Is it possible to earn money consistently every month by day trading

[SaravananKS]

any Small Business can not be success with out working seriously.
Since Trading is lone business here I compare with individual Business fellows

Not Family Business run or big companies

Dear friend

my point was that 70% people who are working and are successful are not first geneation enterprenuers.. most of the traders in financial markets out here as of now 'are'.
now if u look at the sucess ratio of first generation enterprenuers, u would find that they too have an abysmally low success ratio.

regards

OK Boss I got your Point

In My Experience I have more success full First Generation Enterprenuers
( 3 out 4 of My Own Friends)

But I yet to find a success full Trader( who is getting Bun and Butter from trading ) in my city.( Though My self i am managing as a Part time Trader

You may have different view nothing serious brother.

 

[Smart_trade]

It is definately possible to earn money consistantly every month . Even every week has to be profitable. Out of 5 trading days in a week 1 or 2 might be small loss days.

But for that daytrading has to be done on a good method, small stops, let the profit run. get out of loosing trades very fast and dont carry that baggage and full concentration ,focus and discipline.

Out of say 20 trading days , a good daytrader is profitable in 14-15 days. Mentioning this only to let the traders know that it is possible and being done by few successful traders. If a daytrader is not making money every week, that means he has to learn a few things which will make him consistantly profitable.


Smart_trade

 

[EagleOne]

To add to ST bhai post.

If after a considerable length of time in market, say year or two, if you still are not making consistent money, be honest with yourself and quit trading. Find something else to do which is more consistent to your temperament. Trading is a dealing with a random and non-linear world. Some people can't bring themselves to align with such a world, and ruin both their account and health as a consequence. It is not the whole world, nor it is the only profession in the world. It is like any other profession, like medicine and engineering or MBA. If one couldn't be a doctor, one can always be an engineer, a film director, carpenter, or even prime minister.

 

[Smart_trade]

To add to ST bhai post.

If after a considerable length of time in market, say year or two, if you still are not making consistent money, be honest with yourself and quit trading. Find something else to do which is more consistent to your temperament. Trading is a dealing with a random and non-linear world. Some people can't bring themselves to align with such a world, and ruin both their account and health as a consequence. It is not the whole world, nor it is the only profession in the world. It is like any other profession, like medicine and engineering or MBA. If one couldn't be a doctor, one can always be an engineer, a film director, carpenter, or even prime minister.

Very true, Eagle. There are many fields in which one can become successful. So after giving 2-3 years serious efforts for trading if one is not successful, one has to think whether he can be successful in some other line. Some time with best of teaching and efforts one does not get handle on trading. So accept it and not go on struggling and make your family also part of this struggle.

I have two friends who are intelligent, very disciplined and I really wanted them to succeed in trading. All of us were young traders and on learning curve...we studied same books, tried same methods but both just could not trade profitably. They finally accepted and went into different professions. One is a very successful coaching class person and one is a big tour and travel operator today and still my best friends. I gave them everything I had/knew but that was it...they could not make it as traders...but did very well in other businesses.

On the other hand , there are some traders who learnt from TJ /TSF posts, took efforts, and are very successful traders. One of them mentioned last month that he was up over 30 % that month....

I have tried but still not got exact answer of " what is the essential ingradient which the guys failed did not have"....they were hard working, very disciplined.....but just could not make it in trading.

Smart_trade

 

[DanPickUp]

@ST

If you say that they have been very intelligent, were hard working and very disciplined, so what could be left?

As you also say: What is the essential ingredient which the guys failed did not have?

I would say the psychological aspect. In what ever we do, it must be in a comfort zone with our mind and feelings. We can work hard and disciplined, but it not means that we must be happy with what we do.

How many do what ever with out feeling comfortable by what they do, even doing it with great discipline and very hard working. If it is now being a trader or a doctor or a sales man, all of them are finally only successful in the long run by what they do when deep inside of those persons they feel comfortable with what they do and the live around it.

So the final question for me: Have your friends really felt comfortable by what they did in trading?

Just my two cents and my life experience.

All the best / DanPickUp

 

[Smart_trade]

@ST

If you say that they have been very intelligent, were hard working and very disciplined, so what could be left?

As you also say: What is the essential ingredient which the guys failed did not have?

I would say the psychological aspect. In what ever we do, it must be in a comfort zone with our mind and feelings. We can work hard and disciplined, but it not means that we must be happy with what we do.

How many do what ever with out feeling comfortable by what they do, even doing it with great discipline and very hard working. If it is now being a trader or a doctor or a sales man, all of them are finally only successful in the long run by what they do when deep inside of those persons they feel comfortable with what they do and the live around it.

So the final question for me: Have your friends really felt comfortable by what they did in trading?

Just my two cents and my life experience.

All the best / DanPickUp

You hit the nail on its head Dan...so true...

I think these guys were disciplined,intelligent,hardworking and with a strong desire to succeed even in trading but they probably did not have the burning passion for trading.

And we all were trying our hands in daytrading arena and these guys were reluctant to accept that a trade is not working out...they will wait till the trade hits a stop loss. I used to get out if I did not feel the trade right and re-enter if necessary. These guys considered not getting out and waiting for the stops to get hit as part of their discipline. But one definately needs ability to get out fast particularly in daytrading . This could be another reason ....

Smart_trade

 

[VIKAS 21]

Every profession/business needs proper dedication & If u r having dedication i dont think there can be chance of failure....

Though everybody can has his own limitations

1. One is already of the mind how will i got the success if only a few have got success.

2.If you are doing it part time then your results will be also like that said by a great pro..

3.Discipline is the key to success but a few pro like ST Sir are able to make that discipline that's why they got their desired goal.

i am very hopeful for me to become a successful trader as i have mentors like St sir/Dan sir

" Honge kamyab ek din Man me hai vishwas poora hai vishwas"

 

[DanPickUp]

@ST

Yep, this is surely an other aspect of becoming or being successful in trading: Having a mind set that it will work. An other very important point to any success in what ever field of profession is done.

My mentor teached me many thing when I went into option trading on futures. One of those basic stuffs and I would say the hardest and biggest lessons of all I got at the begin was this, that I was forced into a strong loss in my first trade I made with him. As I did not understand the material in dept at those time he showed me, it was easy for him to put me in that situation. Now I was shown which mental process a loss had to me.

I was incredible angry about my mentor and first did not understand why he did that to me. I mean, I had the experience to make losses with stocks, as I was before a part time stock trader, but the loss he forced me in was a new level just with one trade.

Some one later I catch d up the information that most of ever successful trader started with the mindset that it will work. At that moment I realized why I was forced in such a situation. If we loose our believes in it (beside what was told in the other post) after the first big fail / fails, we never ever going to make it.

So final comment here from my side in agreement with your words: It is absolute essential to believe in the success trading will have in the future to not give up or move away from the already choose d and token path.

All the best / DanPickUp

 

[VIKAS 21]

@ ST Sir

Will you tell us about u how you started your trading journey??
Did u ever loose some money in your initial trades??
From where u learned trading??
After how many years of starting trading you left your job??

Your story can lead to a path to novice traders to follow your foot prints.....

 

[Smart_trade]

@ ST Sir

Will you tell us about u how you started your trading journey??
Did u ever loose some money in your initial trades??
From where u learned trading??
After how many years of starting trading you left your job??

Your story can lead to a path to novice traders to follow your foot prints.....

No No....I dont like telling horror stories. ....I get scared myself with those stories.

ST