Need help to trade better and to trade RIGHT

A small introduction about me.

I was trading before on and off for few years and was never profitable. Mostly day trading, never felt okay with overnight holdings. Be it in cash segment or derivatives, almost always square off before the end of the day.

About a month back, my cousin asked if I could help him with trading. I said NO as my track record is not good, I am not someone you should get help from. Going by the online article, only 1% of the traders make money, you should try different investment / business option. He kept insisting and I am also doing some odd jobs and post corona things aren't good. In the end, I said okay and started trading few weeks back. I explained what kinda returns he can expect from this and everything I thought he should know before we started.

1st day wasn't good, in fact it was bad. It's me, responsible for the loss. Lost about 4% on the day one. :(

The idea is to make 40-50% per annum. Decided to trade low risk option strategies like spreads, but me been a day trader in the past, couldn't trade the spreads as it's supposed to be done. Short strangle/straddle scares the sh?t out of me cause of the unlimited downside. Long/short iron condor/butterfly doesn't look attractive (may be I am wrong), strangles/straddles though attractive they are most likely to lose in the long run. Don't know if I should stick with naked short/long in futures or even options and do intraday. Again I wasn't successful before, so why this time would be any different if I continue with day trading. Still wrestling whether I should do intraday or positional (though I wasn't keen on positional trading when I was trading in the past, I was profitable - may be the reason I am thinking about positional trading).

Okay. I am here to learn to trade better and more importantly to trade RIGHT this time. I am here to stay for atleast a year, if profitable (esp. achieved the target) longer than that. It's a long weekend. I will be here most part of the weekend, hoping to learn. :)

A professional trader's first priority is to protect the capital. Forget about 40 -50 % annual returns , firstly learn how to do trading in a right way. People enter stock market with a lot of money but without any trading skill. Trading is not something out of this world. It's definitely like other businesses. No one puts direct money without getting the proper knowledge of that business then why people underestimate stock market. It's not an easy task. Read books , get mentorship from any successful trader , give enough time to your learnings , do things patiently , start with small capital and make small profits , learn to handle your capital . There are a lot of things to manage in trading. This will not give you overnight success. Trading takes time then gives money. First Learn Then Earn.
I think nothing can beat the knowledge that we get from experience of being in the market as a trader. Glad to know that you have already decided to stay in the market and learn from the experience. I would advise you to keep a trading journal as that is very helpful in tracking our progress. Good luck!
I appreciate your willingness to learn. Just be patient and take your time. There is no need to rush. We all have bad trading days but we should let this one bad day define our entire trading career. Work on your strategy and skills. That’s all you need to reach your goals as a trader. Good luck!
It is preferable to brush up on your stock market knowledge and skills. It is not a good idea to set lofty goals for yourself at the start of your trading career before fully comprehending the market.
Good that you have decided to spend some time in the stock market and learn. Being patient is the most important thing when it comes to the stock market. You are bound to face failures and setbacks but the spirit to keep going will take you to success in the end.
With every trade you place, you tend to learn new things. Losses lead to greater learning, and when we learn from our losses instead of being emotional about them, our trading improves. The key is to focus on learning as much as you can and being consistent and disciplined.
It is quite normal to have a rocky start when you are a new trader. Please don’t be discouraged due to that. Keep on working to refine your skills and you will be able to get success in the future. 1 year is a lot of time to gain knowledge and experience by being in the market. All the best for your trading journey and keep your spirits up!
You won’t trade correctly until you find an issue with your trading style. You must stay updated with the market and its fluctuations and change your strategy and plan as per them. So, keep exploring the market, making mistakes, and getting better over time.
It is normal to make mistakes but ignoring those errors and not working on them won’t help in the future of your journey. Hence, maintain a journal and make notes as you go. Start small and grow your portfolio gradually.

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