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Hello friends, welcome to Book Menu. Suppose you are starting trading today and you have a dream of becoming a millionaire through trading, then today in this video I will tell you step by step what you have to do. Today you are starting a new business and you really want to take this business seriously, so how will you start?
The first step is to set your mindset in the right direction. Do it because if the beginning itself is with wrong thinking then the entire journey ahead will become difficult. Trading is not a lottery, nor is it a button that will start pouring in money as soon as you press it. Trading is a skill, a profession, a business, and it has to be learned just like becoming a doctor, engineer, or lawyer requires years of study and practice.
So if you are starting today, your first goal should not be to make money but to learn. You need to have a basic understanding of the market. What is a share? How to become a part of the company? How does a stock exchange work? Why does the price fluctuate? What is the role of demand and supply ? The market doesn't just run on numbers and charts.
It runs on people's emotions. When people feel scared, they start selling and when greed drives them, they start buying without thinking. If you do not learn to control your emotions, fear, greed and nervousness, you will also take decisions like the crowd. And the one who follows the crowd often enters at the wrong time and exits at the wrong time.
Therefore, before you can beat the market, you must conquer your emotions. At the very beginning, you should be clear about why you want to trade. If your answer is the first, whether to get rich quickly or to develop a skill and build wealth in the long run, then you will have to change your thinking.
Because a shortcut mindset will force you to constantly change your strategy, chase tips, and take huge risks. The second important task is to understand your financial situation. Is the amount of money you are planning to invest in trading such that losing it will not have a major impact on your life ?
If not, then wait for now and invest only that money in trading which is separate from your essential expenditure funds and family responsibilities. The biggest mistake is to start trading by borrowing, taking a loan or investing essential household money. You have to set aside a small capital in the beginning just for learning.
Also, you have to decide on a time. How many hours will you devote each day to learning and practicing? It is difficult to survive in this field without giving time. You have to learn the basics. What is a chart? What is a candle? What is a trend? What are support and resistance? But you don't have to learn everything at once.
First pick up one thing , understand it, then move on. You have to stay away from the noise of social media in the beginning. Every day someone will say that this stock will go up. It will go down. But if you do not learn to analyze yourself, you will always be dependent on others. And a person who cannot make decisions for himself cannot survive in the long run.
So your first step is to learn, understand and prepare yourself mentally. This is Neem, if the foundation will be strong. Someday the building to become a millionaire will be built. Now we will understand the main part, so stay tuned to the video. And if you haven't subscribed to the channel yet, do so.
Now that you have mentally prepared yourself, started learning the basics and understood that trading is not a get-rich-quick game but a professional skill. So the second step begins with creating a system and moving forward in a practical way. This is the step where most people make mistakes. They start trading with big money with little knowledge and then the market teaches them.
But the very expensive lesson is you do n't have to do that. You have to think like a professional. First of all you have to decide what type of trading you will do. Intraday swing or position this decision should depend on your time, your job, your mental stamina and your temperament. If you ca n't sit in front of a screen all day, it's not right for you.
If you can be patient and hold out for a few days or weeks, swing trading may be a good fit for you. But whatever you choose, focus on one thing. The biggest mistake is changing the style every week. Now comes the matter of strategy, you need one simple, clear and tested one. Too many indicators, too many lines, too many formulas, all this creates confusion in the beginning.
You have to understand the price first. The trend has to be understood. Learn to identify support and resistance. Understand the market structure. After that, if you want, you can use one indicator for support. But don't rely solely on the indicator. The most important thing is to test your strategy on old charts.
Look at how she would have acted in the last 6 months or a year. This will help you understand what the bin rate of your strategy is. What is the average profit? How much is the loss today ? Starting live trading without a bank test is like shooting in the dark. After this comes the most important part.
Risk Management Before you can dream of becoming a millionaire, you need to learn how to keep your account safe. A professional trader risks only a small portion of his total capital in each trade. You have to do the same. Suppose you have ₹1 lakh, then you should not take such a risk in one trade that ₹10,000 to ₹10,000 is put at risk at one go.
Small risk, controlled risk and pre-determined stop loss should become your habit. Placing a stop loss is not a weakness but a sign of being professional and keep this rule in mind right now. Never miss a stop loss. Just because maybe the market will come back. Do n't trade on hope. Have to do it as per plan.
You need to create a trading journal. Every trade has to be written down. Why did you take entry? On what basis did you take it? Stop loss was called. What was the result? How did you feel? It will feel a bit burdensome in the beginning. But this habit will set you apart from the other 90% of people.
