Do you know someone in your circle of friends who does not report to a workplace, but are able to pay the bills at the end of the month?
When you ask them what they do for a living, they tell you they trade for a living.
Many people have an idea that all the trader does is look at 4 monitors the entire day, place trades at the right time and then sit back to take profits.
If you’re keen on exploring earning a full-time income from trading, the above information may not be enough for you.
Here are 6 things most full-time traders never tell you… until now.
Secret #1 – Know Your Position At All Times
To trade full time, you must always know where your trades are, and where the market is at. This is a tiring process of keeping up with everything that’s going on as they happen.
In doing this, you overcome the false sense of comfort that when a stock is doing well, it will continue to do so in the next minute.
Secret #2 – Survive Enough Failures To Eventually Succeed
Traders make mistakes all the time, and these cost them money. There are traders who only tell you when they make money, and keep quiet when they lost. It’s a reality that to become a trader, you must embrace the mistakes you will be making.
Then you must move on and avoid repeating the mistake, constantly overcoming the fear of failure as you go.
Secret #3 – Do Your Calculations Instead Of Jumping To Conclusions
Before placing a trade, you need to spend the necessary time in calculating the probabilities of your move. Making the calculations will help minimize the risk you will be taking on the trade.
Unlike what most people imagine, trading is not an emotionally charged situation where the trader shouts the order over the phone and slams it down.
Secret #4 – Remaining Disciplined… In Good Times And The Bad
To trade profitably will take discipline. You will need to put in the hours to chalk up research-backed data. That helps you make more rational decisions.
With strong discipline, it will let you cut losses on a losing trade instead of holding on due to irrational reasons.
Secret #5 – Making Money Instantly Is A Fairy Tale
Most people want to make money on their first day of trading, but the truth is… it will take time.
To build up enough funds to do it full time will depend on how quickly you can save up, so you will need to take some time before transiting to be a full time trader.
Secret #6 – The Mythical Free Time Argument Is Invalid
Many people want to trade full time, thinking that the one biggest benefit is that they have lots of free time.
It cannot be further from the truth.
While you will have flexibility with what to do with your time, trading will take up many hours of your time. You may not end up with the amount of free time you imagined at first.
According to 17 years of trading experience, full time trading comes with its challenges to overcome. It may not be the most traditional way to make a living, but it has proven to be a great way for individuals such as millionaire trader Paul Scolardi to find the financial success they have always wanted to have.