Read this article to know about the skills and habits you need to develop to become a professional trader and investor in the financial market.
Are you equipped to be a professional trader and investor in the financial market?
Announcement traders and investors: This is your first day at the trading and investing Bootcamp. We, as an online trading academy, want you to leave if you are not willing to do everything it takes to become a consistently profitable trader and investor in the financial market.
Today’s lesson is going to be about one simple question. The question is something you must answer before you move on with your trading and investing career. Here’s the question: Do you have what it takes to be a consistently profitable trader and investor in the financial market? As much as we like to believe and always ask, “do you have what it takes to be a trader and are you willing to put in the work?”, you should also note that there are skills and habits you need to develop to become a professional trader and investor in the forex, futures, and stock market.
If you are conversant with our articles, you should be aware of the fact that we represent things precisely as they are. We always refrain from sugarcoating or watering down facts. Today’s lesson is going to come with an extra layer of honesty. We want to clearly show you what it takes to be a successful trader and investor in the trading arena. So be open-minded, put on your thinking cap, and start reading. When you’re done, you can look inwards and ask yourself if you have what it takes to become a consistently profitable trader and investor in the financial market.
Do you have the capacity to lose like a pro?
We know you’re wondering about this question, but the fact is this, you’ll have losing trades no matter how good you are. The question is if you are ready to accept that and work on how to lose correctly. After accepting the fact that some losses are inevitable, the next step is to create a trading plan that integrates that fact into it. A trading plan that helps minimize the effect of your losses.
There is a proper way to lose, and that is to manage your risk correctly. Never trade with money you are not prepared to lose and avoid over-trading at all cost. Implementing and staying with these two principles will prevent you from getting emotional when you lose. Doing this will help prevent the impulsive behavior of trying to hit the market fast to make back the money lost.
Some forex, futures, and stock traders try to fight losing trades by avoiding and trying to find ways to ensure they don’t. On the long run, they end up losing more money than the traders who find a way to swallow the truth and take the losses with their heads held high. So if you are ready and willing to swallow the fact about losing trades, then we invite you to proceed to the next question.
Do you have the patience and diligence to resist constant temptation?
Ponder about that for a minute and consider the repercussion. To be a consistently profitable trader and investor in the financial market, you must be able to resist constant temptation always. The perfect analogy would be to have your finger on the trigger of an automatic AK-47 that is fully loaded and being able to only shoot five times in a month. The fact is that it is an endeavor most people will probably fail.
That is precisely what trading and investing can be compared to. So, are you ready to practice the highest form of restraint possible? To stop yourself from firing your gun until you are supposed to? Do you have the patience to wait until an apparent Supply and Demand setup appears? Or do you want to give in and shoot your ammo at everything you see and not bother about restraint? Your ammo represents your money, which is most likely a limited resource.
Demonstrating patience means waiting until there is a trade that meets the predetermined criteria in your trading plan and conserving your money until such trades come along. If you are willing to stare at temptation straight on and overcome it, then proceed to our next question.
Do you have what it takes to keep your emotions in check?
Can you trade without getting overly emotional and unbalanced? Can you be professional and calm in the face of pressure, or are you just going to throw tantrums every time something doesn’t go your way?
A forex, futures, and stock trader and investor without self-control and emotional intelligence are just like a drunk at the casino. Trading is the ultimate test of self-control.
You remaining calm while you are at the constant risk of losing money is the best test of control. For the sake of emphasis, we repeat this: do not risk more money than you are prepared to lose, manage your risk effectively, and never over-trade.
Not staking more than you are willing to lose is pretty straightforward, but not over-trading involves a little more strategy. To ensure you never over-trade, you need to have mastered exactly what you are looking for in the market and be certain of it beyond a reasonable doubt as well. You also need to have a trading plan and a trading log and trading journal to keep details.
If you are ready to trade and invest like a professional and be calm in the face of pressure, then move on to the next question.
Do you have the mental strength to be disciplined and organized?
The reality is you’ve probably made attempts to become disciplined in the past but failed at it. That is the reality for most people, and they make plans to start going to the gym, to eat healthily or even with trading. Somehow people never find the inner capacity to carry it through. As a forex, futures, and stock trader and investor, if you do not ensure that discipline and proper organization are part of your trading habits, then you are giving room for a little bit of emotional trading. It might start small, but it rapidly increases, and with time, it can take over and ruin everything.
Ensuring that you develop the right attitude towards discipline and organization will help in reinforcing positive thinking and improve your trading habits in the long run. If you are sure you can be disciplined and organized in the long term, then proceed to the next question.
Do you have what it takes actually to trade and not gamble?
There is a big difference between gambling and trading. Many people who think they are traders are actually gamblers. The market is indeed a great place to master self-control and emotional intelligence. However, the market can also be disastrous for people with addictive behavior due to the constant temptation of the market. A lot can be lost if caution is not applied.
If you had issues with gambling in the past, then you need to ensure you are over them before you proceed into trading to avoid ruining yourself financially by becoming a trading addict. If you are ready to develop yourself into a skilled forex, futures, and stock trader and investor rather than a gambler, proceed to the next question.
Do you have what it takes to put your ego aside and understand you can’t control the financial market?
There’s only one thing you can control in the market, and that is yourself. You can’t control anything else but yourself. The moment you accept that, the more peace you’ll have. Trying to move your stops or add positions to a trade after entering will not change the way the forex, futures, and stock market will move. It is also not a good sign to manually close a trade just because the market has moved against you a little.
Instead of trying to change or move the forex, futures, and stock market market, try trading with the market, and allow the market to decide the types of moves you make. Learn to study and master how to trade Supply and Demand strategy instead of always trying to figure out what next. Focus on what is happening now in the market and learn to trade Supply and Demand.
If you are willing to accept the truth that you can only control yourself in the market, then move on to the next question, but if you are still hung up on the idea that you have some power to move the market, it’s better to save your money and go home.
Are you ready and willing to put in the time, sweat, and patience you need to develop yourself?
Anything worthwhile takes effort and time. Becoming a consistently profitable trader and investor in the financial market takes effort and dedication. You can’t just buy a trading system or course and become a millionaire overnight. You need to commit to the Supply and Demand trading strategy and be fully dedicated to it.
Do not forget that part of proper preparation is to trade with a demo account. A demo account will help you eliminate some questions and avoid surprises when you start trading with real money. Starting with a demo account also helps eradicate the probability of being an emotional trader. The question is, are you ready to do the work?
If you have honestly answered all the questions above and decide that you are up for the challenge, then join our online trading academy. At our online trading academy, we have other people who have accepted this same challenge and are on their way to becoming expert traders. If you are ready to face and conquer the obstacles listed above, then we would like to welcome you to the Campus and introduce you to our lifetime program.
If you want to learn more about professional trading and investing across multiple asset classes such as forex, futures, and stocks, please sign up HERE for free at our online trading academy www.onlinetradingcampus.com and get access to a free three-hour introductory course.
Author Bio: Bernd Skorupinski teaches the undiluted truth about trading and investing at Online Trading Campus and takes you through what it takes to be a consistently successful trader. His favorite moment as a trading mentor is the way peoples’ eyes light up with excitement and confidence when they understand how Supply and Demand trading strategy works and how it can help win in the trading arena. He believes in building core values and discipline that ensures his students do not succumb to the pressures and temptations of the market. He very much believes in following plans and strategy through. If you want to know more about the author Bernd Skorupinski please read HERE