The beginning of your trading career is daunting but exiting. Everyone is ready to start making $1k a day in the first month. This eagerness to make money fast is most new traders’ downfall.
Most trading services don’t give you an honest take on the trading learning curve. Most portray at is quick and overnight in order to get you to buy their course and join their chatroom. At BOWS we shoot straight with all of our students.
While learning to trade is not an overnight process, there are several simple things that you can do to drastically shorten your trading learning curve. Today, we wanted to dive into our top tips for shortening your learning curve you need to make sure you don’t take the slow lane to trading profitability:
Avoid Unrealistic Expectations and Have Patience
Tons of new traders see gurus and professionals flashing thousand dollar days and immediately swing for the fences to replicate. They have zero respect for the process and time it takes to truly become a pro at this profession. Doctors don’t just watch a video or two and immediately hit start prescribinga and treating patients. They study, adapt, learn, and grow steadily.
The process of becoming a professional trader is just like any other highly-skilled profession. It takes time, patience, and requires you to focus on smaller lore ‘digestible’ goals along the way. Don’t expect to become a millionaire overnight. Fall in love with the journey more than anything!
The truth is, it takes time and tons of hours/effort to get to where you want to be, but don’t let that deter you! The view from the top is as sweet as the journey.
Focus On Consistency
Keep doing your work every single day. Journal every day. Studying patterns and charts every day. Consistency is key not only when you are actually at the screens focusing on making smart decisions in the markets, but it also is during the ‘off-time’ when you are trying to educate yourself better and sharpen your trading skills
Set Realistic Goals
Like we talked about in point one, when you make your goals, make sure they are realistic. Yes, you can have the overarching goals of making over a million dollars trading, but you need to also have little goals along the way that are more manageable and compound into that larger goal. Set daily, weekly, monthly, yearly, and multi-year goals that all stack into the bigger picture, and strive to hit everyone along the way no matter how large or small it may seem.
Stick With it
If you are burnt out or have a losing streak and need a little bit of time off, then by all means take a few days. What we mean by this point is to avoid taking unnecessarily long periods of time off from trading. Some new traders will hop in all excited to the game for a few weeks, take a month off, come back, etc. Lack of structure and motivation usually is the culprit for this, so make sure you are sticking to consistent schedules and aiming for consistency. We will talk more about this important point in this week’s live webinar!