May I earn 10K per month
- Thread starter bomdila
- Start date
you can earn 10k with 1 lac per month easily.
First start with longer time frame, intraday trading is not for newbies and it will absolutely ruin your account esp. if your trading experience is less than 3 yrs and any one above 3 yrs experience in market mostly skip intraday and go for positional trading (except very very few scalpers). Also don't go for options at start, it's a trap for greedy+lazy+dumb newbies. Do paper trading but being good at paper trading won't guarantee you anything but being bad at paper trading guarantees your failure in live market.
Don't hurry to make money, your goal for first two years is gather knowledge and lose as little as possible. Don't build dream castles with spreadsheet and it won't work, trading is the hardest way to earn the easy money. Toughest part after technical know-hows is *you*, yes
you are the single most enemy who will block your way to riches, so be prepared for this surprise and find a way to handle *you*.
I wish you only slightly above average luck
A good trader can convert that small edge into money, if he can't do that no amount of luck can help him!
First start with longer time frame, intraday trading is not for newbies and it will absolutely ruin your account esp. if your trading experience is less than 3 yrs and any one above 3 yrs experience in market mostly skip intraday and go for positional trading (except very very few scalpers). Also don't go for options at start, it's a trap for greedy+lazy+dumb newbies. Do paper trading but being good at paper trading won't guarantee you anything but being bad at paper trading guarantees your failure in live market.
Don't hurry to make money, your goal for first two years is gather knowledge and lose as little as possible. Don't build dream castles with spreadsheet and it won't work, trading is the hardest way to earn the easy money. Toughest part after technical know-hows is *you*, yes
you are the single most enemy who will block your way to riches, so be prepared for this surprise and find a way to handle *you*.
I wish you only slightly above average luck
A good trader can convert that small edge into money, if he can't do that no amount of luck can help him!
... but I will have to wait one month for a bar on monthly chart and a week on weekly chart. Don't you think it's too much longer
It has taken me some thought to come up with this response and I am not sure if it would serve the purpose:
Stock market trading is done at the present using data from the past. A classic modus operandi of reading past behavior to predict future prices... this leads us to what I call the 'Prophecy Effect' - living the prediction!
It is easy for traders to ascertain future price points based on past information... but very difficult to maintain their poise when they see present data along with the past. Why? - because they continuously predict or live their prediction.. and their mind continues to provide more possible price scenarios in the present...
If this has gone over your head... let me try to explain with a simple example:
Assume you are reading a 5 min chart... you see a classic evening star formation that is signaling further downside... you plan to enter the position at the beginning of the next candle and place the stop at the top of the eve star pattern... you also have a price target at 2% below entry. This is your Prophecy!
The next minute, you then see the candle forming a green/up pattern... your mind now can come up with various price scenarios... evening star has failed.. look at the 3 min for confirmation... wait for the next 1 min candle to be bearish etc etc... all this is 'Prophecy Effect' or living the prediction. where you have conflict with an absolutely clear idea of the past to some vague contradictions in present... at the end you either take your planned trade or don't trade or worse.. .exit an otherwise good trade.
How do you get over this problem?
The answer is simple... stick to your past analysis and let the trade play out.
In my earlier post what I meant was - analyze based on weekly patterns, trade on the daily time frame... so you basically look at weekly chart on Sunday and plan your trades for your next week.. on Monday the daily charts will help you get the best entry in terms of risk:reward... at any cost you SHOULD NOT LOOK AT THE WEEKLY CHART DURING THE WEEK, as this will only distort your earlier analysis.
Hope this long post helps!
That was one hell of a question!!:thumb:
It has taken me some thought to come up with this response and I am not sure if it would serve the purpose:
Stock market trading is done at the present using data from the past. A classic modus operandi of reading past behavior to predict future prices... this leads us to what I call the 'Prophecy Effect' - living the prediction!
It is easy for traders to ascertain future price points based on past information... but very difficult to maintain their poise when they see present data along with the past. Why? - because they continuously predict or live their prediction.. and their mind continues to provide more possible price scenarios in the present...
If this has gone over your head... let me try to explain with a simple example:
Assume you are reading a 5 min chart... you see a classic evening star formation that is signaling further downside... you plan to enter the position at the beginning of the next candle and place the stop at the top of the eve star pattern... you also have a price target at 2% below entry. This is your Prophecy!
The next minute, you then see the candle forming a green/up pattern... your mind now can come up with various price scenarios... evening star has failed.. look at the 3 min for confirmation... wait for the next 1 min candle to be bearish etc etc... all this is 'Prophecy Effect' or living the prediction. where you have conflict with an absolutely clear idea of the past to some vague contradictions in present... at the end you either take your planned trade or don't trade or worse.. .exit an otherwise good trade.
How do you get over this problem?
The answer is simple... stick to your past analysis and let the trade play out.
In my earlier post what I meant was - analyze based on weekly patterns, trade on the daily time frame... so you basically look at weekly chart on Sunday and plan your trades for your next week.. on Monday the daily charts will help you get the best entry in terms of risk:reward... at any cost you SHOULD NOT LOOK AT THE WEEKLY CHART DURING THE WEEK, as this will only distort your earlier analysis.
Hope this long post helps!
It has taken me some thought to come up with this response and I am not sure if it would serve the purpose:
Stock market trading is done at the present using data from the past. A classic modus operandi of reading past behavior to predict future prices... this leads us to what I call the 'Prophecy Effect' - living the prediction!
It is easy for traders to ascertain future price points based on past information... but very difficult to maintain their poise when they see present data along with the past. Why? - because they continuously predict or live their prediction.. and their mind continues to provide more possible price scenarios in the present...
If this has gone over your head... let me try to explain with a simple example:
Assume you are reading a 5 min chart... you see a classic evening star formation that is signaling further downside... you plan to enter the position at the beginning of the next candle and place the stop at the top of the eve star pattern... you also have a price target at 2% below entry. This is your Prophecy!
The next minute, you then see the candle forming a green/up pattern... your mind now can come up with various price scenarios... evening star has failed.. look at the 3 min for confirmation... wait for the next 1 min candle to be bearish etc etc... all this is 'Prophecy Effect' or living the prediction. where you have conflict with an absolutely clear idea of the past to some vague contradictions in present... at the end you either take your planned trade or don't trade or worse.. .exit an otherwise good trade.
How do you get over this problem?
The answer is simple... stick to your past analysis and let the trade play out.
In my earlier post what I meant was - analyze based on weekly patterns, trade on the daily time frame... so you basically look at weekly chart on Sunday and plan your trades for your next week.. on Monday the daily charts will help you get the best entry in terms of risk:reward... at any cost you SHOULD NOT LOOK AT THE WEEKLY CHART DURING THE WEEK, as this will only distort your earlier analysis.
Hope this long post helps!
a. Please call me Pradeep... no sir business... I am also a learner like you.
b. There is no such thing as foolish question.. there can only be a foolish answer. This is my belief.
c. We are all here to share and learn, so please don't hesitate to ask. Only when you ask, someone will know you need something and respond. This is the most open forum on trading I have come across.
d. Laotze suggested Asian Paints, I would also suggest you to follow Cairn - you are seeing another good pattern at work in that scrip.
b. There is no such thing as foolish question.. there can only be a foolish answer. This is my belief.
c. We are all here to share and learn, so please don't hesitate to ask. Only when you ask, someone will know you need something and respond. This is the most open forum on trading I have come across.
d. Laotze suggested Asian Paints, I would also suggest you to follow Cairn - you are seeing another good pattern at work in that scrip.
Last edited:
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