Trading as Profession

Originally Posted by ratan jain

And you want to do all the above said in caps?

I can help u out on the discipline part........gimme a pm

Originally Posted by hari09omkar

And what am I? Yes....patient.

Originally Posted by shaj_nair

Friends,

One query... once we start a thread and we feel that the purpose of the thread is acheived... is there a way to delete/deactivate that thread...

May be seniors like Saint, or traderji admin can help...

Cheers,
Shaju..

Originally Posted by biyasc

VERY WELL SAID. JUST READ MY VIEW ON THIS TOPIC,

TRADERS WHO ARE TRADING FOR LIVING, DOES NOT CARE ABOUT A BULL/BEAR MARKET. BECAUSE THEY ARE PREPARED FOR ALL TYPES OF SITIUAIONS & THEY KNOW HOW TO HANDLE IT. JUST THINK WHAT A TRADER DOES? HE IS LOOKING FOR AN ENTRY LEVEL TO ENTER IN MARKET. HE IS VERY MUCH AWARE ABOUT THE EXIT LEVEL WHERE HE WOULD EXIT (IN LOSS/PROFIT). HE IS ALSO WELL EDUCATED ON THE SUBJECT OF MONEY/RISK MANAGEMENT. SO THERE IS NO ONE (EVEN MARKET ITSELF) WHO CAN DESTROY THEM. SO FOR ME I WILL TAKE TRADING AS MY ONE & ONLY PROFESSION. BECAUSE, I KNOW THAT NO ONE CAN DESTROY ME (EXCEPT MY BROKER). & I AM PREPARED FOR ALL KINDS OF MARKET SITUATIONS. I AM ALWAYS READY TO ENTER IN MARKET AS PER MY TRADING PLAN. I AM ALWAYS READY TO BOOK LOOS AS PER MY PLAN. I AM ALWAYS READY TO BOOK PROFIT AS PER MY PLAN. & I AM VERY MUCH AWARE ABOUT RISK:REWARD RATIO. BUT I ALSO KNOW THAT FOLLOWING A SIMPLE TRADING PLAN IS NOT EASY AS I SAID. IT NEEDS LOTS OF DISCIPLINES & WILL TAKE LOTS OF TIME. BUT I DO NOT FORGET THE FOLLOWING SENTENCE & ALWAYS KEEP IT IN MY MIND ALONG WITH MY TRADING PLAN,

"HUM HONGE KAMIYAB......EKDIN"...

BIYAS,

Originally Posted by uasish

Trading is the only source of Income for few of our members & am doing it since 6 yrs only.This path initially is difficult to adjust with,mounting losses will Tell on you,family responsibility has to run smoothly while you may be on the verge of bursting from the seam.A balanced cool head with single most focus & lots of mid night oil burning capacity can only bring you out from the pits.
A simple trading system,patience , conviction to act at right opprtunate moment,with agressive trade management are few skills which will automaticaly develop on process.
When a Big Win & continuous small Loss becomes a non event after some time ,with an adrenaline detached approach ,then you will come to know that it was indeed a nice decision to choose this as Living.

Originally Posted by marcus

Trading for a living is not as easy and glamourous at it sounds.

You must remember we are currently the most promising and strongest market in the world, our indexes are at all times highs in unprecedented waters. Everyday the front page of the newspapers is buzzing with market reports, forecasts and predictions. Lately people I've known who know nothing about trading and investing and were completely detached and disinterested have begun showing interest. So trading for a living sounds great when the markets are skyrocketing and everyone you know talks about rags to riches in the market.

However market cycles are a fact of economic life. Bear markets follow bull markets just as surely as day follows night. When that time comes you'll find no one talks about the markets anymore, it dosen't make front page news, you don't get investments advisors calling you up out of the blue with investment advice, its not fashionable to talk about markets anymore, not many people seem interested, many of the lesser known brokers have shut shop and the larger ones aren't as active as they once were.

Would you still consider trading for a living then??

Think about it, if your answer is an unflinching "yes" then my advice would be go for it, because you enjoy what you do, its not about the money and glamour. The only way you'd survive those lean years is if you enjoy what you do.

Believe me that time will come one day (hopefully not to soon lol)

To give you a crude analogy, when the film Jurassic park came out it was the in thing, talked about like never before, in the news, in the media, everywhere. Lots of kids wanted to be paleontologists after the film came out. Several who I personally know. The all wanted to become paleontologists and study fossils and prehistoric life. Even the carrer counsellors in schools began reading up about the subject because of the demand at the time.

But once the craze died, I wonder how many of the kids still wanted to be paleontologists? And I also wonder whether the handful who did actually take college courses and become paleontologists are still paleontologists and curently happy in their profession?

I'm not against trading for a living but just trying ti advise you to think very carefully before considering it for a profession.

Actually I'm curious to know how many full time tradrs we have on the board who have been trading since the late 80's (not the mid 90's when the bull run began)when things weren't so rosy, I know Traderji has but I'm hoping others who have will please tell us their opinion,

Originally Posted by uasish

Trading is the only source of Income for few of our members & am doing it since 6 yrs only.This path initially is difficult to adjust with,mounting losses will Tell on you,family responsibility has to run smoothly while you may be on the verge of bursting from the seam.A balanced cool head with single most focus & lots of mid night oil burning capacity can only bring you out from the pits.
A simple trading system,patience , conviction to act at right opprtunate moment,with agressive trade management are few skills which will automaticaly develop on process.
When a Big Win & continuous small Loss becomes a non event after some time ,with an adrenaline detached approach ,then you will come to know that it was indeed a nice decision to choose this as Living.

Originally Posted by Saint

Great post,Biyasc........

Saint

ps:Please could we do without the entire para being in Capitals......in internet lingo,it's taken as shouting,which I am sure was not meant as such.(That was what Ratan was trying to indicate....)