Beginner Trader 101

I am new, so can anyone suggest how to begin. I have Kite app in mobile and a laptop to begin with. Account is with zerodha.
To give you an idea about how beginner I am… I don’t know how to operate kite app and place order and all.
How should I start…

Check out the kite user manual

Web: Kite User Manual

App: Kite app user manual

You will get to know how to use both kite app, and web

1 Like

Check out Varsity for the start, then upgrade yourself to “Ghanshyam Tech” and “Art Of Option Learning” on YouTube, then you can check out “Technical Analysis of Finanical Markets” by John Murphy.

After this, you should search professional traders such as Larry Williams or BNF, the Japanese traders, those who began trading with small capital, and learn from their habits, their strategies etc… Keep in mind always, in trading, there are so many ways to make money, and you should know about them, but you should master only what suits you. Instead of working so hard with what doesn’t suit you, add to whatever suits you, or least discomforts you. That’s how you’ll become a good trader. It’s not like becoming a scientist because you like stars, it’s like because you understood nature and math so you became it.

(If Support & Resistance work for you, learn there more, if indicators work for you, price action, candlesticks, classic patterns, elliot waves, whatever works for you, just learn them more to be better there.)

  1. Learn the market by observing the trends daily.
  2. Do not take positions just witha a Gut feeling
  3. Do not enter into FNO until you familiarise with these by doing paper trades
  4. Start with just investing in equities and swing trades
1 Like

Along with this, If you are going for the Intraday/FnO, make sure you use only those funds that are least important. Do not put your entire fund in the trading. No trading without the stop loss.

Here are the steps:

  1. First you need to find the style of your trading. It can be Intraday, Swing, or Positional Trading.
  2. Then you need to choose the instrument to trade. Equity Cash, Futures, Options Buying, or Options Selling.

For the above steps: It will take some time, let’s say 2 months. Go to YouTube and research as much as possible. There are many good and free sources available.

  1. Let’s say: You Choose Swing Trading in futures. Now you need to learn chart reading. (Spend 1 hour or more each day with charts). In 4-6 months you will get a clear idea of the market and how it works.

  2. Back-test: Test the strategy for at least 200 trades or more.

  3. Practice In Live Market: Here you do not have to go with futures. In this step, you are validating your backtested results. So practice in the equity cash market with a small amount (10000-20000 Rs. is enough). Do it for 6 months.

  4. Data Analysis: Make sure that you have all the data of trades (Backtesting And Practice Trades) in an Excel sheet. Take a month off from trading and analyze your data on the basis of entry points, exit points, R: R ratio, and whatnot. The main aim here is to improve your trading strategy and make some solid rules.

  5. Practice Again: Now you have your Strategy And Risk Management Rules. You have to practice again in the cash market to validate your rules (Remember to follow the rules like a robot no matter what). Practice with only 10k - 20k. (Do it for for 3-4 months). See how it works out.

  6. Now if you have confidence in your data and strategy then GO LIVE with Futures. (If not Repeat step number 7).

You can always tweak the steps and make it more personalized according to your comfort.

Patience and consistency is the key.

All the best.

Can you suggest any source to learn about what happens in market on daily basis