Once you have put in the time in studying and practicing everyday the rewards pay off. You are able to set your schedule and enjoy your life from anywhere in the world. It is not an overnight process.
There are hurdles along the way. You have to be willing to fail and learn from those failures. If you don’t stop to analyze your errors you will continue to blow up your account and be in the 90%. That 10% that makes it as a day trader have dedication and drive and the mentality they can do anything they put their mind to.
So know that in moving forward you will make errors. I had someone message me yesterday about getting into a stock and then the stock was halted and lost 76% value after the halt due to an announcement of bankruptcy. This individual had a stop limit in but it dropped so fast that the limit did not execute because it bypassed the limit price. Now there are two different outcomes from this situation.
One is you mentally shut down beat yourself up and get frustrated. You could revenge trade lose more money and go into a downward spiral. You can blow up your account and quickly if you are not careful. This is not healthy thought process.
The better way to look at this situation is to step away from your computer. Know that you are human and you will make errors in trading. You will have bad days, but how are you going to deal with them. Sometimes the error is you. Sometimes it is technology and sometimes it it is software that doesn’t work right. There are many errors possible.
When you step away stop looking at the negative and look at what you could or will learn from the situation you move forward. What will you do better in the future? Forgive yourself and know that it is a learning experience. These bad days can mentally derail you from having a clear head to trade. So if you are feeling fearful or upset stick to paper trading until you get back on track.
Knowing you can have these bad days before you get into trading is reality. Once you study hard and practice with paper trading to instill confidence and consistency you can slowly transition to trading full time.
Trading as a profession is a huge blessing that comes with hard work. You have freedom to work anywhere you have internet access… you can trade in a car or out while camping in the wilderness or on a beach. You are free from the four wall of an office. You could even trade while being a salesman on the road while bolstering your income.
The world becomes your oyster! So know that all your hard work can pay off. Remember to motivate yourself everyday to work hard. You are the only person that can get yourself there. If you want to change your life you need to put in the effort everyday. It is possible!
I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you have questions or comments you can contact me here or on Profitly, Twitter, Instagram, LinkedIn and Facebook. firstname.lastname@example.org or YouTube
For my charting and level 2 I use Equityfeed.
This blog is for information purposes I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund.