Hari om!
Sunil, Winstonn,CV,and Agilent-friends, all you are watching this thread with care is really encouraging.Sunil's books must be a good one for clearing fundamental concepts on markets as Agilent commented and Sunil replied.I think you are right Sunil to suggest the basics clearing ones,as the share market is not out of this world and it is the rule of this world that every durable tall building must have a sound foundation.
Now friends.I am watching that you guys are writing one thing almost everytime inherently that intraday is very untouchable and no one can master it.Let me explain.
The mutual funds,the hedge funds,the portfolio managers,insurance companies and even the Big Boss(what a soap on Sony TV! who do you think will be out this week?) - Governments, raise funds from public and returns from these are 30% annually almost at the best.Now where do these organisations go to gain capital? It is the stock markets where from they are regularly earning.
Do they trade weekly? monthly?yearly? What is their trading period in general? They are mostly long term investors but do not hesitate to book profits when time comes. They are the real gainers.So why do people day trade?
Answer-If you are to make a living from the stock market and have very small amount of capital to invest (below one lakh) and have no other income. If you are getting a living from other sources and want to make wealth then you must avoid daytrade and invest reguralrly in disciplined manner in stock market.
I am in the horizon of the first category.I have to make a living from here. Although I am a dependent and my father is not forcing me to earn.
If you are with a capital of say 2-5 lakhs, then you can easily avoid day trading and go for fno trading. Monthly handsome income is almost assured with good guidance and stoplosses.
But same is not true with small capital. You can not wait till a month for your swing trade to give you 10% return. Rs.20,000/- in hand and will get Rs.2000/- at best if the luck lady does make a smile on you. But if you day trade with this capital in qauality stocks, you can day trade with a capital of 40,000 to 80,000 depending on stocks on a margin money of 20,000. Now that can easily fetch you Rs.400-800 per day guessing a 1% income after the end of the day. Ofcourse everyday you will not gain the same,but on an average one can make his/her living with this earning every month which will be 8000 to 16000 thinking of 20 days trading in every month.
Hypothetical? No dear friends.It is true and if do not believe read the related articles in google search published in indian dailies and probably wallstreet also got a story on indian day traders.
Again,if you identified stocks for swing everyday and keep booking profits in the next day morning(btst) it is also one type of daytrading to me as you can earn each day without bothering for weeks.
One of you said I am emotional(!!!!!!!!! and more exclamatories),some joked, some made stray comments,and more ridiculously you all are saying that this is difficult!
I said I am a student. Was a student of Physics Honours, now studying Chartered Accountancy and Company Secretary.I want to earn because of the long time the ICAI board scheduled for the student to become a certified CA(it is four years minimum now) and I am just a beginner. In the education and all features of life it is taught that if the student thinks the subject is difficult, he/she is not going to grab it properly.And more importantly if the teacher feels that the subject is difficult to teach,then the teacher is not only worth the post,but he does not know the subject.
I made good profits from the market in the fashion I wrote above and still doing that by the grace of God.But I had not done it from my analysis but from some others for which I paid them. But they are all fine,except a few.Now I want to know the art, can earn more if I can monitor it all for myself.It is your intelligence and the eagerness to learn,that may be from your losses may be from other people's experiences,that make the time limit for success.It is not a matter of years of experience,as one of our friends said earlier in thtis thread,it is all number game-averages and charts and logarithms. This is not difficult dear. Can be achieved in a few months surely.
As my subject is practical accountancy,management and economics these days, I will have access to the fundamentals of the capital market and am currently working on that.But technicals are not taught in these esteemed institutes.So I needed help.
You gentlemen please post these things if you are really generous to me-
1.Your first trading experience as a noivice.
2.The first book you read on technical analsysis.
3.Create a list of books which you read and think is important for a technical analyst's library.
4.The order of these books you think is appropriate to read-from basics to highest.
5.The place or websites in India where these books are likely to be available in reasonable prices or from where you got those(Anyone from Kolkata can specify the place more appropriately).
6.The best softwares to trade with these days(both day and short term) you feel.
7.Where from can I get these in affordable prices in INDIA (or Kolkata).
If you can help me personally can post private messages.
I want to make this thread,with the help of yours,a comprehensive all in one thread where young people like me can know where to go,what to do,what to buy to make a living in the share market.
Thanks.
