Every new trader comes into this world with expectations of lounging on the beach at noon after making 5k, traveling the world with just their laptop, and living financially free forever…
Sure, that is all possible, but it will take a lot to get there.
Hours of studying, losing, winning, being frustrated, innovating, etc.
It’s not as easy as opening a trading account, making money, and traveling the world. To TRULY be successful as a trader, you have to be aware of the realities that come with undertaking this as a profession.
Today, we wanted to give some of you new traders or some of you aspiring traders a reality check so you have clear expectations of what it takes to actually make a living in this industry. Setting these expectations from the start will help you grow properly, avoid major setbacks, and ultimately get to where you want to be.
This is NOT a Get Rich Quick Scheme
Trading is no different then launching any other type of business. It takes hours and hours of time to master your craft and become consistently profitable.
Now, you will see a couple of new traders come onto the scene and absolutely crush it from day 1 with no education or hardships, but that success or money they made won’t last. Trust us, we have been working with thousands of traders from all over the world in the past 14 years.
The trader who invested time, money, and energy in themselves with the clear expectation that this could take months to years to master will be here for the long haul. Keep grinding every day and try to get 1% better every day, but don’t rush the process.
You Won’t Be Quitting Your Job Immediately
This goes with the point above, but don’t expect to quit your 9-5 the second you open an account. It takes time to prove yourself and stack up a bankroll to trade off of comfortably.
Stay patient, and stay on the course. Many professional traders even keep their normal jobs for as long as they can until their trading income surpasses their normal income.
Take your time, learn the skills you need to become a professional trader around your normal job, trade in a focused manner, and soon you will find yourself doing this full time. Don’t rush into things. Follow this checklist in this video lesson to know when to quit your job:
Prepare for Losses and Set Backs
This one gives people a tough time. Even the most experienced professional traders have big losses that are outside their normal boundaries here and there. Some people can’t handle that fact. You have to get this point across your mind sooner rather than later and understand that as a trader you will definitely experience some major mental hardships.
Normal 9-5 jobs of course have their tough times, but at the end of the day, you are getting paid consistently. That is the difference between a normal job and trading. Your income fluctuates which can work against you and also with you in major ways.
Learn to cut your losses properly and control risk from day 1 and you will be thanking yourself in the end.
17 Seats Left in Our Next Live Trading Bootcamp!
Our next Live Trading Bootcamp is around the corner! Learn from experienced stock traders who have been trading for over 2 decades. Only 17 seats left, and space will fill up fast!