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My Stock Market Journey :( Caution: Very Long Answer )I started my journey in 1977.That is 40 years ago. The young of today can not imagine about India of that time.Well, to put things in perspective:Forget about Internet or Mobile phones. Even a simple telephone was a luxury which even middle class could not afford. And waiting time for a phone was about 2 years to 5 years depending on your money and social clout.Doordarshan ( TV in India ) was available only to people in Delhi and that too in grainy black and white.All communication had to be essentially done through India Post. Courier services did not exist and those few which did were not legal.For faster communication, there were telegrams which were priced above the paying capacity of a common man.How stock markets functioned in those times would be like a story to today’s young generation.So I thought to share my journey.How it began ? :In July 1977, the results were out and I had completed my Engineering Degree. It was a different scenario from the present times. Engineering Colleges were far and few and so were engineers. But unfortunately jobs were also few.Government was the prominent employer specially for civil engineers. So daily activity was to look for employment pages / advertisements for suitable jobs. After finding such advertisement, next step used to get one application typed and send it to the address given with the requisite fee of about Rs. 8 ( For most Government jobs ) through a Postal Order.Ever heard of a Postal Order in the present times of NEFT and mobile money transfers. ( I believe these are still available at Post Offices )Finding a job being the only work at hand, there was lot of free time. Sports page got some attention cricket being the national pastime even in those days.The page before the sports page usually was the Stock Market page in most of the newspapers. It used to be full of prices of various stocks in different stock exchanges. My regular newspaper carried rates from Bombay Stock Exchange, Delhi Stock Exchange and Calcutta Stock Exchange.There was no Google and no internet. How to make sense out of lot of numbers and names splashed on the page everyday?I pledged to myself that I will surely crack the code and this page has to make sense for me.From then on, the quest is on.Forty years have gone by and like I have stated in my credentials— Studying the Stock markets since 1977. The study is not yet complete. I believe I will always remain a student and that is perhaps the right thing.Markets and trading are always evolving with passage of time and one has to keep on learning.1977- 1985 :I saw a big advertisement for a public issue of shares of Hawkins. Nowadays, the public issues are called IPOs ( Initial Public Offer ). What is in a name?From this ad I got the name and address of broker and wrote a letter to send me the Prospectus and Application form.After about 5 days, I got a mailer from the broker with the things requested for. I read each and every word. I was impressed with the document.The interesting fact which I noted was:Salary of Chairman ( Mr. H D Vasudeva , I am narrating the name from memory— If incorrect, please feel free to ignore or correct me ) was fixed at Rs. 10000 per month and approval of Government was taken for this salary.Such salary being almost equal to salary of President of India needed special permission.I do not recall the issue price but it was at some premium on the face value of Rs. 10. I applied for 50 shares, filled up the form, got a bank draft for the money and sent it by registered post to the broker at Delhi.And hoped to get the allotment.The issue was oversubscribed many times and i got the refund cheque after about two months.The search for job continued. I joined IIT Delhi for post graduation course and to be at Delhi.Over next year, stock market took a back seat but since the broker were sending me mailers regularly , reading company prospectus became a serious hobby with me.I knew all I could about Memorandum of Association, Article of Association, Rules for remunerations of Directors in a company, declaration of interest of a director in the company, Authorized Capital, Paid Up Capital, Offer for Sale , Dividends, Book Closing and all the jargon through this reading.In August 1978, landed in my first job and left IIT, Delhi to work professionally.I think sometime in 1979, I got my first shares alloted.50 Shares of Narendra Explosives Limited. ( Did anybody ever hear of the company ? ). I was jumping with joy. Company made explosives. There was going to be a boom in construction activity in the country and explosives are needed for constructing tunnels and excavating rock.Another public issue came up and I got 50 more shares of — hold your breath— Karnataka Explosives Limited.I had no intent to be an explosive specialist, it is just that I got allotted the stocks which probably nobody wanted.I used to check the prices everyday only to find them below Rs. 10 and there was no option but to keep waiting.Well, I got one more public issue allottment — 100 shares of Punjab Ceramics Limited. ( Phew..)I could sell Karnataka Explosives for Rs. 14 in 1981, Narendra Explosives for Rs. 21 in 1985 and Punjab Ceramics are still with me as worthless as ever.I have never applied for an IPO since Punjab Ceramics.1985–1995:After a few years in South India and then Madhya Pradesh, I was back to Delhi. By this time, equity culture was picking up. There were even daily tabloids about the stock market.The most talked about stocks of that time were Reliance, Orkay Silk