How to become a full time trader

niftytaurus

Well-Known Member
#11
1. Yes taking leave or sabbatical for 6 months to test out is the best option. But I won't get that luxury.
Why cant you get that luxury..as You are planning to leave job..so it would be better to take leave & test your trading skills..so if cant take 6 months leave..at least you can take 1-2 monthes leave, which can be given in any company..& do trading with small amount in this period & see If you can make at least 10% of your trading capital...it will show your tradign abilities
Yes I have a back tested PA based system.
Its good tat you have backtested system..but ask those qustion to yourself..how much duration have you tested? because backtesting should be done on a big period of time so it can catch all type of markets..as sometimes, trending period testing can give you false results..i hope you have considered all those points..besides, backtesting is diffrent game & real tradign is different..& psychology will decide 80% of success..as emotion will play a big role..so you would test your method with real trades..if u cant, trade after office hours & trade commodity..& see the results..as same method should work on every markets & you can check method without taking leave..

2. No issues on that front we can survive for an year..
this point is very important..in addition of your wife salary, there should be additional source of income , which can replace same amount as your salary..it should be a continus earning like intrest,rent, or some other buisness income...

3. Yeas I can mange capital of 10 lac

This 10 lacs capital should be your surplus money..means, if you loss it all, it will not effect your life at all..I meant it should not be saving which you keep aside for education goals, house goals, or for other other emergency purpose..it should be exclusively surplus.. It SHOULD NOT be loan at all..not from bank or not from relatives/friends or not from anywhere..

4. Yes I want to be a trader but its also true that I want to escape my soul sucking job. I am not sure if I am ready to take in ups and downs of trading career.
first you should ask to yourself some questions..are you really passionate about trading? Do you really like trading or love trading? IF, MONEY POINT is completelly remove from trading, would you be able to do that?means if easy money is not in trading, will you consider it as trading proffesion?as you are doing job because it gives you money..whether you like it or not..in the same way, do you want to do tradign for same purpose
?
EX..a passionate singer will enjoy his passion if money will not come..he enjoys singing only..money & fame comes as by Product..so in my view, if you want to check if you really enjoy your work, best parameter is remove money & see, if you realy enjoy it or not..you cant success in any proffssion if you dont enjoy it at all..money is byproducct..so please ask those question first?those are biter truth/questions, but need to face those questions?


In short I am still undecided what to do but I am continuing my job in the near future at least...

you cannot decide without doing it? trading doesnt need just a Method..but its 80% psychology..FTT have some common qualities..the most importnt is they are not move by greed or fear..even Fear is most imporatant & powerful emotions..they take calculated risk without fear..for testing that ask yourself, what is the most riskiest things have you ever done in your life..it will decide psychological traits..Risk doestn means jump from some mountains but ready to take consequences of that action whatever they may be..as in trading, are you ready that if trading will not give you any single rupe but take your capital ..are you ready to take plunge again in fourt years..

Thanks ST da for replying....

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i hope that will help you in taking your decision.
all the best for evry decesion you take
 
#12
No for what I would appreciate if you would read the thread title and content carefully

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i know people don't like to hear this. But given your current situation, there is no way you can become a ftt.

once you are free from family obligations and have a sufficiently good account size(10-20L) AND have a thoroughly tested strategy AND have mastered emotions, Then you can make an attempt at ftt.

For the moment , the answer is clearly a NO.
 

newuser_RK

Well-Known Member
#13
i know people don't like to hear this. But given your current situation, there is no way you can become a ftt.

once you are free from family obligations and have a sufficiently good account size(10-20L) AND have a thoroughly tested strategy AND have mastered emotions, Then you can make an attempt at ftt.

For the moment , the answer is clearly a NO.
OK let me be clear I am not asking if I should become a ftt now. I know I can't be a ftt right so I am asking path to become a FTT in the near future 2-3 years approx is my target.

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#14
OK let me be clear I am not asking if I should become a ftt now. I know I can't be a ftt right so I am asking path to become a FTT in the near future 2-3 years approx is my target.

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you did not understand me clearly.

Let me make it even more clear.

you will not be ready in the next 5-10 yrs , forget 2-3 years.

lets do a risk assessment of your situation.

Risks: your family's financial future. This in itself is a huge one.
Reward: very limited ,as it will take min of 4-5 yrs to become a consistently profitable trader.

The risks outweigh the reward.

you are also doing this to escape your current job. This is not the right reason for becoming a ftt. I suggest you change your job if you are not happy with current one.

The only way i can see you becoming a ftt is when you are financially secure and have no financial risks which could impact your family and have the time and resource to practice becoming a ftt.

