how long will it take to make consistent profits trading

#1
Hi everyone...

First of all I must appreciate all on this forum who are regular posters, especially the ones who have started threads to help out beginners like me. You guys increase my faith in the goodness of the human race.

I am a dabbler in the markets and invested some money for the past 2 years thinking that I will hold for long term. None of the stocks have done well and some are below the 50% original investment because i did not book profit thinking that long term holding for 3-4 years is best.

However, I have always been curious about day trading and for two years I have not been able to do it because of work etc. Now I want to try it full-time.
I was wondering if you veterans could give me some advice on the following:

1. what kind of material should I read to get started. I will start with the beginner's thread on traderji but is there any other advice?
2. I want to get into trading futures so will the above threads help me with the same?
3. How many months or years of practice will it take to get it right? How many months of paper trading should I do? Is it worth subscribing to any service that gives tips for futures and cash? I know these things depend on person to person but I am asking about averages.
4. what is the timeline by which most traders will know whether they can make it or not? - I am sure there is a figure for a number of months or years going around that some of you may know
5. are there any trading classes that are worthwhile?
6. does it really take years to make consistent profits or are you guys just talking about mastery of trading?

I have done my searches on these topics in this forum but no discussion has been conclusive. Hence, I am posting these questions here.

and lastly, thank you all so very much for your patience and time
 
#2
Dear Friend ,
As per your posting its seems you are more interesting in day trading .
I thing is very sure that one can definitely earn good profit in day trading but with
following resources

1: A proven stregthy which u already have been checked for atleast 6 month paper trading
2: A clear mind and have sound confident in your trading plan.
3: You should have everything written on paper
a) Trading target
b) Trading plan for each trade
c) Actually what happed when you traded ( Loss/ profit from stregthy or by your mistake)

Once you start with above resources you will definitely be succeed.

As per my own experience i am consistantly making 20% + profit every month even in
critical period (October 2007 to july 2008).

So equip yourselves with above mentioned resources and go ahead

Wish you all the best.



Thanks and Regards
Prashant Gupta
-------------------------------------
NSE Certified Market Professional (NCMP LEVEL IV )
 
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tvrssvk

Active Member
#3
Traderji.com would be the best answer for all your questions.............dig, dig and dig further............will surely get gold....................

Query 3............really depends upon ur grasping power..........how quickly you can absorb.........................knowledge..................

Best of Luck.............
 
#4
Thank you so much for your thoughtful responses.

I have been digging non-stop in these forums. I have run into some trouble for free charting and data. First I tried Fibotrader, then Fcharts. Since I am so new I cannot understand most of the terminology used. It took me two days to get what EOD and historical data means. And then I find I don't like the Fcharts interface. Are there slightly more sophisticated charting programs? When you buy Metastock or AMibroker do you have to keep subscribing for data?

I don't understand a lot of things so I guess it will take me a while to get there.

Right now I have historical prices till 2008 end in Fcharts but I dont know how to fill the gap from then till now. Also I don't know how to get intraday data.

thanks for the responses.
 
#5
After a few days of pondering, I thought it would be useful to report my progress of which I don't know if I have made any.

I have just gone through Saint's treatise, 'Teach a Man to Fish'. However I don't know why I feel so overwhelmed. I have been trying to apply it to various charts I see, but in the current market scenario, I don't know what to make of anything. I am not able to identify or conclude anything or apply what I have read. I am guessing that it will be long time before I can start trading.

feel a bit discouraged, actually very discouraged

-BST
 

ashwani chadha

Well-Known Member
#6
if you are new start your practice with 8 gram gold gunia lot ,till your strategy is not successfull,your profit & loss in one trade will be hardly 100/- &you will survive long in market with minimum losses,till you learn
 
#7
After a few days of pondering, I thought it would be useful to report my progress of which I don't know if I have made any.

I have just gone through Saint's treatise, 'Teach a Man to Fish'. However I don't know why I feel so overwhelmed. I have been trying to apply it to various charts I see, but in the current market scenario, I don't know what to make of anything. I am not able to identify or conclude anything or apply what I have read. I am guessing that it will be long time before I can start trading.

feel a bit discouraged, actually very discouraged

-BST
Apply few techniques like "Supports and Resistances","Pivots" ,"Trends" etc from Teach a Man......to the price charts and see if you can trade it profitably...See if the support is broken and you short the market, does it really go down or results in a breakdown failure...where will you keep your stoploss level ? Where will you take profits ?? Are there any specific price patterns near the end of the move ??

Try it on hundreds of charts and you will see new ways of trading the price charts.

Smart_trade
 
#8
Dear Smart_trade,

Thank you for your response. I realize that much of the game is about consistency and persistence. How many stocks do you recommend I track. Also is there a certain minimum daily trading volume recommended?

-BST
 

krishere

Active Member
#9
Thank you so much for your thoughtful responses.

I have been digging non-stop in these forums. I have run into some trouble for free charting and data. First I tried Fibotrader, then Fcharts. Since I am so new I cannot understand most of the terminology used. It took me two days to get what EOD and historical data means. And then I find I don't like the Fcharts interface. Are there slightly more sophisticated charting programs? When you buy Metastock or AMibroker do you have to keep subscribing for data?

I don't understand a lot of things so I guess it will take me a while to get there.

Right now I have historical prices till 2008 end in Fcharts but I dont know how to fill the gap from then till now. Also I don't know how to get intraday data.

thanks for the responses.

hi bluesky.... you must try chartnexus.... it is much simpler and you get data on the same day after market closes.. about 7-8 PM...... it is free :):thumb:
 
#10
After a few days of pondering, I thought it would be useful to report my progress of which I don't know if I have made any.

I have just gone through Saint's treatise, 'Teach a Man to Fish'. However I don't know why I feel so overwhelmed. I have been trying to apply it to various charts I see, but in the current market scenario, I don't know what to make of anything. I am not able to identify or conclude anything or apply what I have read. I am guessing that it will be long time before I can start trading.

feel a bit discouraged, actually very discouraged

-BST
quite understandable.... first you need to learn from the basics... try steve nison's book on candle stick charts.....
 

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