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I'm Indranil, and I hail from Calcutta, in India. I am a web developer, and have been so for the last 10 years, and just signed up for a new trading account (with Sharekhan in India) earlier this month.
Earlier this year, I got interested in horse races, and started poking around online at trading that happens before these races. I found the various charts, calculations, the studies, anticipating the market etc. exhilarating! Since betting is illegal in India, I looked at the stock markets, and saw a lot of the same ideologies, charting techniques, technical analysis going into it, and decided to try my hand at it.
Before this, the maximum I'd done with my money was invested in a couple of mutual funds, some fixed deposits etc. Growing up in a middle class household in India, I was never exposed much to the stock market and traders and investors within it, always of the opinion that people needed to be super rich, super talented, or super educated to do these things, and we mere mortals were better off looking for a 9-to-5 job.
But I digress. So, I now have a new trading account, and have been looking at a few videos, reading a few articles on how to trade, look for opportunities etc. But I do feel, and know, that I'm way too much of a newbie to start being successful right away, and need help from wherever I can. Since most of my google searches led right to this forum, I figured this'd be as good a place as any to look for help, try and learn, and hopefully, someday, help others.
So, thanks Big Mike & the entire group of members who have assembled this awesome resource, and I hope I will be able to pick up a few things!
A little info about my trading so far (1 week)::
I started with INR 5000 ($100) because I'm so new to all this. So far, I've been following a few of the calls that Sharekhan gives out, and traded about 10 times on my own.
So far, I've lost INR 1000, with my current balance standing at INR 4000
Thank you
Indranil
P.S: I hate drawing attention to myself, so I've been sitting on this draft for about a day. I've always found it rather hard to start off at any forum.
Can you help answer these questions from other members on NexusFi?
Welcome! I hope you find success. A couple of tips, based on your post:
1. Relying on your broker for trade calls is probably not a good long term idea. If they were so good at calls, they probably would not be brokers. The same holds true for practically every "guru."
2. $100 USD is probably not enough to start even if you are trading micro forex. Small accounts have bigger risk of ruin. Chances are, if you are new, you are risking too much per trade (we've all done that). 2% risk (or $2 per trade) is a good rule of thumb maximum.
3. You mention "exhilarating." Good trading is boring. If trading gives you a rush of excitement, that is a danger sign. Again, most new people have it - just realize it is a bad thing.
@mxphytlx : thank you, I will definitely check it out!
@Kevin : thanks! I do believe, and I've noticed it already that my enthusiasm sometimes gets the better of me, getting into trades without looking at all the risks, and it is something I'm hoping to address and work on in the new year.
