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

[Smart_trade]

Dear ST,

Many here and I, would appreciate it if you could elaborate a little more and
give us, some more details, You've been there and done it, a little help here
would go a looong way in helping us get out this loosing rut.

Don't know if we could turn things around as you did, but for some it could be a turning point.

My sincere thanks for all you've revealed, and done to help us in this forum.

In the initial 2.5-3 years I was a struggling and loosing trader. I had left my job and had a saving of Rs 4 Lacs which was considered good that time. But continuous losses in daytrading, swing trading it was like going 2 steps forward and coming 3 steps back... I was making some money but my losses used to be large. I used to cut losses when it used to be large and unbearable. I finally came to complete blowout of the trading money. There I decided that this loosing has to stop and sold some shareholding which I had invested in and got Rs 55,000 and started all over again.

Key to success is dont take large bets, get out of loosing positions fast, let your profits be atleast 1.5 times more than your losses in daytrades and 2-2.5 times in swing trades. Try to make Rs 500 or Rs 1000 consistantly every day.

The method is important. It should be a competent method with positive expectation. Choose a method which you like and are comfortable with. Then one can make money in the long run. Watch your trading capital like a hawk. I always tell that in daytrading if the market is against you for more than 5 min, get out of that position, it is not working out.

Every trade will not be a large profit trade...most trades will be small profit/small looses trades with profits more than losses. Few trades will be large homerun trades . They provide the real meat .

All the above rules are known to everyone. I have not discovered anything new. My success probably was because for me the failure was not an option as I like trading very much. But it was tough, many times I came to make or break point. I could have failed as well....but I strongly believed that there has to be a way of succeeding here and I must find that out. Ability to adapt to market conditions is the biggest quality a trader must have.

If everyone follow the above, there is no guarantee that all will succeed but few will definately make it. It is a tough walk but worth the trouble at the end of the road.

Smart_trade

 

[DanPickUp]

@ST

You told: The method is important. It should be a competent method with positive expectation. Choose a method which you like and are comfortable with. Then one can make money in the long run. Watch your trading capital like a hawk.

Very well said.

Let me add two cents from my side when you allow:

The method we trade we have to know in our head before even entering the market. The method must be absolute clear understood in any deeper detail. That is called a trading plan outworked in any possible way. Best to dream about our trading plan. If we can imagine a chart and imagine where and of what reason we short, we hedge, we enter, we leave, then the meal is cooked and ready to eat.

About the capital we use: A good trader is, when it comes to the point of how much money can be lost, like a bookkeeper. If now future or option or hedger or stock trader, that counts for every body, even each one of us do it in a different way. We have to know our ranges and targets on the plus and loss side in exact money numbers, so we are able to act and place orders at those certain levels which are important for our books.

All the best / DanPickUp

 

[Steve]

In the initial 2.5-3 years I was a struggling and loosing trader. I had left my job and had a saving of Rs 4 Lacs which was considered good that time. But continuous losses in daytrading, swing trading it was like going 2 steps forward and coming 3 steps back... I was making some money but my losses used to be large. I used to cut losses when it used to be large and unbearable. I finally came to complete blowout of the trading money. There I decided that this loosing has to stop and sold some shareholding which I had invested in and got Rs 55,000 and started all over again.

Key to success is dont take large bets, get out of loosing positions fast, let your profits be atleast 1.5 times more than your losses in daytrades and 2-2.5 times in swing trades. Try to make Rs 500 or Rs 1000 consistantly every day.

The method is important. It should be a competent method with positive expectation. Choose a method which you like and are comfortable with. Then one can make money in the long run. Watch your trading capital like a hawk. I always tell that in daytrading if the market is against you for more than 5 min, get out of that position, it is not working out.

Every trade will not be a large profit trade...most trades will be small profit/small looses trades with profits more than losses. Few trades will be large homerun trades . They provide the real meat .

All the above rules are known to everyone. I have not discovered anything new. My success probably was because for me the failure was not an option as I like trading very much. But it was tough, many times I came to make or break point. I could have failed as well....but I strongly believed that there has to be a way of succeeding here and I must find that out. Ability to adapt to market conditions is the biggest quality a trader must have.

If everyone follow the above, there is no guarantee that all will succeed but few will definately make it. It is a tough walk but worth the trouble at the end of the road.

Smart_trade

Hi ST,

Thanks for your response, You've explained some of the above nuggets in your previous post,
but some here, are new gems for me.
I will always cherish all the advice that I've received from you, as well as
other experts, in this forum, and try and inculcate this in my trading habit.

If something does come to your mind that you think will help us further, please do take some time out of your busy schedule and advice us.

