Who doesn't want to attain financial freedom in life? It means having enough savings, investments and cash to do whatever you desire. Financial freedom requires financial discipline. In today's digital world, there are a variety of investment tools available at a fingertip that promise bumper returns. However, choosing the right one needs a deep and clear understanding of the scheme.
The very first step to financial freedom is successful investing. Once a person is able to figure out goals and risk tolerance, the journey becomes easy. Investing in a mix of schemes and funds is another key to successful investing. It is often said that investing in equities is highly risky. But, if a person has sound knowledge of equities, then he/she can easily build a corpus.
How to earn through stock market?
There is a famous saying that everything can be conquered by knowledge and experience and the same thing applies to the stock market as well. To start earning in the market, one needs to have proper knowledge about it. Earning from the stock market after learning can lead to financial freedom.
According to Sooraj Singh Gurjar, founder and MD, Get Together Finance (GTF), learning about the stock market can be an exciting journey. The root of financial freedom starts from the right education only and by the right knowledge and consistency, one can easily achieve financial freedom.
"Choose to invest in mutual funds or some dividend funds as they are managed by experts. People who can take more risks can choose short-term trading or swing trading because where the risk is more so as the reward," he said.
Tips for a successful trade
For a successful trade, one has to be clear with the concepts and implement the same in the market. "There is no other shortcut to get success. Enter the market with low capital for 6 months or till 100 trades. This will allow you to understand stock market behaviour and more than that understand self-trading style," Sooraj said.
Risk management is another crucial factor to become a successful trader. Therefore, picking stocks and portfolio diversification is important, he said, adding that "having a reasonably diversified portfolio in both a bull or bear market depending on risk appetite is the key".