01 Arrange Capital
02 Open a Demat Account
03 Master the Basics first
04 Make Trading Plan
06 Flawless Execution
07 Trading Journal and Review
As a beginner, begin stock trading with smaller amounts of money that you can afford to lose in the stock market. Trade small while you’re learning.
To learn the complete basics of price action in the stock market you have to learn 4 things: 1. Support and Resistance: 2. Trend lines 3. Candlestick Patterns 4. Volume
“An idiot with a plan can beat a genius without a plan”. – Warren Buffett. SETUP: Entry Stop loss Target ( where to Exit) Re-entry rule ( If there is any) Pyramiding Position Sizing
Backtesting is only because of getting more confidence in the system. The best way to backtest any system is manually one by one chart, which covers all cycles of the market. Task: Practice this system on 40 charts.
Now you have got complete knowledge about the system and backtested. It’s time to implement that knowledge. “Financial education + Implementation = Results”
Why it’s important? A trading journal is one of the most effective tools for performance management. A journal can help you track progress as well as study mistakes made when entering or exiting a trade.