As many Indian people reached fame and money by day trading, it’s popularity has skyrocketed in recent times. Of course, there many other reasons behind this. When something gets so popular so suddenly, many people want to try their luck at it too.
Still, before you start your day trading career, you should probably understand the reasons for its popularity first. Nothing becomes so popular without a valid reason, so in this article, we will analyze the important factors that made India the biggest playground for day traders recently.
So, without further ado, let’s get to the bottom of it!
Table of Contents
1. Success stories
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Traders like Rakesh Jhunjhunwala, Porinju Veliyath, and Vijay Kedia are incredibly popular in India. They’ve had amazing successes in day trading so their stories keep on inspiring many Indians. Seeing someone else succeed makes us feel more confident, and since these people are open about their experiences, they’re easy to look up to.
Trading requires a lot of knowledge and effort, but popular day traders make it seem like a breeze. The popularity of these people is a huge factor in spreading the day trading „craze“ all over India. Many people have been inspired to learn more about trading just by looking at these incredible success stories. Looking at someone from your country who made it big can be a huge motivation to put more effort into the same thing. Of course, this is in no way specific to India, the same phenomenon can be seen all over the globe.
2. The lockdowns
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The whole world is battling the COVID19 pandemic, and unfortunately, many people have lost their jobs because of it. India is no different. Many people are looking for ways to make money and support their families before the job markets finally stabilize. Intraday trading is seemingly one of the easiest ways to do it. It’s a way to get rich incredibly fast, but it also requires you to take huge risks. Since many people already feel like they don’t have much to lose, it’s no wonder that day trading has achieved such popularity.
Of course, every type of trading is risky, and the higher the risks, the higher is the potential profit. This is what makes the intraday trading so attractive to many people in these economically unpredictable times.
3. Low-cost broking companies
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Indians are known for being incredibly tech-savvy. As soon as the day trading became popular, many digital broking companies have started their own apps and platforms. The market for these has become incredibly competitive, making them offer extremely low commissions. This means that the broker fees are attractively low, making more and more people decide to try their luck through this type of trading.
Setting a trading account is incredibly easy and almost anyone can have access to it. This of course encourages a lot of people to partake in intraday trading in India. Still, it’s important to accumulate enough knowledge before starting out. Day trading is something that requires a lot of time and effort if you want to be successful at it. You can’t expect to earn a lot of money if you don’t have any prior experience or knowledge in trading. So, whatever you do, make sure to do your research and learn about different strategies to minimize the risks.
4. A lot of online tutorials and guides
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Another thing that makes India such a great place for intraday trading is the amount of information available online. Indians are famous for making detailed youtube tutorials on essentially anything, and the same thing goes for day trading too. A lot of these are localized in Hindu, and they tackle specific Indian trading markets, which makes it easier for people to gain knowledge and learn about it before they start trading.
Other than youtube videos, there are tons of useful online guides and materials available. If you want to take a look at these, you can click here to be directed to a great knowledge base about day trading in India.
All in all, these types of tutorials are accessible to anyone who wants to grow their knowledge on day trading. Since these are mostly free, it’s also really easy for people to gain knowledge quickly and with no trouble whatsoever.
5. Status
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Being a day trader is something that’s considered admirable in many Indian communities. Day traders are people who play by their own rules which makes them fairly interesting to many others around them. A lot of people admire the courage and strength to take on incredible risks for the sake of making their own future.
Intraday traders are usually self-employed, independent entrepreneurs who possess great knowledge of the market, and trading strategies. It’s something that takes a lot of time and effort to master, so it’s no wonder that day traders have earned a fine reputation in some communities.
Other than that, many famous Indian traders are role models for many people all over India, and they’re certainly a factor that affects how people perceive day traders overall.
All in all, being a trader is something that requires you to be courageous, strong-minded, and willing to always grow and learn. These are the skills that anyone who wants to make it big with day trading must possess.
The conclusion
Day trading is something that’s becoming incredibly popular around the world. It’s especially noticeable in India. There are many reasons behind this, from the socio-economic factors to the increase of success stories all over India.
Whatever the main reason is, it’s important to note that day trading is something that can’t be done by just anyone. A person who does this for a living must be independent and ready to learn. It’s a job that requires you to possess incredible mental strength and the ability to withstand a lot of pressure.
For anyone in India who’s looking to start their own journey at day trading, there are luckily tons of great online resources made to help the beginners start trading successfully.
To conclude, while there are many reasons of why the intraday trading is gaining popularity among Indians, the most important thing to know is that it’s incredibly risky, but also able to make you incredibly rich in no time. It all depends on the level of your knowledge and your trading strategy.