how long will it take to make consistent profits trading

[vibhunair]

Hi Blueskythinking

I m no expert infact just a beginner like you so I dont know how u going to take my advice. Still I ll post cause this is not really an advice but my experience over the past couple of months of full time trading. I think people can learn from experiences of others in the same boat so if my experience helps to clear even an iota of doubt in your mind then my post would be successfull.

Two months back I too was in the same lines. I had started off investing close to one lakh in the market. None of them on the basis of my analysis but on tips from numerous sites abound. Then the market fell in to bearish mood and i thought these are in any case longish term investments (atleast thats wat the tip providers said) so no need to worry about the red in the portfolio. Let me take this oppurtunity to learn more on markets. I glanced upon one of the best threads I ve come across in any forum(not just trading related) namely "teach a man to fish ..." by Saint.
At the same time I got a phone call from one of my juniors asking for my advice on professional front. I explained him the importance of enjoying ones job and striving to learn more and improve your competency etc. On disconnecting the call I realised on the one hand i m advicing my junior on the importance of learning, and on the other hand I m here trying to make out a living by trading on tips being provided. What happned to all that self improvement. After that day I never looked into any of the tips being offered by the website. Not that they are nt usefull but that if I need to take up this as my career it would nt work if i myself knew nothing abt the markets. There in lies my views on your question to trade by tips.

If you are planning to enter fulltime tips are a big no. If we cant do it on our own what is the point in taking up it as a career. Just my views friend not any advice. I guess i ve not yet reached that stage where i can advice people in this forum..

 

[vibhunair]

About study material I would recomend Teach a man to fish ... by saint. There is a pdf version of the thread somewhere on the forum. Very helpful.

Then there are many strategies and threads here on traderji like bolinger band SH 315 NR7 breakout etc to name just a few. Try around. Get hold of good intraday data provider and have access to real time data feed you can then yourself backtest the strategies giving minor tweaks here and there.
About paper trading I have a different view from what is generally followed. I dont paper trade but on the other hand I trade live with small sizes because i feel we may do well on paper but wen we deal with real money emotions get better of us and the first thing to conquer is emotion while trading and be impassionate on your trades. enter if your plan says exit if stop loss hit. We may be able to do this on paper but real time it may get difficult to rein in our emotions. So I personally am trading live with small lot sizes and learning to call triggers correctly and acting as per plan no matter what happens. Some times i m success ful sometimes not.

Over the past 5 or 6 days i have been trading intraday with a capital of 10k and making 200 to 500 daily except today when i lost 500. But then that is part of the game. This way you learn to deal with losses too i guess. Ofcourse u may end up loosing money. So paper trading is defenitely the safer bet.
My plan is to carry on like this for another 20 to 30 days and gradually increase my trading capital.

 

[vibhunair]

Dont feel discouraged. Sit on markets live try to read charts. Get yourself a good charting sofware and real time data. Try to figure out thing experiment with various indicators oscillators etc. Paper trade if you are not confident enough to trade live as i had mentioned in my previous post and u ll see u start gaining confidence. I too was on the same boat but now after trying out I dont know how much i ve progressed but i m sure of one thing this can be done if we r ready to spend time and energy in trying to analyse and follow the markets.
Hope my posts have helped u in some way or other...
Just an experience of another beginner

About material as u have already gon through saints thread. There s one book by aswini gujral "how to make money trading with charts" Gives a basic idea abt TA. Then there is Alexander elders book. I dont remember the name some thing like trading for a living or something like that .. Found tht too helpful