The social media space and the internet have given many opportunities to people. With the digital boom, trading and investing in the stock market have become easy. All it requires to have is a smartphone or a laptop with access to trading stocks online. In the last two years, there has been exponential growth in people getting into stock trading and investing. But what does it require to become successful in the stock market?
Stock trader Ashok Gorana reveals some insightful hacks on multiplying wealth through stocks. The Udaipur-based trader started his career at 18, and over the years, he has garnered tremendous knowledge about the financial market. Gorana is also the founder of Zetob Trading , a financial and stock trading firm which was coined in 2018. Ashok’s diversified experience of more than six years has seen him manage portfolios and accounts of big firms and business entities.
From his experience and learnings, the Zetob Trading founder shares valuable investment tips for all budding stock market traders and investors. Below are some tips as suggested by Ashok Gorana :
Keep your emotions aside
Ashok Gorana’s first and foremost tip is to not mix emotions with business or investments. Emotional investment is the root cause of why people incur losses in the market. Emotions such as greed and fear should not be mixed while you are a stock trader or an investor. If you are an emotional investor, there are high chances of incurring failures and losses. For instance, if you invest in the stocks of a company and the stock prices tank, don’t take it to the heart. Rather learn from it, analyse the mistakes and move forward. Profit and loss are a part of the financial markets.
Gain knowledge to understand the financial market
With Ashok Gorana’s successful run, he emphasizes the need for understanding the market. You should do thorough research before investing in stocks. While the stock market remains the best place to mint money in the long run, Gorana cautions investors to read the nature of the market first. It is difficult to read the market as it can be mysterious, commanding and unpredictable. Nobody would have thought that Sensex would fall from 41,000 points to 27,000 points by early April 2020 when the pandemic hit the world. The best tactic is to hold the fundamentals and invest in the market at its low to gain lucrative yields in the long run.
Invest in fundamentally strong companies
Many people invest in stocks from the tips they get from traders and stock broking firms. Don't sell when everyone is selling and don't buy when everyone is buying. However, to become wealthy, you should study and analyse the charts of the companies. Before investing your money, get an insight into the company’s assets to determine their worth. When companies have rock-solid management and fundamentals, expect your investment to grow.
Patience is the key
Investing is not an overnight process. It takes significant time. Don’t expect short-term gains in the stock market. If your motive is to double your wealth in a month, be ready for disappointment. Just like a seed grows into a tree with time, let your stocks grow at their pace. Be patient as an investor. There might be situations when the market crashes, and you incur losses. Worry not! When you enter the bear market, you have an opportunity to make more investments and gain fruitful returns in the long term.
Stay alert and look out for the best opportunities
As a trader, you have to be vigilant. Don’t step into the stock market if you have a laid-back attitude. It will hamper your career. For every trader or investor, profit is the main motive. You should have an attentive mind, read newspapers, and scroll through the news online. In addition, up your skills by welcoming new opportunities through technology, social media, market trends and capital markets. Digitalization is taking over traditional means. Therefore, invest in companies bringing technological trends to gain exceptional benefits.