This being an Intro thread, is not the right place to discuss, but in any case a reply or two wont matter much !
The day one understands why and how,he too becomes successful !
TP, Its a tall order to understand the WHY and HOW of stock market, atleast for my level trades it is!!
Can you give some pointers how to reach that stage?
If its only after watching and understanding and trading the market for N number of years, well then its a different story, otherwise do share your insight on it.
Thanks.
Like every business or profession requires certain things ,one has to strictly follow and implement,trading also requires some basic things. I shall quote in brief..
1. First understand oneself,whether he wants to be an investor or trader. Investing can be part time but trading is full time.
2.Trading is a full time profession and not gambling.
3.Trading requires acquiring knowledge and skill relating to it. Can be done by reading good books on it,attending webinars,etc. For skill,one has to gain it practically trading.
4.Paper trading for atleast six months to make sure of consistency.
5.Adequate capital to be invested just like for any normal business.
6.For other businesses,people think of investing in lacs,wait for goodwill and gestation period and remain happy with profits in thousands,in the first few years. Whereas when it comes to trading in shares,people talk of investment in thousands and returns in lacs. That too from the very first month. Briefly put,return on investment should be realistically expected.
7.Invest in infrastructure like good computer,internet,power back up etc.
8.Understand and follow strict money management rules.
9.Trading is a loners job. Never try doing it by applying different minds.
10.Strictly stay away from tip providers.
11. Never take suggestion or advice from brokers.
12. Never keep TV channels blaring and pouring advice while trading.
13. Never ask opinion from others for your present r future trades.
14. Keep updated yourself with latest news developments through websites.
15. Have an trading plan and stick to it. Believe in it.
16.Master the exit rules. This is more difficult than entry.
17. Note down each and every trade you take. Analyse and write down why you took that trade,how it could have been bettered and everything to it.
Following these,any one can become a master trader.
Good Luck!