Mihir Sukthankar’s Life of Finance
People enter the trading and investing game for a wide variety of reasons. Primary to these, of course, is to make money. The exact type varies, with people entering the market to make a quick buck, save their money as assets, or “grow” their money with investments as a source of passive income. For some more successful traders, trading can become a solid career that provides various benefits, like flexible working arrangements and potential financial freedom. For those who are even more dedicated, trading can become a lucrative lifestyle that results in riches unachievable through a conventional nine-to-five job.
Though it is the main reason, money is not solely why people start trading. For those with the cash to spare, trading is done as an enjoyable and occasionally profitable hobby. These people see trading as a game, enjoying the gamble of risk and reward the activity provides.
Stocks and options trader Mihir Sukthankar is a little bit of both. Starting on the stock market at just 14 years old, Mihir quickly discovered his interest as well as his aptitude for the endeavor. Like most young traders, Mihir initially saw trading as an easy source of alternative income, as well as an entertaining way to pass the time. It did not take long for Mihir’s spark of interest in finance, however, to turn what was once a hobby into a lifestyle and full-time career.
At just 18 years old, Mihir is now highly successful as a trader, mentor, and entrepreneur, being the owner of three financial companies. His mindset of passion, resilience, and hard work allowed him to acquire the skills and experiences needed to thrive in the highly competitive financial industry.
In contrast to Mihir’s journey, the story of most young investors is vastly different. After being pushed to the market by an ailing economy and a pandemic-borne global financial crisis, impetuous and inexperienced young investors are being eaten up by finance veterans. Compounding the problem is the popularity of various fintech firms that promise quick and easy profits and provide avenues for trading without offering essential guidance to its new investors.
With his firsthand knowledge of the young investor experience, Mihir saw the situation as a problem that he is in a unique position to solve. As a bonus, his experience in coding and managing teams in his past work with nonprofit organizations helped him establish the financial companies he had in mind.
Mihir’s first company was Traders Circle X, an association of options traders under Mihir’s guidance. It was based on the idea of signals, which are easily comprehensible and navigable instructions that can be followed by traders of any kind. Under the expert analysis of Mihir and his hand-picked partners, TCX has grown to a group of 4,000 traders. As a further sign of the organization’s success, the confidence of its member traders has seen them leaving their jobs for a full-time career in trading despite the difficulties brought about by the pandemic.
Client feedback from TCX inspired Mihir’s second company, BoostedQuant. In contrast to TCX, BoostedQuant is targeted more toward passive traders without the time but with the resources required to engage in trading. BoostedQuant is a machine-learning trading AI that analyzes and learns from past and present market conditions to foresee and recommend financial decisions for the future. As a unique added feature, BoostedQuant also allows its users to modify its algorithm to account for their risk preferences and trading behavior.
Mihir’s latest company is Market Dice, a one-stop hub that condenses relevant market information to a newsletter format to allow clients to make informed decisions. To further this objective, Mihir aims for Market Dice to offer online seminars in the future tackling lessons on stocks, real estate, cryptocurrency, futures trading, and other traditional, new, and emerging forms of financial markets.
To develop his skills for himself and the thousands of traders who follow him, Mihir continues to engage in trading on top of his efforts in maintaining and developing his companies. Mihir aims to become a successful and equally innovative owner of his own hedge fund and prop trading firm in the near future. In parallel, Mihir wants to use his hard-earned knowledge to help others achieve the same level of financial success.
You may follow Mihir on his Instagram, @mihirtrades.
The Ultimate Guide to the Essential Social Skills in Business
Effective communication and strong relationships are essential for success in the workplace. One factor that can greatly influence these qualities is emotional intelligence, often abbreviated as EQ. EQ refers to the ability to identify, understand, and manage one’s own emotions, as well as the emotions of others. Research has shown that individuals with high levels of EQ are better equipped to handle stress, communicate effectively, and work collaboratively with others (Chamorro-Premuzic & Sanger, 2016).
Research has consistently shown that emotional intelligence (EQ) is an important predictor of job performance and success in the workplace. EQ is comprised of a set of skills that allow individuals to recognize, understand, and regulate their own emotions, as well as the emotions of others. In addition, individuals with high EQ are better able to communicate effectively, build relationships, and navigate complex social situations. As a result, they are often viewed as effective leaders and collaborators, and are more likely to achieve their personal and professional goals.
