Fear of trading is one of the largest hurdles beginners face when they try to enter the industry. This is rooted in a variety of factors, including the amount of effort one has to maintain once they begin trading, the extent of knowledge and research required to make successful trades, and, of course, the risk of losing large amounts of hard-earned money and going bust before even getting off the ground. With these, it’s no surprise that the thought of getting into trading remains wishful thinking for many would-be investors.
Eighteen-year-old trading guru Mihir Sukthankar is all too familiar with such misgivings. After all, he has been trading through a variety of financial markets as well as mentoring a large number of aspiring traders since he was just fourteen years old. Mihir cites procrastination, rooted in these fears, as a trader’s natural enemy and primary barrier to success. Although Mihir concedes that the trading journey is indeed difficult, having the needed mindset and the courage to begin accounts for almost half of the battle.
“The road to success is difficult,” Mihir admits. However, he also stresses the importance of not fearing failure. After all, the best training one can have is actual trading. An aspiring investor can take all the courses in reach, read through thousands of materials, and do as much research as humanly possible and still not have the experience required. Actually, starting and learning from one’s mistakes will teach them more about the practicalities of trading than all the above work combined. The key trait behind successful investors is not perfection, but the willingness to take risks, take their failures in stride and learn from their mistakes. Mihir believes that failing is the first step in moving forward and that without risks, there can be no success.
Of course, the fact that risk is necessary does not serve as a license for reckless trading behavior. While passion is essential to trading, tempering this passion and focusing it on the necessary research and analysis would pay dividends in ensuring one’s early success. This, Mihir notes from experience, is where most beginner investors stumble. The financial world is vast, interconnected, and complex. Simply trying to know what topics one has to actually learn about can already be a taxing affair.
Painfully aware of the struggles of beginner investors, Mihir used his own experiences to create services to abate these starting hurdles. First in Mihir’s portfolio is Traders Circle X, an organization of over 4,000 novice and veteran options traders. For a small price, TCX members reap the rewards of grueling hours put in by Mihir and his partners in studying all the information necessary to make informed decisions. After sufficient research, the TCX team releases the results in simple “signals, which are” simple, concise, and easily-readable instructions that could be understood and executed by any TCX trader. The TCX method has seen great success in spite of the current pandemic, with the organization having an option win rate of over 90%.
Based on client feedback, Mihir quickly found out a common desire for even less labor-intensive trading. This, combined with Mihir’s aptitude for programming, inspired him to create BoostedQuant. In contrast to TCX, BoostedQuant is a personalized custom trading bot that allows any investor to predict future market conditions and make the needed trading decisions based on their own preferences. For the more invested investor, on the other hand, Mihir offers Market Dice – a one-stop-shop for financial training and straightforward digests of all the relevant market information.
Concurrent with these businesses, Mihir continues on his own trading journey, aiming to someday establish his own hedge fund and proprietary trading firm. This busy life is reflective of Mihir’s double desires to not only achieve personal success as one of the world’s top traders but also help others achieve their own financial independence.
You can follow Mihir on his Instagram, @mihirtrades.