Anish Pradhan found an early love of the stock market. From the age of 13, his father mentored him on the importance of investing to build future wealth. After spending a few years with stocks, Anish began trading cryptocurrencies over the summer of 2017. At the time, he was only 19 years old. He took a gamble with his life savings and invested in Bitcoin. Its value at the time was around $2,500. Later that year, Bitcoin saw a rise in value to $19K, and the young teenager was hooked. After accumulating over $1 million dollars in profits from investments in altcoin currencies, Anish began to explore and start other ventures. He invested in e-commerce stores and cycled the monthly 6-figure profits back into the stock markets through cryptocurrency trading and forex options. Anish found a passion and focus in foreign exchange, one of the largest and most fluid trading markets. He mastered trading in the global currency marketplace and grew an impressive portfolio with annual profits margins in the millions. He is now the founder of theROIportal, a forex trading community with an emphasis on learning while investing. Here are a few of his tips for success:
Invest Smarter With Educated Risk
For those looking to break into the Forex world, Anish offers this sound advice:
“The bottom line of any investment objective and strategy is to make money and build wealth. To achieve this goal, one must start an investment taking educated risks. As everyone knows, investment is risky and sometimes all of the investment can be lost. Thus, you should keep this in mind and limit your investments to the extent that you can afford to lose. Investing in cryptocurrency and Foreign Exchange is an exciting opportunity that can bring both tangible and intangible benefits but must be done carefully. The most important element of success in any investment is you should invest in something that you know and love most.”
Focus on Diversification, in the Market and Yourself
Though Anish Pradhan is a millionaire, he focused on completing his undergraduate degree in Information Management and Technology from Syracuse University in New York and graduated in May of 2020. His advice to new entrepreneurs is “always have a back-up plan, invest in yourself, and receive a degree alongside building your wealth, which looks a lot better since people take you more seriously.” Knowledge and experience gained through your education, training, and work experience will allow you to persevere, even when investments fail. Keep your money and your options diverse. On top of continued education, Anish creates diversity in his career outside of the stock market. In 2018, he started a company called IGXPAND, a social media marketing agency, which helps clients grow their social proof and get brand deals. The company has worked with Boutinela, Elite Management, and Karma Swim models and is estimated to be worth around 6 figures as of today. Add that to the diversity of his portfolio with e-commerce and theROIportal, and Anish is able to create opportunities and task risks without worry. Having a solid back up plan to your Forex trading allows you the freedom to have the income to invest and a plan to fall back on when investments don’t go your way.
Accept Failure and Keep at it
Few things in life are more inevitable than the rises and falls of the stock market. Forex is no exception. To truly find success, you need to be willing to fail. Knowing how much you can lose keeps the failures manageable and allows you to reinvest and find the strategy that will work for you. It’s a process, but time and persistence will get you there. Anish emphasizes the importance of believing in yourself: “Never let anyone doubt you…if you believe you can do it, then that drive will lead you to success.”
Pay Attention to the Market Environment
A big part of the ability to invest smarter in Forex involves paying attention to the market environment. It often rises and falls in cycles, allowing you to make educated decisions regarding your investments. Anish recognizes that a key to success is knowing when to take risks within these patterns and when to heed their warning and pass on these strategies as a mentor. Researching before diving in will help you invest soundly, no matter your market. Anish believes that “investment opportunity is always there in the markets, but you have to enter into and exit from the market timely and smartly to make money.”
Follow Anish Pradhan on Instagram @cryptoanishOpinions expressed here are the opinions of the author. Influencive does not endorse or review brands mentioned; does not and can not investigate relationships with brands, products, and people mentioned and is up to the author to disclose. VIP Contributors and Contributors, amongst other accounts and articles, are professional fee-based.