In fact, a number of studies have demonstrated the significant impact that EQ has on job performance and success. For example, one study of 85 upper-level managers found that those with higher EQ scores were rated as more effective leaders by their subordinates (Law, Wong, & Song, 2004). Another study of 151 employees found that those with higher EQ were more likely to be promoted within their organization over a five-year period (Carmeli, Brueller, & Dutton, 2009). These findings highlight the importance of EQ in the workplace and suggest that developing these skills can lead to significant benefits for both individuals and organizations.
According to a study conducted by TalentSmart, a leading provider of EQ assessments, EQ is responsible for 58% of success in all job types (Bradberry & Greaves, 2009). In contrast, IQ only accounts for about 4% of success in the workplace. This suggests that EQ is a crucial skill set for individuals in any professional field. Fortunately, EQ is a skill that can be developed and honed over time with practice and awareness.
There are several key components of EQ that are particularly important for success in the workplace. These include:
Self-Regulation: This refers to your capacity to recognize and control your emotions. Sometimes treating them when they arise may be necessary. Understanding how to manage your anger is essential. However, it can also cover how to control the feelings you’ll experience.
Self-Awareness: This implies recognizing and understanding your own feelings. Do noisy places make you nervous? Do other people talking over you make you angry? Knowing these truths about yourself shows that you are working on your self-awareness. Being conscious of yourself is necessary for this phase, which can be more complex than it sounds.
Socialization: This category focuses on your capacity to manage social interactions and direct relationships. It doesn’t entail dominating others but knowing how to work with others to achieve your goals. This could entail presenting your ideas to coworkers, leading a team, or resolving a personal disagreement.
Motivation: Strong motivators include external forces like money, status, or suffering. Internal motivation, however, plays a significant role in Goleman’s concept. By doing so, you demonstrate your ability to control your cause and initiate or continue initiatives of your own volition rather than in response to external demands.
Empathy: It’s equally critical to be sensitive to others’ feelings. This may entail learning to identify different emotional states in individuals — for example, can you tell the difference between someone at ease and someone anxious? — but it also requires comprehension of how other people may react to their current situation. Empathy is one of the essential traits in business and business leadership.
A thought leader in this space, Michael Ventura has built a career advising organizations on the importance of emotional intelligence in the workplace. In his book, Applied Empathy, Ventura highlights the value of empathy in business and provides strategies for developing and applying this skill set. With two decades of experience as a leader, facilitator, and educator, Ventura’s work has made impact in with prestigious institutions such as Princeton University and the United Nations as well as corporate clients such as Google and Nike.
Through his work, Ventura advises leaders to focus on the development of EQ in order to help individuals improve their communication, collaboration, and leadership skills, ultimately leading to greater success in the workplace. Experts like Ventura continue to support the growing body of research on the value of EQ in business, and the evidence that organizations who invest in the EQ of their teams help to create a more empathetic and successful professional environment.
And it’s worth noting that EQ isn’t just important for individual success in the workplace, but also for overall organizational success. A study by the Center for Creative Leadership found that EQ was a better predictor of success than IQ or technical skills in the workplace, and that teams with higher levels of EQ tend to be more effective and productive (Boyatzis, Goleman, & Rhee, 1999). By cultivating a culture of empathy and emotional intelligence, organizations can improve their overall performance and create a more positive work environment for their employees.
In conclusion, emotional intelligence is a crucial component of success in the workplace, and individuals and organizations alike should prioritize the development of these skills. The ones that do not only develop a leading edge in their category, but also become a meaningful place to work for their teams. And in today’s rapidly changing talent landscape, the retention of highly capable, emotionally intelligent leaders is one of the greatest keys to unlocking success.
Boyatzis, R. E., Goleman, D., & Rhee, K. S. (1999). Clustering competence in emotional intelligence: Insights from the emotional competence inventory (ECI). In R. Bar-On & J. D. A. Parker (Eds.), Handbook of emotional intelligence (pp. 343-362). Jossey-Bass.
Bradberry, T., & Greaves, J. (2009). Emotional intelligence 2.0. TalentSmart.
Chamorro-Premuzic, T., & Sanger, M. N. (2016). Does employee happiness matter? Journal of Organizational Effectiveness: People and Performance, 3(2), 168-191.
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