It is a definite yes. But then, Can you derive your major source of income as a professional sportsperson..? Yes, but you need to put in a tremendous amount of time, discipline, hard work and above all a lot of patience.
Just like in any other business, if you have a winning formula, stick to it. Do it consistently. You go around the "Temple City - Madurai" and live there for 24 hours, you could become a better trader watching those "ant like" nature of people there. They don't miss a thing when it comes to making money. Their enthusiasm is quite infective. Their hard work is quite admirable. Most of the street vendors have "never say die" attitude. I guess, all the traders are alike. If someone can make his living out of a 1000- 5000 Rs capital taking enormous risk on the street, Traders in dalal Street too can. If they fail, they have only themselves to blame and no one else. Traders on the street don't repeat their mistakes because they know the hard realities. Traders in dalal street generally have casual approach to "money making" and tend to repeat theirs.
So Change that approach, you can get rich slowly and steadily. Wait for those opportune moment to make your winnings. Play it low during corrections as NO ONE can get that right while it is on but go full throttle once the trend is clear. Leave the intelligence at home, just follow the market like a herd .. Doubters can never make it. Believe in yourself, your own past experience will provide riches unimaginable.
Know your trade..So learn all the basics and methods and leave them to the analysts. Use only that works for you.
Consistent work, patience and a calm temperament and sticking to your plan/ method is a sure shot to Success. Talk less about your trades - Secrecy begets success.
(Live with a trader's family and know that they are so easy going with the life but "steadfast in their seriousness to their trade")
5 comments:
Dear Ilango Ji,
Really I am grateful to you for spending your invaluable time to give me the much needed confidence to win the game with perseverence.
May God Bless you for lighting others path and helping them to sail through.
Thanks
Siddu
Respected Sir,
Whenever in Hourly chart of Nifty, Nifty closes below 5 EMA then I go for Short and whenever Hourly Candle close above 5 EMA I go Long. In this I made 20-40 points.
My question is if I’m Short then shall I wait for the Nifty close above 5 EMA then only I reverse the trade but in this sometimes I loose the major chunk of Profit but sometimes after booking 40 points it gives more points then I repent that shouldn’t booked earlier. Is there any target points in this strategy.
Regards,
Deepak
Hi..Deepak,
We are trading in a broad band of 4905 to 5100 for the past 13 days. SO you trade the points. You don't hold a position in a range trading market.
Actually, I should have closed my shorts yesterday itself as it was close to the lower range.
In an uptrending market, When ever correction starts you keep selling on every spikes and book out on the falls. Only a break below 4890 may warrant a Sell and Hold.
Dear Ilango,
Your views are fine and it also shows your trading mentality which is quiet cool. Had some useful lesson from you.
Are you from TamilNadu..? if so from where...? and whats the software you are using...?
Hi Dhamu,
Though I am from Tamilnadu and lived there for 25 initial years, Now I am living in Bangalore.
I have no software except the files are created in Excel program.
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