When people start thinking about trading for extra income or for a living, their individual opinion of how long they have to trade for is often skewed.
On one end, you have the people who believe trading is this easy task that you can do almost everywhere comfortably beside the beach while sipping on your alcoholic drink. Not saying this can’t occasionally possible, but to trade like that the majority of the time is more unrealistic than you think.
The other side believes what they watch in stock trading movies. The pit like atmosphere, everybody yelling at each other across the room, taking phone calls for other people and putting there orders in.
Being in front of the screen for 8+ hours during the day is another thought that crosses their mind because they believe you must be present the entire time during market hours,
Neither of these beliefs are necessarily true. Lets start with myth number one.
The Millionaire trader who sits on the beach or boat all day and miraculously trades and makes great profits while doing so.
Keep in mind, in no way am I saying that this can’t happen. You can go on vacation or any destination and trade as long as you have a computer and WiFi connection.
The reason why I call this a myth however, is the way that online promoter portray that lifestyle so that so many people will fall for the “omg its so easy” trap.
Almost everyone is looking for that one job or career where they can have it all. So when an online marketer shows a video of himself trading in a tropical forest, while petting a jaguar, while eating steak and potatoes, walks to his Ferrari, then parks it in the driveway of his mansion….just realize it is designed to make you think its easy and effortless.
Because who wouldn’t want a life where you could chill out and pull in unlimited income?
The reality is that trading is difficult, stressful and will challenge your character until the very end, depending on how far you are trying to go with it.
And no one talks about it because its not sexy, or glamorous to talk about hard work.
You can start making money in 1 year, but you also might start making money in 5 years. Everyone is different, and your willingness to keep improving will won’t determine how long it will take, but it will guarantee that you will eventually get where you want to be.
Now for the other side…
The trader who trades from market open to market close thinking it will be too overwhelming.
This is usually the result of watching a lot of movies and television shows about stock trading. On these programs they often show traders screaming, stressed, office bound and still working for someone.
While this can be true for institutional traders, or traders who trader for an investment firm, this is not the case of you are trying to be a retail trader (trading from your computer, account etc).
Trading is difficult and it will definitely take time to get consistent at it, however once you do pass that milestone, the pressure starts to settle.
I find that the more study time i put in, the less I need to trade when in the actual markets. I compare it to shooting a basketball. The more you shoot in practice and perfect the little details, the better shooter you will become.
And as you become that better shooter, the less you have to focus on the little details because its ingrained into you.
As you continue to progress, you will notice during the games you can actually work less harder and more efficiently because you now can get your shot off faster. Your basically working your hardest in the beginning so that you don’t have to work as hard later.
If you have any of these opinions, just keep in mind…..
There is a lot of hard work, dedication, and perseverance required to become a successful trader…But that road is worth travelling, and you will thank your future self for putting in the time now.