Could You Make A Living As A Financial Market Trader?
The world of financial trading is awash with many myths.
There are thousands of programs out there promising you that you can secure your financial future easily and very quickly learning to day trade.
The problem with those programs is that they are making false promises based on incorrect assumptions.
I have traded for a living since 2001 My trading career was an eye opener to me and altered my world view quite considerably.
Most people, it has to be said, simply lack the stamina and the mental discernment to follow through with a completely different way of being.
Yet, if you want to become a consistently good trader you must change the way you are.
This is what nobody tells you, yet it doesn't get any simpler than that.
Instead you are promised that you can learn to trade in a couple of months and make money on a consistent basis with as little as $ 500.
00.
Well, there may be a lucky few who are doing this, but by and large you have to allow much longer to become a good trader who can make a living from this career.
Let's first look at some of the reasons why new traders don't make it: 1) The time factor: It takes time to become proficient in any profession.
Trading is no different.
It is a profession.
Intra day trading is a high performance game.
2) The trading system.
Beginning traders place way too much emphasis on their trading system.
The money is made with your mind, not your system.
A good trader will make money consistently with a mediocre system, while a mediocre trader will lose.
3) Trading risk.
Consistent money is made through managing risk.
Most new traders haven't a clue what risk is all about.
Neither do they understand that their psychology influences their ability to take on risk.
4) Trading accounts.
Choosing the right trading account for your needs is very important and can make the difference between making money or losing money.
Choosing an FX trading account is a good way to learn for new traders.
You can trade small size and if you choose the right broker, spreads are tight.
5) The amount of money in your trading account.
Don't kid yourself.
You cannot trade with just $ 500.
00 in your trading account.
Opening an account with less then several thousands of dollars or Euros is down right stupid and puts you under immense pressure.
6) Trader education.
Just as you must allow time to learn some basic market rules, like understanding support, resistance, cycles and reading chart patterns in different time frames, you must set aside an equal amount of time to learn about market co-relations, market dynamics and market psychology.
If you have already had success in another profession, the odds are that you understand that all success has to be earned.
If you do the drills you will definitely get the skills.
This is not a one day wonder, but if you are prepared to follow some simple rules, are teachable you will be able to learn to trade.
Trading is a fantastic profession.
I enjoy trading very much.
I have also learnt over the years when my psychology is not up to scratch I stay out of the markets.
There are good trading days and not so good trading days.
Trading life is just like life.
You do not win all the time.
Yet the winners are bigger and more frequent when the losers All in all trading is a great way to make a living which anyone can learn.
But don't fall into the trap of following the cheap promises that you can learn to trade well in a few months and need very little money in your trading accounts.
The odds are that you will be very disappointed and lose out on something which could, if you approached it with realistic expectations, make you a very good living and bring you much joy.
There are thousands of programs out there promising you that you can secure your financial future easily and very quickly learning to day trade.
The problem with those programs is that they are making false promises based on incorrect assumptions.
I have traded for a living since 2001 My trading career was an eye opener to me and altered my world view quite considerably.
Most people, it has to be said, simply lack the stamina and the mental discernment to follow through with a completely different way of being.
Yet, if you want to become a consistently good trader you must change the way you are.
This is what nobody tells you, yet it doesn't get any simpler than that.
Instead you are promised that you can learn to trade in a couple of months and make money on a consistent basis with as little as $ 500.
00.
Well, there may be a lucky few who are doing this, but by and large you have to allow much longer to become a good trader who can make a living from this career.
Let's first look at some of the reasons why new traders don't make it: 1) The time factor: It takes time to become proficient in any profession.
Trading is no different.
It is a profession.
Intra day trading is a high performance game.
2) The trading system.
Beginning traders place way too much emphasis on their trading system.
The money is made with your mind, not your system.
A good trader will make money consistently with a mediocre system, while a mediocre trader will lose.
3) Trading risk.
Consistent money is made through managing risk.
Most new traders haven't a clue what risk is all about.
Neither do they understand that their psychology influences their ability to take on risk.
4) Trading accounts.
Choosing the right trading account for your needs is very important and can make the difference between making money or losing money.
Choosing an FX trading account is a good way to learn for new traders.
You can trade small size and if you choose the right broker, spreads are tight.
5) The amount of money in your trading account.
Don't kid yourself.
You cannot trade with just $ 500.
00 in your trading account.
Opening an account with less then several thousands of dollars or Euros is down right stupid and puts you under immense pressure.
6) Trader education.
Just as you must allow time to learn some basic market rules, like understanding support, resistance, cycles and reading chart patterns in different time frames, you must set aside an equal amount of time to learn about market co-relations, market dynamics and market psychology.
If you have already had success in another profession, the odds are that you understand that all success has to be earned.
If you do the drills you will definitely get the skills.
This is not a one day wonder, but if you are prepared to follow some simple rules, are teachable you will be able to learn to trade.
Trading is a fantastic profession.
I enjoy trading very much.
I have also learnt over the years when my psychology is not up to scratch I stay out of the markets.
There are good trading days and not so good trading days.
Trading life is just like life.
You do not win all the time.
Yet the winners are bigger and more frequent when the losers All in all trading is a great way to make a living which anyone can learn.
But don't fall into the trap of following the cheap promises that you can learn to trade well in a few months and need very little money in your trading accounts.
The odds are that you will be very disappointed and lose out on something which could, if you approached it with realistic expectations, make you a very good living and bring you much joy.
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