Is earning 2000 daily enough........ But theres a prob????????

[RAMNARAYAN]

Dear Murugan
Thank you for your inputs. In fact, I now realise that there is nothing good in making 2000 a day but the real good feeling is when we have done it against odds. If the market surges and money rains, one does not need even 30 mnts to make that money, with enough stocks/money. I read in the same thread from Credit Violet that " the money you make is a function of the account size, leverage and position sizing involved.If you can make 100 Rs consistently, you can make 10k as well ". The advice is worth a ton of gold.

I realize I am a new comer to the market on every day's trade. The shocks and surprises I get are different and new every day with funny combinations. Experts opinions are like Met Forecast only. To explain the reason after the incident.
I am not denigrating but their advices are not decisions but only pointers. In the chaning scenario every minute, how anyone can be acurate. But, it is very essential to start with the advice and change them where necessary .I keep a diary to log my every day plan and their execution. Please believe me, that there was not even a single day when I have done so. If the market plays well, my greed spoils the show.Yesterday I lost 9k due to that. I now understand that it is better to analyze our own decisions/actions to promote ourselves rather than blaming market or experts.They are well wishers for us.
Keep giving feedback. I need them. :thumb:
Ramani

 

[RAMNARAYAN]

Dear Gunavadhi
Welcome and it is good feeling to know that we are all here to make life a pleasure. Keep posting and share feedback .

Ramani:thumb:

 

[RAMNARAYAN]

Dear Harshat
It is a pleasure to have friends which money cannot buy. I would like to be worthy of your choice. Getting friends seems to be an additional bonus besides getting knowledge in trade in this forum. I am happy.
Ramani:thumb:

 

[sumit.agarwal]

yes now it does looks easy to me .

 

[sushant079]

its not abt 2000
you should earn atleast 10% on your total balance!!!
it is actually 2% on your extended balance(5 times provided by broker)
thats wat i think!!

 

[oping]

Hey I have not yet started trading nifty. ( I have been trading for forex using technical ) I just opened an account in Karvy recently . Does my broker give me margin for trading nifty and sensex ( 5 times the money I have ) ?

 

[sushant079]

Hey I have not yet started trading nifty. ( I have been trading for forex using technical ) I just opened an account in Karvy recently . Does my broker give me margin for trading nifty and sensex ( 5 times the money I have ) ?

well you can ask your broker, though never heard that name.....usually nowa days all broker gives margin atleast 3 times!!

 

[gsgindia]

IF YOUR INVESTMENT IS Rs10000 /- FOR INTRADAY TRADING , DO NOT EXPECT A PROFIT OF MORE THAN Rs 200 /- PER DAY. (AFTER DEDUCTING BROKERAGE+TAXES).
THE MOMENT YOUR TARGET IS ACHIEVED, SIMPLY GET OUT FOT THE REST OF DAY. ANY THING YOU TRY FURTHER WILL ULTIMATELY END UP IN LOSS.
YOU MAY GET MOR ON ONE DAY BUT REMEMEBER - EVERY DAY IS NOT A SUNDAY.

 

[gsgindia]

I TOO AGREE.

HOPE THE FOLLOWING WILL BE USEFUL TO YOU

Some important tips.
There is only one side to the stock market; and it is not the bull side or the
bear side but the right side.
Never act on tips.
If a stock doesn't act right don't touch it; because, being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis. No prognosis, no profit.
Always sell what shows you a loss and keep what shows you a profit.
Always limit your losses - use stop orders.
Never buy a stock because it has had a big decline from its previous high.
Trade ONLY in active & high Volume Stocks/ Futures.
Always withdraw portion of your profits and do not wait for long.
Very important/interesting tips on stop loss & trailing stop loss
Stop Loss Orders and Trailing Stops
All stock purchases are, of course, made in the expectation that the stock price will go higher. Frequently, however, the market moves against a trader, creating an unexpected loss when the position is closed out. The use of stop loss orders and trailing stops is tools that greatly help traders to minimize losses (or lock in profits), if the market suddenly moves against a position that remains open. All day traders should use these tools.
Stop Loss Orders
A "stop loss order" is an order to sell a stock at a price below the current market price. For example, suppose that you have just bought 1000 shares of xyz at Rs. 50.00. You decide that you only want to risk Rs. 5.00 per share on this transaction. Accordingly, you immediately place a stop loss order at Rs. 45.00.
This means that if the price of XYZ should drop to Rs. 45.00, your broker will sell your 1000 shares at a market price of (or close to) Rs. 45.00. The use of a stop loss order will therefore pre-determine the maximum loss a trader will incur.
2 There are many views on where traders should set their stop loss price levels. A common and simple approach is to set your stop loss price between 10% to 20% below the price you paid for the stock. In the above example, the stop loss was placed Rs. 5.00 or 10% below the XYZ stock price of Rs. 50.00.
Trailing Stops ( INTERESTING ??????)
In addition to placing stop loss orders to limit your losses, you can also use the technique of "trailing stops" as a means of locking in your profits should the stock price increase.
Referring to the example above, assume that the share price of XYZ increased to Rs. 60.00. You now have an unrealized gain of Rs. 10.00 per share. You believe that the share price will go even higher so you decide not to sell the shares at his time. However, at the same time, you wish to protect or lock in a portion of your unrealized profit on these shares in the event that the share price does in fact move back down. To do this,
you would cancel the existing stop loss order of Rs. 45.00 and place a new stop loss order at, say, Rs. 55.00. If the share price declines to Rs. 55.00 your position will be sold out at a gain of Rs. 5.00 per share. If the stock continues to go up, you profit even more and may decide to place another stop loss order at a higher price to lock in further gains.
You can continue to "trail stop" up as the price rises as many times as you wish.
Two final points about stop orders and trailing stops.
First, the stop price should always be sufficiently below the current market stock price to compensate for the normal intra-day price volatility of the particular stock. Otherwise, you will find that your positions are frequently and unexpectedly closed out.
Secondly, the use of trailing stops requires frequent monitoring of the stock price, as it is up to the trader to adjust the stop loss upward as the price of the stock increases.

