Modern online brokers like Robinhood have made getting into trading easier than ever. Aside from offering very easy access to the trading industry through the internet, such firms market their services to its clients as an easy way to make a quick buck.
Being naturally tech-savvy and the most in need of additional sources of income, younger traders have flocked to these trading firms for the promise of easy money. However, it soon became apparent that these companies simply offer the means to trade without giving beginner traders the foundational knowledge needed to survive, much less thrive, in a highly competitive industry. The entry of reckless young traders into the market has seen them thrown to the rocks as they are forced to compete in the same playing field as veteran industry players. In the cutthroat world of finance, pining for profit without a proper plan is a sure path to failure.
Millennials and Generation Z's lack of research and necessary knowledge are not solely to blame. Driven to a difficult industry under false pretenses by firms hoping to make a profit from their expanding market, novice investors also hit a brick wall in attempting to learn more about the industry. The current state of the world of financial education, after all, is almost as convoluted as the financial markets themselves. Knowledge itself is abundant. The internet has gone a long way in making financial information free and accessible to those who know how to look for it, but "how to look for it" is where the problem lies.
Resources available online are highly varied. They can range from free to prohibitively expensive and from high-quality to utter trash. To compound the problem, there is often no way to know what one is getting until wallets have been emptied and mistakes made. Entering the financial market is easy. Getting into a profitable position is another thing altogether. Passion, hard work, and the right resources are just some of the things a trader needs to succeed.
Young entrepreneur Mihir Sukthankar is all too aware of the difficulties of learning about finance. Having started trading at just 14 years old, Mihir has gone through a laundry list of materials, ranging from YouTube videos and online blogs to trading books and various financial mentors. Further, Mihir soon found out that information is seldom presented in a clear and concise manner. He found himself having to combine information from various mediums to succeed.
With the influx of young traders, Mihir quickly realized an emerging market for his service. In response, he established Traders Circle X, an education platform for options trading paying only a small monthly fee, TCX's over 4,000 members of new and veteran traders have seen great success under Mihir's guidance, with an options win rate of over 90% serving as unarguable proof. TCX's success has reached such levels that some of its members have resigned from their careers to trade full-time even amid the economy-shaking pandemic.
As a passionate trader himself, Mihir stresses that TCX is not the magic bullet to financial success. Mihir is quick to call out clients who try to force a lifestyle on themselves, expecting to become dedicated traders without putting in the work needed for such a career.
For passionate and dedicated traders who find difficulty with the dense fog of finance information, Mihir offers Market Dice, a centralized finance learning hub. Currently offering newsletters that condense relevant data from forecasts, analyses, and news, Mihir aims for Market Dice to offer regular webinars for a wide variety of topics in the future.
However, Mihir is just as aware that many traders go into the industry for effortless on-the-side profit. For those with the resources but not the time to trade, he developed BoostedQuant, an automated trading bot that uses machine learning to study market information and recommend optimal plays for the future. BoostedQuant is unique in that it allows clients to customize its algorithm to consider their personal financial needs and preferences.
Anyone can start their financial journey at any time with very little effort. For those who want to do it right, Mihir Sukthankar offers the tools and resources needed for a fraction of the cost of other online services. You may follow him through his Instagram, @mihirtrades .