The things I wish I'd known at the beginning were:
A: The "classic texts" (Murphy, Edwards & Magee etc.)
B: Capitalization
C: Risk Management
D: "Don't quit your day job"
E: Psychology
I was lucky enough to find an honest and supportive broker. I found it an important fact that large funds, big traders and small traders all use different methodologies. They can all be successful.
I think a set of End Of Day charts and some good books that you study in the evening after work are probably the most cost effective and sensible tools to use until you become profitable. Trend-lines, 1-2-3 bottoms and patience...
The most daunting aspect of day trading, is that it's a full time endeavor. You cannot work another job. Any beginner who tries to go full time, runs the risk of becoming another casualty of the Market.
As with all walks of business the only way to learn is to:
(1) Do it with a make or break attitude,
(2) Go work with someone or a group of people for an extended period of time, watching, learning and doing before going out on your own.
You cannot pay Rupees, spend one week looking over the shoulder of a "master trader", read some material and then go out on your own - it does not work that way!! Its not that easy!!
What makes you think that you can let someone else endure the years or hard work, perspiration and sickly feeling at the bottom of their stomach. The sleepless nights. The loss of appetite. The feeling of having failed.... pay them a few Rupees and expect to buy the end result of their hard work and think you can make it work for you. It doesn't work that way.
If you want the results you must pay the price and the cost is not just measured in RUPEE terms.
There are people who can take short cuts and succeed, but they are exceptions and are far and few between.
As long as your are disciplined and know when to admit you are wrong and have the guts to jump right back on top of the horse then you'll do just fine.
Don't get so worked up about learning the new fad or secret approach to markets. Relax. Prices can either go up or go down or maybe stay the same.
Trading is as difficult as you want it to be.
