Please Help Me..

Hai

Currently i am working in an IT Firm.. But Now the situation is not good.. Daily layoff is going on... We finished all our projects no new projects are coming.. So with 1 or 2 months surly they will send me out...

I am doing trading for past 1 year i got much profit and also lot of loss.. Even though i lost i am not willing to leave this trading... Now a days i am learning some technical analysis and also got some profits...

If i lost my job means then getting new job is very difficult..All of you know about the current IT situation..I planned to do trading as a full time profession..Is it good decision or not?

I get confused...But i am not going to leave my confident both in job and also in trading... I will search job also.. But i need some more suggestions to decide...

Please Help.. Thanks for spending ur valuable time...

Waiting for ur suggestion

I suggest you go through the thread by saint...."Teach a man to fish...." before trading fulltime or part time. This thread gives you valuable insight into the basics of technical analysis and money management .

Please go through the thread deligently and you will surely be better off for it.

karvy

You will never know how good your decision is until you actually start making money. It takes years of trading and a large bank balance to become a good trader!

find a new job, meanwhile trade in index options, only when market is overbought or oversold.

if ur married and ur wife is a home maker,then no problem.the solution is u allocate atleast 2 lac for trading in 60 minute flow,have a bsnl broadband,sharekhan or kotak securities account & rest leave this trading to ur wife.
She can make atleast 20,000/month for living.u can switch to safer job if u lose this IT job.

regards

http://www.traderji.com/words-wisdom/19078-trading-profession.html

pls to thru this thread, alot of valuable info for u dear friend.

Surenther,

Appreciate that you are brave man to face the tough reality and taking proactive action to get prepared (not like many other employee who still think that it can happen to everybody else in the company /industry but not to them).

My suggestions towards trading -
How long did u study Computers in graduation/post-graduation /got trained in language/database before getting salaries job in IT company ? You know the answer of this. Compare that to trading and decide yourself. Trading is one of the toughest profession. In my view, 1yr of mkt experience, few books on Tech analysis is not sufficient. Trading is lot bigger then Tech Analysis. There is system development, risk and money mgmt and psychology pieces that are not covered in Tech Analysis.
As your performance is not consistent, certainly u can't rely on your current level of trading for monthly expense.

Yes, u can take up trading as profession. But don't risk the money that u need for living on trading. It will hold you back psychologically at every step and you won't be able to take resepect ur stops / will take quick profit and give it back in one losing trade etc. Scared money is the first looser in this businesss.

Learn proper trading specailly risk and money mgmt part, get atleast 1 strategy to trade, backtest it and get the feel of it. Paper trade this for sometime. and once u have confidence, then start putting your precious capital on this.
If you get it right (I don't see any reason why u can't), then probably you will never go back to IT agian. Knowledge of programming is big advantage in
sytem development and backtesting. (there are many trader who will envy you for that).

For person in your situation, Protection of Capital is of most importance. Survival is first priority. Attack, growth, etc comes after that.

Like any other business, here also one has to wait for few months to see the returns. Journey to become full time successful, consistent trader is lot tougher then what it looks to novice trader.

Suggestion to survive the lay-off
1) Cut down your cost / personal loan / credit card /Monthly Rent etc
2) Look for another job in other industry.. Don't fancy about dream job now. This job is the need of the hours. Once u think out-of-the-box, you will be surprised how many other types of jobs we can do .
3) Start something on your own (but be prepred that it might take few months/years before it shows any +ive cashflow)
4) Keep yourself up-to-date with technology/ latest trend etc thru training/education, so that when job market picks up, you don't loose the chance.

All the best.
Happy trading

Hey Good wishes.

Becoming a trader should a decision taken in different view point IMO.

It would be good to become a trader for the reason you love it rather than you anticipate a lay off

EDIT : AW10 enough said.

Know what you want

Thanks A lot for your valuable suggestions...

I decided to go as a trader... My job is going with problems only... May be it will go upto another 2 or 3 months i am using these time for learning.. These are my plan..

1,I am going to put 20k as my capital
2,Mainly my concentration is on 250-350 rs range shares mostly ICICI,RCAP,TATA STEEL,TATA MOTORS
3,for 20k i will get 8 times exposures so i can trade upto 1.6 lakhs
4,i am not going to trade on first 30 min.. i will start exactly @ 10.20
5,I am using Pivot analysis formula and bollinger bands
6,@10.20 i will watch open,high,low,ltp price of one share and then i will go through bollinger bands
7,if that LTP is near to upper line of bollinger then i will sell 250 shares with the target of moving average of that share for previous 20 days
8,if that LTP is near to lower line of bollinger then i will buy 250 shares with the target of moving average of that share for previous 20 days
9,Mostly my target is only 1 to 1.5 rs
10,if it reached then i will sell/buy only 150 shares
11,i will keep another 100 shares for reaching another 1rs
12,i will do the above things for only 2 shares
13,so i will get profit as 500-750rs
14,If possible i will do this again for another 500 rs
15,My aim is to get 1000rs per day
16,if it reached then i will stop my trading and i will take that amt out
17,i will keep 200rs for my future trading 200rs for delivery 300 as my savings another 300 is for my family

The above is my plan for starting my profession.. i also paper trade these... Mostly i got the profit.. i am going to do it for another 1 month...

I need your suggestion on these plan

Thanks

Where's your stoploss mate?? Markets do go against you , atleast with me its happened frequently.