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How much dedication is needed for online trading?

How much dedication is needed for online trading?

Postby dov » Tue May 07, 2013 5:45 pm

Hi! I am a salaried person working in automobile manufacturing company in India. I work for 25days in a month. My office timings are from 08:45 hours to 18:00 hours. I had recently done some study on online trading and I am thinking to start online trading by myself to earn some extra income to support my family. Hence, I am thinking to take some professional trading course which costs rupees 97000 (i.e. USD 2000) and this amount is pretty high for me to easily afford to which I will need to opt for some educational finance. So, my question is, how much time I will need to dedicate everyday for online stock trading so that I earn a fair amount of money from it??? Please help, I badly need money to support myself...
dov
 
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How much dedication is needed for online trading?

Postby achav » Tue May 07, 2013 6:59 pm

NO course can make a man expert in trading. only smartness can make money in market. the course which u study will just be a guide but your intellegence will earn u money. Feel free to contact me on [email protected]

all the best
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How much dedication is needed for online trading?

Postby baran38 » Tue May 07, 2013 7:34 pm

Start off by reading a few books on trading. "Market Wizards" has interviews of actual successful traders and may give you some insight. Then read a few more books on trading to continue your exploration;
http://joefahmy.com/2010/03/17/recommended-reading-list-2/
http://www.chrisperruna.com/2010/01/10/2010-stock-reading-list/


The biggest problem with "classes" is their inability to teach the most important aspects of trading;
1. Psychology (yours and the markets)
2. Risk Control
3. Technical Analysis

Typical classes teach item #3 (Technical Analysis), which is the least important of the three.

As far as "dedication" is concerned..... Typically (with or without classes) it takes 3-5 years to develop your own strategy. Using someone elses strategy doesn't work. If it did... all of us would be rich by just following some rules. This is very hard work. This is not, by most standards a "part time job".
baran38
 
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How much dedication is needed for online trading?

Postby kwatoko » Tue May 07, 2013 8:42 pm

I would suggest to take expert advice on it, because even if you are planning to spend money on learning trading. You must have ample of time to do online trading, and needs to keep eye on share market live updates. The other way is to invest in stock market with the help of broking agents like Religareonline, sharekhan etc. Hope this will help.
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How much dedication is needed for online trading?

Postby lavan58 » Tue May 07, 2013 11:06 pm

You can get a head start to your course by reading this-it explains many Technical analysis questions, I do not know how much dedication needed but you will need to be able to spare some time during your lunch hours which are tradig hours, just so you can actually makje a trade.,

http://stockcharts.com/school/doku.php?id=chart_school
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How much dedication is needed for online trading?

Postby roka » Wed May 08, 2013 8:16 am

Everyday if you are serious. Surround yourself with knowledge.
roka
 
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How much dedication is needed for online trading?

Postby taye » Wed May 08, 2013 9:25 am

I am a chartered accountant student in India.
The market starts and closes at around 9 in the morning and at 3:30 in the evening. This means that you will not be able to trade personally in the market. You may have to approach a Trading Company.

You have said that you may have to borrow money to join the course, which may actually not be necessary. Dealing in share market needs some knack and idea about the prices and current activities in the market.

Investing in shares is an investment. Investments have to made only from surplus money after savings. If you take loan and invest it may not be fruitful and may lead to losses. I know of many people who have suffered by taking loans to invest in stock market.
Let's say you earn a PROFIT of Rs. 500 per day and the monthly profit goes to Rs. 15,000. If you take a loan of Rs. 90,000 then you may not be able to see benefits for the first six months. Please note that I have left out the interest portion. So it may take over 9 to 12 months for you to reap the benefits.

Many of those who you may know or even respect may tempt you to invest in stocks but it may not be suitable for you. Please don't make haste. If you choose to invest in stock then please work out the amount you are going to invest the amount of return you expect and the time it will take for you to repay the loan to know when you will actually start reaping benefit. Again it may not be suitable for you to trade from home due to the market timings. You may trade from your office if possible. Please consult a Chartered accountant near you. He may guide you well.
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How much dedication is needed for online trading?

Postby ciaran » Wed May 08, 2013 9:33 am

Invest in a stock with large growth potential. You should not be trading every day.
Quotes from one of the best stock investors: Warren Buffet

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.
We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.
When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.
Wide diversification is only required when investors do not understand what they are doing.
Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.
Never invest in a business you cannot understand.
Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not be in the stock market.
Why not invest your assets in the companies you really like? As Mae West said, "Too much of a good thing can be wonderful".
(When speaking of managers and executive compensation) The .350 hitter expects, and also deserves, a big payoff for his performance - even if he plays for a cellar-dwelling team. And a .150 hitter should get no reward - even if he plays for a pennant winner.
The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.
Risk can be greatly reduced by concentrating on only a few holdings.
Stop trying to predict the direction of the stock market, the economy, interest rates, or elections.
Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.
Buy companies with strong histories of profitability and with a dominant business franchise.
Be fearful when others are greedy and greedy only when others are fearful.
It is optimism that is the enemy of the rational buyer.
As far as you are concerned, the stock market does not exist. Ignore it.
The ability to say "no" is a tremendous advantage for an investor.
Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.
Lethargy, bordering on sloth should remain the cornerstone of an investment style.
An investor should act as though he had a lifetime decision card with just twenty punches on it.
Wild swings in share prices have more to do with the "lemming- like" behaviour of institutional investors than with the aggregate returns of the company they own.
As a group, lemmings have a rotten image, but no individual lemming has ever received bad press.
An investor needs to do very few things right as long as he or she avoids big mistakes.
"Turn-arounds" seldom turn.
Is management rational?
Is management candid with the shareholders?
Does management resist the institutional imperative?
Do not take yearly results too seriously. Instead, focus on four or five-year averages.
Focus on return on equity, not earnings per share.
Calculate "owner earnings" to get a true reflection of value.
Look for companies with high profit margins.
Growth and value investing are joined at the hip.
The advice "you never go broke taking a profit" is foolish.
It is more important to say "no" to an opportunity, than to say "yes".
Always invest for the long term.
Does the business have favourable long term prospects?
It is not necessary to do extraordinary things to get extraordinary results.
Remember that the stock market is manic-depressive.
Buy a business, don't rent stocks.
Does the business have a consistent operating history?
An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.
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