General Trading Chat

[afin]

Hi all!

I have been day trading for about close to 3 years now and all the previous years, I had been in deep red. It's only since the last 3 months now that I am seeing some fresh sprouts of green.

I had been thinking of quitting my regular day job and become a full-time day trader soon. I am personally targeting September to achieve this.

The biggest worry and the one thing that scares me the most is how do I make myself mentally engaged if I just trade for 3 to 4 hours a day? I have finally honed a trading style that does not involve me sitting in front of the desk for beyond the said time. I believe in the law of diminishing marginal utilities and there have been many instances when I ruined a day's profit just by mindlessly taking trades when I should not have had.

This is also my biggest worry that I would take unnecessarily risky trades when I should not be taking them.

I would be very grateful if I can get some advice with respect to this. How to keep mentally engaged when not in a full-time job but trading completely and that too for only 3 to 4 hours a day? I can at the best factor in some gym time, do a lot of reading but it would still not be a substitute for a full-time job. As the deadline approaches, I am honestly a bit scared.

Sorry if this question does not belong here.

Thanks once again!
A

 

[VJAY]

Hi all!

I have been day trading for about close to 3 years now and all the previous years, I had been in deep red. It's only since the last 3 months now that I am seeing some fresh sprouts of green.

I had been thinking of quitting my regular day job and become a full-time day trader soon. I am personally targeting September to achieve this.

The biggest worry and the one thing that scares me the most is how do I make myself mentally engaged if I just trade for 3 to 4 hours a day? I have finally honed a trading style that does not involve me sitting in front of the desk for beyond the said time. I believe in the law of diminishing marginal utilities and there have been many instances when I ruined a day's profit just by mindlessly taking trades when I should not have had.

This is also my biggest worry that I would take unnecessarily risky trades when I should not be taking them.

I would be very grateful if I can get some advice with respect to this. How to keep mentally engaged when not in a full-time job but trading completely and that too for only 3 to 4 hours a day? I can at the best factor in some gym time, do a lot of reading but it would still not be a substitute for a full-time job. As the deadline approaches, I am honestly a bit scared.

Sorry if this question does not belong here.

Thanks once again!
A

My advice is not leave your job.....is your current trades are successfull?if so you are able to trade your method flawlessly...are you earning consistently?whats your drawbacks of method ?are you survive if those big drawbacks come contineously for 3 months?most of all are you able to control mind when in trades?....look these things yourself and decide ...IMO you can make some way to trade swing trading with your job....also please go through threads started by some fulltime traders who left thier job...Eg..Amrutham,Xray bro and many more here in TJ...just take it as my views

 

[vivektrader]

I have tried TD D Waves but without much of success. I dont need any subjective predictive technique as I cannot have confidence on the same while trading .The best I find is trends,supports/resistances and how market behaves at various levels and also what it does after a dip or rally...these are real things which indicate supply/demand in the market.......

Smart_trade

Sir
I was thinking in terms of applying filters over and above completed counts, where should I look at? Or
Should only depend on vanilla counts?

 

[Smart_trade]

I have nothing against Elliott or any other system. I am a very system tolerant person .For any system one has to get honest reply to a question whether he is making money with that system.If the answer is affirmative then he can continue with that system or else look for some other system.

I studied Elliott wave under guidence of a very learned EW trader for almost 4 years,studied Frost and Prechter,Glenn Neely and even managed to get old issues of EW Theory newsletters which Robert Prechter wrote every fortnight when he had a very successful period in US markets......after the event anything can be explained but when in real time there are too many alternate counts open.....

So after 3-4 years I asked myself "am I making money on EW Theory ? Though I have caught some great turns on EW Theory, my answer to the question was overall negative ...must be my shortcomings but then it was not a system for me.

But few may be successful with EW Theory......everyone needs to ask the question and seek honest answers in his own mind...

Smart_trade

 

[Smart_trade]

Sir
I was thinking in terms of applying filters over and above completed counts, where should I look at? Or
Should only depend on vanilla counts?

Use sequential for investments...when it comes to trading we all are short term traders ( whether we call ourselves day traders or swing traders ) and there are good systems for short term trading .

Smart_trade

 

[Smart_trade]

https://economictimes.indiatimes.co...-kotak-mahindra-bank/articleshow/65249600.cms

This was a bullish news for Kotak Bank......Uday Kotak is not going to sell his stake in the bank to comply with RBI regulation that the promotors should bring down their stake to less than 20 %. Uday Kotak has 30 % stake in Kotak Bank and he plans to dilute it by issuing Rs 500 Crores Perpetual Preference shares.....a master move by Uday Kotak......I have bought Kotak Bank on this news for trading......hoping for it to do well on Monday.

Smart_trade

 

[Smart_trade]

Godrej Consumer has given notice for issue of bonus shares in the ratio 1:2 ie 1 bonus share of Rs 1 each for every 2 shares held.It will be a good opportunity for adjusting short term capital gains by bonus stripping for this year.

Smart_trade

 

[Smart_trade]

Was listening to Manish Sonthalia of Motilal Oswal.He mentioned that in last 10 years Kotak Bank has given CAGR of over 40 % which is more than HDFC Bank.....he also mentioned that Mr Rajiv Jain of Bajaj Finance has created a wonderful company setup which is a great machine for wealth generation for next many years.One has to look for such nuggets of investment wisdom .

Kotak is also a bonus candidate having small capital and huge reserves.

Smart_trade

 

[afin]

My advice is not leave your job.....is your current trades are successfull?if so you are able to trade your method flawlessly...are you earning consistently?whats your drawbacks of method ?are you survive if those big drawbacks come contineously for 3 months?most of all are you able to control mind when in trades?....look these things yourself and decide ...IMO you can make some way to trade swing trading with your job....also please go through threads started by some fulltime traders who left thier job...Eg..Amrutham,Xray bro and many more here in TJ...just take it as my views

Thank you for the reply.

 

[onequorauser]

Thank you for the reply.

Hi all!

I have been day trading for about close to 3 years now and all the previous years, I had been in deep red. It's only since the last 3 months now that I am seeing some fresh sprouts of green.

I had been thinking of quitting my regular day job and become a full-time day trader soon. I am personally targeting September to achieve this.

The biggest worry and the one thing that scares me the most is how do I make myself mentally engaged if I just trade for 3 to 4 hours a day? I have finally honed a trading style that does not involve me sitting in front of the desk for beyond the said time. I believe in the law of diminishing marginal utilities and there have been many instances when I ruined a day's profit just by mindlessly taking trades when I should not have had.

This is also my biggest worry that I would take unnecessarily risky trades when I should not be taking them.

I would be very grateful if I can get some advice with respect to this. How to keep mentally engaged when not in a full-time job but trading completely and that too for only 3 to 4 hours a day? I can at the best factor in some gym time, do a lot of reading but it would still not be a substitute for a full-time job. As the deadline approaches, I am honestly a bit scared.

Sorry if this question does not belong here.

Thanks once again!
A

My advice is not leave your job.....is your current trades are successfull?if so you are able to trade your method flawlessly...are you earning consistently?whats your drawbacks of method ?are you survive if those big drawbacks come contineously for 3 months?most of all are you able to control mind when in trades?....look these things yourself and decide ...IMO you can make some way to trade swing trading with your job....also please go through threads started by some fulltime traders who left thier job...Eg..Amrutham,Xray bro and many more here in TJ...just take it as my views

Just to add to this, there is an excellent thread by madan. Its called musings of a professional trader. Strongly recommended to be read COMPLETELY before you decide to take the next step.