Mills and Oswal Agro.I made my first purchase in secondary market in Gwalior Rayon shares.Ended up being profitable in two weeks and sold it without taking delivery of shares.Wondering what is delivery of shares?:It is in fact delivery of share certificates along ith a transfer deed with share transfer stamps affixed on that.This is a share certificate representing 50 shares of Tata Steel.And this is a transfer deed:( Addresses blanked out for protecting privacy )How different from the present Click and Buy/Sell.By year 1991, I had started trading. Intra day was not possible because it was a shout and buy/sell market. We used to place the trade with a broker, got confirmation in the afternoon and contract note by evening. There was a two week settlement time to either pay or close the transaction by paying the difference.In 1992, lost some good money because of investing at a time when the Harshad Mehta scam was unraveling.These images are from 1995.Gave up trading from 1995 to 2000.Tech Boom and Trading Terminals:Internet made its foray into India from 1996 onwards. I was at Ambala in Haryana when internet services commenced there in 1998.It was a new world and a new addiction. I browsed at Rs. 80 per hour and learnt whatever was possible with my very limited computer skills.Got introduced to a Trading Terminal provided by a broker at Ambala.Everyone used to trade in tech stocks. I was the only one trading in Tata steel or Appolo Tyres or HDFC. Everybody else was into Rolta, Pentamedia, Wipro, Infosys etc. No one shorted a stock except yours truly. I was the only one operating with a stop loss. Rest were all high on adrenaline and were making big profits and bigger losses. I continued with my small profits and small losses.I learnt a lot about trader behaviour in this period. It was very easy to make profits and losses. It could easily become an addiction.Fate intervened. I got into a new job and did not do any trading for next three years.From 2003 to 2017— Trading Online:Opened an icicidirect account in 2003.Started online trading.Learnt from my failures and successes. Never traded more than one or two stocks at a time.Learnt options trading in year 2007 and a new world of opportunities opened up.Read many books, information on internet, European options, American Options , option theories and came to conclusion that only thing that works is just plain common sense and loss management.Everything else is just a theory.All the complicated theories are just an excuse to hide behind when we fail. It looks nice to say because something very complicated occurred, I had to take a loss. Whereas the fact is that we are responsible for every loss. It happens due to simple fact that trade went wrong. Bigger loss happens when the money management goes wrong. That is something to be avoided.Conclusion:Summation of my stock market journey:Markets are forever. There should be no compulsion to trade everyday.Long term investment works out better than day trades.Positional trades work out better than day trades.Taking care of losses is essential.Patience pays.Markets are simple. Experts make it complicated so that their expertise gets higher value.No formula or theory is a mathematical fact .They are based on empirical data which is based on human behaviour. Any such formula will give different results in different situations. For adverse results , money management is the only protection.I have enjoyed the journey thus far and keep on enjoying further.Now I have many Quora friends to make this journey more rewarding by sharing my thoughts.Thanks for reading this very long answer.

The popular programme that subsidizes 80% of start-up costs (called the YES! Start-up Grant) has now been superseded by the ACE (Action Community for Entrepreneurship) Start-up Grant. Applications for this new scheme opened on 1 February 2012.This is different from the SME Infocomm Package, however!To help ease the adoption of technology by Small and Medium Enterprises (SMEs), theInfocomm Development Authority (IDA) has launched the SME Infocomm Package (SIP) Initiative, which subsidizes first-timers who are investing in a web presence for their business. The subsidy is available to 5,000 SMEs on a first-come-first-served basis. More details and the eligibility criteria here: http://www.dpbureau.sg/smesip1.htmlThe ACE Start-up GrantACE will match $7 to every $3 raised by the entrepreneur for up to $50k, and for selected ventures, up to $100k.Eligibility CriteriaAt the point of application:The Applicant:Must be a Singaporean/PR. Parental consent must be sought for those applicants 18 years old and below on the date of application;Is a first time entrepreneur;Is the key driver in the company and must be committed to the business on a full-time basis.The Company:Must NOT be registered or incorporated for more than 6 months from date of application;Have NOT received any funding for the proposed business idea from another government organisation;Eligible applicant(s) must hold or propose to hold at least 51% equity in the underlying company; andProposed business idea must not be in the following list: night clubs, lounges, bars, foot reflexology, massage parlours, gambling, prostitution, social escort services, employment agencies (including recruiting foreign work permit holders and workers/ support staff, relocation services, and manpower services), and geomancy etc.Evaluation CriteriaThe major evaluation criteria are:1. Differentiated BusinessHow does the company differentiate itself from competition?How different or novel is the idea/product/service/business model/ process compared