How to become rich in commodity .I have lost 2.5lk in commodity and equity but my interest in commodity instead of equity .Tell me the name of that person who rich in commodity like rakesh jhunjhunwala ,barren waffet etc.
If you want to become rich trading commodities, start off by stopping trading in commodities.
Additionally you can also look for a job based on your likings which will yield a monthly salary. You can start saving this salary and one day I’m sure you’ll get rich.
I’m told reading a book titled “Rich Dad Poor Dad” also helps.
U cud hv excercised those commodity contracts and taken home crude(for ur bike in the photo), 10grams gold, soya, chana(masala) etc, so that at least the family wud hv been happier with that.
Tendulkar did not do gr8 things to become Sir Tendulkar. It is just that he learnt how not to become Vinod Kambli :-))
Some of the really successful traders the world has seen are – George Soros, Ed Seykota, Paul Tudor, Micheal Steinhardt, Van K Tharp, Stanley Druckenmiller etc
Some of the really famous investors the world has seen – Charlie Munger, Peter Lynch, Benjamin Graham, Thomas Rowe, Warren Buffett, John C Bogle, John Tempelton etc.
This is extract from varsity http://zerodha.com/varsity/chapter/the-stock-markets/
I am not aware specific to Commodity Segment. But commodity can prove to be real tough market than equity.
i dont know anyone nationally like in equities,but personally i knw few ppl who brings huge bundles of cash from commodity,trading only gold,silver,crude etc .but first start small then learn increase size get rich thats it…if everyting goes well.but dont try in equities the days have changed…as sameer said read rich dad poor dad for sure after reading that you will have a big change…
I believe that by being rich, u meant start making considerable money trading in Commodities.
First, understand that the mindset required for Commodities is different than that required for Equities. The frequency by which the profitable opportunities arise in Commodities trading is less compared to that of Equity trading. U might say that one can easily do intraday similar to equities. But in reality, that is not the mindset profitable for Commodities trading.
In the Commodities world, one name that pips everyone apart is Jim Rogers. Read his book “Hot Commodities: How Anyone Can Invest Profitably in the World’s Best Market” and you get with what mindset the commodity trading is profitable.
Rich dad Poor dad is a excellent book to read just google it and download a free copy.i can say how i felt before and after reading that book,its a excellent book,i hate accountancy but it made me realize how important is that subject.the way to get wealthy is to direct a portion of fixed income into speculation which may turn infinity gains.here are few of my favorites from the books,
"The poor and the middle class work for money." "The rich have money work for them."
"If you learn life's lessons, you will do well. If not, life will just continue to push you around. People do two things. Some just let life push them around. Others get angry and push back. But they push back against their boss, or their job, or their husband or wife. They do not know it's life that's pushing."
"The sooner you forget about needing a paycheck, the easier your adult life will be. Keep using your brain, work for free, and soon your mind will show you ways of making money far beyond what I could ever pay you.
Accounting is possibly the most boring subject in the world. It also could be the most confusing. But if you want to be rich, long term, it could be the most important subject.
Rule One. You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know. It is Rule No. 1.
"Rich people acquire assets. The poor and middle class acquire liabilities, but they think they are assets"
An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.
The asset base will be so deep that you can afford to look at more speculative investments. Investments that may have returns of 100 percent to infinity. Investments that for $5,000 are soon turned into $1 million or more. Investments that the middle class calls "too risky." The investment is not risky. It's the lack of simple financial intelligence, beginning with financial literacy, that causes the individual to be "too risky,"
Wealth is a person's ability to survive so many numbers of days forward... or if I stopped working today, how long could I survive?
The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else's business and making that person rich.
The rich focus on their asset columns while everyone else focuses on their income statements.
Fortunes are made in new-stock issues, and I love the game. Many people are afraid of small-cap
No. 1 is accounting. What I call financial literacy. A vital skill if you want to build an empire. The more money you are responsible for, the more accuracy is required, or the house comes tumbling down. This is the left brain side, or the details. Financial literacy is the ability to read and understand financial statements. This ability allows you to identify the strengths and weaknesses of any business.
No. 2 is investing. What I call the science of money making money. This involves strategies and formulas. This is the right brain side, or the creative side.
No. 3 is understanding markets. The science of supply and demand. There is a need to know the "technical" aspects of the market, which is emotion driven; the Tickle Me Elmo doll during Christmas 1996 is a case of a technical or emotion-driven market. The other market factor is the "fundamental" or the economic sense of an investment. Does an investment make sense or does it not make sense based on the current market conditions.
No. 4 is the law. For instance, utilizing a corporation wrapped around the technical skills of accounting, investing and markets can aid explosive growth. An individual with the knowledge of the tax advantages and protection provided by a corporation can get rich so much faster than someone who is an employee or a small-business sole proprietor. It's like the difference between someone walking and someone flying. The difference is profound when it comes to long-term wealth.
"Workers work hard enough to not be fired, and owners pay just enough so that workers won't quit."
If you have little money and you want to be rich, you must first be "focused," not "balanced."
Real estate is a powerful investment tool for anyone seeking financial independence or freedom. It is a unique investment tool.
Another powerful investment vehicle, the stock market.
Wise investors buy an investment when it's not popular. They know their profits are made when they buy, not when they sell. They wait patiently.
- Why consumers will always be poor. When the supermarket has a sale on, say, toilet paper, the consumer runs in and stocks up. When the stock market has a sale, most often called a crash or correction, the consumer runs away from it. When the supermarket raises its prices, the consumer shops elsewhere. When the stock market raises its prices, the consumer starts buying.
to become rich in commodity, for example if you want to become a millionaire in commodity, first you need to become a billionaire , … its so easy
thanks i needed that,but comparitively with equity i feel comfortable with commmodities except its lengthy hours…it repeats the same pattern daily thus helping in entry prefectly.