plz advice me i m new for this page and also as a trader… i really have the ambition to get successful in trading. I feel i lack knowledge as a trader.
All the experience and the best advisors plz suggest what are all the steps to be noted to become a successful trader. what kind of books methodology i need to follow.
as a beginner guide me in right way.
thank you all in advance
What exactly is your reason for trading?
(Do you have money that you can afford to lose? If not close your demat now and never look at the market again, fair warning. If yes, you can try and answer my question, will do my best to help.)
i first started with nifty with banker guidance and later brokerage calls on bank nifty
Ashwin, that was my savings which i lost… my heart doesnt accept to let it go. i would like to learn and earn it back
Sorry, I know it’s difficult to let go of hard earned money by a few clicks of a button. My honest answer is that you shouldn’t trade any longer. That is all the help I can provide.
You wont earn it back easily, but much more likely that you will lose more trying to earn it back. This is basic folly that so many succumb to.
To trade you need an edge, some thing that makes money after large sample of trades. It takes a long time to find process to find edge, but its possible. Until then we are learners. Only lose what you can afford to lose and trade as small as possible until then. In learning stage we will lose money consistently. That’s how it is.
On a generic note I will say this much
Trading is a simple game of chance with associated risk - reward which you can play if you have sufficient capital sized appropriately to your risk appetite and return expectation without blowing out. So first ask
Both are predators.
Stick to mutual funds while you learn. There are lots of resources on youtube. You can lookup “Trading with vivek” channel - it can provide a good equity swing trading foundation. Don’t touch derivatives.
Sry fr your loss … why dint u do paper trading? It tells evrythn … wud suggest to develop ur own strategy in stocks … collect a large no. Of charts atlst 250-300 with same logic n u shld get 50% accuracy with 1:2 risk rwd … thn start w paper trading n thn small amnt like 500rs. as stoploss n do 10 trades n slowly increase amnt … keep same amnt as sl in all trades
My opinion.
You can get it back, and even make profits, but it will be difficult and it will take a lot of time.
If you can give details of what you did exactly, what you expected, how the loss happened, members may analyze that and tell you more helpful things.
You can start from zero and take one step at at time, and see how it goes, and then decide what to do.
simple stuff. difficult to accept. nevertheless, here it goes:
Let professionals handle the money. They may make you money or lose it. You have anyway demonstrated losses. May be give professionals a chance then. Your questions suggest that you are not aware of the workings of the financial markets yet you expect to become proficient at it and win some. think of the odds especially keeping in mind that you are playing with money that probably has real and critical impact on your life and those who depend on you.
Don’t worry mate. Almost every trader (except few people) goes through this. Remember the below:
Eventually you will start to recover and make more money out of your capital.
Hi most of the traders who have started their journey have started with a loss.
Take a break, equip yourself by reading fully atleast zeroda varsity. or watch in youtube it is very simple.
learn to take your own decisions.
try buying and selling in cash first.
Trading and investing gives u great freedom as you are ur own boss.
but we have to work hard.
And i believe in prayer (some people say luck)
Finally dont look for zero to hero trades.
slow and steady wins the race.
Best of luck
If your capital was 10L u have lost 20%
If your capital was 20L u have lost 10%
You have to evaluate loss against your capital. You have to evaluate the process:
Were the trades just random buy/sell on discretionary ideas.
How much loss are u willing to accept in a ONE trade with respect to capital.
If you have 5-6 straight losses, will you still trade the same idea?
Without under your trading setups, psychology and risk appetite, will be very difficult to comment! Remember it is very easy to give advice and extremly difficult to follow!
May be Try towards Price Action first and do paper Trades for a while.
I will give you the most practical answer to this . Go to youtube and search “Dark side of trading” or “why trading is hard ?” You will get some real people who have done it for years and failed you can learn from their experience what are the lies about trading , Is it really that simple to make money? Go learn that you will get your answer .
+1
Books are a good way to shorten the learning curve. I always suggest this one for the starting.
Book - https://amzn.to/3AGtjQl ( Trade Like a Stock Market Wizard: How to Achieve Super Performance in Stocks in Any Market)