Business & Finance

Be Your Own Money Maker

by Singh, Manoj Kr

You can kick your irritating boss and leave your Job, You can survive and work anywhere in the world, You can be independent from the routine and not answerable to anybody...Yes, it can be true... Traders can have the best lifestyle in the world, Can travel to the best locations, can stay in best Hotels, can drink the best brands. Yes, we are discussing about trading in stocks.But, to succeed in trading you need several innate traits without which you shouldn't even start. They include discipline, risk tolerance, and a keen learning attitude. Traders make money by buying at Low Price and selling at high Price. If you believe that Market will be going up, you first buy at low price and then sell on high price and If you believe that Market will be going down, you sell first at high Price and buy at low price. (Selling first and buying after needs margin and can be done intraday only for stocks, However, you can do it in future). The concept is simple, but implementing it, is difficult. It is hard to be successful in any profession, but harder to become a good trader. Beginners often assume they can make money because they're smart, can manage teams and have a record of success in their respective Profession. You can get a fast computer and even buy a back tested system from someone, but putting money on it is like trying to drive a three-wheel rickshaw with two wheels missing. The two other factors are Trader's Psychology and Money Management.Balancing your mind is just as imp