in with several lacs... when you start.

If you are planning for algo... I guess Cubt can help... but that's even more tough
than day trading IMO.

Lower the time frame and higher the frequency of trading requires plenty of
practice, knowledge, discipline and emotional competencies.

Good luck!

 

[TracerBullet]

"cubt" thanks for advice.
but you didnt understood my question.
I want to know how to do it. (not whether i should do or not do).

1. i am not trading yet so take so take everything below with a grain of salt

2. Trading is not easy. There are many ways of trading and perhaps many bad ways of trading too.
i am trying to learn from NiftyNirvana and plan to read YTC. It will probably take long time before effortless execution.

3. I suggest not to start with real money (or atleast only small money) untill you can prove to yourself that you can do it. Make a trade log, track your practise trades including estmated expenses. You can also practise using old data too to speed up the process using say amibroker or similar software.
Market movements are supposed to be fractals. So i think starting with day trading will improve skills much faster as there is greater number of trades. It should also take less time to verify whether you can work with a method

4. Pick discount broker say zerodha/rksv/tradesmartonline. i have no idea about professional setups.

Thanks Mr Shah. How can I PM you. I dont see that option.
mine email is kumarsemails [at] gmail.com
could you send me test email?

click on his id and send pm

 

[kumarsemails]

To Cubt

Okay, pls post ur question, i shall reply to tat specific question with watever knowledge i have. I cannot simply answer how do to it as it would not give a clear answer for you

1. I want to do professional trading - (mostly short-term to medium term with 20% intraday). By professional I mean using all the latest technology - may be for fundamental analysis or for technical analysis

2. Basically idea is to open a small firm hiring people who do things as per my instructions.

3. So my questions are -
a. what latest software tools i can use for mostly fundamental analysis.
aa. what latest tools for technical analysis
b. how can i get data. intraday, tick by tick. company data for 5-10 years. etc and use that for analysis
c. what all legal, accounting issues i have to see
d. how can i get intraday data for analysis
e. what kind of sytem, hardware, terminal i have to use.

regards,
kumar