 

[WOD]

Thanks for replying, you might be thinking that I am picking on you, I wasn't actually.. how could I, if I am an amateur trader myself. , I have spent 10+ hours each day starring at the charts, analysing it in the persuit of knowing my market and myself from only past 2 years.. I have given up my fulltime job/ my friends etc the day when I realised that trading requires lots and lots of skills, which was not visible in my early days. I have gone through your situation when I made these kinds of returns risking 10% of my account in one go during my Unconscious Incompetence.. And just to let you know I was a complete failure, so frustrated that even I could hardly sleep thinking, tomorrow I have to wake up early in the morning and figure this out.. You dont wanna know, even now I am not even close to a consistent trader, and I dont have any shame accepting that, I might end my book in green in some days but again I break my rules set in my trading plan and then start all over again. Well at least I know that I dont need to hunt for better strategies because I know a good method is one of the many pre requisites to profitable trading. Like being correctly capitalized, having a good PC and internet connection, having a broker that gives good fast fills etc. But you could give a crap trader all these things and also give them a really good trading system too and they will still fail to make money in the long run.
__________________

That doesnot mean that you have to go through all these, may be you are one of those lucky ones who has cracked everything too early or maybe I am in a wrong business.. good for you mate. Infact well done!! The point is even the best traders I have read about or seen personally have taken 3-5 years (10,000+ hours of screen time)to reach a level where they could be called 'a successful trader'.
No, again I am not bashing you out..Just trying to warn you that this is a serious business where only 5% succed, that means 95% failure.. so if there are 1000 traders in India only 50 traders will succed and the rest 950 traders are doomed to fail.. your have to beat those trading robots programmed by top banks, hedge funds and other pros just to give you an idea..
I know you may not want to listen to all these, I didn't but now I am. Simple logic any profession say for example becoming a doctor requires 7+ years of uni/college education during that period you study on the subjects pay for the tution fees and lot more then only you start a job/clinic then you are looking for a decent salary/income and by experience your pay check increases.. it makes sense, then why not people think trading is also a similar or better profession which requires experience/time/ blood etc etc.. How come it would be that easy that after 6 months of experience will get you to a position making 200%+ return each month.. come on man you must be kidding with even half of the return each month consistently any one will acquire enough wealth to wipe the poorty out of the whole earth in less than few years if compounding is taken into account.
Even the top hedge funds are making 35% ish sort of return per annum..now dont tell me they dont have better traders trading for them or they dont have better resources than a retail traders..
My 2 pence, if you have maintained these sort of returns for the next 10 months then any hedge funds in Cananda( as ur resident) will come banging on your doors asking you to work for them with 1:9 split base..
Robin, I was just trying to give you a heads up, hope you will take it in a good faith.
Uasish is one of the most respectful traders in Traderji and he seems quite experienced from many of us, as far as I have seen after reading his posts and I dont think his motive was to put you down and I dont understand why would any body do that. What he meant was if you are that profitable then kindly start a new thread fire your charts with some reasoning of entry and exits depending upon your other time & commitments, and believe me it would be a learning curve too for many of us including you, you are in no ways proving anything to anyone but there may be many succesful traders who can throw some valuable insights.BTW most of us are retail traders and we dont have any one who could guide us other than forum members because the world outside this is very cruel, I bet 99% of traders lack complete family support which itself is a driving force to failures because trading cannot be learned by going to traditional school or colleges.. it comes only after a lot of screen time untill our eyes starts to bleed..after riding through all those emotional roller coaster traumas.. huh!! a long journey but worth it all!!

Good luck and dont think I am preaching any BS, I would defenitely appreciate if you come up with criticisms, arguments etc so that we can get our conversation more constructive and informative for many of us.
Happy trading.

Fantastically said ash........each and every word is true (saying with my personal experience)....