Trading is a business not a hobby. Many people get excited about the appeal of making very quick and scalable money. What new traders often overlook is the HARSH REALITIES of being a trader. Be it, trading is one of the most transferable businesses that can produce an income and lifestyle beyond your wildest dreams, it’s also one of the most underestimated professionals.
Let’s break this down with some key Q&A’s
- Who Is Responsible For Each Trade?
- You Must be Responsible for your own actions.
- If you want to succeed, you must do the work
- You have to Be Accountable
- You’re the one pressing the buy/sell button
- How Is Trading DIfferent From Absolute Jobs?
- No guarantees of profits
- It’s not always Black and White
- The market changes every day
- It’s not like a mechanic or logic based business
- How Do Traders Make Money?
- Profits come from skill not just strategies and software
- Must have a strong desire to succeed
- Trading will act in waves of good/bad
- Must understand Risk and Money Mgmt
- What’s the Biggest Misconception of The Trading Space?
- Must have risk capital
- $10k minimum (futures/FX)/more for other industries)
- If you don’t have $$ you must seek a prop shop for funding.
- Why do new traders often fail in the first 90 days?
- Because they don’t treat trading as a business (hobby)
- Even if you only do it part-time
In this Episode of Money Mondays, we answered these and other BIG questions of the TRADING WORLD. It is time for a reality check! You can watch the video below!