How to become a full time trader

[newuser_RK]

Hi all.

First of all a brief intro about my profile and background. I am a MBA fin working in an NBFC at low double digit annual CTC with not much bright prospects of a career growth. I have a working wife and a kid and live in a rented house. I have learning TA from past 3 years and learning day trade from past two years. Till date I haven't lost much nor gain much in day trade. But of late I believe that I have the basis in place to be good trader just that my day job doesn't allow me to concentrate on trading so I miss many good trade.

Now my query is how should I proceed to become a full time trader. My ultimate goal in life is to become a FTT. But given my profile its a bit difficult to just leave job and try day trading (although I am quite confident of my day trading strategy)

Any help would be appreciated...

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[deba72]

why don't you first try your hand in the commodity trades ( mini or micro lots ) in the evening ? That would not interfere with your day job.

 

[vijkris]

ya. try commodities after 6pm. test your psychology and TA skills.
if successful then think of quitting job.

 

[Smart_trade]

Hi all.

First of all a brief intro about my profile and background. I am a MBA fin working in an NBFC at low double digit annual CTC with not much bright prospects of a career growth. I have a working wife and a kid and live in a rented house. I have learning TA from past 3 years and learning day trade from past two years. Till date I haven't lost much nor gain much in day trade. But of late I believe that I have the basis in place to be good trader just that my day job doesn't allow me to concentrate on trading so I miss many good trade.

Now my query is how should I proceed to become a full time trader. My ultimate goal in life is to become a FTT. But given my profile its a bit difficult to just leave job and try day trading (although I am quite confident of my day trading strategy)

Any help would be appreciated...

Sent from my AO5510 using Tapatalk

From your post it appears that you are tired of your job as there is no prospects in it. But before entering the trading business full time I would suggest the following :

1) Do you have a backtested trading method if so, take 1-2 months leave and trade the method.Do some swing trading. You should be able to make profits atleast 6 months consistantly before you leave the job and enter trading full time.

2) Do you have enough savings to take care of living expenses for atleast 1 year ? Your wife is working so the basic expense money will come in but will that be sufficient if you dont make money for 1 year ?

3) Do you have enough trading capital ? You will need atleast Rs 10 L capital to make equivalent of what you earn in a salary.

4) Do you like the trading for taking it up full time ? Are you prepared for ups/downs of trading ?

Make sure that consistant profits you can make and you are not getting into trading because of boredom in the job.

Best wishes for whatever you decide to do.

Smart_trade

 

[newuser_RK]

From your post it appears that you are tired of your job as there is no prospects in it. But before entering the trading business full time I would suggest the following :

1) Do you have a backtested trading method if so, take 1-2 months leave and trade the method.Do some swing trading. You should be able to make profits atleast 6 months consistantly before you leave the job and enter trading full time.

2) Do you have enough savings to take care of living expenses for atleast 1 year ? Your wife is working so the basic expense money will come in but will that be sufficient if you dont make money for 1 year ?

3) Do you have enough trading capital ? You will need atleast Rs 10 L capital to make equivalent of what you earn in a salary.

4) Do you like the trading for taking it up full time ? Are you prepared for ups/downs of trading ?

Make sure that consistant profits you can make and you are not getting into trading because of boredom in the job.

Best wishes for whatever you decide to do.

Smart_trade

1. Yes taking leave or sabbatical for 6 months to test out is the best option. But I won't get that luxury. Yes I have a back tested PA based system.

2. No issues on that front we can survive for an year

3. Yeas I can mange capital of 10 lac

4. Yes I want to be a trader but its also true that I want to escape my soul sucking job. I am not sure if I am ready to take in ups and downs of trading career.

In short I am still undecided what to do but I am continuing my job in the near future at least...

Thanks ST da for replying....

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[rkripal]

1. Yes taking leave or sabbatical for 6 months to test out is the best option. But I won't get that luxury. Yes I have a back tested PA based system.

May be you can take night shifts or get a new job where that option is available

2. No issues on that front we can survive for an year

Dont do that. Instead invest that money in some safe business or do some safe investment from where you can get regular income so that your money is safe and you can also make a small living out of it. Because there is no guarantee that you will survive after one year. It may happen that you lose you trading capital and at the same time your saved capital as well.

3. Yeas I can mange capital of 10 lac

Don't start with intraday trading. Instead go for swing trading. Once you make some good capital, try intraday. Most traders consider intraday is thrill and as a full time trader you have to be active. Active!? for the sake of being a ftt? Swing trading less fun. Sometimes very much boring as you go without trades for day or even a week or two. But the question is 'are we in the market for excitement or to make a living?

4. Yes I want to be a trader but its also true that I want to escape my soul sucking job. I am not sure if I am ready to take in ups and downs of trading career.

WARNING! may be you are looking at trading as an escape from your job because trading looks very easy as no boss, not answerable to anyone, easy profits (wish to hell it was that easy). Question: have you been through ups and downs of trading without any other job or income? Dont try to catch a falling knife..






Finally, i would repeat DONT GIVE UP YOUR JOB till you have real money in your hand which you made after 6 to 10 months trading.

May be I said too much.. couldn't help.. alright.. time to go back to the my den..

wish you a very happy and profitable trading career..:thumb:

 

[Rish]

1. Yes taking leave or sabbatical for 6 months to test out is the best option. But I won't get that luxury. Yes I have a back tested PA based system.

2. No issues on that front we can survive for an year

3. Yeas I can mange capital of 10 lac

4. Yes I want to be a trader but its also true that I want to escape my soul sucking job. I am not sure if I am ready to take in ups and downs of trading career.

In short I am still undecided what to do but I am continuing my job in the near future at least...

Thanks ST da for replying....

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My simple answer.....this is the age to move around to get lot experience..whether you like the job or not (everywhere / any profession..always stress...we are not owner of the Company).....

Leaving the job...just because of stress and choosing Trading as a profession is not the right decision...considering your age and family...

Spend atleast another some years with job and try trading also...then decide...not in a Hurry...

Take Care....Family and Family Environment is most important....just think twice...

 

[billi]

Trading allows flexibility in time however it is not an easy job. Since you are already doing job so its might be easier for you to start it as a hobby in free time, learn about it and once you become enough confident about making money through trading then you can easily start it as a full time profession and you can also be in a position of quitting your primary job as well.

 

[throwawayacc123]

hi all.

First of all a brief intro about my profile and background. I am a mba fin working in an nbfc at low double digit annual ctc with not much bright prospects of a career growth. I have a working wife and a kid and live in a rented house. I have learning ta from past 3 years and learning day trade from past two years. Till date i haven't lost much nor gain much in day trade. But of late i believe that i have the basis in place to be good trader just that my day job doesn't allow me to concentrate on trading so i miss many good trade.

Now my query is how should i proceed to become a full time trader. My ultimate goal in life is to become a ftt. But given my profile its a bit difficult to just leave job and try day trading (although i am quite confident of my day trading strategy)

any help would be appreciated...

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no.........

 

[newuser_RK]

no.........

No for what I would appreciate if you would read the thread title and content carefully

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