YouTube Exclusive:What I learnt about successful trading in Bandra to Churchgate Local 30 years ago

To become a successful trader there is one basic secret. About 30 years ago, when I used to travel between Bandra and Churchgate in local train, my Gujarati trader friends would say, "Bhav Bhagwan Chhe." Which means for a successful trader, price is everything and there should be no attachment to any trading idea. This mantra is only for successful trading and doesn't apply to long term investing. When you are trading your risk appetite is very high and chanes of gain and losses are also high in a short period hence the fight or flight attitude and focus on price is paramount. Even if you get the best trading ideas, you still need to be skill ful and mindful while executing because the risk and rewards are entirely yours.

If you are a long term investor then your psychology needs to change and one must think of patience is a virtue. About this I will speak sometimes later.

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