There is an age old question amongst traders. That question is based around greed and a wanting to make serious money on the stock market fast. Although being wealthy is a good thing, and a god given right, too many times are people wanting to learn how to trade the stock market profitably, without learning the ropes first. The question really is ‘how long is it going to take before you become a successful trader’?
This is a serious question. But when you start out day trading, or swing trading you probably need to give yourself a time frame and goals otherwise, if you don’t get rich in 2 weeks, you are most likely to quit the game for good.
One must face the full reality that to become a successful trader, you first need to put the time and effort into learning, and get yourself a mentor. Or someone who is already at a level you wish to obtain yourself. You also have to learn how to be consistent no matter if the market is quiet or volatile.
Men make good traders. But here is a very important statistic if you are female. Research and study conducted have proven that women actually make better traders than men. Of the study done, 3 out of every 10 males make good traders. But 4 out of 10 females were more successful in pulling a full time income from short term trading. They did also prove that women make better traders than men, due to the obvious fact that they will listen to advice, and they do not let their ego get in the way of learning.
Studies have also proven that a trader must put in 6 to 12 months before they develop a daily plan, and consistent profit each month. Once you reach that point, you will feel much more confident, and are more likely to see continued success each month.
Sometimes there will be days, when you will not be able to make a trade. But there is no wasted time, because there is so much skill, and experience one can gather from spending hours, just sitting and watching the markets trade. And when you are not actually practising your trading, this down time can be used to master your mental game, and the psychology of trading. Because in the end, you are not really trading against other investors, in a way the only person you are competing with is yourself. If you are right, that is a move in the right direction, and winners are going to come. But what sets a good trader apart from the rest is that sometimes you will mess up and get it wrong, but how long you stay wrong, and when you cut your losses. Some of the best master traders in the world and good at cutting their losses short, and letting the profits run.
All these skills take time obviously. But as a novice you must realise the more time you put in, the more wealth and experience you will get in time. The key word with all of this is consistency. You have to immerse yourself in trading, or learning, or reading books because in the end the more time you immerse yourself in the stock market trading game or environment, the better you will learn to master your trades as well as your emotions.