to what is available in the market?2. Feasibility of the Business ModelIs the revenue model sustainable?How does the company manage its cashflow?Does the business have potential to be scalable?3. Potential Market OpportunityWhat market(s) is the business idea targeting?How big is this targeted market(s)?How does the company reach out to its targeted market(s)?4. Management TeamHow committed and passionate is the team to the business?What relevant skill sets does the team possess which would be useful in executing the business idea?How is the applicant(s) contributing to the development of the business?More details, the application form and the public site from which all this information originates from can be found here:http://ace.sg/Site/Page.aspx?id=83048AFF-89CF-4214-823B-609CC1F24FA2The FAQ on eligibility criteria can be found here:http://ace.sg/Site/Page.aspx?id=A4BAB0E2-6FBA-4C0B-903A-7E79F15E3A5AA brief description of the 11 start-ups that have been funded under the ACE Start-up Grant can be found here:http://ace.sg/Site/Page.aspx?id=E70011CB-6B2D-4F85-8738-D7D50105A319N.B. You may also be interested in the SPRING Start-up Enterprise Development Scheme (SPRING SEEDS), an equity-based co-financing option, details of which can be found here:http://www.spring.gov.sg/entrepreneurship/fs/fs/pages/spring-start-up-enterprise-development-scheme.aspx

The first thing to make clear is that the English legal profession is divided between legal advisers (known as solicitors) and legal advocates (known as barristers).Barristers have a right of audience in the higher courts, while solicitors’ right of audience is restricted to the lower courts. In practice, this means that solicitors would not normally represent clients before a judge, except in minor hearings.With that in mind: there are broadly three routes to becoming a lawyer in the UK:Undergraduate law degree -> Legal Practice Course (LPC) (for solicitors) or Bar Professional Training Course (BPTC) (for barristers) -> Training Contract (for solicitors) or Pupillage (for barristers) -> QualificationUndergraduate non-law degree -> Graduate Diploma in Law (GDL) -> LPC or BPTC -> Training Contract or Pupillage -> QualificationApprenticeship -> Qualification as a solicitorLet’s consider each of these in more detail.University DegreeIn the UK, most universities offer a law degree. Here, for example, is a league table listing 100 law schools in the county. There are many different rankings, but most come to broadly similar conclusions.As mentioned above, you can be a lawyer whether or not you have studied law. There are probably some detailed numbers on this, but it wouldn’t be inaccurate to say that in the leading law firms in the UK, just over half of current lawyers have a degree in law. Those with non-law degrees come from diverse backgrounds: I’ve had colleagues with degrees in history, literature, mathematics, theoretical physics and the classics.The lack of a law degree wouldn’t prejudice a candidate in her application, though I’ve heard from someone in legal HR that lawyers with law degrees tend to outperform lawyers without law degrees on their appraisals. I can’t comment on whether this is the case across the industry.You can earn a university degree in the UK in three years, though some degree courses—for example those with a minor in a different subject, or those involving a year abroad—may take four years to complete.It is worth noting that most students in the UK would apply for a Training Contract (more on that below) in the second year of a third year degree. Many firms will cover the costs of studying the LPC and, if relevant, the GDL for successful applicants. A barristers’ chambers would typically not cover the cost of the BPTC, but might give the student an advance on her salary (which is initially considerably higher than the Training Contract salary).Graduate Diploma in LawThe GDL is basically an accelerated course in the law, which covers the basics of the English legal curriculum for students who have not studied law as their undergraduate degree. The GDL covers the following seven core subjects:contract law,constitutional and administrative law,criminal law,equity and trusts,European law,property law, andtort.For full-time students, the GDL takes a year to complete, but it can also be completed in two years on a part-time basis.Legal Practice CourseThe LPC is a vocational course, which covers the essentials of working as a solicitor. The course is intended to bridge the gap between academic study and legal practice. It usually lasts 12 months, but the leading London firms offer an “Accelerated” version which is completed in seven months.The LPC covers: (a) four “Core” modules on the main areas of legal practice, (b) a number of elective modules and (c) practical skills.The “Core” modulesThe Core modules on the LPC cover the main areas of legal practice that most people will have some experience with during their careers, including: criminal litigation, business law, property law, and civil litigation.The elective modulesThere is a broad range of modules to choose from, including subjects like banking law, commercial law, commercial property law, welfare law, capital markets, etc. If your LPC is sponsored by a firm, it may be the case that your electives are pre-selected on the basis of your future work in the firm.Practical skillsThese include advocacy, interviewing and advising, writing and legal research.Throughout the LPC, you will also cover areas like professional conduct, taxation, managing business accounts and certain regulatory rules, which will apply to many areas of