This IT engineer now earns more than his salary through Intraday trading!

This IT engineer now earns more than his salary through Intraday trading

When most software professionals in India were waiting up for a US visa or an onsite assignment, a Mumbai-based IT engineer quit his job to seek a career in trading. He understood very little about this subject, having only read about it in his spare time while studying engineering. Nooresh Merani determined six months into his first employment that coding was not for him, despite the fact that he had blown up his trading account in college and borrowed money to cover the loss.

The thrill of trading and his persuasive approach to solving the challenge aided Nooresh in crossing the bridge. However, it took him several years and many more blunders before he was confident in his portfolio. Nooresh's technique has shifted away from a purely technical approach, and he now uses fundamentals as a validation tool.

Nooresh is quite active on social media and has a large fan base. He's also an active blogger, trainer, and certified advisor. His reading interests are primarily market-related, with an emphasis on understanding the history and psychology of markets, yet ask him for a game of badminton and he will immediately put down his book.

Proprietary trader Nooresh Merani speaks honestly with us about his path, his faults, and his method.

Q. How did you find your first trading days?

In our first year of full-time trading and understanding technical analysis, we mostly learnt what not to do. We made a lot of blunders, which taught us what not to do. For example, we began by reviewing all indicators. We've tried it all, whether it's stochastics, RSI, or any of the other indicators.

So the first lesson was that indicators are only indicators and not decision makers. When driving, the car has right and left turn indicators. The person is signalling that he will either turn right or turn left. However, he does not indicate which turn he will take. Will it be the first, second, or subsequent turns? You will lose money if you use every indication on the market.

Q. Have you ever worked as an engineer?

I worked at a company for six months before leaving. I've been working in the markets full-time since January 2007.

Q. What did you do throughout your first few years on the market?

I joined my uncle's sub-broking firm, where he was already assisting clients. Because I lacked capital, I began by assisting my uncle. In fact, when I was trading in college, I lost all of my money and had to borrow money from my mother to cover the loss.

Q. Can you tell us about your transition from engineering to trading?

I began studying engineering in 2002 and was first exposed to markets between my second and third years of college. When the aspiring engineers go on holiday, the other colleges begin. So we don't have much to do throughout our vacation. My uncle, who was dabbling in shares, moved from Dubai to start trading full-time between my second and third years. He was an investor who began his career in technical analysis when he moved to India. So, with his assistance, I learnt technical analysis. I, like everyone else, learnt the hard way, by making several mistakes.

 

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