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.
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.