Has anybody you know quit trading forever because of losses?
Yes, Many People.
Majority of Them are above age 35+
And I know 2 of my Relatives Who are Retired Government officer’s.
After Trading for 1 year almost They Lost 3L in Intraday Trading and paid Majority in Brokerage & Taxes to Full service Brokerage.
Did any of them ever decide to give it another try?
They wanted to still continue but Their Wife’s Stop them to Trading And I find This is the right decision for them.
Trading is not for everyone.
Even These Big Investors were Trader once upon a Time. But They will never accept that they were Traders.
True, sometimes wives behave like stop loss
Perfect decision for them, hope they are doing good in other fields now.
Those who quit trading because of losses are the lucky ones.
Lucky because of quitting before losing more?
everyone cannot become pilots, engineers, doctors etc. same way everyone cant be traders.
Not only that. Just browse internet, its full of stories of traders’ suicide. Many people who fail to figure out that they dont have the skills for trading end up quitting their earthly life.
True and sad. Hope, people now onwards decide to quit early instead of losing everything and ruining up personal life or going for extreme steps
Thats the sad fate of each traders, but alas they realize it when it is already too late. Best investment is goal based investment, just have a financial goal and then die for to achieve it.
I’m 27 years unmarried boy. I lost 1L in 1year . now I’m learning to rentry to the market. What this is right decision for me. I’m learning trandline analysis
There are so many factors:
How confident are you? What’s your strategy? Have you tried virtual trading and seen consistent profits in that? What is your plan if you lose another lakh? Can you take it? What’s your backup or exit plan in the worst case? If you are in a job then can you manage both job and trading, won’t trading affect your job? What’s your target and timeline?
If you have good answers for the above questions then maybe you can give it another try. But start with less amount, slowly and gradually increase the investment. I had made mistake of not following it and I lost big money initially.
All the best. Think well and take a decision.
Consult a few other people before you decide because this can make or break your life.
I m no expert but i have some idea. Trading is a brutal profession.
Few gifted young traders have made it in trading business with their own money BUT NOT before blowing up account several time.
So be prepared to loss money before making it
Many successful young traders learned the art by trading other people money under mentorship- meaning they worked for brokerages or funds as traders and traded clients or company’s money.
Most successful traders have a solid background on fundamental analysis. (Refer market wizard book almost every wizard started out as security analyst)
I would Suggest You to do Swing Trading.
Why I am saying swing Trading?
Swing Trading give you opportunity to not lose all your money.
Even your trade went wrong you get second opportunity to Exit in Profit.
I know profit will be less as compare to Intraday but the satisfaction you will get after that profit will be Better than the fear of losing money in Intraday.
Trust me, Fear of Losing Money will not allow Your mind to trade Intraday in a Natural way.
You will get this fear every time when you will enter in any Trade.
Intraday Trading is very simple yet very complicated.
It’s an art of making quick money and this art Never comes to everyone. People have to understand this.
Bro, Can u be in detail with wht way u lost 1L in stock market? It is necessary becos without specifics ppl just jump in with their blah blah blah’s!
Is it by Intraday trading or trading penny stocks or trading derivatives or trading someone’s tips or trading in ignorance or buying in cash market?
I’m lost in small and midcap shares when I saw that stock go upside but return in my favor. And also lost some money with my friends tips.
Ok. Basically the cause is Ignorance in not knowing what works & what doesnot work in stock market. For this u need to spend considerable period in stock market. So, gain the knowledge first. U can go through Zerodha Varsity which will not cost u a penny infact.
By the way, don’t think of getting back the lost 1Lakh in less than 3years ahead. Hv Patience, U will get it back.
Before opening account in Zerodha, I am also a loser in trading. Mine is something different. I was doing profitable trading. But all my profits were eatenup by a Full time broker. Why to tell the name, all full time brokers are eating traders money. Though trade with profit., overall situation was loss. But before mounting losses, I found where the truth lies is Brokerage. Then I searched and found Zerodha is best for my trading . Till now after come to Zerodha, I am doing profitable trading.
@TraderVenk, it is march 2014 news.