I am a 22 year intraday trader i am in this since two years i have lost nearly 25k . Usually i make money but single big loss wipes out my account . I always put 2k-3k and then it takes 15-20 days to wipe my account what suggestions can some one give me😢. I want to be consistent
do u trade in options or futures or cash equity or commodity or currency ?
I trade cash equities…
In 2 years you only lost 25K !!. That’s not bad. I can confidently say that you did far better than 90% of the starters. The only thing you need to work on is your Risk Management and confidence. And you only traded in Equity and that is even better. Don’t touch Futures and Options until you become consistent in trading equities. You are young and you got time on your side to improve and become better. Stock Market is not going to run off to any where.Take it easy . Slow and Steady wins in the Market.
Every time I lose big after exiting the trade i feel that I will do better next time but as the market opens next day there is same feeling that I had when I started it on first day how can I change my thinking process…
Discipline! Only Trade once a day whether profit or loss. One single Trade with Strict stop loss. If Stop Loss hits no trade for the rest of the day. Stock Market is not going to run off to any where. Trend is a friend. Don’t Trade against the market, Go with the flow. One way to find out the direction of the market is not trading in the first 2 hours. Watch the market for the first two hours. Find the resistance and support zones. Use FIbonacci. Trade accordingly. Remember you are only 22. You got time on your side. Patience and Discipline are the Key!!
Taking small losses seriously is also difficult
You made my confidence Even bigger than my biggest winning trade thank you so much😊
You can also give this a read, will help you.
Also, do read the Mind Over Markets module on Varsity, the stuff there is really interesting.
Thanks it’s my first day on tradingqna it’s great platform and surely it will help me do do better😊
I was facing this issue in the beginning. I used to get good profits but very rarely and the losses used to wipe out my profits and with the brokerage, the net would be negative. So I thought since I am still learning why to bear a huge loss and started working with only 1 quantity. Even though the profits will not make a huge impact but you’ll be able to learn with low risk. Then after understanding everything you can move to bigger quantities. You can also learn through youtube, read books, and get a good mentor as well. The amount of loss you have made till now, you could have given that money to a course or mentor only and you would have made back the money within a few trades.
For heaven sake stop trading and invest ur hard earned money in good stocks like nestle kotak bank or a tcs
Dont regret after losing huge. Trading is injurious to financial health
Bhai abhi bhi trading nahi jum rahi hai na tere ko?
Just don’t eat too many sour grapes, Acidity ho jayegi!
At least couple of them are still “trading for a living” full time.
So yes, you can trade for a living.
@maddy_Des profitable traders like u will not get moved by my views
But as this guy in below video states many innocent middle class people are lured by twitter screenshots and come to money eating machine.
@Gautam it is not easy to do full time trading and build capital. Exceptions like u are not norms
Many children waste there school days in hopes of becoming Tendulkar, Dhoni & Kohli. They study less and then they fare poorly in academics and then live “not so good” life. I personally know a friend of mine who had passion for cricket and was literally thrashed by his father and forced to quit cricket.
When millions “waste” time in net practice only 11 play for India.
Literally thousands of youngsters go to Mumbai to become next “superstar”. Only 1-2 succeed. Rest spend there life being extras, junior artists or broke.
In Business sector, ask any budding Engineer or MBA or even others who wanna go for a start up. 9 out of 10 startups fail. And fail miserably. You have wasted your valuable 20s & 30s in building a business which ultimately failed. You are broke and nobody is willing to hire a 40s guy with zero work experience.
Go on the TL of udemy founder for some perspective.
Moral is that you just dont dismiss young talents, scaring them about failures.
If you see my replies here. I have always mocked newbies who start trading without even understanding basics and I have asked them to first do hard work in studying first.
You can always warn them, inform them. But instead you discourage them. You out rightly reject the idea that trading can be career or profitable business. Worse, then you start advocating value investing w/o giving ample warnings regarding the hardships and pitfalls that one face in LT investing.
To be honest the rate of wealth destruction & failures are almost equal in Value investing and swing trading.
Intraday & Scalping have little higher failure rates.
@maddy_Des @Gautam I totally agree there is nothing guaranteed even in investing. And investing should
only involve surplus money that one has. And it is not at all for making a living. It is just a percentage allocation in portfolio for a decent return beating fd.
I agree you guys bring lot of capital read lot of books and have Hugh aspiration
But nowadays lot of uncertainty hanging around the world. Hence it is very risky to rely on technical analysis because one never knows what the next tweet from US or wat next on covid. Unless u r into business family it is very dangerous to do derivatives trading
We all know wat happened with mcx negative crude and our nifty hitting lower circuits not long before.
Anycase good luck.
Actually this is where options come in handy. By paying premium we have bought a “right” and no obligation. So even if from tomorrow onwards we start getting multiple random circuits up or down I will still have a very limited loss.
TA is just a tool. Money is made by MM & MM only. Also even if you look at numerous black swan events and market collapses, you will find that charts already knew something beforehand. Even before Harshad Mehta Scam broke, somebody was shorting heavily and market was already down 4%.
Well, that was system inefficiency. Also only future buyers lose that day. All the shorters, Options buyers profited from them.
That was the BEST time to make money, actually.
So to conclude:
- Always go hedge.
- Always follow MM.
- Slow and Steady wins the race.
@maddy_Des one main clarity here.
U r stating about the other leg of traders on crude oil. To be frank i did detailed analysis and even was in touch with one mcx trader to learn what happened that april 20 from knowledge perspective.( as i dont even have equity f&o enabled)
Crude oil was about to close at Rs 965 a barrel so 100 lot means Rs 96500.
So these crude oil long side buyers just minutes before closing they bought lets say 1 lot. There theory was maximum loss of Rs 96500. Here is main thing to ponder. Will anyone have guts to short at Rs 965 per barrel? Big no. Only after that nightmare where mcx fixed negative price of Rs 2884 or something people woke up next morning to incur a loss of Rs 3.84L per lot. So it is practically impossible for a retail trader to short at Rs 965 per barrel at 5 PM
Similar incident i remembered in nifty lower circuit day. I don’t remember excatly but one tv editor asked analyst about shorting hdfc bank that day. Analyst told that technically yes we can short but I don’t have the firm courage to recommend people to short hdfc bank at 800 levels.
Thats the catch. Our emotional psychology will never allow to make money in these circumstances.