In this article we discuss How To Start Trading in Share Market. Making Money In Stock Market Is As Easy As Making A Cup Of Coffee But Your Trade Should Be 100% Process Oriented Not Profit Oriented. For improve your trading you have to improve your psychology. Before start trading these two question will be clear in your mind.
Why you want to start trading in share market.
How you want to trade.
In trading 99% people fail to make money in trading because they only focus HOW TO DO. They consume energy only on how not why. Why is most important than how. Let’s take a example of why and how in life.
Suppose you have to go Delhi to London for taking one million dollars gift. This is not important how to go delhi to London there are multiple ways to go but important is why you want to go.first you clear the answer of why you want to start trading. Than go for tools and portals that required foor your journey in trading.
Tools Selection –Before open a demat acount you have to focus on tools that required for your stock selection. We give some standards tools name below.
1.For stocks selection use nseindia.
2.For validation of stocks-Screener.
3.For news, events, international market news use – tradingeconomics.
4. For charts and trade implementation use tradingview.
All these tools are free no need to take paid version.After these tools you open a demat acount. Your demat account must have these facilities for your trade.
1.Bracket order ( entry, stoploss, target)
2. AMO/PMO ORDER Execution
3. NCL ( NON CASH LIMIT)
After these make sure you are not addicted to trade. Keep your trading journey simple not to foolow multiple ways to earn money from market. After this setup you have to decide ” You are trader by chance or by choice. If above tasks you have completed than you may be trader by choice. And then ask yourself these two question.
What type of you are trader.
What is your purpose in trading.
What type of you are trader–Find out to yourself what type of trader you are. You are Equity market trader, Commodity market trader, Currency market, Forex Market, Bond, Cryptocurrency market trader, in which market you are interested find within you. Also find are you a daily trader, weekly trader, monthly trader.
What is your purpose in trading–Before start trading find your purpose in trading why you start trading. What will be your capital and what is your risk management. In how much time you want 10% return ,in how much time you want to double your capital. Which type of businessmen you are. If you lost money, money can be recovered but your psychology does not recover mind this line.
Becoming a profitable trader involves a combination of knowledge, skills, discipline, and experience. Here are some key steps you can take to improve your trading success:
- Education: Learn as much as you can about trading. Understand different trading strategies, technical analysis, fundamental analysis, risk management, and market psychology. There are plenty of online courses, books, and resources available to help you gain knowledge.
- Develop a Trading Plan: Create a well-defined trading plan that outlines your trading goals, risk tolerance, preferred trading instruments, timeframes, entry and exit strategies, and rules for trade management. Stick to your plan consistently.
- Risk Management: One of the most important aspects of trading is managing your risk. Never risk more than you can afford to lose on any single trade. Use techniques like position sizing, stop-loss orders, and diversification to manage risk effectively.
- Emotional Control: Keep your emotions in check while trading. Fear and greed can cloud your judgment and lead to poor decision-making. Stick to your trading plan and remain disciplined, even during times of market volatility.
- Continuous Learning: The financial markets are constantly evolving, so it’s essential to stay updated with the latest trends, news, and developments. Continuously educate yourself and adapt your trading strategies accordingly.
- Practice: Before risking real money, practice your trading strategies in a simulated or demo trading environment. This will help you gain confidence and refine your approach without incurring any financial risk.
- Review and Learn from Mistakes: Analyze your past trades regularly to identify patterns and mistakes. Learn from your losses as well as your wins, and use this knowledge to improve your trading strategy over time.
- Patience and Discipline: Successful trading requires patience and discipline. Wait for high-probability trading setups according to your plan, and don’t let impulsive behavior derail your strategy.
- Stay Focused: Avoid distractions while trading. Focus on the market and your trading plan, and avoid making emotional decisions based on outside influences.
- Seek Mentorship or Join a Trading Community: Surround yourself with experienced traders who can provide guidance, support, and valuable insights. Joining a trading community or finding a mentor can accelerate your learning curve and improve your chances of success.
Remember that becoming a profitable trader takes time, effort, and dedication. It’s essential to approach trading with a long-term perspective and realistic expectations.
After these steps you find Supply zone and Demand Zone on chart. Where FII & DII pending order are placed in market.