Experienced Beginner

Hi everyone. I've traded Forex part time for 2-3 years and still not getting anywhere. Just can't devote the time while running my other company. Unfortunately, with the recession, I'm going to have a lot of time to devote to trading. At least that wil be recession proof (unless I create my own). :lol:
I am on the lookout for a trading style that suits me. To date, I have suffered for "paralysis by analysis" syndrome. Gotta minimize indicators and get back to basics.....if I can remember what they were!!
If someone can steer me to a good discussion on this I'd be eternally grateful.

Good trading to all.

Spanky

Spanky,
Maybe you can start by answering some questions which helped me in the past:
1. Do I want to trade full time or part time(if trading part time you still need to be able to devote of block of screen time every day; if you can't better turn your attention to swing or position trading where you can use eod data).
2. If I'm going intra-day, what're my time frames? Tick charts or minute charts(assuming Indian brokers offer tick data)? If minute charts, what's my focus time frame? Hourly, 15 minutes, 240 mins, 2 mins? Shorter the time frame, shorter the time to react. If X is my focus time frame, what's my lower time frame and what's my higher time frame?

3. What's my initial capital to do this business? Are you willing to take losses? There's a popular saying: 'Scared money doesn't win'.

4. What's the maximum risk as a percent of my capital/equity I'm going to take per trade, for any kind of trade?

5. How will I handle position sizing? refer to 4 above..

6. More than anything, what structure will I need to put in place to handle my emotions? What're my rules that I must follow to stay out of trouble?

7. Do I have a business plan that includes everything and anything else that's applicable to trading as a business?

8. Where will I conduct my business? Do I have a dedicated area? What office equipment must I have to run this business? What's my plan for emergency, particularly if day trading?

9. Which broker will best meet my needs?

8. Once you answer yourself some of these questions, then the next step is to develop a trading plan and a routine as a trader.

Bottom line is your businessplan must not only answer all the above but also answer anything else you feel that needs to be answered. You can take any business plan and adapt it for trading or you might find specific trading business plans on the web and modify them.

Sorry this sounds very elementary and simple but thought you could get started here so you're very clear upfront.

Commit to treat trading as a business and not do some of the dumb, stupid things I did when I got started.......lol!

Hope this helps and wish you will succeed as a consistently profitable, outstanding and happy trader as long as you want to do this business
Warm Regards
Shreenath

Note: You may already have most of these answers in place....but hopefully some questions will steer you towards developing a style that fits your personality. Try to imagine various scenarios you would be involved while buying, selling, stay away from trading, etc and then think about your personality.......woudl I do well with a 1 minute chart? Would I be better off with a one hour chart? and so on......what indicators woudl I need? clear and simple indicators? how many would I need?(hopefully not more than 4).....

Shreenath,
Thanks for your reply. Most of these questions havve been answered over the last couple of years. However, a couple of them did make me realize I have to spend a little more time on the business plan.
Thanks for your insight.
Is there a trading "naked" discussion here?
Too many indicators make for bad decisions.

Thanks again.
Spanky

Sorry for not posting any posts until now.

Hello to tradersji and community members

Thanks to traderji.com.i'm a new member to tradersji.com.i have downloaded the fcharts software and nse data.i have a doubt that how to link up the nse data and fcharts software and analyse it.
i already seen in internet that alpha nifty monitor advertisements i have doubt that how far it is accurate 100% scientifically.
Thanks to each and every member of the community and tradersji.com

Spanky,
I'm new here too; been here less than a month.

There must be a lot of threads focused on just trading. YOu can make a search internall through TJ. You can try with any key words like, day trading, etc.....I haven't really followed a lot of other threads. I have found some threads that have either reinforced some knowledge, some like a refresher, some helping me in my quest for data and brokers, and some pertaining to patterns.

For example Ive visited certain threads including trading NR7 setup - this one is for breakouts; any thread by Saint is very good; Nishikant's Nifty thread is also very good....

Keep navigating and you will find what you want; ultimately you have to develop your own plan based on what you find here so it fits your personality.

For starters I strongly recommend any book on Trading Psychology and Self Discipline. Listing a few here assuming you can get them.
1. Way to trade by John Piper
2. Trading in the zone by Douglas
3. Trading is a Business by Joe Ross
4. Mastering the trade by John Carter
5. Entries and Exits by Alexander Elder(He wrote at least three books before this that're really good too but I thought this could help you since you were looking at different trading styles; entries and exits contains Dr. Elder's interviews of some of his supposedly successful students and the way they trade, their entry and exit plans, etc).

I'm going to refrain from quoting more books because there're too many. Almost 99.9% of people who get into trading, directly go to a trading plan/system/methodology/charting/technical analysis......or something related to buying and selling and it's extremely rare that someone puts more time upfront to understanding human behavior and self disciplinary aspects related to trading for a living. How and what you focus on obviously your own choice but thought I could offer you my two cents FWIW.
Regards and good luck
Shreenath

lol
"paralysis by analysis"