Yes! one can become a successful trader and can earn in Lakhs per month. But the journey of becoming a successful stock trader is not easy(but not impossible either). Let us Ask ourselves a question first.
If you wanted to climb Mt. Everest. Would you just fly over to Nepal with no training and start climbing without a Sherpa?
I hope your answer to above question is NO. Then why we will assume that we can be successful in trading without proper training, instrument, and without a help of a mentor to achieve the goal.
Step 1: Access of a trading system which will tell when to buy and sell a stock
One could build his own system or he can hire or take an advisory service at this point.
Step 2: Prepare a trading plan around the system
How much money will I invest in each entry signal? How much risk will I take in each trade? How much profit can I expect in each trade? Answering all this question is important before we can start.
Here is a result of a trading system based on moving averages and the trading plan around it
How much is minimum margin account needed to trading this system?
This depends on how much risk one is ready to take. As per the system above the average risk in 1 lot is around 2k. So in 4 lot, it becomes 2K*4=8K. As I do not recommend to put 2% of the capital in a single trade. So one need a minimum account of 4 lac to trade this system.