Thanks

Steve

 

[Steve]

@ST

You told: The method is important. It should be a competent method with positive expectation. Choose a method which you like and are comfortable with. Then one can make money in the long run. Watch your trading capital like a hawk.

Very well said.

Let me add two cents from my side when you allow:

The method we trade we have to know in our head before even entering the market. The method must be absolute clear understood in any deeper detail. That is called a trading plan outworked in any possible way. Best to dream about our trading plan. If we can imagine a chart and imagine where and of what reason we short, we hedge, we enter, we leave, then the meal is cooked and ready to eat.

About the capital we use: A good trader is, when it comes to the point of how much money can be lost, like a bookkeeper. If now future or option or hedger or stock trader, that counts for every body, even each one of us do it in a different way. We have to know our ranges and targets on the plus and loss side in exact money numbers, so we are able to act and place orders at those certain levels which are important for our books.

All the best / DanPickUp

Hi Dan

Thanks for you valuable inputs, what you've expained above
is what a seasoned hard core trader would be, which I presume comes
with years and years of trading and learninig from mistakes. All the same
good inputs and tips.

 

[DanPickUp]

Hi Dan

Thanks for you valuable inputs, what you've expained above
is what a seasoned hard core trader would be, which I presume comes
with years and years of trading and learninig from mistakes. All the same
good inputs and tips.

Yeap and I guess that is every bodies target in the long run who is reading in this thread. So it is not would be instead are. Sure every body is different, but certain aspect from above post are a must, other wise it will be only some thing most not will make in the long run and will end under the notice: Also-ran.

Good trading / DanPickUp

Edit: Not that you miss understand the post. The Are was and is used for general interpretation. The best live trader I have met in person and seen in live trading ever in my live had all this attitudes and so this is, at leas my target, which I work for every day until I feel I satisfied that level in perfection.

 

[VIKAS 21]

In the initial 2.5-3 years I was a struggling and loosing trader. I had left my job and had a saving of Rs 4 Lacs which was considered good that time. But continuous losses in daytrading, swing trading it was like going 2 steps forward and coming 3 steps back... I was making some money but my losses used to be large. I used to cut losses when it used to be large and unbearable. I finally came to complete blowout of the trading money. There I decided that this loosing has to stop and sold some shareholding which I had invested in and got Rs 55,000 and started all over again.

Key to success is dont take large bets, get out of loosing positions fast, let your profits be atleast 1.5 times more than your losses in daytrades and 2-2.5 times in swing trades. Try to make Rs 500 or Rs 1000 consistantly every day.

The method is important. It should be a competent method with positive expectation. Choose a method which you like and are comfortable with. Then one can make money in the long run. Watch your trading capital like a hawk. I always tell that in daytrading if the market is against you for more than 5 min, get out of that position, it is not working out.

Every trade will not be a large profit trade...most trades will be small profit/small looses trades with profits more than losses. Few trades will be large homerun trades . They provide the real meat .

All the above rules are known to everyone. I have not discovered anything new. My success probably was because for me the failure was not an option as I like trading very much. But it was tough, many times I came to make or break point. I could have failed as well....but I strongly believed that there has to be a way of succeeding here and I must find that out. Ability to adapt to market conditions is the biggest quality a trader must have.

If everyone follow the above, there is no guarantee that all will succeed but few will definately make it. It is a tough walk but worth the trouble at the end of the road.

Smart_trade

Thanks ST Sir

Reading above is like reading a success story of a great man.

 

[Smart_trade]

Thanks ST Sir

Reading above is like reading a success story of a great man.

Thanks VIKAS but let me be an ordinary trader like anyone else here and be happy with trading the markets and enjoying it.

ST

 

[TraderRavi]

Key to success is dont take large bets, get out of loosing positions fast, let your profits be atleast 1.5 times more than your losses in daytrades and 2-2.5 times in swing trades. Try to make Rs 500 or Rs 1000 consistantly every day.

Watch your trading capital like a hawk. I always tell that in daytrading if the market is against you for more than 5 min, get out of that position, it is not working out.

Every trade will not be a large profit trade...most trades will be small profit/small looses trades with profits more than losses. Few trades will be large homerun trades . They provide the real meat .

Smart_trade

Thanks ST for sharing very valuable post/thoughts...............:clapping:

 

[Bewinner]

Suppose I earn Rs 1 Lac in a year, 60-70,000 used to go for running the house( talking about expences 15 years ago ) so only 40,000 capital formation.

Smart_trade

ST...

U did not have to pay Income Tax?

 

[Smart_trade]

ST...

U did not have to pay Income Tax?

Earning means after expences ( like internet and data charges etc ) and taxes. No one can escape Income Tax. And if one makes money, there is no harm in paying Income Tax which is at a very reasonable level.

Smart_trade