Trading diary of a failed Trader

#1
Hi Frns...

Today I really felt that I am a failed trader:annoyed::mad:. One of my frn told me about traderji…so joined today. I am successful in my career and studies ( I am not extraordinary).

About myself
--working in a software company as project manager
-- having 5years of experience in trading
-- Lost around 7-8Lks. Around 4Lks in stock and nifty options only that to through tips.
--started my career in equity segment, slowly moved to options to get fast money, then to futures (right now not in cash or options)
-- Day trade (no positional) as I feel Mkt is so volatile anything can happen in Indian Mkt
-- read some books on technical charts but have never implemented in paper trading or actual trading
-- Currently trading based on screen reading. I have a selected list of 10stocks and looking at their opening and their movment, yesterday close, low,high. Based on that I used to guess and trade. My guess works well. My success ration is more than 70%. But the prob is in these successful trade, I used to earn small, but the 30% failed trade used to kill all my profit and takes away some from my capital.
-- I can’t quit trading as it gives me a unknown pleasure(don’t know why and what).. Purchased 2books and reading through them daily (avg 2hrs)
-- I can take risk
-- I am not very systematic


Now Frns…

Please please tell me what I should do to become very successful (for which I can sacrifice anything) as I am planning to make this my career after 3years(will quit my job and make this my career).
I will try to go through as may threads as possible. But any similar thread or techniques or stratergy

Experts, I really need your help and guidance
 
Last edited:
#2
Feel sorry for ya. This forum is amazing. Guess you will get the right guidance and help from the seniors. All the best.

Hi Frns...

Today I really felt that I am a failed trader:annoyed::mad:. One of my frn told me about traderjiso joined today. I am successful in my career and studies ( I am not extraordinary).

About myself
--working in a software company as project manager
-- having 5years of experience in trading
-- Lost around 7-8Lks. Around 4Lks in stock and nifty options only that to through tips.
--started my career in equity segment, slowly moved to options to get fast money, then to futures (right now not in cash or options)
-- Day trade (no positional) as I feel Mkt is so volatile anything can happen in Indian Mkt
-- read some books on technical charts but have never implemented in paper trading or actual trading
-- Currently trading based on screen reading. I have a selected list of 10stocks and looking at their opening and their movment, yesterday close, low,high. Based on that I used to guess and trade. My guess works well. My success ration is more than 70%. But the prob is in these successful trade, I used to earn small, but the 30% failed trade used to kill all my profit and takes away some from my capital.
-- I cant quit trading as it gives me a unknown pleasure(dont know why and what).. Purchased 2books and reading through them daily (avg 2hrs)
-- I can take risk
-- I am not very systematic


Now Frns

Please please tell me what I should do to become very successful (for which I can sacrifice anything) as I am planning to make this my career after 3years(will quit my job and make this my career).
I will try to go through as may threads as possible. But any similar thread or techniques or stratergy

Experts, I really need your help and guidance
 

praveen taneja

Well-Known Member
#3
Hi Frns...

Today I really felt that I am a failed trader:annoyed::mad:. One of my frn told me about traderjiso joined today. I am successful in my career and studies ( I am not extraordinary).

About myself
--working in a software company as project manager
-- having 5years of experience in trading
-- Lost around 7-8Lks. Around 4Lks in stock and nifty options only that to through tips.
--started my career in equity segment, slowly moved to options to get fast money, then to futures (right now not in cash or options)
-- Day trade (no positional) as I feel Mkt is so volatile anything can happen in Indian Mkt
-- read some books on technical charts but have never implemented in paper trading or actual trading
-- Currently trading based on screen reading. I have a selected list of 10stocks and looking at their opening and their movment, yesterday close, low,high. Based on that I used to guess and trade. My guess works well. My success ration is more than 70%. But the prob is in these successful trade, I used to earn small, but the 30% failed trade used to kill all my profit and takes away some from my capital.
-- I cant quit trading as it gives me a unknown pleasure(dont know why and what).. Purchased 2books and reading through them daily (avg 2hrs)
-- I can take risk
-- I am not very systematic


Now Frns

Please please tell me what I should do to become very successful (for which I can sacrifice anything) as I am planning to make this my career after 3years(will quit my job and make this my career).
I will try to go through as may threads as possible. But any similar thread or techniques or stratergy

Experts, I really need your help and guidance
Bro I am not that much intelligent who can guide you but Just remove that word from your mind and you would be successful:thumb:
Make up in your mind tat you are here to wind and in no way you are going to leave this mkt speak in your mind again and again that you wont quit:thumb:

Be positive and see magic God bless us all:clap::clap:
 

JackPotter

Active Member
#4
Welcome to the club. :)

I used to work in the IT sector until few months back.. Now, I've turned into full-time trader and part-time freelancer. I've slowly but steadily gained confidence. Thanks to the stuffs on the forum, some luck and my hard work recently my ledger balance has started to swell after early hiccups. :)

Since your losses are greater than your profits despite of being right 70% of times, it is clear that you need to read some material on "money management." You'll find plenty of them in this forum. Digg it!