legal practice.Bar Professional Training CourseThe BPTC is a one-year vocational course designed to bridge the gap between academic study and a barrister’s practice. It covers: (a) three key knowledge areas, (b) a range of practical skills and (c) elective subjects.Knowledge areasThe BPTC covers civil litigation, criminal litigation and professional ethics.Practical skillsThe core practical skills include advocacy (examination, cross-examination, civil applications), conferencing, drafting, opinion writing and the resolution of disputes out of court. Mock trials are also a key component of the course.ElectivesThe BPTC includes a broad range of electives, including, among others, alternative dispute resolution, international commercial practice, employment tribunal practice, family practice, judicial review and personal injury.Training ContractStudents who have chosen to become solicitors apply for a training contract. This is a two-year vocational graduate scheme at a law firm, and is the primary way of becoming a practicing solicitor in the UK.Getting a training contract - how competitive is it?The first point to make is that the numbers are much better than for competitive jobs in other industries. Consider the acceptance rates for the UK’s five leading law firms (members of the so-called “Magic Circle”):Allen & Overy: about 2,500 applications per year for 90 training contracts (3.6% acceptance rate)Clifford Chance: about 3,000 applications per year for 100 training contracts (3.3% acceptance rate)Freshfields Bruckhaus Deringer: about 2,000 applications for 80 training contracts (4% acceptance rate)Linklaters: (Numbers not available)Slaughter and May: about 1,700 applications for 70 places (4.1% acceptance rate)We’re looking at an average of a 3.75% acceptance rate. This might seem daunting, but let’s put it into perspective. Goldman Sachs received 17,000 applications for 350 investment banking internship positions (one of the primary routes to a full-time job). That’s about a 2% acceptance rate, and even lower when considering that not all interns are offered full-time roles. McKinsey & Company made about 2,200 offers for 201,000 applications—a 1.1% success rate.(Note: These are approximate numbers from the past few years, so while not perfectly accurate, they paint a good-enough picture of the competitive environment.)Secondly, the interview process at English law firms is much less challenging than it is in other industries. While some firms require candidates to take basic psychometric and verbal reasoning tests, most of the recruitment process seems to boil down to cultural “fit”. I have interviewed with three law firms (including two in the Magic Circle—I have worked in both) and in each case the interview was very conversational. In one, I was asked some technical questions to which I didn’t know the answer, and this didn’t seem to hurt my chances. The presumption seems to be that if you have an interesting background and a good education, you will be able to learn on the job.Thirdly, coming from a top law school is no longer a requirement to get a top job. From personal experience, I would say that it’s possible to get a job in a top law firm if you come from any of the top 50 law schools, though being from the top 10 could make things easier. Some firms, like Clifford Chance, run a “blind” admissions policy, which doesn’t take your university into account at the interview stage.PupillageA pupillage is a one-year apprenticeship within a “chambers” of barristers. A barristers’ chambers is essentially legal fraternity that brings together a group of barristers, who are not otherwise allowed to form a partnership or company and are therefore seen as self-employed. The barristers in a chambers would share operational costs and resources among each other.Getting a pupillage - how competitive is it?Let’s look at the numbers for some top barristers’ chambers:Blackstone Chambers: about 360 applications for four pupillages (1.1% acceptance rate)One Essex Court: about 200 applications for five pupillages (2.5% acceptance rate)Matrix Chambers: about 250 applications for two pupillages (0.8% acceptance rate)As you can see, becoming a barrister at a top chambers is significantly more competitive than becoming a solicitor. I’ve heard that some chambers will only consider candidates who have earned a distinction (top mark) on a postgraduate degree in law from Oxford or Cambridge, but it could just be that such a degree facilitates the process.I have no experience with the recruitment process for barristers, so I can’t comment on it.ApprenticeshipThere has been a gradual rise in alternative routes to becoming a lawyer. One of these is the legal apprenticeship, which targets people without a university degree (i.e. people coming straight from school), and gives them an opportunity to work as a paralegal while studying law part-time with a view to obtaining a qualification after two-or-so years. None of the top firms has adopted this model, and I don’t see it catching on for a while far beyond the lower end of the legal sector.Deciding to become a barrister or a solicitorThis could be the subject of another reply of equal length. Let me just say this: the decision can only be informed by your own experience. I can’t overstate how important it is during your university years to get as much experience with both types of work as possible (through mini-pupillages in chambers and vacation schemes in law firms), so that you get a grasp of the cultural differences between the working environments, and the substantive differences in the way each practices law.