Professional Trading is a viable profession and a great way to enjoy the process of making money. If you are willing to do what it takes, then you will be among the ones who enjoy their lives as professional traders.
You’ve heard about day trading and how you can make money from home on your own time. No bosses, no crazy co-workers, everything on your own terms.
Oh, there’s risk, but you think you can handle it.
Well, don’t quit your job on day one!! Yes, day trading successfully does offer all the above advantages, however, the road to success must be traveled carefully and thoughtfully.
Day Trading, Not A Hobby
Trading with success or day trading for a living should be considered a career. Like other careers create a way of life, with day trading there is a way of life which has systems and techniques that must be learned and ingrained.
Consider that doctors and lawyers spend years in college and put six-figure investments into their education and training. One of the advantages of day trading is the ease of entry into the business. There are no degrees or initial investments required such as franchises which require fees. Although you do need your initial capital to start.
However, as with any career, you need to know what you are doing and have some training. Going back to doctors, would you let a doctor with little education and training do surgery on you or even diagnose an ailment you had?
Of course not.
Don’t cheat yourself and your possible success with not educating yourself as much as possible.
Take Your Time. Learn To Know Your System
Be sure to take time and learn a system. Get to understand your charting program inside and out. Get familiar with the different markets, the exchanges and trading sessions around the world.
You don’t have to know everything and every little detail to get started, but you should know and have your strategy and system. You should understand how to connect to your data feeds and manage your live charts.
If you treat your trading like a hobby, then you might as well go to Vegas and gamble because, without education, a strategy and a system, that’s basically what you are doing.
Invest in yourself and take the time you need to learn what you need to know and build your confidence. Do you want to trade for the next 12 days, or be able and around to trade for the next 12 months or longer? The longest distance to a destination often times is a shortcut. Don’t take shortcuts. Take advantage of the right kind of education.
No matter what instrument and market you decide to trade and the strategy, it is much more cost effective to learn, then live with real losses. Build your knowledge, and your confidence while training yourself. Once you’re profitable and can show a consistent record, then go live.
Have a long-term goal. Why did you get into trading? Do you want to quit your job eventually, spend more time with the family, for extra income, maybe income in retirement? Know what your goal is and keep your focus on it.
As with any endeavor, keeping the focus on your goal and the reason for the goal will help maintain your motivation and inspiration through challenging times.
Most Notable Reasons for Failure in Trading
“You don’t know what you don’t know”
“You’ve learned something new, time to investigate”
“You know what to do, but practice makes perfect”
“You know what you know, and it’s now habitual”
Stage 3 is where the rubber meets the road. If you follow a plan under the tutelage of a veteran trading educator and a community of like-minded traders, then you will accelerate your learning process. The goal is to get to Stage 4, where trading has to become instinctive and reflexive. You get to know everything about trading, its probability of success, and how to manage the trade almost without thinking.
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