Some useful Psychological Tips for beginner Daytraders part-3

haha…that’s why I said it’s professional gambling. I don’t think I have any control over market movements. Movements are uncertain. Same pattern gives you profit one day and next day you see losses. I know I can control my risk, my executions & my money management per trade. That’s what in my hand. Well sometimes it starts working when you begin to accept reality. There is nothing wrong considering trading as professional gambling and traders as skilled professional gamblers… :slightly_smiling_face:

1 Like

So if you consider it professional gambling then do like your hobby not like a carrer brother

Making money from trading is a tough job infact very tough job ,
Lot of patience , time,hard work ,stress ,dedication required to make money in long term …

Does gambling require this kind of dedication or hard work ?

1 Like

how long you took to be a profitable

1 Like

Well I don’t know if trading is my hobby or my career. I only know that I love doing it & ultimately my aim is to make money & grow my account size. :slightly_smiling_face:

1 Like

Right hitesh bhai…It’s very tough job.
But there is a difference between ‘just a Gambling’ & ‘Professional Gambling’. like there is a difference between ‘just a trading & professional trading’. Be it professional Gambler or trader both have to go through lot of hard work, patience, dedication…like
If you put such efforts on becoming IPS officer, there is some certainty that you would clear exams. But tell me is there any guarantee that you study hard about markets & become very successful trader…? ( I am not considering other aspects like technical analyst, portfolio manager or other fields. Just a day trading here…)
What is gambling…? for me it’s like you bet/risk something on future event whose outcome is unknown/uncertain.
You bet on horse riding, outcome is unknown.
You bet on cricket match, outcome is unknown.
You bet on coin flip, outcome is unknown.
You place an order in trading, are you sure about outcome…?
Trading itself is a game of probabilities. We bet on chances. If it works we book profit otherwise we have to book loss. Even when I study hard, I can’t make market move in my favor because market moves are uncertain…right…?
So it’s like I bet ( or trade) on uncertain market moves. But here is a twist. I study instrument, risk management, money management, some technical analysis so that I create a trade plan with positive expectancy & make odds in my favor in the long run.

I don’t think we should hate a word gambling. Not just trading, but there is a gambling everywhere. Biggest gambling that I feel arround is ‘marriage’. Do we know the person whom we have to spend rest of our life with…? It’s a gambling. If it works we see a beautiful couple together, if it doesn’t just ask a divorced person. He/she would say I gambled my life, time, money on this marriage and lost everything.
Even If I am a skilled bike rider, I have a control only on my bike not on other’s bike. What if I go for riding and some rider crashes hard with me…? It’s like I gambled my life by riding on roads which is full of uncertain people…

Instead of avoiding this word gambling, I want to ride with it… :wink:

1 Like

You are right … Risk is everywhere … But no RISK NO REWARD …

as a beginner trader what should be the setup for doing day trade ?
i mean what system 1 shuld sit with … i am not asking for strategy …

hope you got my question

You won’t believe, I opened Trading Qna to ask traders to shares Psychological tips and booom and I see this first post.

1 Like

:thinking: I guess as many years as a student needs to clear his MBBS exams. LOL
well it’s like even after clearing my MBBS exam, I am still going through article ship for some more years :slightly_smiling_face:

For me Morning opening range breakouts work…

1 Like

I mean what all system 1 trader needs to sit while doing trading

sorry I am not getting this…what do you want to ask exactly…?

i mean at day trading what setup is required for a day trader ?
I mean to say which all systems r required like desktops,tv etc

Ok…Ok…Well it depends on trader’s personality. If he is scapler or trade more than one instruments, he needs more screens.
I just trade with nifty so my set up includes one good quality laptop ( RAM 4 gb or more), net setter( currently jio), and smartphone in case any technical glitch happens. You also need a good chart provider like I use tradingview. and not to forget Zerodha for placing orders… :slightly_smiling_face:

1 Like


So you take trade on niftybees ?

No on Nifty futures or slight ITM options. You need liquidity to get your orders filled in the morning & Nifty futures & options are full of liquidity…

How many lots you trade daily basis?
are you profitable now?

Double digit lots with options right now…Yeah I am profitable with average return ( close to 23%).

23% return annually?

no. for six months…