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. These you will know once you start practicing trading.

Main reason why so many fail in this business is having a very small account and huge expectations of returns.

I could write more, but i m off now for the weekend. you can PM if you have a specific question.
 

suri112000

Well-Known Member
#15
OK let me be clear I am not asking if I should become a ftt now. I know I can't be a ftt right so I am asking path to become a FTT in the near future 2-3 years approx is my target.

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It is a fact that only 5% of the poeple make it here to the top spot.

1. Donot overestimate your ability to master your psyche in 3 years of time. For most traders, that is very limited time as they soon realise that whatever they have mastered is just tip of an iceberg. Understanding your psyche, mastering it and completely rewiring it takes more than what you think and perceive. It is not a goal to achieve but it is a continuous process after breaking the initial ice.

2. A concrete backup is very vital. Think you are starting an industrial house which takes a gestation period of 3 - 5 years before starting to show up its results. During this period, you cannot expect to meet your expenses from trading. A concrete plan for good base capital and expenses for the gestation period is to be made out.

3. Making money from trading is very boring activity provided you have a profitable system and not gambling. Plan your social life ahead during the initial years. Our society still considers trading as a gambling activity. Understanding family and more importantly their belief in your assignment is an absolute necessity.
 

tradedatrend

Well-Known Member
#16
Learn options.

NSE provides Option Module course under NCFM, read that book thoroughly and multiple times.

It might not be the best resource, but certainly a good point to start with.

The day you will understand Options like back of your hand, you will be able to employ your boss as your assistant at more than his current salary.
 

DSM

Well-Known Member
#17
Great post and sound advise.... :thumb:

It is a fact that only 5% of the poeple make it here to the top spot.

1. Do not overestimate your ability to master your psyche in 3 years of time. For most traders, that is very limited time as they soon realise that whatever they have mastered is just tip of an iceberg. Understanding your psyche, mastering it and completely rewiring it takes more than what you think and perceive. It is not a goal to achieve but it is a continuous process after breaking the initial ice.

2. A concrete backup is very vital. Think you are starting an industrial house which takes a gestation period of 3 - 5 years before starting to show up its results. During this period, you cannot expect to meet your expenses from trading. A concrete plan for good base capital and expenses for the gestation period is to be made out.

3. Making money from trading is very boring activity provided you have a profitable system and not gambling. Plan your social life ahead during the initial years. Our society still considers trading as a gambling activity. Understanding family and more importantly their belief in your assignment is an absolute necessity.
 

indianbank

Well-Known Member
#18
Now my query is how should I proceed to become a full time trader. My ultimate goal in life is to become a FTT. But given my profile its a bit difficult to just leave job and try day trading (although I am quite confident of my day trading strategy)

Any help would be appreciated...
HI newuser RK...
If your aim is money making then you can choose some other prof.. To win trades you need passion towards this game....
what you mean by full time trader?
do you really think Full time sitting in front of a computer will give you lots of profits??
my experience is opposite ....the Less you sit infront of moving charts the more money you will get ..

I am too having job .. i am an investor ...and gettin 30-40% return/year on my capital... using just mobile for placing orders.... i have managed max of 45 stocks same time using my mobile...
Brother dont leave your job for this dangerous sweet game...
You Start trading with large time frame ............... Good luck :thumb:
 

DSM

Well-Known Member
#19
RK,

Do test the water first by dipping your toes... especially when you are starting. You should not put all your capital to risk.... at the start. Markets will not vanish after you enter... they are there to stay. Also remember that markets are unpredictable and have a way of sucking in your money. Trading in reality is entirely different from trading by back testing....

Think wisely and trade safely. Good luck.


Yeas I can mange capital of 10 lac
 

Vipul_84

Well-Known Member
#20
Its not simple NO but very very BOLD no.........

Many things:

1. You are staying in rented flat
2. Wife is working means you need second support
3. Even if you both are working, still you are not able to buy a flat (bcos of your young age & new in career hopefully. If you are aged with 15+ yrs work exp then matters are even more at odds)
4. For raising 10L , you have to somehow manage. So its not a risk capital but scared capital. Emotions will be too heavy on you.
5. Its one thing to back test strategy & its other thing to trade it. And its totally different thing to trade it full time and Its far far different to trade it with scared capital.
6. Read a thread by TAMIL TRADER and what is he doing now.
7. Your 3 years expenses should be in FD with your own home and wife working. This is a stage that you may come to after 10 years from now.
8. Till then you can always trade Iron Condors , some swing strategies with higher TF such as 60 mins or daily.
9. Do this favour to yourself and SAVE THE DAY.
:thumb:
 

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