How to become a full time trader

suri112000

Well-Known Member
#21
I forgot to add about my venture into trading.

1. I blew my first trading a/c of Rs.50K in 6 months.
2. Second a/c in another 8 months.
3. Third a/c .......i stopped trading after first 2 losses in the third trading a/c.

Then I realised something very crucial is missing in understanding the concept of successful trading.

What i did was, i pooled up my entire money into fixed deposits, then i started drawing interest from FDs on monthly basis, started trading on Weekly Timeframe and sometimes on daily Timeframe on equities.

Nothing seemed to change for another year or two. ofcourse i was not loosing my capital also since the base capital is in FDs and my exposure is limited to the interest generated on FDs.

When fear is plugged (by making base capital as FDs), i am scarce of large funds to trade large, thus automatically the things started coming under control. I could see some profits started generating. (This is because i started trading with capital which is not scary).

Now, it is 5 years since then. I did lot of experiments since then. Traded almost every instrument available in the market, in every TF.

I am a Government Pensioner drawing enough monthly pension for family expenses and presently working in a PSU and drawing salary also from there. I am left with hardly few years service and so thought of embarking upon FTT after retirement. I will draw two service pensions after retiring. Lot of financial cushion. FTT does require financial cushion, but that is not the only one required here. Many things need to be learned, mastered in a practical way which takes lot of time.

Hope this helps you in taking an informed decision.
 

Gandhar.

Well-Known Member
#22
Hi all.

First of all a brief intro about my profile and background. I am a MBA fin working in an NBFC at low double digit annual CTC with not much bright prospects of a career growth. I have a working wife and a kid and live in a rented house. I have learning TA from past 3 years and learning day trade from past two years. Till date I haven't lost much nor gain much in day trade. But of late I believe that I have the basis in place to be good trader just that my day job doesn't allow me to concentrate on trading so I miss many good trade.

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...

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Do you enjoy trading?
What if u blowup ur account during the process, would you still enjoy trading?
Blowing accounts in starting phase is very common do you have provisions for that?
You can still do swing trading with ur job.
 

newuser_RK

Well-Known Member
#23
Just to summarize the discussion:
1. Do not leave the job ( I know that) but to become a FTT one will have to leave job one day( no one guided on this)

2. Try out Swing or EOD trade

3. Consider various phsycological angles like drawdowns, account blow up and others

My take
1. Indeed day trading is an escape route for my soul sucking job
2. But I need to prepare myself for the eventual day when I will have no job
3. Divise some alternate source of income
4. Try to increase wealth by as much as possible
5. Try out swing and EOD trading like Indian bank sir
6. Meanwhile keep your self ready to take up day trading as and when requires (not voluntary but forced decision)

Sent from my AO5510 using Tapatalk
 
#24
Hi all.

First of all a brief intro about my profile and background. I am a MBA fin working in an NBFC at low double digit annual CTC with not much bright prospects of a career growth. I have a working wife and a kid and live in a rented house. I have learning TA from past 3 years and learning day trade from past two years. Till date I haven't lost much nor gain much in day trade. But of late I believe that I have the basis in place to be good trader just that my day job doesn't allow me to concentrate on trading so I miss many good trade.

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...

Sent from my AO5510 using Tapatalk
Hello, Newuser_RK

According, to my view. BTW It's my personal view. If you are seeing trading as an escape from the job then stick to where you are because trading is business. And Like for any business to operate successfully, it requires an efficient manger. And in trading you are accountable for everything you either loss or profit, do to yourself. No excuses. No one else can press the Buy/Sell button other than you so you can't blame the market or anyone else.

If trading is really your passion then,
I would say just go ahead just do it give it your 110% efforts. Either you'll have success or you'll have experience. Both are invaluable.

But the following should be kept in mind -

1. Open a Demo account and try trading the same capital as you would in real account.

2. Have At least 30 lakh rupees in saving to invest not borrowed money.

3. Deploy your capital in other streams along with your trading account.

4. Start A SIP in several well performing funds.

5. Open an account with a reputed Discount Broker.

5. Have a great desktop computer to work on, preferably with two monitors.

6. Have a comfortable and peaceful working environment with no distractions.

7. Try to pay off your liabilities and debts before starting.

8. Don't deploy all your capital in account at once. Have 50% in reserve. And gradually add as you start to get better at it.

