How do professional trading firm train their traders ?

#1
I am a absolute beginner & i want to learn how to daytrade. I wanted to ask few questions first.
  • How do professional firms train their nifty/equity cash day traders ?
  • What would a professional trader teach his/her kid in context of day trading successfully ?
  • What all things should i learn about our exchanges ?
  • What resources or blogs i need to follow to stay on top of fundamentals?
  • How do i learn quant/technical analysis/orderflow etc ?
  • Should i learn to do algo trading or become a manual trader ?
  • How psychology plays a part in successful day trading ?
  • What tools i need to start my day trading desk ?
  • Is INR 80000 enough for 1 lot in NSE/NSEFO & INR 20000 for 1 lot in MCX
  • I can dedicate my time full time to learn everything for 1year without expenses stress , Is it possible for me to succeed in this 1 year ?
  • How can i tie all the dots to succeed ?

Thanks
Mayeight
 

newtrader101

Well-Known Member
#2
Start by reading (multiple times) any of the classic texts: The Disciplined Trader by Mark Douglas, Trading for a living by Alexander Elder, Candle Sticks by Steve Nison,...

Before getting onto advanced forms of trading like Algo, one needs to know the basics.
Some rules have to become second nature:
  • Always trading with stop loss
  • Not risking more than 1% of your capital in a trade
  • Logging every trade etc.
How to do this is explained in Elder's book.

F&O are very volatile and not for the novice. Start with stocks.
 
#3
Start by reading (multiple times) any of the classic texts: The Disciplined Trader by Mark Douglas, Trading for a living by Alexander Elder, Candle Sticks by Steve Nison,...

Before getting onto advanced forms of trading like Algo, one needs to know the basics.
Some rules have to become second nature:
  • Always trading with stop loss
  • Not risking more than 1% of your capital in a trade
  • Logging every trade etc.
How to do this is explained in Elder's book.

F&O are very volatile and not for the novice. Start with stocks.

Will finish reading all these books by Monday 9am
 
#4
A good and thorough Demo practice would be a good idea, if you wanna achieve success in the Forex Trading. You will find it somewhat easy to trade in real market if you have done the Demo Trading, for about 6 to 8 months.
 
#8
A good and thorough Demo practice would be a good idea, if you wanna achieve success in the Forex Trading. You will find it somewhat easy to trade in real market if you have done the Demo Trading, for about 6 to 8 months.
i am dabbling with 1 mini lot in crude oil & 1 silver micra in live market since May 2017 although i have come online on a trading forum for the 1st time .
Result has been that i am going nowhere, i end up losing on trend days while in range days i do well but i give back all the gains back in trend days
 
#9
You need to have lots and lots of practice, before you entitled with the Title of the Successful trader. It is not a one or two day journey, you would have to learn quite a lot. So just continue learning.
 

headstrong007

----- Full-Time ----- Day-Trader
#10
i am a speed reader , have finished The Disciplined Trader by Mark Douglas & Trading for a living by Alexander Elder
Just reading is not enough! What have you learned? Pointed out? Started applying and finding out which one is working for you and which one is not?

It takes years to apply the knowledge successfully in trading, what we read in a book...

**************
YOU DON’T NEED TO BE SMART TO TRADE, U NEED THE TRADING SKILLS...

“I haven’t seen much correlation between good trading and intelligence. Some outstanding traders are quite intelligent, but a few aren’t. Many outstanding intelligent people are horrible traders. Average intelligence is enough. Beyond that, emotional makeup is more important.” – Mark Douglas

Mark basically highlights one of the misconceptions that people have about trading.
Mark’s quote states that intelligence has little effect on trading performance. Would either Einstein or Isaac Newton have made good traders? Maybe not.

“Forex trading requires the learning the type of skills that people just aren’t simply used to learning – Mental Skills.” – Mark Douglas

*******
Got the idea? You need something extra from inside, your edges...
some applied knowledge, experience, psychology, and skill...

My add on, Trading is about learning self-mastery....To learn trading skills, you need to spend at least 7000-10000 hrs of screen time in front of the terminal.
When u start applying the knowledge from the books in real life practicing and analyze the trades, ledger, emotion-psychology, reason behind entry-exit, cutting the risk....with every day u progress as a trader. Successful trading is a journey.. a process...
There is no short cut method...It takes years...
Best Wishes...