Sanjay asks “I want to take up stock trading to generate extra income. How should I get started?” We asked Amit Aroa a full-time stock trader to answer this question; what Sanjay should be aware of and some resources he can follow to get started.
Readers may also refer to the Day Trading Lessons of a College Student for additional insights. No part of this article should be considered investment advice. The opinions of the authors do not represent that of the editor or freefincal.
Sanjay has not mentioned his age; assuming he would be in his early 20s; I would recommend that he first focus on studying or learning new skills for additional income and only then consider stock trading. A person interested in stock trading should first appreciate the financial and emotional risks involved and should not jump in without preparation.
The very first step should be to learn the skills required for doing trading in the stock market. The various online You-Tube videos, courses are available for learning on social media. On the other hand, he/she should join Workshops by reputed Trainers during weekends and should focus on learning first.“First Learn and only then make” L” as silent and Earn”.
Capital Protection and Allocation should not be ignored. Income is generated not just by skills. Substantial Capital is required too. So one needs to understand that in the stock market, he/she should have skills and Capital both.
Get free money management solutions delivered to your mailbox! Subscribe to get posts via email!
🔥Enjoy massive discounts on our robo-advisory tool & courses! 🔥
Paise se Paisa Banta Hai: Money makes Money
The next most important point to remember is that your Capital can become Zero overnight if your position is not hedged in trading. “Risk management is key in Stocks Market.”
In a nutshell, Sanjay should take up trading only if the below conditions are met and satisfied:
- Should first have the theoretical knowledge, skill and understanding of tools used for Stock Market trading, including Technical Analysis & Risk management. There are so many resources for Learning of Trading in the Stock Market. Below mentioned are some of the references which I follow or have connected with them personally for Trading Learning:
- Youtube Channels Subscription :
- Pro Capital Mohd Faiz
- Power of Stocks
- Trading Chanakya
- P R Sundar
- Theta Gainers
- Ghanshyam Tech
- Nitin Bhatia
- Workshops of P R Sundar, Pro Capital Mohd Faiz and Theta Gainers are the most amazing to be attended for learning. These are paid workshops conducted, and the details can be ascertained in their YT Channels.
- Twitter Handles which are very good in guidance, recommended to be followed are :
- @PRSundar64
- @SJosephBurns
- @SubhadipNandy
- @kunalsaraogi
- @Neha_trade
- @RajarshitaS
- @Vishvesh03
- @bhatiamanu
- @Mitesh_Engr
- Telegram Channel :
- For Index Options Trading: @nitinmurarkasmc
- For Study Material – e-books, Journals, Videos: @Stock market education (India).
- Youtube Channels Subscription :
- Should have done Paper/Virtual trading before putting himself on Actual trading. There are few good Platforms wherein Paper trading can be done like :
- https://opstra.definedge.com OptionOpstra has most of the features as free for Paper trade, and tracking can be done on a real-time basis in the live market.
- https://sensibull.com Sensibull nominal subscription fee to be paid and paper trading and strategy building are more advanced than OptionOpstra. Also, Sensibull has tie-up with various brokers like Upstox, Motilal Oswal etc. for the interface.
- Should have a trained and experienced Mentor. Choosing a mentor is a very tedious task in the entire process of Learning. In Stock Market No-one is perfect. Everyone is and should be a student here. However based on the recommendation of learning resources provided in Point no. 1, the appropriate Mentor(s) can be chosen. For choosing Mentor, remember a beautiful line
- “A mentor is someone who allows you to see the hope inside yourself.” — Oprah Winfrey.
- Appropriate Capital to take up Stock market trading as a business, not as gambling with the understanding of 2-3% return per month.
If the above conditions are met, then it’s “Yes” for the Topic else… “BIG NO”.
🔥Enjoy massive discounts on our courses and robo-advisory tool! 🔥
Use our Robo-advisory Excel Tool for a start-to-finish financial plan! ⇐ More than 1000 investors and advisors use this!
New Tool! => Track your mutual funds and stocks investments with this Google Sheet!
- Follow us on Google News.
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Join our YouTube Community and explore more than 1000 videos!
- Have a question? Subscribe to our newsletter with this form.
- Hit 'reply' to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.
Get free money management solutions delivered to your mailbox! Subscribe to get posts via email!
Explore the site! Search among our 2000+ articles for information and insight!
About The Author
Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter what the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts you and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!
Our new book for kids: “Chinchu gets a superpower!” is now available!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or you buy the new Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low volatility stock screeners.
About freefincal & its content policy Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified from credible and knowledgeable sources before publication. Freefincal does not publish any paid articles, promotions, PR, satire or opinions without data. All opinions presented will only be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
- Twitter @freefincal
- Subscribe to our Youtube Videos
- Posts feed via Feedburner.
Our publications
You Can Be Rich Too with Goal-Based Investing
Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.Your Ultimate Guide to Travel
This is an in-depth dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. Get the pdf for Rs 300 (instant download)