Trading and investing is a very humbling business. Unfortunately, it takes a professional trader to tell you that. Almost every time I meet someone and they hear that I trade for a living they say they should get into that business too. I usually sit quietly and nod my head, but I’m thinking this guy is crazy and don’t have a clue about trading. Its amazing how so many people think trading is easy and is the direct path to financial fortunes. The hard reality is that the trading business is difficult and tough. While it can be rewarding and exhilarating at times it is still hard work. Just like any other profession, trading requires a lot of time studying, looking at charts, researching stocks, doing mathematical calculations and so much more.
So often people think because it is easy to open an E-trade account that they are going to make millions of dollars in the market. What they do not understand is that there is so much to learn about the trading business. Sure, you can read a book or two that will teach you how to place a trade, but the real life grind of trading really only happens in the trenches. This is where the real experience is gained. Think about this, it takes a doctor about 10 years to get a medical license and begin practicing. By that time, the doctor is finally qualified to see patients on his own. Yet, people come into the trading business and look to make a million dollars in 6-months.
Trading is the same as being a doctor or any other professional. The trading business takes time to learn. In fact, like a doctor the learning does not end. I have been trading for more than 20-years and I still learn and discover new things all the time. Perhaps, the constant learning and discovering is what keeps me so passionate about this business. Trading can seem easy at times and then extremely challenging at other times. This is why it is so important to design and follow a set of rules for yourself. Just like a doctor will follow protocol, so should a trader. By doing this, the whole craft will become easier and you will feel less pressure. By having a detailed plan and strict set up rules to follow in any endeavor will help make all things easier. Adopt this idea into your trading if you are new to this business, but do not expect instant gratification.
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