Many times, when people embark on a new endeavor, they become so excited about the bigger picture that they forget about the smaller details. Trading is a very challenging and demanding business. However, many people think it simply involves waking up 30 minutes before the market opens and ends when the market closes. How nice would that be? In reality, it’s not that easy, especially when starting out.
As in most other industries, there is a steep learning curve. You simply can’t show up in your pajamas at 9 am every morning, trade until 4pm and expect to become an expert. Hard work, discipline and education are all necessary to becoming a great trader. Sadly though, most people are not properly prepared for this venture because they underestimate the time and effort it will take to become successful, and they don’t allocate enough resources for education. An unrealistic timetable and lack of a proper education are sure fire ways to join the ranks of failed traders.
Trading is no different than any other industry. To become successful, it’s extremely important to be realistic and objective about your approach. Too often people come to trading with impractical expectations. The tools necessary to become successful are available, but most people don’t take advantage of these services until after they have learned the hard way. By then for many it’s too late.
We’ve heard all the excuses. “I’ll get the education after I make money.” “I just can’t afford it right now.” or “I don’t need the courses. I’ve read such and such a book.” Some people may look at those comments and chuckle, but there are a surprising number of people who actually believe them. Having resisted education when I first started trading, I can honestly tell you that education is the only way to succeed in any industry, and trading is no different. To not obtain or put off your education is an enormous mistake that you will only understand after the market has taken your hard-earned money. Do yourself a favor and get the proper education before you end up paying the markets for it!
Trading is a business; you should have a traders business plan and it should have a section for education as well as the cost of that education. When you’ve obtained an education, you will wonder how you ever traded without one! By investing in the future of your business through education, you are really investing in yourself!
For more great articles like this consider joining my coaching group “Coaching With Cliff” here are Live Trader’s. More information on the group can be found at the link below.
https://livetraders.com/groups/detail/2b144965-1248-4117-a8e0-be3f70c5725d
