This is dedicated to my trading journey as well as trying to pay it forward for others to learn
One thing I have learned in my short career is that everyone’s journey is different. Everyone has a different personality, different emotional tolerance, different set of skills, different mindset but in the end they all share a common goal – MAKE MONEY!! I researched some statistics on becoming a professional trader, more specifically a day trader, and it seems there is no real data but just rather a lot of experiences and opinions. But with that being said I wanted to share some of them:
A Business Insider article said that only 6% of people make it to become a professional trader. So that means 94% of people fail, but why? Is it education? Is it money? Is it motivation?
There are a bunch of chatroom’s, Guru’s/Furu’s, Watch-lists, all willing to take your money but you should try some of them to get education, experience and find out what works best for you. Do the free trials, sign up for a month, watch their videos, etc. Just ignoring or not trying is the wrong mindset.
Investopedia says the number 1 reason traders fail is “they lack the tools” and I completely agree. Nothing can replace experience when it comes to trading. I’ve seen a guy with over 300k in his account still blow up. Money is a mental hurdle not an excuse. Just like anything else, you have to practice, practice, practice before you can be great.
There is no shortcuts in trading and everyone who is new is looking for them, they will even pay for them! Sorry to bust your bubble but they don’t exist just like Santa Claus and the Tooth Fairy. You can’t short time and time is what it takes to learn charts, understand price action, learn setups, understand the terminology, know how to interpret the news. I know as I was one of those people. It takes getting punched in the face, taking a big loss, having big wins to stabilize your emotions, kill the FOMO (Fear of Missing Out), create rules/discipline and start being consistent. You are going to literally have to spends hundreds or thousands of hours in front of a screen so get the right mindset and know this is going to be a grind. Anything worth having is worth fighting for.
Although my blogs will be random they will be with purpose. I will only post blogs when I feel there is good information to share that will benefit my followers. While I may not always be correct it will be based on my best knowledge at the time of the post. I hope you enjoy and please feel free to comment, ask questions, or share your experiences.