Deal all,
I am new to trading & need to adapt to trading as my regular means of captial buildup besides my job. To begin with I am tragetting for 8% of weekly appriciation (day trading only). This will provide me double the amount inside a year. I would like to know if this is a practical target or is it too modest? I am trying to figure out a benchmark against which I can measure myself as a biginner. Any advice would be helpful
cheers,
Ashish
Hi there nothing bad to trade and target is very easy to acheive.You will meet many people who will misguide you some say do this and that. But stick to your goal. There are certain things you need to do else destruction also is sure. You have to follow for day tarde-
1) First learn art of trading i.e. Technical analysis which is must for a trader.
2) Buy a technical analysis Tool like ambibroker, meta stock etc. As in free nothing is available. I am using ambibroker. I feel it is less expensive than others and very much flexible and easy to use.
3)Dont put your entire capital in market.Use only 20-30% subject to minumum of 50000-100000 as per you capacity.
4) Dont trust tips from broker etc. as they are not going to loose its you only. Make yousr self competent to take your own decision else its worthless.
5) Open your account with a broker with good reputation and low brokeage because brokerage part is very important to survive in market and trading in volume.
6) Dont trade in penny stocks. Opt for Nifty 50 & some stocks lik Aban etc.
4) Prefer stock costing 500-2000 like Jidal steel, Reliance, Lt etc. the usually follow technicals.
5) Use good internet connections.
6) Keep your mind cool try to get rid of greed and fear. Book small profits of Rs 3-20 in BIG STOCKS as the case may be.
7) After getting confidence start trading in volumes not before that.
8) Those who loose can gain i.e. Keep in mind stop loss so that you can protect your capital to be eroded.
9) Keep bird eye on television and your screen i.e. chart else dont trade or some day you will realise.
Hope these things works
I have lost lots of money earlier but after following these things I not only covered my losses but Now trading with good success.
As you are in job televeison to watch and chart is not possibel then dont go for day trade go for swing trading by researching using technical tools, news etc. Buy on breakouts and Oversold good stock.
Regards
Manish