Dusshera is the festival celebrating the victory of good over evil. It was on this day that Lord Ram killed the demon king Raavan to rescue his wife Sita from his hold. Over the years this has become synonymous with killing the devil in each one of us to become better versions of ourselves be it in our personal life or professional life.
Stock market trading is a part of professional life for many, as making money through the financial markets requires a dedicated effort. And the evils that exist in this world are many, be it greed or sentimentality obstructing rational thinking. These demons need to be controlled and killed to truly celebrate being a better person and a better trader.
So, on this Dusshera, we are bringing to you four such inner trading demons which you can kill and become a better trader.
1. Demon #1 - Greed
This demon accompanies you everywhere wherever money is involved. Controlling and killing it is the key to success for a good trader. A person should never trade in the markets with the greed for more profits and become depressed with losses. A balanced outlook is essential to become a successful trader in the stock market.
2. Demon #2 - Indiscipline
Rules are the key to any successful plan, and this cannot be stressed enough for trading. Following the set rule book for trading might not ensure huge profits always but will surely limit the losses you may incur. A stop loss is the bottom line of disciplined trading and should be followed religiously as per experience or as per the advice of certified advisors.
3. Demon #3 - Lack of Dedication
This is one of the biggest enemies of day traders as they often treat trading as gambling and put trades based only on assumptions, unverified suggestions, gut instincts, etc. To be successful in trading a trader needs to be dedicated to his trade and his profession and take the same seriously. Treating it as gambling or a game is the worse that someone can do to himself as well as to the profession of stock trading.
4. Demon #4 - Not Following Advice
This is the worst practice for someone who has already paid for an expert service but does not follow the instructions. In the world of trading, an investment advisor is like the rudder which gives direction to the trader’s ship. However, venturing on self-created paths may give the trader a couple of profitable trades but will surely prove to be a loss-making action in the long run. Hence a person should always seek help from a SEBI registered investment advisor to place trades and should follow the instructions given to him for the same.
With this, we are certain that you would be able to control your impulses of irrational trading and will be able to ring in profits in a steadier manner. Wishing you all a Happy Dusshera and advanced wishes for the upcoming festive season!