To start a career as a trader, it is important that you are willing to put in the time and effort. Trading is not a quick and easy way to make money.
As you trade it is important to understand what trading means to you and how it will affect your life. Trading is a lifestyle, not a short term game. There are many traders who say they want to make a lot of money trading but if they really want to make money, they will have to study hard, perfect their craft and manage their money so that they can live trading another day and come out the other side profitable. If they do not do that, they will have a short term game and it will be all in the past.
To achieve the dreams and goals that we have set, we must first put those dreams and goals to one side. We must be smart, be real, and cut through the noise. We need to understand that to make money as a trader; we must be in this game for the right reasons. If we are not, we will not succeed.
Which is more important to you, the process or the money?
Most traders are not born traders. They learn how to trade. The best traders are those who enjoy learning about markets and the trading process. If you enjoy learning about markets and trading you will be a successful trader.
If you are not in love with the process, you are very unlikely to achieve the goal.
You can make an honest assessment of whether you like money or trading.
This is the start of a list of the wrong reasons why traders can be tempted into trading:
- If you are trading with money you cannot afford to lose, you are focused on making money and your only concern is the money. Bottomline, don’t trade with money you can’t afford to lose.
- You are thinking only about money, not enough about trading or your trading plan or strategy. Trading is about much more than just money. It is about the process and your trading plan, your trading strategy and your trading discipline. You are always trading and if you are not trading you are not a trader.
- Making money in the market is a risky and unpredictable thing. As such, you should think of the risks and rewards of trading and not get lost in the rewards of making money. A trader should focus on making money and not on how they will spend it. If you are making plans of how you will spend money you haven’t made, you are not trading the right way.
- If you are gambling, you need to be careful that you are not gambling for any good reason. You need to be careful that you are not in a gambling addiction as this will rapidly drain your bank account.
Right reasons why people should trade:
- If you want to trade, you should do it because you love it, not because you are in it for the money.
When you start doing these things, you know you are on the right track. Having a trading plan and keeping a trading journal in spreadsheets is something traders do who truly enjoy the process. These things keep you accountable and help develop good trading habits and routines. - A market trader is a person who spends their free time reading a blog, or trading on the stock market. They are in the market all the time.
- Trading is a great way to improve yourself, and in this article, we will discuss the reasons for trading, and how you can improve your trading. You must have discipline, focus, passion, and patience in order to become a successful trader.
- You like to compete, you enjoy competition. You are competitive and you like to compete with all the other traders and to be one of the top traders in the world. You know that being in the top 10% makes you feel like a great trader and it’s a real achievement. You want to be in the top 10% so you can feel good about yourself. You’re proud of the fact you are better than the other traders.
Conclusion
It is possible to get the money and cars and houses and the life you want, the life that IS possible from trading, provided you love the process of trading, otherwise you will never stay committed to the discipline that is required.
Successful traders should not try to control the outcome; they should trust the process. If you try to control the outcome, you are doing something wrong. You do not trust yourself. You do not love the process. You must fall in love with the process and learn to let go.
Trading is not something that is done once and for all; it is something you need to develop over time.