confused

hi friends
Iam Rohan.. just learnt about this wonderful website..thought i would learn something from my seniors .. as they say knowledge is infinite. I am into the market for the past 8 months and i mainly day trade. Its difficult for me to watch the market during the first 4 hours and i mainly place my orders over the phone .. i dont get to see charts and all that stuff. and i place orders just on the basis of the few calls which i get on websites or my broker. i have made a lot of mistakes in the past and my net worth has diminished by 3% . i feel very bad about that but then iam a fast learner. Its just that i need good guidance. thats the reason iam here. iam really confused about the whole thing. i have worked hard reading magazines, watching CNBS and surfing sites but i have really not been able to make anything in the market all this while.. on the contrary i have had a loss. one honest question in my mind. Is there really a system in which we all can actually make money consistently or is this just another form of gambling?
bye
ROHAN

Hi Rohan,
First of all , a warm welcome to the Traderji Family!Hope you get a lot of benefit from the discussions in the various threads here.....

Another thing,day trading is a great art where a lot of money can be made.......and even more can be lost!!The people that you are playing against are hard core professionals who have the knowledge,who sit in front of the charts the whole time,and who have developed a system.....none of which you have or can do right now.I am going to be point blank about this so I hope you don't mind.

Stop day trading now.

Make money from swing or position trades for now.Learn how to set stop losses.Learn how to set target points.Learn how to share size.Learn how to set entry points.Keep a trading journal of all your victories and defeats.Get a charting software if one day you plan to get into day trading and take on the pro's.Develop your modus operandi.In the beginning,get in using very small share size.Your purpose in the beginning is to learn how to trade,not how to make money.Once you know how to trade......money will follow.Be able to look at a chart and make a call.Or whatever other method out there......Subscribe to a newsletter if you so desire,join a forum if you so desire,but finally learn how to make your own call.

Another pointer:Your broker is not and cannot be smarter than you are.He cannot feel as passionately about your money as only you can.He is your employee in a way......You pass the orders,he executes them.Never elevate the broker as some sort of an expert....for he definitely is not.

Now once you are making money swing and position trading,and would like to try your hand at daytrading,by all means do so.........but get your battle strategies drawn before battle,or you will succumb.

Can you beat the marketes?Yes.Can you make huge profits?Yes.We are in the middle of a great bull run.Never before has making money in the markets been more easier......but a day will come when it won't be that easy.I hope that even when that day comes,you'll be making profits regularly.................all because you have your strategies,gameplans,modus operandis right today!

All the best!!
Wishing you all the successes that the markets and Life can give!
Saint

Dear Saint,
That was a wonderful lesson. Atleast i learnt a few things from that. Thanks and keep it up
Bhoopal

Another pointer:Your broker is not and cannot be smarter than you are.He cannot feel as passionately about your money as only you can.He is your employee in a way......You pass the orders,he executes them.Never elevate the broker as some sort of an expert....for he definitely is not.

Saint[/quote]

Hi Rohan:

Saint has made some good points. I would like to add some more to his thoughts on brokers.

A broker has nothing to lose when you place your order based on his "tips" he only wins (brokerage) even when you lose. By all means look at the recommendations but confirm them with your own analysis. The only tips I will give you is - do your analysis. Saint has pointed the way!

Good luck.

Nautilus

Dear Mr Saint,

that's a wonderful piece you have written and i m sure no. of people will benefit from it. I also agree with nautilus in his views.

Hi Saint,

Another brilliant write-up,Saint...........very inspiring!!Thank you once again!!

Anu

That peace of advise was absolutely brilliant. Great advise. I guess this will save many from commiting a "financial suiside".

thanks

If you are new to the market ,then don't do day trading.For day trading you must be aware of operator activity , technical analysis online softwares like IRIS,Falcon etc.If you can't sit first 4 Hrs, then avoid day trading.
Go for swing trading.Avoid tips .Learn your own with help of tech analysis
softwares like metastock.Do swing trading or short term investment on daily timeframes.

Nice Article,Saint.....and thanks!!

Avinash

Thanx all for your kind words.......most appreciated!!

Saint