Super Gann Trader Academy which conducts share market courses in Mumbai, offers free trader awareness lessons.
Let’s do a simple thought experiment
Think of a janitor who wins a big lottery of 1 million dollars. What would he be doing after five years?
Think of Bill Gates if he is stripped of his wealth and begins his career again. Where he would be in five years?
I am certain that you would agree that the janitor would not be worth more than 1 million dollars. In fact he will be significantly worse off.
However, Bill Gates would be in a better position than his position five years back, restarting his life from nothing.
What is the reason behind this conclusion?
The main reason is that Bill Gates has invested in himself before he became rich. He is a skilled programmer and entrepreneur and no event, not even a bankruptcy, can take that away from him.
Hence, the best investment in the world is an investment in you.
How do we invest in ourselves?
- Learn a skill or get knowledge:
Following methods are generally used to learn new skill or get new knowledge.
Get a Mentor: Getting the right mentor can reduce our learning period by years. In trading, it also means saving millions. The best mentor is the one who eats his own cooking (one whose actions are in alignment with his words). A trading mentor needs to be a practicing trader, and not just a teacher.
An expert mentor acquires expertise after years of work during which he has tried and failed a few times. He is offering that knowledge and wisdom for a fee. This tuition fee can save you time and effort. It can even save you from the frustration of repeated failures.
Why reinvent the wheel when you can get a working plan? You can always improve it from there.
Acquire skill or knowledge by reading books: Reading is the most cost effective way of acquiring knowledge. But it takes considerably longer to achieve satisfactory results. Finding the right books from thousands available in this informative age is a big challenge. The ideas from the books need to be applied in real life and tested for self-experience. This is learning by trial and error. In trading, trial and error is a costly experiment.
- Building good habits: Building habits that are good and rewarding are one of the great investments one can make in himself.
However, for the majority of the crowd, changing habits is a struggle.
- Set goals: If you do not know where to go, every path will lead you through to nowhere. Setting goals in life and working on these goals can help you create the life you want. These goals can be related to our finance, career, skills, family, relationships etc.
Most people do not have any goals. They live life as it happens and are driven by circumstances.
It is possible to achieve success in life by changing our actions. We need to be proactive and design the future we want. We can learn the skills needed for anything, provided we take the steps needed for the same.
Majority of people only dream and talk and do not take steps needed to succeed.
“A journey of a thousand miles begins with a single step.”
When we learn a new skill, no one can take it away from us. When we apply these skills, we not only improve our life, we improve life of our loved ones and all those around us.
Trading skill has the potential to change your future by compounding your savings and creating wealth.
Do you want to make an investment in yourself to acquire the trading skill?
Here the List of Blogs in this Series
- Can small investor/trader beat big financial institutions?
- Can Simple rules based trading make you rich?
- Can Confirmation bias cause us to make mistakes in share market?
Do you want to Know How to Invest in Stock Market