Want to start trading? Many people do. For them, it’s a dream come true. You work for yourself, and using your own money. You trade what you want, and without anyone restricting you…
Not to mention, it’s a wide world. And who knows, you can make it big someday!
It isn’t an easy game. Surviving in the trading world is difficult.
It requires high levels of grit and discipline.
It’s also a stressful lifestyle. You need a great deal of self-responsibility. And you need years to master it.
And if you think about it, if it was easy – everybody would be trading.
It’s a rewarding lifestyle.
Below, we’ll give you a glimpse on what a trader’s life looks like. From there, decide how you’d like to approach this path!
First – You Have Schedules.
Certain markets open at specific times.
Look at the stock market as an example. Stock exchanges are morning openers. And they work anywhere from 10AM to 3-5PM.
Obviously, this depends on the exchange.
The same applies to commodity markets, and metals too…
Most people think that trading means working whenever you want.
This isn’t entirely true. There are schedules to commit too. That’s when you place orders and manage positions…
And after that, there’s lots of homework – which is our next point.
Second – It’s a Fulltime Job.
At least, it is if you take it seriously.
It starts off part-time. And here, you work maybe 4-6 hours a day.
But then, you must switch fulltime. After all, you should be available when markets are open (which is half your time)…
Then you spend time doing research, revising your strategy, and reading. That’s another 4 hours.
Gets Worse for Day Traders.
Maybe you can shave off a few hours as a “long-term investor.”
But if you subscribe to short term investment plans, you need to be active.
You must be in the moment. You need proper focus, which adds to the stress of a fulltime trader’s job…
But I Can Make Money Part-Time…
True. But you won’t make much, since you’ll miss many opportunities.
And that’s why homework is a great part of a trader’s work. It’s what you do when you’re not managing positions.
Third – Give it a Few Years.
Trading success doesn’t happen overnight.
There’s a learning curve. It takes trying and failing to get a strategy straight…
During that time, you’ll do many things. You’ll explore different trading styles and markets.
You’ll try out different risk management strategies. And also, you’ll develop a financially responsible mindset too.
They’re All Skills.
And developing them is like building athleticism. It takes dedication.
Thus, don’t expect to profit consistently for a while. At least, you shouldn’t expect that as the average trader!
Fourth – It’s a Lonely Lifestyle.
Few people decide to try “independent trading.” And even fewer succeed…
And this has created many misconceptions around the world of trading.
Some people think it’s manipulated by “big money.” Others see it as gambling, or a random game of chance…
Another type thinks there are hidden secrets to winning – only known by elites.
The Point Is…
Few people succeed in the world of trading. And usually, they’re nowhere in the vicinity of where you live.
That is, unless you near some exchange.
So it’s hard sharing information about yourself with people. You’ll either get odd questions, or you’ll get asked about “the get rich investment opportunity.”
Fifth – It’s Like Starting a Business.
You need capital to start a business. And you need capital to trade.
You also need an unending drive to succeed. You see, businesses aren’t “hit or miss” ventures…
You don’t start a business just to “try.” That’s a recipe for failure, since you’ll quit from the first setback…
The same thing applies to trading. While there’s a learning curve, you shouldn’t get in there to try.
You should treat it as your future career. So you have set your ego aside, make mistakes, and keep learning.
There Are Easier Businesses.
Trading is one of those businesses where the education never ends.
It’s actually more of an experience game than anything else. And because of that, you can’t outsource many of your tasks…
To succeed, you’re taking control of both minor and major processes.
So it’s a hard business. And there are easier ones that require less mental stamina, and more routine…
Retail and online stores come to mind.
Not to mention, starting a trading lifestyle is expensive. You need anywhere from $50-$100K to trade comfortably.
Wow – Seems Tough.
Welcome to reality.
Trading is a business. And like all businesses, it’s a long road to success.
But the payoffs are worth it. That is, assuming you find the right mentors, and you keep educating yourself!