What does it take to become a trader? Most can see themselves on their computer, dissecting charts, taking risks, and becoming wealthy. The Truth is, you can! What is most overlooked about this scenario is what it will actually take to get there.
I started trading in 2016 with about 2000 dollars ready and eager to invest. I watched all kinds of videos, read so many books, and paper traded for a couple months before feeling like I had gained enough knowledge to build my portfolio and start taking trips to Bali with my new found wealth. I lost the entire 2k in a little under 3 months time. I was day trading and swing trading at this point and had a few terrible investments. I bought into a stock that was at support and was starting to make moves back to the upside. A couple days later I was making money. The day that I had made the most gains would also be the day I lost a lot of my position. That particular stock tumbled almost 50% post market on news that the company would be adding millions of shares to the float. Ouch!! This was lesson #1, I learned that I would rather not hold onto anything after market.
Today, I am confident and able to make profitable trades. I know my weaknesses and understand opportunity, but it was not an easy road. It took many failures before I was at that point.
The only thing that got me to this point in trading was persistence and an eagerness to learn from my costly mistakes. So as traders we need to not only understand that we will make mistakes, but to also embrace them.
Start with your mindset about trading first. Start to train yourself to be resilient, and to ensure all if anything that is ailing your mindset is fixed first and formost. If you are stressed out financially before you even trade, then any loss will increase that anxiety. Get your self and your mind healthy, and expect a rough road.
Preparation is key, ensure you are stable enough to accept the losses you may incur initially and that they will not affect you negatively. Your relationship’s can even affect your mentality when it comes to trading and any high stress should be a red flag before taking a trade. So don’t let your relationships affect your trading as well as your trading affect your relationships.
If you have checked all the blocks and are ready to accept the challenge that is the market, then take it slow, learn from your mistakes, your emotions, and use what you learn on your journey to become a better trader every single day. As always you can become a member of THEFREEDOMGRIND by hitting the FOLLOW button and subscribing the our YouTube channel to get the technical knowledge that can help you with understanding the Stock Market and Day Trading.