How to be a Successful Full Time Trader

coljaspal · #11 13th October 2005, 11:26 AM

Traderji,
Thanks.....that was really educative.
Jaspal

meso129 · #12 17th January 2006, 06:48 AM

They say Experience is the best teacher but often expensive......

So if you like to gain experience join some broking firm and start trading with other's money

if you want to trade and learn with your own then be prepared for any mistakes you might commit and never panic.

Trading cycles go up and down. Be calm, Take some precaution, Invest in fundamental stocks, and there you go u make money.

Certain stocks irrespective of whether market is bullish or bearish are good on long term.....Look at it in this perspective Today you can do day trading make like 500-1000 bucks if 1 day u lose it hits hard....
alternatively u invest in stocks whose fundamentals are good hold it for a while and then sell u can make better money.........

I used to be a day trader,but i figured out that i wasn't making much money at the end. 1 bad day can cost 10 or more good days, Then i started putting money on long term stocks and they started yeilding the results.....

I still consider myself as a short term investor investing upto 3-6 months and expecting results of 10-15% but when i analyze it i figured that if i were to hold the stocks for more time i would have gained more......it could have been otherwise as well......since markets are very volatile with time.

Investing in Fundamental stocks is 1 lesson i learnt which really really paid me off.

adamke · #13 17th March 2006, 01:44 PM

great work traderji, looking for more on the subject

Traderji · #14 17th March 2006, 03:03 PM

Quote:

Originally Posted by gracec

Thanks a lot for the info, especially for the beginners like me.
Could you please elaborate on ''Trading Methods that actually has a statistical edge

The markets are designed to take money from the many and distribute it to the few. They could not exist otherwise. It should be obvious under those circumstances that what appeals to common sense and feels comfortable will not work. Otherwise, everyone would be rich.

I believe that successful traders all have a relatively mechanical approach even if they do not know it themselves. Therefore, all professional traders are grouped in the top half of the mechanical trading continuum. Most amateurs, on the other hand, will be found in the bottom half. Many professional money managers have a system which is 100 percent mechanical. Those who do not operate 100 percent mechanically usually allow only a small amount of personal judgment to override their system.

The average person has the best chance to be a profitable trader if he or she adopts a 100 percent mechanical approach. If profit is your goal rather than massaging your ego or having fun, then I suggest you read Trade Your Way to Financial Freedom by Van K. Tharp

Here is what I mean by a ''Trading Methods that actually has a statistical edge". You will have a predetermined group of markets which you will follow. You will have mathematical formulas to apply to previous prices which will tell you when to buy and when to sell. There will be entry rules, exit rules for losing trades and exit rules for profitable trades. There will be rules for when to start trading and stop trading.

Your only tasks should be to apply the system rules to market price action and to decide how to spend the (hopefully) resulting profits.

gandharvashu · #15 17th March 2006, 08:53 PM

Hi!

Nice words again. Thnx Trader ji.

rangarajan · #16 17th March 2006, 09:38 PM

Dear Traderji,
How to buy this book if it is not available in India & how do we make the payments in IRS if we order?
ranga

RAYANRAF · #17 19th March 2006, 10:35 AM

Excellent advice . Thank you
Rafeeqe

rahulg77 · #18 19th March 2006, 12:57 PM

Dear Traderji,

very nice and concise explanation. I think what we need here is more discussions on methods and systems to follow. I think we should develop a thread where we can discuss systems, understand indicators with regular feed back from you and other senior members. Like they say its better you teach a person how to earn his bread and butter rather than keep feeding him all the time.

Rgds
Rahul

Traderji · #19 19th March 2006, 02:59 PM

Quote:

Originally Posted by rangarajan

Dear Traderji,
How to buy this book if it is not available in India & how do we make the payments in IRS if we order?
ranga

You can check you local bookshop or buy online in INR at http://www.firstandsecond.com/store/...tSearch=101275

Traderji · #20 19th March 2006, 03:01 PM

Quote:

Originally Posted by rahulg77

Dear Traderji,

very nice and concise explanation. I think what we need here is more discussions on methods and systems to follow. I think we should develop a thread where we can discuss systems, understand indicators with regular feed back from you and other senior members. Like they say its better you teach a person how to earn his bread and butter rather than keep feeding him all the time.

Rgds
Rahul

If you want you could start a new thread on trading systems and I will provide inputs from time to time.

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