How to become a full time trader

[vijkris]

Praveen Sir,I now understood the risk involved in above case and I may blow out my account again.

what if I start trading 2 lots Nifty option with this amount?
Nifty Option Naked Scalping for 5-8 points.ITM most of the times.SL may be 3-5 points.

Pls guide me on this.

as said by praveen sir, it depends on your stoploss.
u can see my signature abt risk management as well.

 

[praveen98]

Praveen Sir,I now understood the risk involved in above case and I may blow out my account again.

what if I start trading 2 lots Nifty option with this amount?
Nifty Option Naked Scalping for 5-8 points.ITM most of the times.SL may be 3-5 points.

Pls guide me on this.

Dear OI,
I think it is better to trade in CM without taking any leverage...
Your scalping ITM options can be done, but i requires a different skill set and quick reflexes, bracket orders, less brokerages are prerequisites....what i want to say is it is possible to scalp but whether you can do it and stay profitable consistently ...you only can tell...if i were in your place i will trade in CM only...and i will not go for option scalp idea ....because....to trade this idea profitably one needs an idea whether Nifty will go 10 points up first from entry or 10 points down first from the entry level...i think it is very difficult....
All the best:thumb:

 

[oi trader boi]

Dear OI,
.if i were in your place i will trade in CM only...and i will not go for option scalp idea ....because....to trade this idea profitably one needs an idea whether Nifty will go 10 points up first from entry or 10 points down first from the entry level...i think it is very difficult....
All the best:thumb:

Thanks a lot Praveen Sir for putting this so clear and straight forward.
I wish I could got such knowledge in mid 2012.That time no one was there to guide me on MM,RR etc.
I found only big returns,high leveraged,made this much-made that much threads and people only and I lost huge money.

Thanks Vijkris Sir.I'm reading your threads.

 

[oi trader boi]

Dear OI trader,
It depends upon your stoploss, say if your stoploss is 1rupee away you are risking 3000on the trade before comissions and slippages that is approximately 5% of your 60K...do you think it is prudent to take 5% risk on a single trade?

Praveen Sir,I never traded BNF.I'm checking it from few days and it looks very appealing.As you said it depends on the SL,then Sir,in BNF 20 points SL and 50 points Target is achievable. 1:2 ratio.
But I dont know how much slipage problem BNF has?
20points SL is like 1% risk of my amount.

 

[oi trader boi]

For banknifty, 20points SL will come under noise section. Too less value as BNF is very volatile and responsive.

How much one should keep for BNF then?for intraday scalping Sir.

 

[padiyaraa]

Let me make it even more clear.

One simply does not switch to this career.
It takes years of practice. Its not just having money and strategy.
There are lots of other things which have to be learn t and mastered.

Nice Quote.

Any way out off subject I would like to mention something here.
To cut short our answers in an yes or NO is not sufficient in growth path,
those who have caliber to narrate and convince things properly,
should kindly spend there few minutes to put there words.
Thanks

 

[newuser_RK]

Sometimes I feel full time trading is for bachelors, retired or rich. Else its very risky.

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[NCDEX Boss]

Sometimes I feel full time trading is for bachelors, retired or rich. Else its very risky.

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Hello Newuser_RK
I think it's for the wise, patient, prudent and the risk averse who knows to protect the capital.

Regards
NCDEX Boss

 

[praveen98]

Praveen Sir,I never traded BNF.I'm checking it from few days and it looks very appealing.As you said it depends on the SL,then Sir,in BNF 20 points SL and 50 points Target is achievable. 1:2 ratio.
But I dont know how much slipage problem BNF has?
20points SL is like 1% risk of my amount.

Hi OI,
For your ideas of option scalping and BNF trading ...Do you have any system to trade?
I don't know how much experience you have in the markets? At the end of the day....if you look at charts you can see many potential opportunities within your risk parameters and your reward expectations....But during the market hours it takes experience,screen time and quick reflexes for day trading....to spot and enter those trades in real time...
If you are not experienced in trading try your method of trading in CM....if you don't have a method ...study, design your own trading system...and then trade in CM....with no leverage...if you are consistent with your results for at least 3 months then plan the next step...
It appears to me that you are very eager to trade....but a traders job is on the contrary to wait for the best opportunity with favorable R/R

All the Best:thumb:

 

[newuser_RK]

Pursuant to the discussions here, I have decided to change my work profile to a better job and leave day trading for now and try my hand at swing delivery trades. May be in future when I have a lot of money and little less responsibility I would try day trading...

Thanks all..

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