Because most people forget their mistake and then repeat the same mistake. The journal will show you the truth about your strategy and your mindset. And now a very important thing, you do not have to trade every day. If there is no clear setup in the market then sitting in cash is also a decision. Overtrading slowly drains the account.
You have to learn patience. Sometimes the right decision is to just watch the charts all day and not take any trades. At the same time, you need to understand that in the initial months, your goal should not be big profits. Your goal should be to follow the rules consistently if you can trade according to your rules for 3 to 6 months in a row.
Whether it is a small profit or a small loss, then understand that you are on the right path. The thought of big money will come gradually. But first, you have to build trust in your system. You do n't even have to do this. Trading on someone's confirmed news , trusting a call from a Telegram group or buying a new course every day, gathering knowledge and building skills are two different things.
You have to develop skills and skills are developed through repetition. Remember, discipline and time will not lead to becoming a millionaire with one big trade. He will become hundreds of smaller ones. If you strengthen your system risk and discipline in this second phase by taking controlled and rule-based trades, you will stand out from the crowd.
Now comes the third and most important step, scaling. Patience and a long-haul mindset. This is where the real game begins. In the first step, you prepared yourself. In the second stage you created systems and discipline. Now in the third step you have to gradually increase your capital and confidence.
But without greed , without haste, this is where people either become professionals or get out of the market forever. You have to understand that the path to becoming a millionaire is not through one big trade but through consistent and correct process. If your focus is still on making big money in one go, then you need to reset your thinking.
Because people who try to change their lives in a single trade often end up losing their accounts in a single trade. Now suppose you have traded according to your rules for 6 months to 1 year. You kept a journal. You avoided overtrading. Limit your risk and most importantly keep your losses under control.
If your account did not grow rapidly during this period but remained stable or grew slowly, then understand that you are in the right direction. What do you do now? You have to scale slowly. Scaling means increasing your position size only when both your strategy and your mindset are stable. If you are able to follow the rules consistently and your results are stable, then only you should increase your risk by a very small percentage but do not suddenly double or triple the size.
The market tests your mindset at every level. It seems easy to take 2% risk on small capital. But that same 2% on a large capital can feel emotionally overwhelming. Therefore, it is important to maintain mental strength and discipline at every level. Now let's talk about compounding. This is the power that transforms small accounts into big accounts over time.
If you can consistently earn small percentage returns and allow your profits to grow in the account without needing to withdraw them, capital growth accelerates over time. But compounding only works if you maintain the account. One big mistake can ruin all growth. Therefore, you have to remember at all times that the first goal is capital protection.
The second goal is stable old age. If the capital is safe then opportunities will always be there. Also, you don't have to limit your life to just trading. Physical and mental health is very important. You will not be able to sleep properly. If the mind is not calm then the decisions will also not be right.
Weddings are an emotional game. Here, the feeling of revenge, the habit of constantly looking at the moon, the restlessness of getting entry into every movement gradually tires you out. So you have to strike a balance. Screen time is to be limited. You have to decide in advance how many trades you will not take more than that in a day.
If the daily loss reaches the prescribed limit. So trading is closed on that day no matter how attractive the market looks. This is the professional approach. Now the most important thing is to be honest with yourself. If after a year you are still continuously breaking the rules. Are you taking emotional trades or are there huge fluctuations in your account every month?
If it is difficult then you will have to stop and learn again. The market is not to blame. The responsibility is yours. The path to becoming a millionaire begins with taking responsibility. You don't even have to do this. Changing the new system every year, changing the strategy after every loss or abandoning your plan after seeing the earnings of others.
Your journey is yours. Comparison will make you unstable. What is seen on social media is not the whole truth. You have to look at your numbers. You have to see your growth and stick to your system. And now the last thing is that becoming a millionaire can be a goal. But there should be a bigger goal than that.
Becoming a skilled and disciplined trader is possible if you truly focus on skills. Will follow the rules. You will keep the risk under control and make time your companion. So the increase in capital will be a natural consequence. But if you just run after money, you will miss the process and without process, money does not last.
So if you are starting from zero today, remember to learn, build systems, control risk, journal, be patient, and scale slowly. This is the way. It's not easy. But it is clear. And the person who consistently follows this clear path, one day looks back and understands that becoming a millionaire was not a one-day miracle but the result of small right decisions taken every day.
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