Its been long time i ve replied to any thread in this section..
I would not say this is my advice, but i ll tell you what i have been through.
I started trading less than a year ago (april precisely) ...
initially i started with 10,000 rupees. made 2000, 1000 or 800 like that every day for 2 weeks.. i was very happy with my progress.. a month passed by with minor losses and my capital was reaching 50,000 by the end of second month..
then came the blow.. in one day, i lost 22000 in intraday trading... i could nt sleep that night.. very depressed, frustated and was very eager to take revenge on market the next day..
the next day came and i fought with the market only to lose another 21000. and i had to close for that day because the time is up and not because i realized what i am losing.
in 2 days, my capital came down to 6000 rupees from 49000.
So much pain in me, so much frustated i am..
but the good thing i did in this 2 months is that whenever i made a trade, i used to make a note of that day's trades in an excel sheet..
what scrip i bought, what price i bought, what price i sold, how many (quantity) i bought, did i lose or make profit, and if i lost, what was my mistake..
before getting back into the market, i took my time to go through that excel sheet and see whatever mistakes i did and was studying it like a class 10 textbook, so that i can memorize my mistakes..
after 2 weeks, i started again with 25000. carefully observing 2 indicators at a time for any trade. i made good profits and then i thought of making big money and stepped up into options.
This is where i lost all my money again and my account became zero.. (zero in such a way that at the end of the month, there were no body to buy my options even if i wanted to sell it for 0.05) .
again depression took over me.. i thought trading is not my piece of cake and i should quit.. after that, i went through the technical analysis section of traderji for 1 month.. then realized that trading without a strategy and trading without a stop loss is just gambling and at the end all gamblers lose money..
so, i got my hands on some good indicators, made my own strategies, backtested them manually on almost alll the nifty 50 scrips from 2002 data (i didnt know about the amibroker automatic backtesting till then).
i used to focus only on two indicators at a time, read every possible material about them, find out how they behave in what circumstances and then apply them in my intraday trading.. i made money, i lost money somedays, but the best thing is, i traded with confidence.. i knew when to enter into a position, i knew when to exit into a position, and also i knew what to do if the market behaved the way against what i assumed.
one may not believe me, but i slept like only 3 or 4 hours a day, spending rest of the time reading reading reading reading a lot of books every minute of the day... did like this for two months.. my hardwork paid and i made a strategy for myself and god showed some mercy on me too, that i made 1 lakh rupees in 5 trading days... that happiness i felt on friday evening killed all of the depressions, tiredness and made me forget the pain i went through all those 5 months prior..
That is the confidence knowledge gives you. You are a student of the market every day, every hour.
Think of the money you lost till now as the tution fees you paid to the market for teaching you some lessons.. it is upto you to understand the lesson and better yourself from it.
But, mark my words, traderji is the best teacher you can get.. hell lot of materials to read, hell lot of strategies discussed in various threads, all you need is some patience and focus towards your goal..
i learnt how to write amibroker codes from traderji itself.. today i am in a position where i can write a good code for a good logic and generate signals, back test them and apply them in my trading.. everyday, i am making 2000 to 3000 (my capital is very less now, only 50,000).. even if i lose, i am very confident that i can make up for the loss the next day.. all you need is confidence, and that confidence comes from knowledge.. knowledge comes from books.. books come from traderji.. lol..
if u had come this far reading, i would tell u onething... just work hard.. get knowledge.. money will follow... your ultimate goal should be successful (not in terms of money, but gaining upper hand on the market with your strategies.. ) money will then definetely come to you.. if you found any encouragement in this post, i would be very happy.. message me if you need any help with books or how to get into the market step by step.
all the best..
...so its not rare event now.....
