Do you want to make a living from stock trading? Here’s your guide

Team Stocko

Img May 30, 2023
ET-The Economic Times

This often leads to a phenomenon known as “System hopping,” where traders experiment with various strategies across different asset classes, unaware of the finite nature of their funds. As a result, they often deplete their trading capital, become demotivated, and exit the market.

New traders often begin their trading journey with the unrealistic expectation of finding a magic strategy that will generate consistent profits, allowing them to quit their day jobs and retire luxuriously.

This often leads to a phenomenon known as “System hopping,” where traders experiment with various strategies across different asset classes, unaware of the finite nature of their funds. As a result, they often deplete their trading capital, become demotivated, and exit the market.

To avoid this pitfall, new traders should keep in mind the following key points on their path to becoming successful traders:

Importance of Backtesting and Paper Trading

As a starting point, it is crucial to backtest your trading strategy using historical data before implementing it in the live market. Backtesting will help you understand the profitability of the strategy as well as its volatility. This allows you to fine-tune the strategy to align with your risk profile.

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