All of us would love to trade professionally. Considering how stressful and sometimes unfulfilling many jobs can be, we would all opt to sit home and turn our money into more money if given the opportunity. However, it’s reported that just under eight percent of all traders are able to trade professionally. For most who take a stab at the market, it will never be more than a hobby.
If you dream of trading professionally, then you’d be smart to adopt a few key character traits. Here are some qualities to aspire to if you want to trade professionally.
When a lot of people first dive into the market, they’re doing so blindly. Just because you think you know a bit about the market or read industry publications doesn’t make you an expert. If you don’t have a collegiate background in finance, you can still educate yourself on how to trade professionally by utilizing a trading academy school, such as Online Trading Academy.
Treat It As A Job
When people say that they want to “trade professionally,” what they often really mean is that they want to make a fortune. They don’t necessarily mean that they want to trade professionally in the sense that they treat the trading day with professionalism and seriousness.
If you have YouTube or Reddit open in another tab, you’re not trading like a professional. During the trading day, you should have nothing open beyond stock quotes and one of the financial channels. Opportunity can come and go within seconds in the market. If you’re watching a YouTube video and ignoring your investments, you’re not trading professionally. The people who do well in the market are the ones who treat it like a job.
Don’t Get Hysterical Over Losses
If you think that you can trade professionally and never lose a cent, then you’re as delusional as an aspiring chef who thinks they’ll never burn themselves or nick themselves with a knife. Losing money is part of trading whether you like it or not. Professional traders know not to become hysterical over these losses and to chalk it up as “just part of the job.” Amateurs become emotional and swear off trading forever. Remember, the market ebbs and flows. If you want to be a professional trader, prepare to sometimes lose if you want to sometimes win.
Don’t Trade Out Of Desperation
Trading to make a living is sensible. Trading to get money fast is insane. If you’re desperate for quick cash, you’d be better off promoting your services as a dog-walker than you would be trading. Losses are part of trading and there’s no way of knowing that today won’t be the day that you lose instead of win. If you’re trading to try to get fast cash that you desperately need, you’re setting yourself up for some extreme emotional trauma if or when you take a loss. Professional traders trade to generate an income. They don’t treat it as a “get rich quick” scheme.
Professional trading is one of the most complex, frustrating and difficult jobs in the world. However, if you can become one of those elite few who trade professionally and succeed, you’ll enjoy a career that most people dream of having.
Why do Most People Fail at Trading?
In the infographic below, you can see why most people fail at trading, particularly amateurs.