May I earn 10K per month

bomdila

New Member
#1
Hi friends, I have been trading since last few months but unfortunately so far no luck. I wish to earn only 10K per month (excluding internet and other charges) doing intraday trading putting one lac in my trading account. I wish your kind advise 'How to go ahead'
 

RAAMAKANT

Well-Known Member
#2
Hi friends, I have been trading since last few months but unfortunately so far no luck. I wish to earn only 10K per month (excluding internet and other charges) doing intraday trading putting one lac in my trading account. I wish your kind advise 'How to go ahead'
I am afraid for your instant success even anybody here give you such formula / method. :(

Trading is not like making Maggi in 2 minutes, it needs hard work, devotion,
understanding of market, Time and many more things which may be one can not put in few post.
 

onlinegtrash

Well-Known Member
#3
Hi friends, I have been trading since last few months but unfortunately so far no luck. I wish to earn only 10K per month (excluding internet and other charges) doing intraday trading putting one lac in my trading account. I wish your kind advise 'How to go ahead'
you can earn 10k with 1 lac per month easily.

First start with longer time frame, intraday trading is not for newbies and it will absolutely ruin your account esp. if your trading experience is less than 3 yrs and any one above 3 yrs experience in market mostly skip intraday and go for positional trading (except very very few scalpers). Also don't go for options at start, it's a trap for greedy+lazy+dumb newbies. Do paper trading but being good at paper trading won't guarantee you anything but being bad at paper trading guarantees your failure in live market.

Don't hurry to make money, your goal for first two years is gather knowledge and lose as little as possible. Don't build dream castles with spreadsheet and it won't work, trading is the hardest way to earn the easy money. Toughest part after technical know-hows is *you*, yes
you are the single most enemy who will block your way to riches, so be prepared for this surprise and find a way to handle *you*.

I wish you only slightly above average luck ;)

A good trader can convert that small edge into money, if he can't do that no amount of luck can help him!
 
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bomdila

New Member
#4
Thanks a lot Ramakant sir & onlinegtrash sir for your kind advise. I have been reading books, watching videos tutorial and also trading on simulator (Demo trading). I specially following candle patterns, price action & harmonic to enter my trades, as I have read that most of the indicators are lagging. And to exit trades, I use predefined ticks or any divergence or any major key area for half of my position and then I follow the rest with TSL. I do use MP/Composite MP/Fibo R/E & projection to plot major key levels on chart.
 

Pradeep Narayan

Well-Known Member
#5
This is the problem with all new traders... no one seems to understand that trading is not just technical analysis, entries and exits - tools & indicators! It has more to do with you - your temperament, your fears, your greed, your psyche & lots more with your perception of loss and gain. Understand yourselves & then get on reading technical analysis & building the system that works!

I am sure you will think all of us not guiding you in the "right" direction.. and that is ok!

At least try getting a consistent return with 10K for 1 month, then increase that to 20K.. then 30K or 40K as you would wish to...

Wish you all luck and hope to see you around next December :)
 
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#6
Hi friends, I have been trading since last few months but unfortunately so far no luck. I wish to earn only 10K per month (excluding internet and other charges) doing intraday trading putting one lac in my trading account. I wish your kind advise 'How to go ahead'
Some neutral thoughts you should think over:

What do you expect to hear from us as your questions some how shows fear about how to do trading?

Why the number 10K per month and no other number? And why even a number?

Do we trade and enter any trade because we expect a fix number in advance on the outcome of any trade we do or why do traders trade?

Is trading like a job with a fix salary at end of the month or is there maybe a different?

Take care and have a nice evening :)
 

bomdila

New Member
#7
Pradeep sir, you are absolutely right. Now in a very short time, I do believe that a system & TA play only a little role in trading. I concentrate more on 'Discipline' and then MM/RR. On an EOID chart, picking trades is an easy job but while trading live, one has to suffer from lots of fears/greed.
 

bomdila

New Member
#8
Some neutral thoughts you should think over:

What do you expect to hear from us as your questions some how shows fear about how to do trading?
For doing intraday trading, one has to stay with trading terminal during trading hours and only a full time trader can do it. Do I need to spend my full time for the same now?

Some neutral thoughts you should think over:

Why the number 10K per month and no other number? And why even a number?
I don't wish more now as it may affect my emotions.

Some neutral thoughts you should think over:

Do we trade and enter any trade because we expect a fix number in advance on the outcome of any trade we do or why do traders trade?
Sir, trading is a game of probability, one may convert that probability to a high probability only doing a good trading plan and following it. In his trading plan, he may use his exiting plan on a fixed number of ticks/points as his targets.

Some neutral thoughts you should think over:

Is trading like a job with a fix salary at end of the month or is there maybe a different?
No sir, it's not, but I think, consistency is must and equity curve should not go in negative slope.
 
#9
Did you ever try to do any kind of positional trading? Here no need to sit the whole day in front of your terminal as you can do that on bigger time frames

Did you ever trade in options or did you ever try specific option trading strategies like simple credit spreads? Here you would need some amounts for margins, as you have shorts included in such ways of trading.

Just some more ideas you may could follow if you do not want to stay the whole day in front of your terminal. If you want to stay in front of your terminal and further do day trading, you will need to improve your current trading style you trade with. Clearly spoken: This will take you at least an other year in case you do not have a live mentor. Do not try to trade on tips, TA or levels given from others.

Hope it helps a bit to sort out your way you want to move on further. Many others here which surely will help you to sort out your next step you can do.

All the best / Dan :)