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Ten Questions Newbie Ask............ |
sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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Post: #61  Posted: Sun Jul 15, 2012 3:31 pm Post subject: Re: Ten Questions Newbie Ask............ |
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| hasten wrote: | | amitsaraf21 wrote: |
7. How much money do i need to start trading.
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The value of the money you start with is not important.. Your trades did not become more successful simply because you increased your starting balance from $1,000 to $10,000..
You need to start with enough to feel it if you lose some money, but not enough that it's going to make you broke..
Start off much smaller is better though. For instance, if you have 1 lakh to use for trading, don't dump the whole 1L in, put in 10000rs, and trade nanos, or micros. I know pennies seem to be not worth the effort, but even losing pennies will bug you mentally at first. If you break even, or even make a little money after a month, put in another 10000rs, and so on.
Regards, hasten
I can explain it to you,But i can't undetstand it for you . |
very good. |
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hasten
White Belt
Joined: 30 Jun 2011
Posts: 216
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| Post: #62 Posted: Mon Nov 19, 2012 2:03 pm Post subject: Re: Ten Questions Newbie Ask............ |
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| amitsaraf21 wrote: |
8. Which is the best broker:?:
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Well, 90% people who are looking for lower brokerages here are obviously intraday traders. After making losses in intraday trading over last 5-6 years, and after switching brokers at least 7-8 times and every time reducing brokerage with broker I realized something. You know what? I was still in loss.
I found some new online brokers these days, coming and saw a ray of hope that i will be able to save some brokerage , but after getting to know how system works and after talking to RK global , Zerodha RKSV people i understood that they will not provide you basics which any decent broker will provide you.
Damn it. forget the broker and brokerage. Settle with any standard broker. Ask yourself one question. Can you really make money in intraday trading ? Do you have a strategy that makes money for you ? Do you have that discipline? Have you been making money since last 2-3 months? If the answer is YES, Then paying 5 paisa instead of 2 paisa is not going to matter to you. If answer is NO then you have to know yourself.Stop looking for lower brokerage. Learn money management, learn how to make profits and reduce losses. It is not easy and not that tough as well.
Now come to brokerage which is also important but Just lower pricing is not enough, as a scalp trader you need to ensure that you don't loose on any day because of the systems... I had a really bad experience because of karvy in 2003 ...
See, overall you should be looking out for a brokerage firm who has local office [E-toro claims to be the world's best forex broker & it very could be. But I personally would prefer some broker who has a local office in India. Like 4xp does have local offices ( I am just giving an example here ,not recommending any brokerage firm) ,It is always better to have a reach to some one locally then internationally], very well regulated, good customer support facility, fast withdrawal time of your money. These are the basic guidelines but don't forget the margins, commissions, leverages & the initial deposit schemes (very important).
Regards, hasten
The good is in trading the style that is best for you. The bad is in trading the style that is not the best for you
Last edited by hasten on Wed Nov 21, 2012 4:31 pm; edited 1 time in total |
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rainbow
White Belt
Joined: 25 Feb 2010
Posts: 202
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| Post: #63 Posted: Mon Nov 19, 2012 4:22 pm Post subject: Re: Ten Questions Newbie Ask............ |
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A lovely thread started by hasten and a great 'sanity check' post by PT.
And it is here on Icharts, for the first time, I hear a product/services vendor wrt the markets talk about longevity. This is truly EPIC.
My experience is based on quite a few 'fly by night' market related vendors.
Thanks!
Cheers
DJ
| hasten wrote: | | amitsaraf21 wrote: |
8. Which is the best broker:?:
|
Well, 90% people who are looking for lower brokerages here are obviously intraday traders. After making losses in intraday trading over last 5-6 years, and after switching brokers at least 7-8 times and every time reducing brokerage with broker I realized something. You know what? I was still in loss.
I found some new online brokers these days, coming and saw a ray of hope that i will be able to save some brokerage , but after getting to know how system works and after talking to RK global , Zerodha RKSV people i understood that they will not provide you basics which any decent broker will provide you.
Damn it. forget the broker and brokerage. Settle with any standard broker. Ask yourself one question. Can you really make money in intraday trading ? Do you have a strategy that makes money for you ? Do you have that discipline? Have you been making money since last 2-3 months? If the answer is YES, Then paying 5 paisa instead of 2 paisa is not going to matter to you. If answer is NO they you have to know yourself.Stop looking for lower brokerage. Learn money management, learn how to make profits and reduce losses. It is not easy and not that tough as well.
Now come to brokerage which is also important but Just lower pricing is not enough, as a scalp trader you need to ensure that you don't loose on any day because of the systems... I had a really bad experience because of karvy in 2003 ...
See, overall you should be looking out for a brokerage firm who has local office [E-toro claims to be the world's best forex broker & it very could be. But I personally would prefer some broker who has a local office in India. Like 4xp does have local offices ( I am just giving an example here ,not recommending any brokerage firm) ,It is always better to have a reach to some one locally then internationally], very well regulated, good customer support facility, fast withdrawal time of your money. These are the basic guidelines but don't forget the margins, commissions, leverages & the initial deposit schemes (very important).
Regards, hasten
The good is in trading the style that is best for you. The bad is in trading the style that is not the best for you
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shahrachit
White Belt
Joined: 12 Jul 2012
Posts: 117
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| Post: #64 Posted: Mon Nov 19, 2012 5:16 pm Post subject: |
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| nice initiative for new bees like us..... |
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