6 Basic Mantras Of Success In Stock Market
Read Also - 30+ Holi Images 2024 Download || Holi Images Free Download || Holi Wishes 2024
If you are entering the stock market, you will have to make this decision only after thinking carefully. I am saying this because it is very easy to get into the stock market. For this, you do not need any special degree. And here you don't have to compete with anyone and no one will be your boss here.
If there is profit in the stock market, there is also loss. Just like a coin has two sides. Stock markets are also similar. Here one has to face both profit and loss. The stock market is not a job where you will get a salary every month.
This is just a business and there are both profits and losses in business. But don't worry, we will tell you how to start and how to be successful in the stock market.
Don't jump into the stock market without learning.
If you want to become a doctor then first you will have to study and then practice. Similarly, if you want to enter the stock market, do not enter without learning. First, you will have to learn technical chart reading by gaining knowledge about the stock market for at least 6 months to 1 year. In technical analysis, you can learn about price action, support and resistance, candlestick patterns, and trendlines.
If someone you know is already doing stock market, then try to learn from him. Apart from this, you can learn from any good YouTube channel. Because without learning you are not going to get success here. Understand this very well, you will have to give time to the stock market and if you are thinking of earning money from here without learning, then you should stay away from it right now.
Don't rely on tips
Nowadays many people think about earning money without doing any hard work. But let me tell you, if you want success in the stock market by relying on tips then this field is not for you. To date, no one has benefited by relying on tips and neither will they ever.
Nowadays people are misled a lot through social media and TV channels. Due to greed, people invest their money in a stock that has no future. If you are serious about your career, then believe me, you should not invest your money based on tips, calls, and news.
You learn yourself and give time to the market. Give only 1 year to the stock market and then see, you will start understanding the market better and you will start making profits.
avoid overtrading
Let us assume that you have started learning the stock market yourself, but you will not get success just by learning. Along with learning, you also have to avoid overtrading. Overtrading means repeatedly trading to recover losses.
See, I have told you earlier also that there are both profits and losses in the stock market. But some people let the loss dominate them so much that in an attempt to recover the loss, they start losing more. Due to overtrading your money also becomes zero.
Unless you understand the process of the stock market, you will not be success. New people get out of the stock market because of their mistakes and greed and then leave after speaking ill of the stock market. If you do not know how to drive a car, it does not mean that the car is useless. Eliminate overtrading from your trading and see what benefits you get.
Become better at one strategy
Now you have learned your stock market and you do not overtrade. But you do not have to change your strategy again and again. This is the biggest reason why people do not trust their strategy. If others are benefiting from a strategy then they start copying their strategy.
You should not be concerned with what others are doing. You have to follow your strategy and keep getting better at it. If you start changing your strategy again and again every day, you will end up only incurring losses. Virat can never become Rohit and Rohit can never become Virat. You have to improve your skills.
Avoid trading on news
New people come to the stock market but they do not know who is working here. Big investors trap small investors because of liquidity. Big investors know what you know and they also take advantage of this. You have to avoid news trading.
Because what everyone knows does not work in the market. Some people feel that if this company is going to get a big project today, then the price of its shares will increase. But what happens is the opposite, they get trapped by investing in stocks because of news. If you have been in the stock market for 2-3 years then you must understand what I am saying.
What news is coming on any stock on TV channel and if you are being advised to buy it then understand that your chances of making a profit there will be less. You will understand how to use news and when to use it when you start gaining experience in the market.
Take care of risk management
One should know how to manage risk in the stock market. You cannot be right 100% of the time in the stock market. How much you lose when your decision is wrong and how much profit you make when you are right. It all depends on your risk management. You cannot become a profitable trader if you cannot manage your risk.
Let us understand risk management better. You should know very well that you cannot be 100 percent right in the stock market. All you have to pay attention to is that whenever your decision is wrong, you lose minimum money from your pocket and when your decision is right, you get maximum profit. By doing this you will be able to manage your risk and you will be able to survive in the market for a long time.
