SEBI REGISTERED · INH000020004 · 20+ YEARS REAL TRADING

Stop following tips. Build a system that works in any market.

Stock market courses for Indian investors who are tired of losing money on advice they don't understand. Learn the Five Circles framework — from free basics to live mentorship with Rahul.

RS

Rahul Saraogi

Founder · Five Circles · Research Analyst

CFA CFP NISM X-A & X-B CMT III

SEBI REGISTRATION NUMBER

INH000020004

"I don't teach what I read. I teach what I learned losing money — and what actually fixed it."

20+ YEARS TRADING
20,000+ STUDENTS
₹0 TO START
SEBI REGISTERED RA
20,000+ STUDENTS TAUGHT
4 Courses FREE TO ELITE
20+ Yrs REAL TRADING
SEBI RA REGISTERED
01

Treating tips as a strategy

Telegram channels, WhatsApp forwards, YouTube "analysts" — you acted on a call you couldn't evaluate, from someone with no accountability. The moment the call went wrong, there was no one to ask why.

93% of F&O traders lost money in FY2024 — SEBI Study
02

No risk management — at all

You had no position sizing rule. No stop-loss logic. No maximum portfolio risk limit. You held losing trades hoping they'd recover — and cut winners early to lock in a small gain. This pattern costs more than any bad stock pick.

73% of equity investors don't know their own XIRR — AMFI Data
03

Confusing a bull market for skill

2020–2021 made most people feel like traders. The market went up, everything worked. Then it stopped. A system that only works in rising markets isn't a system — it's luck on a timer.

Nifty fell 22% peak-to-trough in 2022. Most retail portfolios fell further.
— THE FIVE CIRCLES ANSWER

Every course we teach maps back to one framework.

Five Circles isn't our name by accident. It's the framework Rahul built from 20 years of trading — five principles that, together, make a system that works whether the market goes up, down, or sideways.

I
Capital Allocation
→
II
Risk Management
→
III
Setup & Entry
→
IV
Execution
→
V
Review & Improve
WHO THIS IS FOR

Three types of people
get real value from this.

If none of these describe you, we'd rather tell you than take your money.

📈

The Salaried Professional

IT engineer, CA, doctor, government officer — you earn well but have no system for investing it. You've tried Nifty 50 SIPs and direct equity both, and you're not sure which is actually working. You want to understand, not just follow.

📉

The Frustrated Loser

You've been trading 6–24 months. Tip channels didn't work. One paid course felt generic. You lost money and you're not entirely sure why. You want to reset from the foundation with someone who will be honest about what went wrong.

🌿

The Serious Beginner

You've never placed a trade. You opened a Demat account or you're about to. You want to learn properly before you lose the first ₹10,000 that almost everyone loses in the first 3 months without a system.

WHO THIS IS NOT FOR

Be honest with yourself
before you enrol.

You want stock tips — specific stocks to buy tomorrow. We don't give tips in courses, and we never will. Our advisory service gives research-backed recommendations, but it's separate and not what this is.

You want guaranteed returns or promises about monthly income from trading. No SEBI-registered educator can legally make these claims. Anyone who does is either illegal or lying.

You want to get rich in 3 months. The Five Circles framework is a long-term system for consistent, risk-managed decision-making. If you're looking for a shortcut, this will frustrate you.

RS

Rahul Saraogi

Founder · Five Circles · SEBI-Registered Research Analyst

SEBI RA · INH000020004 CFA CFP NISM X-A & X-B CMT Level III

THINGS RAHUL ADMITS THAT OTHERS WON'T:

  • ✕ Not every trade works — including his own
  • ✕ No one can guarantee returns — including him
  • ✕ The market doesn't care about your analysis
  • ✓ A system beats instinct every time, long-run
  • ✓ Risk management matters more than stock picks
  • ✓ Financial independence is learnable — if you start right
THE FOUNDER

He lost money first.
Then built the system.

Rahul entered Indian markets the way most people do — with confidence he hadn't earned yet. The first two years were expensive. Not because he was careless, but because he had no system. He was doing what everyone told him to: follow the news, buy good companies, trust his gut.

The turning point wasn't a winning trade. It was understanding why he kept giving back profits. The answer was always the same: no risk management. Not bad stock picks. Not bad timing. The exit. The position size. The capital allocation. These were the circles he hadn't closed.

Twenty years later, he built Five Circles so the people in year one don't pay the tuition he paid in years one and two. He holds a SEBI Research Analyst registration (INH000020004), is CFA and CFP certified, and has taught over 20,000 students across online courses and in-person programmes in Kanpur.