9. Study trading psychology.

10. Have a solid strategy that has worked on demo account.

11. You can open demo account with FXCM and try to implement strategies there on Meta Trader 4.

Feel free to ask more questions. Definitely looking for to help more.

Regards

NCDEX Boss
 

newuser_RK

Well-Known Member
#25
Hello, Newuser_RK

According, to my view. BTW It's my personal view. If you are seeing trading as an escape from the job then stick to where you are because trading is business. And Like for any business to operate successfully, it requires an efficient manger. And in trading you are accountable for everything you either loss or profit, do to yourself. No excuses. No one else can press the Buy/Sell button other than you so you can't blame the market or anyone else.

If trading is really your passion then,
I would say just go ahead just do it give it your 110% efforts. Either you'll have success or you'll have experience. Both are invaluable.

But the following should be kept in mind -

1. Open a Demo account and try trading the same capital as you would in real account.

2. Have At least 30 lakh rupees in saving to invest not borrowed money.

3. Deploy your capital in other streams along with your trading account.

4. Start A SIP in several well performing funds.

5. Open an account with a reputed Discount Broker.

5. Have a great desktop computer to work on, preferably with two monitors.

6. Have a comfortable and peaceful working environment with no distractions.

7. Try to pay off your liabilities and debts before starting.

8. Don't deploy all your capital in account at once. Have 50% in reserve. And gradually add as you start to get better at it.

9. Study trading psychology.

10. Have a solid strategy that has worked on demo account.

11. You can open demo account with FXCM and try to implement strategies there on Meta Trader 4.

Feel free to ask more questions. Definitely looking for to help more.

Regards

NCDEX Boss
Really really appreciate everyone for so many valuable suggestions.

Almost all the above points are in place, but I lack courage to leave the job ( which is a sensible decision right now).

One last help I need is about algorithm trading. Can someone help me with the skill set required to find such a job. Also how can I learn tradestation or metatrader coding language.

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deba72

Well-Known Member
#28
Just to summarize the discussion:
1. Do not leave the job ( I know that) but to become a FTT one will have to leave job one day( no one guided on this)

2. Try out Swing or EOD trade

3. Consider various phsycological angles like drawdowns, account blow up and others

My take
1. Indeed day trading is an escape route for my soul sucking job
2. But I need to prepare myself for the eventual day when I will have no job
3. Divise some alternate source of income
4. Try to increase wealth by as much as possible
5. Try out swing and EOD trading like Indian bank sir
6. Meanwhile keep your self ready to take up day trading as and when requires (not voluntary but forced decision)

Sent from my AO5510 using Tapatalk

As I wrote in my earlier post in reply to your post, I would again reiterate

1. If you have a really good and consistent strategy, it would perform much better in commodities like Crude,Gold and Silver than in Nifty or individual stocks.

2. Start trading crude,gold,silver in the evening with very little capital. Trade mostly micro or mini lots.

3. Give yourself at least six months before evaluating the results. If not performing well, go back to drawing board. If working well, slowly scale up.

4. You have given yourself two years I suppose. With a profitable system in commodities, you would be generating a very good amount of money by the time you reach the two year timeline.

5. Take decision of leaving or not leaving your job then.

I have made a similar mistake in 2007. I was working with a MNC bank in a senior position and was trading part time and was making good profits, sometimes two or three times my monthly salary. This led me to believe that trading full time was a cakewalk for me and I would earn much more and at the same time would be free from that "soul sucking" job.

I left my job in a haste and how wrong I was !

Next five years were a nightmare for me with one setbacks after another which I don't want to elaborate here.

So if you want to learn by others' mistakes, don't act in haste.
 

oi trader boi

Well-Known Member
#29
@ everyone who replied so far-Sir,how much margin one should have to trade just a one lot of a future whose lot size is 3000?

I used high leverage and my accounts got blown out many times.
 

praveen98

Well-Known Member
#30

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