Ajay Lakodia lost Rs 80 lakhs in 2008 when the global stock markets collapsed due to the financial crisis. Without a proper understanding of the market, he overheated by engaging in high-return trades. Now he has successfully founded StockGro, a startup related to the same stock market.
Headquartered in Bengaluru, the startup was launched in January 2020. In two months, the impact of Covid intensified in India and the country was put under lockdown. However, the months that followed were pivotal months for the stock market. Interest in investing in stocks has increased among Indians. So the Stockgro company also started to grow. Ajay Lakodia got the idea for the company from his experience of loss.
Stockgro is a social investment platform like a social networking site. In which users can have conversations about individual stock investments and trading strategies. In this you will also learn about the things to look out for in order to trade and invest profitably. This app has been launched targeting the youth. It has received 1 crore downloads. It has grown 2x per month since launch.
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About his journey, Ajay Lakodia said: In 2008, I lost more than Rs.80 lakh in the stock market crash. That was a lesson for me. Before 2008 the markets were bullish. FT, the markets gave higher returns despite the interest being seven to eight per cent. 2% income per month. 24% per annum. So everyone started investing heavily. Investments were based entirely on tips.
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I don’t know how the market works when the stock market is down, how analysts rate a company’s performance, how they make stock recommendations. Instead of getting scared out of the market, I decided to learn how it works and recoup my losses. That was the foundation to start Stockgro.
A general rule of thumb when it comes to personal finance management is that after 20 years of work, your investment should provide enough annual income to support your lifestyle. Invest early in life. Your risk taking capacity is high at that time. Cost of living will be low. As age and family responsibilities increase, risk-taking declines.
There are 3 things that I think are the magic for money management. 50 percent of income for expenses, 20 percent for deposits, 30 percent for investments in stocks or mutual funds. One should invest in products that can remain stable for a long period of time without worrying about market fluctuations.
Sectors suitable for long-term investors!
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We can invest in products that we use daily like soap, toothpaste, cooking oil etc. These are indestructible. Will continue to pay dividends.
Automobile and logistics will flourish in future.
With a growing economy, the banking and financial services sectors will also grow.
Pick good dividend paying stocks that experience less volatility when results are announced.
Advice for short-term investors
For short-term investments, select momentum stocks that are likely to rise due to current developments in the company or industry. Such stocks can be traded from 7 days to 3 months with stop loss. For example, the National Logistics Policy is expected to transform the sector and provide a number of benefits. Leading hi-tech logistic companies will benefit the most. This will cause their stock prices to rise. You should keep 2% stoploss to make profitable short term investments. Thus he shared his experiences.
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