"I don't talk about my best trades. I talk about my worst ones. That's where all the real learning is — and it's what every other educator in this industry refuses to do."

— Rahul Saraogi · SEBI-Registered Research Analyst · INH000020004
— STUDENT OUTCOMES

What changes after
a Five Circles course.

No return screenshots. No P&L claims. These are process changes — the only kind of outcome a SEBI-registered educator can honestly show you.

20,000+

STUDENTS ENROLLED

4.8 / 5

AVG. COURSE RATING

93%

COMPLETE THE COURSE

SEBI RA

VERIFIED EDUCATOR

★★★★★
“

I had been trading for 14 months before this course. I had no stop-loss logic, no position sizing, nothing. Module 4 made me realise I wasn't making bad calls — I had no system at all. That's a different problem, with a different fix.

Stopped trading without a pre-trade checklist after Module 3
★★★★★
“

As a CA I thought I understood financial markets. Circle Zero was humbling. I realised I understood company financials but had no idea how to read price action or manage a live trade. The course fixed the second half completely.

Built first personal trade journal — now reviews every week
★★★★★
“

I paid ₹15,000 for a course from a YouTuber before this. It was all screenshots of trades and vague "setups." Trader's Discovery was the opposite — every concept explained from first principles, with a reason behind every rule. I wish I had found this first.

Completed paper trade challenge with a defined system for the first time
PRICING & ENROLMENT

Every course. Every price.
No hidden charges.

GST shown separately at checkout. UPI, net banking, and all major cards accepted. No-cost EMI available on Trader's Discovery and Complete System.

30-Day
Money
Back

Complete System comes with a 30-day, no-questions-asked guarantee.

If you go through the course and feel it wasn't worth ₹14,999, email us within 30 days of purchase and we'll refund you in full. No forms, no hoops. We're confident enough in the course to stand behind it. Circle Zero is free — the biggest risk reversal of all.

No more courses

BEFORE YOU ENROL

Questions we get
every single week.

Which course should I start with? +

Start with Circle Zero — it's free and complete. If you've never traded before, 90 minutes there will tell you whether you want to go further. If you've been trading without a system for 6–18 months: Trader's Discovery. If you have a working system and want to go significantly deeper across all five circles: Complete System. Circle Traders Club requires an application — we'll tell you honestly if you're ready.

Will I get stock tips or buy/sell recommendations? +

No — and that's by design. Courses teach you how to evaluate opportunities yourself. Specific research-backed recommendations are available through our separate SEBI-registered advisory service (Foundation / Builder / Architect plans). These are two different products and we keep them separate on purpose. We never give tips in educational content.

Is GST included in the price? +

No. Prices shown are exclusive of GST. GST at 18% is added at checkout. So Trader's Discovery is ₹5,999 + ₹1,079.82 GST = ₹7,078.82 total. Complete System is ₹14,999 + ₹2,699.82 GST = ₹17,698.82 total. Circle Zero is free — no GST.

Can I access the course on my phone? +

Yes. Courses are hosted on Graphy, which has a mobile app for iOS and Android. You can watch on any device — phone, tablet, or laptop. Downloads for offline viewing are also supported for most content.

Do I need a Demat account to start? +

No. Circle Zero and the early modules of Trader's Discovery don't require you to place a single trade. We teach you the system first. You only need a Demat account when you're ready for the paper trade challenge in Module 8 — and even then, paper trading on a demo account works fine.

What's the difference between the courses and the advisory? +

Courses teach you how to trade using your own system and judgment. Advisory is a separate subscription service where Rahul, as a SEBI-registered Research Analyst, provides research-backed recommendations on specific trades — with entry price, target, stop-loss, and rationale on every call. Many students do both: build their own system through courses, and use the advisory as independent research backing. They're designed to complement each other, not replace one another.

Is Five Circles SEBI registered? +

Yes. Five Circles (5 Circles Private Limited) is a SEBI-registered Research Analyst firm. Registration number: INH000020004. This is verifiable on the SEBI website. SEBI registration applies to our advisory service — our courses are educational content. In both cases: no guaranteed returns are implied or promised. Anyone who promises you returns from stock market courses or advisory is breaking SEBI rules.

What is the refund policy? +

Complete System has a 30-day money-back guarantee — no questions asked. Trader's Discovery does not have a refund policy, which is why we strongly recommend finishing Circle Zero first before committing. Circle Zero is free. Circle Traders Club fees are non-refundable once a cohort begins, given the live and in-person nature of the programme.

START HERE

90 minutes. Free. No card. No commitment.

Start with Circle Zero. If it's not useful, you've lost nothing. If it is, you'll know exactly which course to take next — because Module 5 tells you honestly.