Trading Professionally: A Guide for Beginners

................................ How do traders trade professionally? ............................

I am a fulltime Intraday Trader, let me tell a bit how it works for me:

First u need to understand that trading is also a regular job, its not a get rich quick scheme. A lot of discipline goes in.

I start my day around 9AM IST and check what happened yesterday in DowJones. Next i check what’s happening in Asian market. Its 10AM now.

Small break.

Start tracking Nifty and Shortlisted stocks very closely after 11AM. This is the time when i am most active on trading desk. Series of trades goes in this time. Ones EU market opens, keep an eye on that as well. Its 2:30 PM.

All the trades are closed before 2:30PM. Time to log all the trades/mistakes/lesson learnt in journal. market is closed by this time.

Shortlist stock for next day. Its 4 PM. And i am done for the day.

It might sound very cool to be a trader, but emotionally its a roller costar ride every day. Much tougher than a day job. So choose your career wisely.

Last but not the least, learn meditation, it helps a lot to digest those small losses here and there.

Anything I write about is NOT investment advice. Please do your own due diligence before making any investment decisions.

SUMMARY

Being a professional trader requires discipline, dedication, and a structured approach. The narrator, a full-time intraday trader, provides insights into their trading routine:

1. Recognize trading as a regular job: Trading is not a get-rich-quick scheme but a profession that demands discipline. It requires treating it as any other job, with commitment and a strong work ethic.
2. Morning preparation: The day begins around 9 AM IST. The trader reviews what happened in the DowJones market the previous day and stays updated with the Asian market's current happenings. This helps in gaining insights and setting a foundation for the trading day.
3. Active trading hours: After a small break, the trader becomes most active on their trading desk after 11 AM. They closely track the Nifty index and shortlisted stocks during this time. The period from the opening of the EU market is also monitored closely for potential trading opportunities.
4. Closing trades and reflection: All trades are closed before 2:30 PM, and then the trader takes the time to log all the trades, mistakes, and lessons learned in a journal. This reflection and analysis of trading activities contribute to continuous improvement.
5. Planning for the next day: By 4 PM, the trader shortlists stocks for the following day. This preparation ensures readiness for the upcoming trading session.
6. The narrator emphasizes that while being a trader may sound exciting, it comes with emotional challenges. The daily experience is likened to a roller coaster ride, often more demanding than a regular day job. Therefore, choosing a trading career should be done wisely, with a full understanding of the emotional and psychological toll it can take.
7. Additionally, the narrator suggests practicing meditation, as it can help in dealing with the emotional ups and downs and digesting small losses that may occur in trading.
8. The narrator concludes by reminding readers that the information shared is not investment advice, and individuals should conduct their own due diligence before making any investment decisions.

Overall, this glimpse into the life of a professional intraday trader highlights the importance of routine, discipline, self-reflection, and emotional well-being in navigating the complexities of the trading world.

The narrator emphasizes that being a professional trader is not a casual endeavor but a dedicated profession that demands discipline and commitment. By likening trading to a regular job, the importance of treating it as such is underscored. This approach includes adhering to a structured routine, starting the day by examining the previous day's happenings in the DowJones market and staying updated with the Asian market's developments. This foundational knowledge equips the trader with insights and sets the stage for the day's trading activities.