The amount of stories you see on the internet of how people don’t make it as traders and only a small minority in the region of 10% ever make it professionally as a trader.
Just like any other profession you will not be successful by reading a book or two and then apply the theory without proper practice.
Your stock market education should be treated like any education and in something as serious as the stock market why should this be any different. Can you honestly tell me that the top traders on Wall Street read one "get rich quick" book on trading and then become successful? Yeah right!
Their stock market education involved micro macro economics and took years of education to be let loose in the trading pit as well as an internship running orders for the big institutions.
Your stock market education needs careful planning and thought because you don’t want to be caught out by people offering advice on the internet with no experience offering stock tips.
Think about what style of trading you will be using whether that’s fundamental trading or technical analysis based trading, having and understanding of both of these styles can help you further but is not 100% necessary.
The benefit from knowing the fundamentals about the stock you are trading is that you are less likely to get caught holding the stock during bad news. I chose to be a technical trader because from the very beginning I saw the power of trading patterns that occur again and again.
They provided me with that exact edge I needed to become successfully. My stock market education basically consisted of reading a good number of books, spending huge amounts of time in front of my trading monitors, trial and improvement and last of all the key component to anyone’s trading success, a trading journal.
Plan Your Trades & Trade Your Plan!
A very important element in your trading is your trading plan. That will help you with staying disciplined and with trailing your position. This is a huge part of the psychology with your trading mind set not getting too caught up in your last trade but understanding it enough to improve your trading skills and develop a core strategy that will give you the financial freedom you desire.Not everyone’s stock market education is as plain sailing as this as you will have up days and down days just like with any job but with this trading job you will have detrimental financial consequences which means that you have the added pressure that it’s your money that you’re putting on the line every time you enter a trade.
That is why people suggest that only 10% of traders make it trading the stock market. One the best things you can do while you trade is to wait for the right setup. Have the patience and you will get rewarded. If you chase the trade you will like lose your money.
There are so many different methods to trading so you really do have to find the best stock market education that suits your trading style and once you have the golden recipe your financial freedom will be in your hands!
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