Answer both the questions thread read my answer too.
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Q1. How many active sources of income do you have ?
Q2. How many days/months/years can you survive on your savings (if any) if all your income sources stops !
Q3. Are you confident enough currently to take trading as a full time career and not looking back any day from today ?
Q4. What second best alternative do you consider as doing if you quit trading someday ?
My Answers
Answer1 . I have 5 souces of income(Rental , insurance brokerage , trading , family business of travel agency and real estate investments)
Answer 2. I can survive for atleast a decade if all of my sources of income stops today.
Answer 3. Yes I am fully confident intraday trader who quit doing CA in finals just for passion.
Answer 4. Best alternative is my travel agency because it's in my blood , we have family business of cars, buses, trucks since last 60 years.
Do retweet and answer honestly
The only and the most important part to make money in trading is "RISK MANAGEMENT" 👨💼
This thread will focus on "HOW TO MANAGE RISK IN TRADING"
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Trading can be a great way to earn money, but it's also a risky endeavor. One of the most important aspects of successful trading is managing risk. Here are some tips on how to do that.
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First, it's important to set a stop loss for every trade. A stop loss is a predetermined level at which you will exit the trade if it goes against you. This will help limit your losses and prevent you from losing more money than you can afford.
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A super thread🧵 on "Different type of Chart Patterns"
In the stock market, chart patterns are graphical representations of historical price movements that can help traders identify potential buying/selling opportunities. Here are some common chart patterns that traders use 1/n
1. Head and Shoulders: The head and shoulders pattern is a technical analysis chart pattern that signals a potential trend reversal from bullish to bearish. It consists of three peaks, with the middle peak being the highest (the head) and the two side peaks being lower
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(the shoulders). The pattern is formed when the price of an asset rises to a peak, declines, rises again to a higher peak (the head), and then declines again, and finally rises once more to a peak that is similar to the left shoulder (the right shoulder).
15. Learn about technical analysis: Learn about technical analysis, which is a method of evaluating stocks based on charts and indicators.
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16. Understand fundamental analysis: Understand fundamental analysis, which is a method of evaluating stocks based on company financials and economic factors.
17. Invest for the long-term: Invest for the long-term and don't try to time the market.
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18. Diversify your portfolio: Diversify your portfolio by investing in different types of stocks and other investments.
19. Invest in what you know: Invest in what you know and understand.
20. Stay disciplined: Stay disciplined and stick to your trading plan.
A thread🧵 on how to be a successful trader 😊
This will definitely give you a lot to learn and implement.
1. Learn the fundamentals and technicals: The first step to becoming a successful stock trader is to understand the fundamentals and technicals of the stock market. 1/n
This includes understanding the different types of stocks, how to read financial statements, and how to analyze trends and patterns.
2. Develop a trading plan: A trading plan is a set of rules that govern your trading activities.
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It should include your goals, risk tolerance, investment strategy, and exit strategy.
3. Manage risk: Successful traders understand that trading involves risk. They manage risk by setting stop-loss orders and limiting their exposure to any one stock or sector.
A thread 🧵on my biggest learnings from the book "Trade Like A Stock Market Wizard"
This book mainly focuses on points that made @markminervini one of America's most successful stock traders. 1/n
A great introduction where the importance of endurance and sense of pacing is discussed.
Even Mark didn't started with success. He repeated the same mistakes that most of the newbies do. After years of study and practice he was able to achieve the super performance. 2/n
Mark was a school dropout at age 15. His thirst for knowledge made him succeed in life. But that didn't mean that he didn't studied. He studied more than 1000 books on investment in his life.
People will say"its gambling,its risky" but you have to show them that its possible 3/n