Saint's "Teach a man to fish" thread also contains some material on money management. If you're lazy to go through the threads, I recommend you to download the compiled version of it in word format.. Search Google.. Being an IT pro, you should be able to find it. :)

P.S.: I suggest that you learn the techniques here rather than looking for calls by experts. That way you'll learn faster and build your own strategies. Also, please incorporate some discipline in your trades.
 

comm4300

Well-Known Member
#5
Capital protection.
Capital protection.
Capital protection.

I kind of had a similar run with my trading....but with lesser amount to lose than you.

i've finally realized that trading is more about risk reduction than capital appreciation. If you focus on reducing risk, profits will take care of themselves.

If you get a HIGH from trading, not good. Trading after a while should be a normal - level headed activity than any emotional turmoil.

I'd strongly suggest you consider AW10's threads on options. Danpickup too has posted a few threads. Both are about reducing risk and staying in the market longer.

Best wishes.
 
Last edited:

priyanvada

Well-Known Member
#6
Hi,

In case If you r willing to listen me ...

Read following book 10 times if needed till you understand (not kidding)

http://www.amazon.com/Steidlmayer-M...=sr_1_1?s=books&ie=UTF8&qid=1306852073&sr=1-1

Listen to all videos in this channel...
http://www.youtube.com/user/TradeGuider
read and understand few VIMP things mentioned in following bool
www.tradeguider.com/mtm_251058.pdf

Read Understand and Apply most IMP things mentioned at Following link ...

http://www.mtptrader.net/showthread.php?t=1625

Also try to play and pass successfully money management game ... 3 levels are free..I have passed nine! In the process you will learn what needs to be learned!

http://www.iitm.com/products/Trading-game.htm


.... My days have changed from loser to winner ... so will yours ... just Little devotion and discipline and you are a millionaire! :thumb::thumb::thumb:

All the best!!!

PS:- By the way some Giants here are astonishingly successful just trading using Bid and Ask!! ... See this Budding Flower...
http://www.traderji.com/trading-diary/54493-just-bid-ask-trader.html
So you may not need to go through things I mentioned except money management stuff if you can trade skillfully using Bid and Ask!
 

TraderRavi

low risk profile
#7
Hi Frns...

Today I really felt that I am a failed trader:annoyed::mad:. One of my frn told me about traderji…so joined today. I am successful in my career and studies ( I am not extraordinary).

About myself
--working in a software company as project manager
-- having 5years of experience in trading
-- Lost around 7-8Lks. Around 4Lks in stock and nifty options only that to through tips.
--started my career in equity segment, slowly moved to options to get fast money, then to futures (right now not in cash or options)
-- Day trade (no positional) as I feel Mkt is so volatile anything can happen in Indian Mkt
-- read some books on technical charts but have never implemented in paper trading or actual trading
-- Currently trading based on screen reading. I have a selected list of 10stocks and looking at their opening and their movment, yesterday close, low,high. Based on that I used to guess and trade. My guess works well. My success ration is more than 70%. But the prob is in these successful trade, I used to earn small, but the 30% failed trade used to kill all my profit and takes away some from my capital.
-- I can’t quit trading as it gives me a unknown pleasure(don’t know why and what).. Purchased 2books and reading through them daily (avg 2hrs)
-- I can take risk
-- I am not very systematic


Now Frns…

Please please tell me what I should do to become very successful (for which I can sacrifice anything) as I am planning to make this my career after 3years(will quit my job and make this my career).
I will try to go through as may threads as possible. But any similar thread or techniques or stratergy

Experts, I really need your help and guidance

looks like my photocopy.......
.........:cool:
 

speed

New Member
#8
Thanks My frns...

I have already catch hold of the pdf book 'catch a fish' and started reading...

Thanks priyanvada for the books. I am definitely missing tech analysis as Suppose say I had bought Chambal, DCB and Hindalco at very low level in future...I just comeout after booking 3K each where as each had given some 15-20K in last 3 4 days...

I used to book very early and book loss little late as usual...
 

TraderRavi

low risk profile
#10
TraderRavi, haha..

Have you overcome your prob or still struggling...How you overcame...

Jack, congrats for your venture
struggling..???....man , someday I will write about how I turned into a winner from loser but when , cause I am still a loser from last 2 years..........:eek:
 

Similar threads

Zerodha – Open Paperless Account

Open online account with Zerodha. Free delivery trading and Max Rs 20 for Intraday, F&O, Currency and Commodity Trading. Intraday High leverage with MIS, CO and BO.

Name:Phone:
Email:City:
State:
Are you a day trader?