To raunakagarwal & AW10 & bandlab2:
Guys - I saw some of your superb posts on this forum, and the kind of knowledge you folks share in all threads. So, I am asking this question to you.
Are you really earning from intraday trading? I mean, are you making a living out of it. I am not asking how much you earn, but the answer can be as simple as yes or no
Sorry to post this question here, but found both of you watching this thread and I am on the verge of quitting trading
Guys - I saw some of your superb posts on this forum, and the kind of knowledge you folks share in all threads. So, I am asking this question to you.
Are you really earning from intraday trading? I mean, are you making a living out of it. I am not asking how much you earn, but the answer can be as simple as yes or no
Sorry to post this question here, but found both of you watching this thread and I am on the verge of quitting trading
Am I earning consistently - YES. and I also have loosing trades regularly. But over a period of time, profit is bigger then all losses. I trade for financial freedom where trading is one more stream of income for me. For me it is not the only source of income for living.
Was it easy to reach this stage - ABSOLUTELY NOT.
I have made all the mistakes that is possible as a trader, not just once but repeatedly and ofcourse lost money as well. I read many books and watched videos on TA, trading, trading psychology etc, practised on chart, practised trading with market reply /bar reply / manually scanning chart bar by bar etc, And struggled hard to break my habit of reacting to chart as normal human being to how a professional trader would react. I have done enough of paper trading, pattern validation etc. Have spent time in making trading plan. And the journey is still not over, I continue to do them even today.
A lot of this was done after loosing money. It was only when I realised that to get different results, I need to change something fundamentally in my trading. I did have mentors on the way. I did pay for their interaction but I was lucky to get good mentors, not fly by night operators. My profitability changed only after I got my well thought out trading plan, got a system that I could trust - for +ive as well as -ive result, and I addressed various psychological issues towards risk, money, market, trading, charts etc.
In my view, trading is a profession where you fight with yourself. It is regular fight between your conscious and subconscious mind and how they influence your action and decision making capability.
If you have not addressed these fundamental issue, then in my view, you may be quitting too early. And even if you have addressed them, then I am not sure, if you really addressed them correctly. Did you have any support/trader friends/ mentor etc to show you the right approach and track the progress.
Personally, I think anybody can be a trader provided they can improve themselves continuously and win the battle with their own subconscious mind.
Though knowledge is important edge in the market, but in my view, application of that knowledge is lot more important. Else knowledge is good to sale tips, and be teacher.. not a trader. Please don't use my, raunak, bandlab or other's knowledge as criteria to evaluate your personal knowledge level and hence trading results.
One can still make big money with just 1 or 2 methods and limited knowledge. One doesn't need degree from Harvard or IIM to be successful trader.
And at then end, whatever is trading result of mine, Raunak, Bandlab or anybody, it should not make any difference to you. As a trader, you got to compare yourself with only one person and that is YOU. I am sure you know it well that there are atleast 10% player in the market who make money. It is just that we struggle hard to join their camp and do the things that they do.
Are you a better trader then what you were yesterday ? What extra have you done to improve yourself as a trader ? How much of effort/practice you are doing after market hours ? If results are unacceptable, then what are you doing to change them ? These are lot more fundamental issues then the P&L account.
Hope this helps.
Raunak, Bandlab - plz excuse me for quoting your name in above post. PM me if you have any objection and I will edit the post.
Gansal - though I have used YOU in above text..but my apology in advance if that has hurt you. I have no intention to hurt you but just used the word YOU to pass the msg.
Hope this post helps in addressing some fundamental myths about trading.
Happy Trading