Fifteen years later, Mukta Dhamankar, the middle-aged mother of two, has been hitting home runs with her disciplined, easygoing and diligent business acumen and investment decisions. A qualified nutritionist and former UNICEF research assistant acted on her instincts after literally ‘surfing’ eight years of marriage to her Navy officer husband.
During the early days of their marriage, Dhamankar accompanied her husband to explore the world. Things changed after she became a mother. Dhamankar decided to become an entrepreneur. It was her maternity period and her qualification that pushed her to start a baby food company.
However, after running the operation for three years, he found his true calling. An avid reader of business journals, she then immersed herself in the tumultuous world of stock trading.
“I felt the need to learn all these concepts, and I thought it would be the best, since I don’t have to travel and I can be at home, taking care of my family and seeing my children grow up under my care. says Dhamankara.
However, he vaguely knew about the stock market. “My father used to occasionally invest in blue chip stocks, but becoming a full-fledged trader was a whole new experience,” says Dhamankar.
“When my children go to school, I use those 5-6 hours in business and nights are for research. I take at least 40 minutes, after my children fall asleep, to read global and Indian economic affairs and corporate news to stay up to speed”.
She also acknowledges the emotional support and faith that her in-laws and husband continue to have in her.
Sharing his early experience in trading, Dhamankar says it took at least a year or two to put together a complete synopsis of the stock market. “In the beginning, I had set a very small goal for myself, as this was new for me and my family. And earning regular income from trading was also new for us. Therefore, I was not ready to take a risk with a large amount. I began to operate with small targets such as $2,000 to $3,000. At first, if I did $5,000 in a day, I used to close the terminal.”
Right now, Dhamankar says that he can make a decent profit on his capital.
According to her, learning concepts from the Internet and implementing them in a live market are two different things. “Managing your emotions and actively trading the market is a task. Every investor has their ups and downs, but I have never experienced sleepless nights from a bad day in the ring.”
She warns that patience and discipline are certainly two important factors that one must have in order to enter the stock market.
Dhamankar is not only fully immersed in trading but also believes in expanding his wealth by investing in mutual funds through Systematic Investment Planning (SIP), government bonds, property, gold trading and government schemes like the National Plan. of Pensions (NPS). In addition, she chooses stocks for long-term investments by comparing the relative strength of stocks and sectors.
“In every sector, there will be an outperformer and an underperformer. An outperformer will go up when the Index goes up and an underperformer will outperform when the Index goes down. You have to be in the right script at the right time,” Mukta adds. . Dhamankar, who managed to take his family on a self-funded vacation to South Africa in 2019.
Dhamankar is imparting his decade-long stock market experience to his children now. “In India, financial education is very limited. Therefore, I chose to educate them in my own way. I taught them about the derivatives segment, commodities. My children are also curious. Whenever I am trading, they try to sit next to me. and learn about Japanese candlesticks, moving averages, point and figure charts, etc.” says the proud mother of two.
In addition, he also plans to share his stock market experience with those who are willing to learn. “If people are genuinely interested in learning, I would love to teach them. One needs to have patience and discipline to learn these concepts. I can help people learn the stock market in Marathi, Hindi, and English.” Dhamankar adds.
“The journey to understand the stock market was a gradual process. I had too many irons in the fire, raising my children and taking care of my family on the one hand, and managing the bull and the bear on the other. However, I am still to find the perfect balance, but somehow I’ve managed to successfully navigate my boat for all these years,” jokes Dhamankar as he prepares to ride out the stock market’s recent upside down streak.