Can I Really Make A Living Through Online Trading?
Making money in the stock market is not easy. Some people make money but most people lose money. Why is that? Is it because they dont have enough stock market knowledge? Not enough capital? Not enough information or tips from market experts?
All of the above is true but they are not the main reason why people lose money in the stock market. I have taught stock trading for many years and eventhough I teach the same material or spend the same amount of time on all my students, some students are more successful than others. Why is that? This was a question that I wanted to find out and I went on a mission to find the answer. In the past year, I interviewed all my successful students and I noticed that my successful students have certain personality traits in common. I will share with you FOUR reasons why some of my students have become very successful traders.
The first reason is passion for the stock market. Successful traders are excited about the markets and cant wait to get up every morning to watch or trade the markets. This is the same for people who love their job. If you love your job, you usually want to spend a lot of time learning how to do your job better. If u love your job, you dont feel like it is work. In fact, you will feel joy and happiness when you do something you enjoy.
The second reason is successful traders are comfortable with risk. You can make a lot of money in the stock market but you can also lose a lot of money. Successful traders dont like to lose money but they are not afraid of losing money. They know that there is always risk of losing money but they know exactly how much money they are going to risk.
The third reason is successful traders have a strong control over his/her emotions. Some traders get too emotional while they are trading and often their emotions tend to interfere with their trading decisions. Emotions that mainly stand in the way of their success are fear and greed. Greed stops them from selling off their stocks in the hope that the value might rise further while fear doesnt let them hold onto rising stocks as they feel scared that the price might drop down leading to their loss.
Lastly, successful traders are very patient. A successful trader can wait for days, weeks or months for the right trading opportunity. They dont trade because they have to. The smart trader waits for the best opportunity. Often the best trade is no trade. Most beginner traders trade too much and have a need to always be in the market.
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