The journey to become a profitable stock trader is not the easy one. It can take much longer than you think. It took me more than two years to find my way to become a profitable stock trader.
That’s a long time before you can say that you earn what you expect from your stock trading strategies.
It is not an easy journey to this point and many starting stock traders fail. There are several reasons, but the most important are:
- The new stock traders quit
- The beginner stock traders sabotage their success and thus quit be default
So what can you do to not only stay in the game but also play full out in this game we call stock trading?
Know the minimum amount you need to earn to be satisfied
This is not the number that makes you rich. This is a minimal amount of money you need to live a simple and satisfying life. Or the minimal amount of money that make sense for you to continue in this activity.
If you don’t know what is amount like that, take a couple of hours to create a little budget of what you really need to live on to be satisfied. Or if you plan to use stock trading as a side business, then try to define the minimal amount of yield you want to generate by you trading strategies yearly.
Set clear expectation for your journey towards success
You started stock trading because you want to achieve your goals.
You also wanted to be your own boss and be in control of your financial destiny. You didn’t think this would be easy, but you certainly didn’t know it was going to be this difficult.
When the difficulty level of our endeavor is higher than we expected, we tend to want to throw the towel and quit.
But improving your stock trading is challenging. You are going to think about quitting many times. To stay in this trading game, you have to understand what’s your relationship with these obstacles and other challenges.
Every challenge is an opportunity to learn and grow. You should make a shift in your mindset from goal-first to learning/growth mindset. The more you can adapt a learning mindset, the easier the way is going to become.
So try this. Don’t set goals and instead of this try to ask yourself regularly “What one (or two) things do I need to adjust?”
Your journey can take longer than you think
It is typical for every beginner that he often overestimates what he can accomplish in one year and underestimates what he can achieve in five or ten years.
So don’t expect success in stock trading overnight. The right is where you are just fine.
Stop focusing on things that are not taking you to wanted destination
Yes, every stock trader wants to be perfect. But stock trading is not about perfection. It is about making money.
So it ‘s nice to have a list of top trading opportunities every week. But you don’t need to have one the best stock pick to make a profitable trade. Put your effort into money management and trade management skills, and you will be surprised with your results.
Don’t worry; it’s possible
Yes, you want to be star stock trader. You want to become rich. But it cannot happen overnight. Understand the process, define your way and go ahead. You can reach your goals.