A Mumbai-based housewife shares her success mantra with a stock trader
Fifteen years on the streak, Mukta Damankar, a middle-aged mother of two, has been very successful in running a home business with her acumen and disciplined, tolerant and tireless investment decisions. A qualified dietitian and former research assistant at UNICEF worked on her instincts after virtually “cruising” through eight years of marriage with her husband, who is a Navy officer.
During the early days of her marriage, Damankar accompanied her husband in exploring the world. Things changed after I became a mother. Dhamankar decided to become a businessman. It was the maternity period and her qualifications that prompted her to create a company for baby food products.
However, after undergoing the operation for three years, she found her true message. After becoming an avid reader of business daily newspapers, she subsequently plunged into the turbulent world of stock trading.
“I felt the need to learn all these concepts and thought it would be the best thing to do because I don’t have to travel and can go home, take care of my family, and see my children grow up in my care,” says Dhamankar.
However, she was vaguely aware of the stock market. “My father would sometimes invest in preferred stocks, but becoming a fully qualified trader was a whole new experience,” says Dhamankar.
“When my children go to school, I use these five to six hours for deliberation and the nights are devoted to research. I spend at least 40 minutes, after my children sleep, reading global and Indian economic affairs and corporate news to stay up to speed.”
She also acknowledges the emotional support and faith that her and her husband still have.
Dhamankar shares her early trading experience, and says it took at least a year or two to compile a complete stock market summary. “I set a very small goal in the beginning for me because this was new to me and my family. And making regular income from trading was new to us as well. So, I was not willing to risk any big amount. I started trading with small goals like Rfrom 2000 to R3000. In the beginning, if you do R5,000 a day, I was closing the lounge.”
At the moment, Dhamankar says she is able to make a decent profit from her 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 important. Every investor has their ups and downs, but I have never experienced sleepless nights during a bad day in the ring.”
She advises that patience and discipline are definitely two key factors one must possess to enter the stock market.
Dhamankar is not only fully immersed in trading, she also believes in expanding her wealth by investing in mutual funds via Systematic Investment Planning (SIPs), government bonds, real estate, gold trading and government schemes like the National Pension System (NPS). In addition, it chooses stocks for long-term investment by comparing the relative strength of both scrips and sectors.
“In every sector, there will be outperformers and underperformers. The outperformers will go up when the index goes up and the underperformers will do well when the index goes down. You have to be in the right position at the right time,” adds Mukta. Dhamankar was able to take her family on a funded vacation Self-propelled to South Africa in 2019.
Dhamankar is now passing on her decade of experience in the stock market to her children. “In India, financial literacy is very limited. Hence, I chose to educate them in my own way. I taught them about the derivatives sector, commodities. My kids are also curious. When I trade, they try to sit next to me and learn more about candles, moving averages, point and figure charts, etc. That,” says the proud mother of two.
Moreover, she is also planning to share her stock market experience with those willing to learn. “If people are really 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.” Damenker adds.
“The journey of understanding the stock market was a gradual process. I had a lot of iron in the fire, raising my kids and taking care of my family on the one hand, and managing a bull and a bear on the other. However, I haven’t done it yet to find the perfect balance, but somehow I was able to sail My ship has been successful all these years,” Dhamankar said as she prepares to weather the recent stock market reversal.