iCharts Discussions

[Rebel]

Hi all,
with a hope of making fortune out of market.quitted a bpo job with rotation shift like a security watchman. got a personal loan of 165000 rupees from a leading private bank, initially traded bank nifty liking the range of movement on intra day basis and margin require only 40 % of exchange by my broker traded myself whenever market moving up the mind said to buy after buying market fell slightly then fear told to sell. Then when market move down mind told to short whenever it slightly move up after shorting fear told to cover.now the account holds only a 20000 rupees.that too soon will be vanished on EMI and other expenses.Need help.how can I recover my account balance and make a reversal.

Suggestions and ideas are welcome.

[arvindeept]

[rk_a2003]

Many people here feel sorry about it and also identify themselves with you for the reason that they were not at all different from you including me.

There could be some differences from case to case.

Here if you come with money you get experience. If you come with experience you get money. To be frank there is no shortcut for recovering your account balance and to make a reversal.

The point here is your ability to be in the market with whatever small amount it could be and you’re ability to learn from your mistakes and also your ability to learn from others mistakes too.

We cannot repeat the same mistakes again and again and expect a different result every time.

The first thing is to get back to your job immediately, be a part time trader, once you get the confidence and sufficient experience that you can earn money from the market on a regular basis ,you can be again a full time trader.

Remember…. to earn money from the market you have to compete with the best minds and by this time you must have been realized that it’s not an easy game.

Find out a strategy/method which is convincing to you and follow it with religious vigor. Never trade with hindsight and or emotions. This could be your starting point for reversal.

I wish you all the best.

[pkholla]

[Rebel]

Thanks for your ideas and support bro.

[bharatpatel]

Rebel,

Hi,

Forget all the cash that has been wiped out (tough though...)

Search for a trading method that suits your personality / trading style.

Do paper trading for sometime according to that system.

Trade each and every signal either Buy / Sell.

If you feel that is o k then ......

Arrange money for trading and start actual trading.

If you feel that system is not worth then search for another one.

For that you can visit icharts.in and go to forum where our successful seniors have posted various trading system, pick one of them.

One tried and tested trade set up which is highly appreciated is S S P S.

I think this one will be the best for you.

You can ask anybody who is following s s p s for guidance and for learning that.

The way you have lost , it will take time to recover , but if you can gain discipline , money management plus trade management (while folloing s s p s) i think you will definately overcome.

Dear Friend wish you all the best.

[ajit602]

[ibrar]

[ssh123]

Hi Rebel,

What you experienced (loss), I think every trader might have gone through this phase. I feel only those who have realized that there is no holy grail method in market have been able to become better traders than what they were. People are ready to loose and loose fastly but not ready to learn and earn slowly. Whether you use indicators or pure price action, you need to follow it religiously.I have also lost money but after visiting this Forum and silently learning from the gems over here, I have been able to recover the losses and now making some good amount of money which I am satisfied with. There are lots of good strategies and wealth of knowledge over here and if you want to learn and follow it religiously i am sure you can benefit from it. How much you can benefit depends on you. from my experiences i would like to share few things that definitely helped me. (Its free advice, its ur call to take it or ignore it )

1) Follow any system religiously. You should be clear of your entry and exits based on the system. I think there is no harm in following 1 or 2 systems but not too many at a time. I myself follow 2 systems for my trading.
2) Never go against the system and trade
3) Listen to what system is saying and not what others are saying or tradign
4) There is no shortcut or holy ganga method to earn quickly. Slow and steady wins the race.
5) Trust your system and be patient. I have been impatient before and use to run after trades and lost. Many of us know this but we dont want to come out of it. It is useless to trade unless you are clear of what you want to trade and when. We all must have the experienced entering the trade without knowing why and where to enter. Just because of some assumptions like it has fallen, it will rise or it has moved up and it will fall, or in market everyone saying buy or sell, we trade on such notions.
6) Dont try to trade too many scripts at a time. It will lead to panic and confusion, if you are not able to handle it. Many people may vary on this view but for average guy like me, I prefer few scripts which I can concentrate on.
7) Dont jump on scripts and systems. One trade goes wrong, we try to find another, that goes wrong, then another and it becomes never ending process (we will loose all money in the end). No system is 100% perfect. The day you understand this, you may become a better trader. There will be whispaws, there will be months where you wont make much but if you follow your system, I am sure overall it will give a good result.
8 )Profit and loss are part of any financial system. But we want to accept only profits and that too quick and big but not ready to accept the loss. learn to accept both.

Since I have been through the phase and have come out of it, I suggest you to be patient, learn, yearn and then earn by

Good luck to you

[aahoo]

Suggestions and ideas will only lead you to loss the remaining 20000. Please find a job, do some paper trade, learn TA and come to market until then do not visit derivative side and concentrate on delivery based trade not even margin trade.

[rrk2006hyd]

as people said..first get a job..then go for trading..

in trading..we have to fix our targets..

with how much money ur investing or for trading is not important..

how much return you are expecting from the market is important..

be simple..be practical..we can not eat every penny..

set yourself a target...with 10000 or 20000 or 100000..how much return you are expecting..5% or 10% 0r 30%..if we expect more than 30% means we should be ready to face the risk..

fix daily targets..say you are expecting Rs 300 per day..if u get that..exit for that day..dont trade..20 days per month on average..do not look..for big profits..if we expect..that..we loose..market always gives the opportunity..

if u buy 10 shares of a stock..if it gives Rs 100..then take..it ..dont wait for 500..then we loose ..

never look for monthly target..look for ur todays positions..tomorrow is a new day..with new possibilities..new opportunities..

be practical..

if u have 20000..then do not trade with 20000..trade with 10000..put remaining..for unexpected things...

taking profit is a big thing than..investing..

market always gives..but ..we look at big things...we want 2000 for 20000..in a day..yes u can earn..but u loose..tooo..

people may say..do not exit now..it will go up..remember..your target..and your position..say..u exited..now..price will go up..so many times i have faced..that..say..i sold at Rs 10..then ..it goes up to Rs 100..remember we can not eat every rupee..

learn ..observe..be practical..

here in icharts forum..we have very good experts..take their help..

but market always gives opportunity...the point ..is..how we r playing..

the big thing is ..set yourself a target..