Welcome prospective trader. We’re excited to see you’re considering a career in trading. Though hard and at times stressful, trading can be an incredibly rewarding and lucrative career choice. Make the right decisions and you’ll never have to answer to another boss again. But make the wrong ones and… well, you know the risks. To succeed, you’ll also need to know your learning curve, your best practices, and yourself. There’s a lot more you’ll need to know if you’re going to succeed but these few points are a good place to start. So let’s get going.
The first thing you need to do before you put on your trader’s hat, is ask yourself what exactly you want that’s led you to pursue a potential career in the market. One of the main reasons people try out trading is because it offers independence. You’ll no longer have a demanding, unappreciative boss breathing down your neck, scrutinizing your every move. Sounds good doesn’t it?
While in theory, ditching your overseer sounds incredibly good, it’s often the first step towards falling into motivationless and planless day. Though you might resent your employer, they offer you a framework with set tasks at set times. When people are freed from these constraints, they often find themselves lost. If you’re going to trade, you need to be ready to enforce strict discipline and order on yourself.
Without a closely adhered to framework, you’re probably going to lose whatever capital you put into the market. Loosely trading with no order will ultimately lead you to doom and back to zero. Ask yourself the independent question again but this time offer yourself two answers. Do you yearn for independence because you hate being told what to do or is it because you’re a self-sufficient, self-motivator who can discipline and motivate yourself. If it’s the former, you might want to rethink this decision. If it’s the latter, well, let’s go for it.
The amount of discipline you’re going to need as a successful trader is immense. From managing your capital during crisis times, to avoiding the pitfalls of risk, you’ll need to bust your butt to learn and perfect all the skills necessary to stay afloat and hopefully thrive.
Trading is after all a skill and you should mentally approach learning it as such. Like all other skills, trading prowess is something to be acquired through training, coaching, and strong dedication. There are techniques to learn, practice, and master.
But simply mastering these techniques will not bring success alone. Trading is not a profession in which you can imitate the successful actions of others and expect to be equally or even partially successfully yourself.
The Learning Phase
It’s likely you’ll start the learning process without any supervision but don’t fret, there are plenty of tutorials and guides available online. One more disclaimer – the tolerance for errors is incredibly low in this field. The odds are you are will fail without the proper guidance. Prepare for this when you start the learning phase.
Once you know that this is what you want and that this is what you’re going to go into, you should start looking for ways to learn. Be aware that there are thousands of systems and practice schemes on how to succeed as a trader.
The reason there are so many is because trading is an individual skill. Every single trader has a different approach and a different interpretation of how it should be done. Your attitude towards education should be very flexible and open to many ways of thinking. Your goal here is to find the one that works for you. Most education systems you come across won’t fit you. You need to be prepared to sift through everything that is available before you settle on a program or course that works for you.
Don’t pay until you learn and understand exactly what it is you can do based on your personality. Use the free version of whichever system clicks with your brain until you’re absolutely sure you’ve found the right one. Only then should you go and find the premium one and pay for further studies.
When you start to deep dive into learning, make sure to exert energy on different concepts that are not too alike. It’s important that you have a broad perspective. Once you’ve studied and know where to follow, consider how this path works with your personality. Ultimately you’ll have to tailor the style to work with your unique brain, so start thinking about it. Study the mental side of trading in addition to the practical learning you’re doing. Get yourself to understand stressors, coping techniques, etc.
Finding the Right Mentor
So now that you’ve learned something and you know your natural approach, look for the next investment in your trading career. It’s important to find a well experienced trader that can mentor you and get you to the next level. Don’t be cheap here, invest in the best education you can afford.
Finding the right teacher or mentor is very challenging. Everything is global and we have access to so many schools of thought and style, it can be very intimidating trying to pick who might be the perfect mentor.
Here we have to go back to the basics and tell you not to be surprised if, when you take a mentor, it doesn’t work out for you. Your mentor has a different personality than you and what has worked for his or her doesn’t automatically mean it will work for you. Believe us when we say that you shouldn’t try to imitate anyone else’s success.
Learning and Failing with a Mentor
In order to successfully learn from a mentor, you must understand that you can only take things from understanding, rather than imitation. If it’s not working, it doesn’t necessarily meant the mentor is bad or a scam. It might just mean that your personality doesn’t work with their way of teaching.
If it doesn’t work out with a particular mentor, be more mature than resorting to calling a scammer or a liar. Your success will only come if you realize your mental differences from your mentor or teacher. Imitating a guru won’t bring you success and it doesn’t mean they’re full of sh*t.
After the Studies Are Over
Once you master your trading concepts and start trading, practice practice practice. You have plan for all conditions, you have to drill for all scenarios. You need to be aware of everything so you can build your own, ideal way of doing things. Craft and perfect your own style.
This means demo trading, simulators, and whatever else you can find that lets you practice facing all the things you’d face while acting as a real trading.
When you think you’re a master, bring up your trading resources. Here are four possible channels to put your newly acquired skills to great use.
- Trade with your own funds. Risk your own money until you have a big enough account to supply the income you’re prospecting yourself.
- Apply for a job at a hedge fund. However you’ll need to commute, work under their guidelines, learn their strategies, and apply their analyst guides. Loyalty of these firms is low. Once you fail, they kick your ass quick.
- Get your own clients. Find people who trust you with their money. You trade their money and you share the outcome with them. This can be practical. You get to work from your own place, on your own time but you’re responsible for someone else’s capital.
- Best and last option – apply to a funded traders program.
The last option on this list is the one we really prefer and advise you to strongly consider. Traders on The5ers platform will never have to trade with their own money. In addition to this, we offer your account a much larger, exponential growth scheme that kicks into effect instantly once the 10% growth target is hit. You would get paid for outstanding performance and it’s never at the expense of your growth as it would be if it was your own money being invested.
Should you choose to pursue a life of buying and selling, we sincerely hope it’s a lucrative and long career in the market. Make sure you don’t cut corners and that you prepare yourself for every single thing you imagine the market might throw at you. Study and practice and one day you just might find yourself living well off the fruits of an abundant market.