Noob trader introduction

Hi Guys,

I just registered today and this is my first post . just to give you a brief intro , i recently quit my job from GS ops so that i could begin my trading journey. Currently right now , My ambition is to earn enough money to finance my education abroad (MBA/ Msc in finance) and then subsequently work in a hedge fund or if it works out well, start one on my own. I would gladly welcome all posts which would destroy the above dreams .

Regarding my experience in trading , I used to invest in stocks back in my college days (4 years back) before getting a job which basically restricted me from trading in my personal account. So am planning to get back to the whole trading lifestyle before going back to my studies.

I chose to start trading because i know clearly how the odds are stacked against me from the beginning (literally every person 'I've met has discouraged me from trading/investing as they think its pure gambling) . I wish to prove these odds wrong and in that will lie my greatest achievement.

I do have a couple of questions ,

1. I have a trading capital of 2 lakhs which i've saved up and am willing to bet on. Will this be enough for me to enter into the F/o segment? I'm aware that my returns will not touch the 1 Cr. Mark anytime soon.

2. I would greatly appreciate it if someone from Traderji.com would be able to advise/mentor me in this journey. someone whom i can talk to/call for advise etc. (i literally do not know anyone in this field in India)

My idea is to start reading up on material before diving headfirst into trading and for that i'm gonna start using the free NCFM course material posted in NSE (it looks very comprehensive) and also babypips.com - Please do let me know if i can do anything else.

Sorry for the long post,

KJ

*friendly bump ^^*

so you just started...

welcome to a world full of pain/struggle..etc.

Before you start, how strongly do you believe you can do this? I mean most people who want to become traders casually try and give up. I ask this because there will be 1000 times where you will want to give up...and belief is the only thing that will keep you going...

If you are ready...it is going to take you atleast 2-3 yrs to become anywhere near profitable. so put aside that 2 Lacs and start demo first and also be prepared to lose that 2 Lacs .you going to need more than that to trade in F&O. Start with cash.

Also , let me cut short your journey, STAY AWAY FROM INDICATOR BASED TRADING SYSTEMS/STRATEGIES and start raking in screen time.

I don't know if you will find a guru/mentor , but if you keep looking hard enough you will find one..

I m not going to say good luck, because you don't need it in this business...

:thumb::thumb::thumb::thumb::thumb:

Thanks

No matter what happens with these 2 lakhs , i know one thing for certain - this is the field i will ALWAYS be in plainly because it is the most intriguing and fascinating profession I've ever seen (also taking into consideration of the fact that I'm no engineer and i cant be bothered taking the CA/CS/ICWA route :lol.

I was told that demo trading would lead to a lot of bad habits where your emotions dont even come into the picture. is that true? Moreover , are there any demo trading accounts which track indian stocks? I wasnt able to find any.

How much capital do you require to trade in options?

Thanks,
KJ

Who told you that demo trading leads you to bad habit? Demo trading will be required to learn & test your methods and strategies. if you use real money to learn & test your methods/strategies...guess what?

you don't need any fancy demo trading account. Keep a excel sheet and a journal.

Regarding capital , how much do want to make on monthly basis? 1 Lac, 5 Lac...etc. you trading capital will be based on that. you will figure it out as you progress , don't worry about money now.

1. Quitting Job: Bad Move, Bad Bad Bad.....
2. MBA/MSc : If goal is trading, you need to be looking at C++/C#/VBA (IMHO.....). Moreover, if you can make that much money with 2lacs, you won't be wanting to leave it go back to school...
3. Gambling and Odds: Depends on approach. "People" gamble in casinos, casinos don't gamble. They run it as a systemic business. Odds of being Miss World are much less than succeeding in trading, still every other girl wan't to be Aishwarya.....
4. 2 lakhs capital: OKish for cash segment(equities). Since you just starting, don't bother treading in FNO segment unless you start making money in Equities. Keep 1.80 lacs in bank and start with 20K only.

No but i think you're completely missing the point. I said that i realize that i wont gain huge returns with 2 lakhs. I find trading fascinating and hence want to start again and even though there is the profit motive. All im trying to mention is that its no the main thing thats driving me.

also, I quit my jobs for various reasons other than trading . but the way i see it - i might as well give trading a shot right now rather than wait till im 30+ and then lose all my money.

Welcome "wit" the REALITY............
TRADE SMALL and you might survive........ :thumb:

I also don't like demo trading. My advice is to do real trading in NSE cash with 1 share per trade till you find your edge. IMHO best way to learn in the initial stages without loosing much money.
And btw finding your edge can take years. be realistic with your expectation.