The season of festivals is arriving and there is no better way to start the season than with Ganesh Chaturthi. Ganesh Chaturthi is a Hindu festival that celebrates the birth of Lord Ganesha. The festival has a great significance in Indian culture. This festival can also be linked to the Indian stock market as they both have many similarities.
GanpatiSthapana / Entering Trade
Ganesh Chaturthi marks the beginning of the festival by installing the idols of clay at homes or offices. Similarly, the trader must trade in the stock market after installing the necessary trading software and technical tools. The installation of software helps in trading of equities or derivatives. The software can also be used to purchase equities for long term investment. On the other hand, installing the technical tools helps you to find the right trading opportunity available in various stocks. Therefore, the technical tools tell you which stock you must buy and which stock you must sell.
Worshiping Ganesha / Monitoring Trade
When the idol of Lord Ganesha is installed at home, it is worshiped and people give their offerings in the “bhandaar” to pay respect to God. Similarly, a trader after taking the trade must continuously monitor it and keep reviewing his position. This will help him know at what levels he must exit the trade and close the position. The continuous monitoring will also help the trader to monitor the trades in which the stop losses get triggered. Likewise, anyone making a long term investment must also continuously visit his portfolio and monitor its performance.
Visarjan / Closing Trade
The festival of Ganesh Chaturthi marks its ending with the “Visarjan” or submerging of the Ganesha’s idol into the water. Similarly, any trade ends when you close the position. This is the time when the trader must be very careful because extreme greed can lead to reduced profits and extreme risks can lead to heavy losses. Therefore, it becomes very critical for the trader to close the trade at the right price. This is possible only when you know at what price you must exit the trade. The best strategy in such times is to enter the trade with a pre-determined exit price in mind.
Nifty Trading Academy is one of the pioneers in providing stock market education. Our in-house experts and professionals make you learn the art of reading the technical charts of the stocks. By reading the charts you can know which stock is right to trade, what price is right to enter, what price is good to exit and where you must keep a stop loss. By learning all these basic things from us you can become a successful intraday trader in the long run. All you need to do is contact us via email or phone for further details. To conclude, the team of Nifty Trading Academy wishes all its clients and subscribers a very happy and prosperous Ganesh Chaturthi. May you make more money and higher profits in the stock market with the blessings of Lord Ganesha.