A question that should really be on everyone’s mind. Is trading really for you?
A lot of people are attracted to trading for the obvious reason of the money that one can earn if they are successful. Not only the money, but the freedom they could have working from your own laptop from anywhere in the world and for yourself.
I myself am attracted to trading for these reasons too, but not these reasons alone. At heart I’m a bit of a geek. I’m a very studious person and could sit fascinated behind a book or in front of a screen learning about strategies or simply watching the prices move.
Some (my girlfriend) would say that I am more than just attracted to it, I am obsessed with it. I don’t think of this as a bad thing either. Its this deep down obsession that has led me to become so knowledgeable and successful in Forex trading.
Live trading is a ruthless world that will without a doubt chew you up and spit you back out on your ass if you don’t know what you are doing, and the learning process is certainly not easy. There are so many garbage signal provider and systems that are out there who say that trading is as easy as buying their piece of software, its not. This hardly ever works long term, and if these people knew how to predict markets, they wouldn’t need to sell you the idea for $50.
To become a professional trader you need be prepared to learn all there is to know about the methods you use to trade, be it technical or fundamental analysis. You need to be prepared to lose money to begin with and learn from your mistakes. It will take a long time and you will go through phases of trying different styles of trading, only to find they don’t work for you or don’t suit your lifestyle.
Are you a gambling man?
Trading is undoubtedly gambling and this is where it becomes dangerous. If you are attracted to trading for the thrill seeking aspect of placing a trade, then trading may be something for you to avoid. It doesn’t suit the addictive undisciplined personality very well. Trading successfully is pure disciplined system following, if you start to place trades for fun as a punter, your money will very quickly go down the drain.
Be obsessed or be average
During these tough trading really can get you down. Its at this point where the average person would quit, throw in the towel and admit that trading is not for them. The others, however, will persist and will continue to learn and practice their methods. They will invest in genuine trading education like books and system testing software.
They say that only 2% of traders actually make it to becoming professional traders. The above mentioned are the 2%.